Helping all students to find the funding they need for college!

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College Funding Solutions

Funding college education is a priority of the U.S. government. The U.S. Department of Education reports that in fall 2009, a record 18.4 million students were expected to attend the nation’s 2-year and 4-year colleges and universities. It also reports that between 1992 to 2006, college enrollment increased by 23%. (Source: U.S. Department of Education, Projections 2017). As a result of this increase, more and more students are trying to get college funding from both government and private sources.

Government college funding grants are expected to rise, according to the proposed 2011 budget. The proposed budget includes "$173 billion in loans, grants, tax credits and work-study programs to help students go to college". These numbers clearly indicate that college funding is a priority for governments at all levels.

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Overall, in 2002, Federal support for education was estimated to be $147.9, an 81% increase since 1980. Postsecondary education accounts for approximately $22.6 billion of these dollars, an increase of 24% since 1990. A portion of this $22.6 billion dollars is targeted at college students, in terms of grants, loans and other aid funding.

The question arises - from what sources do students get college funding? How is this money accessed by college students? A number of studies carried out by the National Center for Education Statistics revealed the following:

• Approximately 16.5 million students were enrolled in undergraduate programs, both full
  and part time, in 1990-2000

• Over 55% of these students (9.2 million) received some kind of financial aid

• The average dollar amount of this aid was $6,206

• 40% of those receiving aid only received grants

• 13% of those receiving aid only received loans

• 26% received a combination of grants and loans

• 8% received a combination of grants, loans and work-study

• 13% received aid from other sources

These studies also discovered that both family income and the type of institution played a major role in determining college funding and receipt of other sources of financial aid.

Family Income

For dependent students:

• 70% of undergraduates from families with annual incomes < $20,000 received aid

• 25% of undergraduates from families with annual incomes > $100,000 received aid

For independent students:

• 66% with incomes under $10,000 received aid

Type of Institution

• 47% of undergraduates at private, non profit 4 year institutions received an average
  of $6,760 in aid
  
  Of full time students:

• 40% of undergraduates at public 2 year institutions received financial aid

• 56% of undergraduates at public 4 year institutions received aid

• 67% of those at private, non profit 4 year institutions received aid

Students receiving Federal Pell Grants or Stafford Loans

• Federal Pell Grants - an estimated 30% of full time undergraduates received a Pell
  Grant averaging $2,314

• Stafford Loans - nearly 23% of undergraduates received a Stafford loan averaging
  $3,214

These figures demonstrate the degree to which college funding by the Federal government is responsible for helping students participate in post secondary education. It is vitally important that all students understand how to get college funding and the many ways in which it is awarded. It is also important that students understand that there are other private sources to investigate while looking for college funding solutions. These include both small and large companies, as well as local charities, churches, and non-profits.

Be creative when searching for college funding solutions. Government college grants are only one piece of the funding puzzle!

Find colleges and universities across the United States

The National Center for Education Statistics
 

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