“What percentages of students use financial aid?”

-Pamela S., Port Charlotte, FL

Pamela,

Here is a fun fact: In 2007, over 10 million students received a combined total of $83 billion dollars in federal assistance. Pretty amazing, right?

Now compare that to what is available this year: $145 BILLION! That is literally almost double what was available in years past. Now more than ever is there a great opportunity for people to go back to school and have the bill covered by the government.

The federal statistics for fafsa federal aid tend to date back a few years, since the time it takes to quantify the information can be a year or two, so the most recent information I could find is for students enrolled from 2003-2004:

Highlights from 2003-04 National Postsecondary Student Aid Study (NPSAS:04) Undergraduate Financial Aid Estimates for 2003-04 by Type of Institution include the following:

All Institutions

· 63 % of all undergraduates enrolled in 2003–04 received some type of financial aid.

· 51 % of undergraduates received grants and about.

· 35 % took out student loans.

· 15 %t received grants from other sources (e.g., employers, parents’ employers, or private foundations or organizations).

The average amount of grants received was $4,000, and the average amount borrowed by undergraduates in 2003–04 was $5,800.

So as you can see, a huge portion of students rely on federal aid to finance their education. Only 15 % of students were able to acquire private funding for their tuition in the form of a scholarship or grant. This should demonstrate to you how important it is to consider federal aid, as your other options are very limited.

The one thing to remember is that ALL students (even that 15% that used private funding) should complete the FAFSA application because 99% of the time, it is required regardless of whether or not you use federal, state, or private funding.

Bottom line is that the FAFSA is the first place to start no matter what type of aid you are hoping to receive.