College Aid in America: The Hidden Numbers Behind Scholarships and Grants
- Andy Porter
- Mar 6
- 1 min read
Paying for college in the U.S. is a daunting challenge, but financial aid helps millions of students afford higher education. Yet, behind the headlines about rising tuition costs and student debt, there are surprising statistics about who actually receives aid—and how much. From federal grants and state scholarships to institutional funding and private awards, the distribution of financial assistance isn’t always as fair or predictable as you might think. In this deep dive, we’ll uncover the hidden numbers behind scholarships and grants, revealing who benefits the most, who gets left behind, and what these trends mean for the future of college affordability.
85% of college students receive some form of financial aid.
In the 2021-2022 academic year, the total financial aid awarded was about $234.6 billion.
The average financial aid package for a full-time undergraduate student is approximately $15,330.
Federal Pell Grants: Approximately 7.5 million students received Pell Grants in 2020, with an average award of $4,330.
Institutional Grants: Colleges and universities awarded about $82.8 billion in grants and scholarships in the 2023-2024 academic year.
Private Scholarships: There are over 1.7 million private scholarships available, totalling about $7.4 billion annually.
Percentage of Students Receiving Private Scholarships: Approximately 7% of students receive a private scholarship.
Total U.S. Student Loan Debt: Approximately $1.75 trillion.
Average Federal Student Loan Debt per Borrower: Approximately $37,000.
Less than 1% of students receive a full-ride scholarship.
Comments