According to the most recent federal data, about 85% of full-time undergraduate students receive some form of financial aid. This includes grants, scholarships, work-study, and loans. Whether you’re a high school student planning for college or an adult returning to school, understanding this statistic can help you prepare for the costs ahead.
What Counts as Financial Aid?
Financial aid is any money that helps you pay for college. It can come from the federal government, state governments, colleges, or private organizations. The main types are grants, scholarships, work-study, and loans.
Grants and scholarships are often called “gift aid” because you don’t have to pay them back. Work-study provides part-time jobs for students with financial need. Loans must be repaid with interest, but they can still be a helpful way to cover costs.
How Many Students Get Aid Each Year?
The exact percentage of students receiving financial aid varies by year and by the type of institution. For the 2023-2024 school year, the National Center for Education Statistics reported that 85% of full-time undergraduates received some form of aid. This number has stayed fairly steady over the past decade.
Among all undergraduates (including part-time students), the percentage is lower—around 70%—because part-time students often qualify for less aid. However, most students who apply for aid do receive some help.
Federal Aid vs. Total Aid
Federal aid is the largest source of financial assistance. In 2023-2024, about 60% of full-time undergraduates received federal grants or loans. But total aid includes state and institutional money too, which is why the overall percentage is higher.
Financial Aid by Institution Type
The percentage of students receiving aid differs depending on where they attend school. Here is a breakdown based on recent federal data:
| Type of Institution | Percentage of Students Receiving Aid |
|---|---|
| Public 4-year colleges | 82% |
| Private nonprofit 4-year colleges | 89% |
| Community colleges (2-year) | 72% |
| For-profit institutions | 90% |
Private colleges often have more institutional aid to offer, which is why their percentage is higher. Community colleges tend to have lower tuition, so fewer students apply for aid—but many still qualify.
Why Some Students Don’t Get Aid
Even though the majority of students receive aid, not everyone does. Here are common reasons why some students miss out:
- They don’t complete the Free Application for Federal Student Aid (FAFSA), which is required for most aid.
- Their family income is too high to qualify for need-based grants, and they choose not to take loans.
- They attend a college that doesn’t offer much institutional aid.
- They are enrolled less than half-time, which limits eligibility for many aid programs.
Even if you think you won’t qualify, it’s always a good idea to submit the FAFSA. Many colleges use it to award their own scholarships, and some aid is not based on income at all.
How to Find Out Your Aid Package
To know what you’ll receive, you need to apply for aid. The process is straightforward:
- Complete the FAFSA as early as possible after October 1 each year.
- Check with your state’s higher education agency for state-specific deadlines.
- Review your financial aid award letter from each college you’re accepted to.
- Contact the financial aid office if you have questions or need to appeal.
Remember, the FAFSA is free. Never pay anyone to fill it out for you.
Actionable Tips to Maximize Your Aid
To increase your chances of getting financial aid, follow these tips:
- Apply early—some aid is first-come, first-served.
- Keep your grades up, as many scholarships require a minimum GPA.
- Apply for outside scholarships throughout the year.
- Reapply for aid every year, not just your first year.
Summary
In short, about 85% of full-time undergraduate students receive financial aid, but that number varies by institution and enrollment status. The best way to know what you’ll get is to submit the FAFSA and compare your award letters. Don’t let the process overwhelm you—millions of students successfully navigate it every year, and you can too.
Frequently Asked Questions
What percentage of students receive financial aid?
About 85% of full-time undergraduate students in the US receive some form of financial aid, including grants, loans, work-study, or scholarships.
Do I have to fill out the FAFSA to get financial aid?
Yes, most financial aid—including federal grants, loans, and many state and institutional scholarships—requires you to complete the FAFSA each year.
Can I get financial aid if my parents make a lot of money?
Yes, you may still qualify for merit-based scholarships or unsubsidized loans, which are not based on income. It’s always worth applying.
What is the difference between grants and loans?
Grants are free money that you don’t have to repay, while loans are borrowed money that you must repay with interest.
How do I apply for financial aid?
Start by completing the FAFSA online, then review your award letters from colleges and contact their financial aid offices if you have questions.
