July 30, 2007
According to a recent report, more than three-quarters of American undergraduate students receive some type of financial aid to assist them with paying for college. The report, which was released by the U.S. Department of Education's data collection and analysis division, also shows that financial aid comes from the federal government for more than 60% of these students.
The National Center for Education Statistics also reported in its Digest of Education Statistics for the 2005-2006 academic year that 54% of part-time undergraduates received financial aid. Of that 54%, 38% received federal aid.
According to Higher Education Washington, Inc.'s NewsLine, the Digest also reported the following statistics on financial aid:
The entire report will be available in print on August 31; it can be accessed online now at http://nces.ed.gov/pubsearch/pubsinfo.asp?pubid=2007017.
- Full-time students received an average of $9,899 per year in financial aid.
- Of that aid, the average amount of federal aid was $7,304.
- Almost 50% of full-time students borrowed educational loans.
- 48.5% of full-time students took out federal loans.
- 9% of full-time students took out private loans.
- Part-time students received an average of $4,860 per year in financial aid.
- Of that aid, the average amount of federal aid was $4,765.
- 25% of part-time students borrowed educational loans.
- Almost 24% of part-time students took out federal loans.
- Almost 4% of part-time students took out private loans.
- The average cost of public four-year universities is more than $13,000 per year.
- The average cost of private four-year universities is more than $36,000 per year.
"Statistically, more and more students must turn to student loans to help fund their education," said EdFed loan counselor Jennifer Munson. "Luckily, EdFed is ready to help these students manage all of their student loan debt."
"EdFed offers several services to students and professionals to assist them with the loans that they borrowed to pay for their schooling," Munson added.
To learn more about the money- and time-saving services EdFed offers, visit www.edfed.com or call 800-821-5659.
As a leader in the student loan industry, EdFed is dedicated to helping students and graduates realize all of their educational goals and meet their student loan and consolidation needs.