State-funded student financial aid increased by about 6 percent across the country in the 2014-15 academic year as states put more money into grant and nongrant programs alike, according to the latest round of an annual survey released Monday.
States funded and awarded about $12.4 billion in total student financial aid, according to the 46th annual survey from the National Association of State Student Grant and Aid Programs. That’s up 6 percent nominally and 5.8 percent adjusting for inflation. It’s also higher than the rate of growth reported in NASSGAP’s survey for the previous academic year, which found that total aidgrew by an adjusted 1.6 percent, to $11.7 billion.
Both grant and nongrant student aid grew in 2014-15, the new survey found. Nongrant student aid, which includes loans, loan assumptions, conditional grants, work-study and tuition waivers, rose by more than 7 percent to $1.9 billion. But grants continued to account for the vast majority of student aid -- almost 85 percent.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2016/10/03/state-funded-student-aid-rises