| Abstract: |
This report provides data regarding state-funded expenditures for student financial aid and illustrates the extent of efforts made by the states to assist postsecondary students. Information in this report is based on academic year 2023-24 data from the 55th Annual NASSGAP survey. Data Highlights include: (1) In the 2023-24 academic year, the states awarded almost $18.6 billion in total state funded student financial aid, an increase of about 12.1 percent in nominal terms and a increase of about 8.8 percent in constant dollar terms from the $16.6 billion in aid awarded in 2022-23; (2) The majority of state aid (86 percent) remains in the form of grants. In 2023-24, about 4.8 million grant awards were made representing about $16.1 billion in need and nonneed-based grant aid. This represents an increase of about 12 percent from the $14.4 billion in grants awarded in 2022-23. Of the grant money awarded in 2023-24, about 74 percent was need-based and about 26 percent was nonneed-based, a breakout consistent with historical data; (3) Funding for undergraduate need-based grant aid increased nationwide from $10.3 billion in 2022-23 to about $11.7 billion in 2023-24, a change of about 13.6 percent in nominal terms; (4) Eight states (California, Texas, Virginia, New York, Illinois, New Jersey, Washington, and Pennsylvania) collectively again awarded about $8.0 billion in undergraduate need-based grant aid, accounting for about 68.7 percent of all aid of this type; and (5) States provided about $2.5 billion in nongrant student aid, including loans, loan assumptions, conditional grants, work-study, and tuition waivers. Tuition waivers represented about 44 percent of nongrant aid. Twenty-five states identified undergraduate programs which made awards based only on merit. Exclusively need-based aid constituted 47 percent of all aid to undergraduates, exclusively merit-based aid accounted for 18 percent, with the rest, 35 percent, accounted for by other programs and by programs with both need and merit components. New Mexico, Virginia, Georgia, South Carolina, and Kentucky provided the greatest amount of grant aid on a per capita basis. New Mexico, Georgia, South Carolina, Tennessee, and Virginia provided the most undergraduate grant dollars compared to undergraduate full time equivalent enrollment. Excluding Washington D.C., Virginia, South Carolina, Kentucky, Georgia, and Louisiana had the highest proportion of total expenditures for state-funded grants compared to State fiscal support for higher education. The figures in this survey should not include any Federal stimulus funds. |