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Minnesota Office of Higher Education

Home > Research, Data & Reports > Financial Aid Data & Trends > Financial Aid at a Glance

 

Financial Aid at a Glance

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Financial aid totaling $3.06 billion helped Minnesota undergraduates and their families pay for postsecondary education in Fiscal Year 2015. The money was provided by state and federal governments, postsecondary institutions and private sources. Minnesota undergraduates received $1.5 billion in grants, $1.4 billion in student loans, $135 million in parent loans and $38 million in federal and state work-study earnings. To quality for financial aid, students must complete the Free Application for Federal Student Aid (FAFSA).

The Financial Aid Awarded report produced once every two years contain data on grants, loans, and work-study earnings at the institution level and by type of institution. Institutional data can also be searched online.

Additional student financial aid data:

Financial aid to Minnesota undergraduates doubled from 2003 to 2015

Source of Aid: The federal government is the largest source of aid; 75 percent in loans

Source of Aid: The federal government is the largest source of aid; 75 percent in loans

Source: Minnesota Office of Higher Education, Financial Aid Survey


Type of Aid: Grants and loans from all sources are the major type of aid; 54 percent of grant aid is provided directly by institutions enrolling students

Type of Aid: Grants and loans from all sources are the major type of aid; 54 percent of grant aid is provided directly by institutions enrolling students

Source: Minnesota Office of Higher Education, Financial Aid Survey


Financial Aid Awarded to Undergraduates at Minnesota Institutions
Source of Aid
2003200520072009201120132015
Federal Government $890,595,623 $1,014,026,092 $1,112,702,833 $1,653,086,861 $2,206,712,012 $2,047,586,989 $1,763,444,285
State of Minnesota $245,415,817 $287,532,060 $324,634,094 $307,773,684 $387,428,358 $279,183,419 $275,265,745
Postsecondary Institutions $203,479,512 $370,755,989 $420,973,102 $541,866,453 $663,163,566 $737,102,530 $786,374,386
Private and Other Sources $116,481,353 $197,398,151 $265,969,582 $260,504,758 $240,384,582 $239,687,859 $239,519,421
Total $1,555,972,305 $1,869,712,292 $2,124,279,612 $2,763,231,756 $3,397,688,518 $3,303,560,796 $3,064,603,837
Type of Aid
2003200520072009201120132015
Grants from All Sources $687,483,357 $781,903,077 $864,343,958 $1,071,431,191 $1,501,752,297 $1,523,443,150 $1,507,712,055
Loans to Students $777,226,553 $949,349,799 $1,079,720,410 $1,535,387,297 $1,689,031,977 $1,592,550,278 $1,383,568,392
Loans to Parents $67,089,364 $99,855,268 $140,599,912 $118,704,439 $161,056,571 $139,959,733 $134,682,764
Student Earnings from Work Study Jobs $24,173,031 $38,604,148 $39,615,331 $37,708,832 $45,847,673 $47,607,185 $38,640,626
Total $1,555,972,305 $1,869,712,292 $2,124,279,612 $2,763,231,759 $3,397,688,518 $3,303,560,796 $3,064,603,837

Source: Office of Higher Education, Financial Aid Awarded Survey


Federal Aid Awarded to Minnesota Undergraduates

Amount of Aid
Program FY 2003 FY 2005 FY 2007 FY 2009 FY 2011 FY 2013 FY 2015
Federal Pell Grants $166,733,957 $179,390,808 $178,788,009 $263,967,345 $512,664,048 $481,335,035 $410,508,355
Federal SEOG Grants $19,646,324 $20,925,222 $20,628,628 $20,622,242 $21,197,558 $20,926,183 $19,346,264
Federal Academic Competitiveness Grants $4,610,573 $6,507,744 $10,380,323 $0 $0
Federal SMART Grants $3,451,522 $3,210,231 $7,961,670 $0 $0
Other Federal Agency Grants $8,258,099 $5,968,998 $5,169,468 $6,698,234 $21,776,982 $18,501,528 $7,719,386
Federal Stafford Subsidized Loans $233,875,007 $273,892,454 $295,998,660 $410,797,996 $685,332,255 $643,552,870 $525,479,384
Federal Stafford Unsubsidized Loans $190,468,256 $210,325,683 $246,983,899 $477,385,787 $742,323,243 $692,966,605 $616,096,314
Federal Perkins Loans $29,833,822 $31,610,579 $27,411,830 $15,763,483 $17,196,684 $20,905,261 $24,409,256
Federal PLUS $67,089,364 $99,855,268 $140,599,912 $118,704,439 $161,056,571 $139,959,733 $134,682,764
Other Federal Agency Loans $974,760 $771,672 $1,181,971 $633,304 $574,045 $2,052,121 $1,771,529
Federal Work-Study $24,173,031 $20,548,458 $19,580,563 $20,156,879 $26,248,633 $27,387,653 $23,431,033
Totals $890,595,623 $1,014,026,092 $1,112,702,833 $1,653,086,861 $2,206,712,012 $2,047,586,989 $1,763,444,285

Source: Office of Higher Education, Financial Aid Awarded Survey



Number of Undergraduates Receiving Federal Aid
Program FY 2003 FY 2005 FY 2007 FY 2009 FY 2011 FY 2013 FY 2015
Federal Pell Grants 76,525 81,816 80,366 98,691 153,295 151,399 122,841
Federal SEOG Grants 19,844 22,180 23,433 23,795 33,094 31,056 27,066
Federal Academic Competitiveness Grants 5,731 8,207 13,486 0 0
Federal SMART Grants 1,067 1,043 2,605 0 0
Federal Stafford Subsidized Loans 83,765 92,989 99,638 113,588 184,940 180,510 142,083
Federal Stafford Unsubsidized Loans 63,399 65,360 73,597 113,648 191,127 184,899 146,771
Federal Perkins Loans 14,372 13,835 11,900 7,506 9,447 10,167 11,521
Federal PLUS 9,868 13,503 19,204 13,238 16,226 14,598 11,900
Federal Work-Study 17,472 16,047 12,788 12,731 14,971 15,167 12,725
Total Students 285,245 305,730 327,724 392,447 619,191 587,796 474,907

Source: Office of Higher Education, Financial Aid Awarded Survey


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