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Financial Aid Awarded to Undergraduates Attending Minnesota Institutions


Financial aid data for each Minnesota postsecondary institution

Financial aid makes college affordable for many students. The amount and type of aid available to a student varies. Grants and scholarships lower the cost of college per student, while work study and loans allow students to pay for college by increasing current income or deferring payment to future income. The combination of types of aid and amounts available to an individual student may influence his or her decision to go to college, or which college he or she chooses.

Grants and loans make up most of the aid students receive

In 2021-2022, undergraduates enrolled in Minnesota institutions received roughly $2.6 billion in financial aid. In Minnesota, students are eligible to receive federal grants (such as the Pell grant), the Minnesota State Grant, other grants administered by the state (such as the Postsecondary Child Care Award), and grants from institutional and private sources. More than half of all aid students receive are grants, and the total amount of grants received varies by institution type.

Roughly one-third of grants that these students received in 2021-2022 came from federal or state sources. A little more than 60% of grants received were from institutions themselves. These grants are primarily offered at private non-profit institutions and the University of Minnesota. Aid in the form of grants (from all sources) totaled $1.6 billion in 2021-2022.

 

Financial Aid Awarded to Undergraduates at Minnesota Institutions
Source of Aid
2013 2015 2016 2017 2018 2019 2020 2021 2022
Federal Government $965,116,653 $1,760,331,569 $1,550,031,476 $642,647,130 $1,371,903,348 $1,275,430,474 $1,205,467,099 $1,051,568,201 $1,011,914,047
State of Minnesota $233,559,922 $260,954,883 $269,773,810 $263,546,731 $272,635,609 $290,146,975 $280,913,643 $271,587,589 $271,116,920
Postsecondary Institutions $709,869,107 $786,393,159 $829,529,613 $807,102,836 $931,031,118 $956,580,718 $999,282,598 $1,048,124,147 $1,110,583,658
Private and Other Sources $162,067,217 $243,354,565 $244,990,439 $164,739,618 $251,249,132 $268,603,195 $259,219,971 $218,092,474 $243,557,051
Total $2,070,612,899 $3,051,034,176 $2,894,325,338 $1,878,036,315 $2,826,819,207 $2,790,761,362 $2,744,883,311 $2,589,372,411 $2,637,171,676
Type of Aid
2013 2015 2016 2017 2018 2019 2020 2021 2022
Grants from All Sources $1,083,905,364 $1,454,296,837 $1,452,309,514 $1,121,009,418 $1,514,183,421 $1,547,799,497 $1,559,706,459 $1,572,452,857 $1,624,114,006
Loans $920,532,003 $1,519,161,505 $1,362,455,608 $673,070,147 $1,213,022,237 $1,113,092,488 $1,055,436,129 $888,783,516 $879,369,802
Tuition Discounts $46,747,220 $54,144,798 $56,504,070 $56,891,382 $63,642,216 $70,351,124 $73,245,124 $79,232,872 $80,192,461
Student Earnings from Work Study Jobs $19,428,312 $23,431,036 $23,056,146 $27,065,368 $35,971,333 $59,518,253 $56,495,599 $48,903,166 $53,495,407
Total $2,070,612,899 $3,051,034,176 $2,894,325,338 $1,878,036,315 $2,826,819,207 $2,790,761,362 $2,744,883,311 $2,589,372,411 $2,637,171,676

Source: Office of Higher Education, Financial Aid Awarded Survey

Federal Aid Awarded to Minnesota Undergraduates

 

Amount of Aid
2013 2015 2016 2017 2018 2019 2020 2021 2022
Federal Pell Grants $183,820,465 $410,390,792 $365,787,651 $115,860,406 $346,439,425 $344,241,411 $327,716,909 $301,735,494 $292,724,085
Supplemental Education Opportunity Grant (SEOG) $14,232,607 $19,386,464 $19,345,177 $11,622,752 $18,573,957 $19,808,867 $19,621,420 $22,548,149 $22,468,941
TEACH Grants $0 $0 $0 $0 $0 $0 $0 $183,303 $138,718
Federal Agency Grants $16,919,843 $7,719,388 $6,361,437 $5,182,730 $5,167,215 $7,452,683 $10,076,395 $10,047,534 $9,362,005
Federal Loans (Subsidized) $282,099,635 $525,795,819 $454,353,446 $178,721,548 $386,442,220 $347,200,610 $316,449,938 $260,683,209 $255,094,868
Federal Loans (Unsubsidized) $306,240,466 $612,490,717 $524,764,200 $199,721,886 $450,385,248 $415,244,710 $398,518,503 $357,936,200 $337,389,649
Parent PLUS Loans $123,860,939 $134,936,569 $133,671,947 $103,988,045 $124,972,896 $119,547,756 $110,790,169 $74,596,845 $75,526,415
Federal Perkins Loans $16,462,265 $24,409,255 $21,424,992 $14,087,987 $17,352,938 $0 $0 $0 $0
Federal Agency Loans $2,052,121 $1,771,529 $1,266,480 $745,831 $816,374 $648,488 $624,002 $10,242,645 $864,962
Federal Work Study $19,428,312 $23,431,036 $23,056,146 $12,715,945 $21,753,075 $21,285,949 $21,669,763 $13,594,822 $18,325,544
Total $965,116,653 $1,760,331,569 $1,550,031,476 $642,647,130 $1,371,903,348 $1,275,430,474 $1,205,467,099 $1,051,568,201 $1,011,895,187
Students Served
2013 2015 2016 2017 2018 2019 2020 2021 2022
Federal Pell Grants 57872 122787 108399 30535 97946 93997 88526 80343 77509
Supplemental Education Opportunity Grant (SEOG) 18791 27114 27065 13065 24285 26421 24749 28666 26932
TEACH Grants 0 0 0 0 0 0 0 56 42
Federal Agency Grants 0 1359 1395 711 1368 1257 2306 2529 1530
Federal Loans (Subsidized) 82434 142171 122884 46976 104742 94682 86589 71367 69178
Federal Loans (Unsubsidized) 91205 146851 129721 52978 114182 104813 99751 85136 81526
Parent PLUS Loans 12605 11912 11522 8108 10172 9370 8296 5484 5204
Federal Perkins Loans 7770 11521 9259 6270 7801 0 0 0 0
Federal Agency Loans 0 416 321 239 247 188 181 1386 266
Federal Work Study 10798 12725 12567 6691 11056 10175 10511 6169 8025

Source: Office of Higher Education, Financial Aid Awarded Survey

Prior Reports

2022

2021

2020

2019

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2005