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.
In 2019-2020, undergraduates enrolled in Minnesota institutions received roughly $2.8 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 2019-2020 came from federal or state sources. Almost 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 2019-2020.
For most institutions, the primary source of aid is federal aid. Just under half of all aid received in 2019-2020 came from federal sources, totaling nearly $1.2 billion. Roughly 70% of federal aid awarded was in the form of loans. At Minnesota State Universities and private-for-profit institutions, more than half of all aid students received came in the form of loans. At Minnesota State Colleges and the University of Minnesota system, loans represented just under half of all aid received. However, for students at private non-profit institutions, institutional aid made up nearly two-thirds of aid awarded to students. Institutional aid is primarily offered as grants, and sometimes as direct tuition discounts.
For most institutions, the primary source of aid is federal aid. Just under half of all aid received in 2019-2020 came from federal sources, totaling nearly $1.2 billion. Roughly 70% of federal aid awarded was in the form of loans. At Minnesota State Universities and private-for-profit institutions, more than half of all aid students received came in the form of loans. At Minnesota State Colleges and the University of Minnesota system, loans represented just under half of all aid received. However, for students at private non-profit institutions, institutional aid made up nearly two-thirds of aid awarded to students. Institutional aid is primarily offered as grants, and sometimes as direct tuition discounts.
Source of Aid | |||||||||
---|---|---|---|---|---|---|---|---|---|
2009 | 2011 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
Federal Government | $1,653,086,861 | $2,206,712,012 | $2,047,586,989 | $1,763,444,285 | $1,547,737,707 | $1,396,278,361 | $1,370,423,980 | $1,275,430,474 | $1,205,467,099 |
State of Minnesota | $307,773,684 | $387,428,358 | $279,183,419 | $275,265,745 | $283,085,008 | $270,750,405 | $270,531,262 | $289,650,382 | $280,406,970 |
Postsecondary Institutions | $541,866,453 | $663,163,566 | $737,102,530 | $786,374,386 | $829,529,612 | $930,721,920 | $930,721,920 | $999,282,598 | $999,282,598 |
Private and Other Sources | $260,504,758 | $240,384,582 | $239,687,859 | $239,519,421 | $242,547,720 | $250,394,647 | $250,394,647 | $268,603,195 | $259,219,971 |
$2,124,279,612 | $2,763,231,756 | $3,397,688,518 | $3,303,560,796 | $3,064,603,837 | $2,902,900,047 | $2,822,071,809 | $2,822,071,809 | $2,790,264,769 | 2,744,376,638 |
Type of Aid | |||||||||
2009 | 2011 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
Grants from All Sources | $1,071,431,191 | $1,501,752,297 | $1,523,443,150 | $1,507,712,055 | $1,505,064,494 | $1,449,085,623 | 1,512,192,515 | $1,547,238,777 | $1,559,169,538 |
Loans to Students | $1,535,387,297 | $1,689,031,977 | $1,592,550,278 | $1,383,568,392 | $1,226,733,841 | $1,112,061,798 | 1,086,662,436 | $993,652,375 | $944,715,969 |
Loans to Parents | $118,704,439 | $161,056,571 | $139,959,733 | $134,682,764 | $133,671,947 | $121,258,582 | $123,949,866 | $119,547,756 | $110,790,169 |
Student Earnings from Work Study Jobs | $37,708,832 | $45,847,673 | $47,607,185 | $38,640,626 | $37,429,765 | $34,100,298 | $35,818,521 | $59,474,737 | $56,455,838 |
Total | $2,763,231,759 | $3,397,688,518 | $3,303,560,796 | $3,064,603,837 | $2,902,900,047 | $2,716,506,301 | $2,822,071,809 | $2,790,264,769 | $2,744,376,638 |
Source: Office of Higher Education, Financial Aid Awarded Survey
Program | 2009 | 2011 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|---|---|---|---|
Federal Pell Grants | $263,967,345 | $512,664,048 | $481,335,035 | $410,508,355 | $363,780,632 | $332,494,158 | $346,439,425 | $344,242,795 |
$327,716,909 |
Federal SEOG Grants | $20,622,242 | $21,197,558 | $20,926,183 | $19,346,264 | $19,058,427 | $18,664,998 | $18,573,957 | $19,808,867 |
$19,621,420 |
Federal Academic Competitiveness Grants | $6,507,744 | $10,380,323 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Federal SMART Grants | $3,210,231 | $7,961,670 | $0 | $0 | $0 | $0 | $0 | $0 |
$0 |
Other Federal Agency Grants | $6,698,234 | $21,776,982 | $18,501,528 | $7,719,386 | $6,361,439 | $6,386,597 | $4,845,004 | $7,452,683 |
$10,076,395 |
Federal Stafford Subsidized Loans | $410,797,996 | $685,332,255 | $643,552,870 | $525,479,384 | $454,353,446 | $400,300,763 | $386,415,243 | $347,183,002 |
$316,449,938 |
Federal Stafford Unsubsidized Loans | $477,385,787 | $742,323,243 | $692,966,605 | $616,096,314 | $524,764,200 | $478,962,428 | $450,372,145 | $415,234,673 | $398,518,503 |
Federal Perkins Loans | $15,763,483 | $17,196,684 | $20,905,261 | $24,409,256 | $21,424,992 | $17,798,554 | $17,301,775 | $0 | $0 |
Federal PLUS | $118,704,439 | $161,056,571 | $139,959,733 | $134,682,764 | $133,671,947 | $121,258,582 | $123,949,866 | $119,547,756 |
$110,790,169 |
Other Federal Agency Loans | $633,304 | $574,045 | $2,052,121 | $1,771,529 | $1,266,480 | $583,431 | $816,374 | $648,488 |
$624,002 |
Federal Work-Study | $20,156,879 | $26,248,633 | $27,387,653 | $23,431,033 | $23,056,144 | $19,828,850 | $21,710,191 | $21,285,949 |
$21,669,763 |
Totals | $1,653,086,861 | $2,206,712,012 | $2,047,586,989 | $1,763,444,285 | $1,547,737,707 | $1,396,278,361 | $1,370,423,980 | $1,275,404,213 |
$1,205,467,099 |
Source: Office of Higher Education, Financial Aid Awarded Survey
Program | 2009 | 2011 | 2013 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|---|---|---|---|
Federal Pell Grants | 98,691 | 153,295 | 151,399 | 122,841 | 107,874 | 98,088 | 97,946 | 93,997 |
88,526 |
Federal SEOG Grants | 23,795 | 33,094 | 31,056 | 27,066 | 26,946 | 25,220 | 24,285 | 26,421 |
24,749 |
Federal Academic Competitiveness Grants | 8,207 | 13,486 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Federal SMART Grants | 1,043 | 2,605 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Federal Agency Grants | 0 | 0 | 0 | 0 | 0 | 1,391 | 1,368 | 1,257 |
2,306 |
Federal Stafford Subsidized Loans | 113,588 | 184,940 | 180,510 | 142,083 | 122,884 | 109,547 | 104,742 | 94,682 |
86,589 |
Federal Stafford Unsubsidized Loans | 113,648 | 191,127 | 184,899 | 146,771 | 129,721 | 119,927 | 114,182 | 104,813 |
99,751 |
Federal Perkins Loans | 11,900 | 9,447 | 10,167 | 11,521 | 9,259 | 7,899 | 7,801 | 0 | 0 |
Federal PLUS | 13,238 | 16,226 | 14,598 | 11,900 | 11,522 | 10,181 | 10,172 | 9,370 |
8,296 |
Other Federal Agency Loans | 0 | 0 | 0 | 0 | 0 | 181 | 247 | 188 |
181 |
Federal Work-Study | 12,731 | 14,971 | 15,167 | 12,725 | 12,567 | 10,350 | 11,056 | 10,175 |
10,511 |
Total Students | 305,730 | 327,724 | 392,447 | 619,191 | 587,796 | 474,907 | 420,773 | 382,784 |
371,799 |
Source: Office of Higher Education, Financial Aid Awarded Survey
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