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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 2016-2017, undergraduates enrolled in Minnesota institutions received roughly $2.7 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 40% of grants that these students received in 2016-2017 came from Federal or State sources. Another 50% of grants are institutional grants. These grants are primarily offered at private not-for-profit institutions and the University of Minnesota. Aid in the form of grants (from all sources) totaled $1.4 billion in 2016-2017.

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Most aid that students receive comes from federal sources

Half of all aid received in 2016-2017 came from federal sources, totaling $1.4 billion. Overall, three-quarters of federal aid were loans. For most institutions, the primary source of aid is federal aid. At public and private-for-profit institutions, more than half of all aid students received came in the form of loans. However, for students at Private Not-For-Profit institutions, institutional aid made up the bulk of most financial aid packages. Institutional aid is primarily offered as grants, and sometimes as tuition discounts. Institutional-based loans were rare in 2016-2017.

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Total financial aid does not cover the cost of college for most undergraduates

Statewide, undergraduates spend roughly $6.7 billion to attend college. This figure includes the average cost of tuition and fees, as well as other costs that make up the total cost of attendance for all students. These other costs include books and supplies, transportation, room and board, and other related college expenses.

For the average student, grants make up less than a third of the cost of attendance, and this figure varies by institution. The remaining cost of attendance is covered by loans or savings and current income from students and their families.

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Financial Aid Awarded to Undergraduates at Minnesota Institutions
Source of Aid
2005 2007 2009 2011 2013 2015 2016 2017
Federal Government $1,014,026,092 $1,112,702,833 $1,653,086,861 $2,206,712,012 $2,047,586,989 $1,763,444,285 $1,547,737,707 $1,396,278,361
State of Minnesota $287,532,060 $324,634,094 $307,773,684 $387,428,358 $279,183,419 $275,265,745 $283,085,008 $270,750,405
Postsecondary Institutions $370,755,989 $420,973,102 $541,866,453 $663,163,566 $737,102,530 $786,374,386 $829,529,612 $814,315,810
Private and Other Sources $197,398,151 $265,969,582 $260,504,758 $240,384,582 $239,687,859 $239,519,421 $242,547,720 $235,161,725
Total $1,869,712,292 $2,124,279,612 $2,763,231,756 $3,397,688,518 $3,303,560,796 $3,064,603,837 $2,902,900,047  
Type of Aid
2005 2007 2009 2011 2013 2015 2016 2017
Grants from All Sources $781,903,077 $864,343,958 $1,071,431,191 $1,501,752,297 $1,523,443,150 $1,507,712,055 $1,505,064,494 $1,449,085,623
Loans to Students $949,349,799 $1,079,720,410 $1,535,387,297 $1,689,031,977 $1,592,550,278 $1,383,568,392 $1,226,733,841 $1,112,061,798
Loans to Parents $99,855,268 $140,599,912 $118,704,439 $161,056,571 $139,959,733 $134,682,764 $133,671,947 $121,258,582
Student Earnings from Work Study Jobs $38,604,148 $39,615,331 $37,708,832 $45,847,673 $47,607,185 $38,640,626 $37,429,765 $34,100,298
Total $1,869,712,292 $2,124,279,612 $2,763,231,759 $3,397,688,518 $3,303,560,796 $3,064,603,837 $2,902,900,047 $2,716,506,301

Source: Office of Higher Education, Financial Aid Awarded Survey


Federal Aid Awarded to Minnesota Undergraduates

Amount of Aid
Program 2005 2007 2009 2011 2013 2015 2016 2017
Federal Pell Grants $179,390,808 $178,788,009 $263,967,345 $512,664,048 $481,335,035 $410,508,355 $363,780,632 $332,494,158
Federal SEOG Grants $20,925,222 $20,628,628 $20,622,242 $21,197,558 $20,926,183 $19,346,264 $19,058,427 $18,664,998
Federal Academic Competitiveness Grants $4,610,573 $6,507,744 $10,380,323 $0 $0 $0 $0
Federal SMART Grants $3,451,522 $3,210,231 $7,961,670 $0 $0 $0 $0
Other Federal Agency Grants $5,968,998 $5,169,468 $6,698,234 $21,776,982 $18,501,528 $7,719,386 $6,361,439 $6,386,597
Federal Stafford Subsidized Loans $273,892,454 $295,998,660 $410,797,996 $685,332,255 $643,552,870 $525,479,384 $454,353,446 $400,300,763
Federal Stafford Unsubsidized Loans $210,325,683 $246,983,899 $477,385,787 $742,323,243 $692,966,605 $616,096,314 $524,764,200 $478,962,428
Federal Perkins Loans $31,610,579 $27,411,830 $15,763,483 $17,196,684 $20,905,261 $24,409,256 $21,424,992 $17,798,554
Federal PLUS $99,855,268 $140,599,912 $118,704,439 $161,056,571 $139,959,733 $134,682,764 $133,671,947 $121,258,582
Other Federal Agency Loans $771,672 $1,181,971 $633,304 $574,045 $2,052,121 $1,771,529 $1,266,480 $583,431
Federal Work-Study $20,548,458 $19,580,563 $20,156,879 $26,248,633 $27,387,653 $23,431,033 $23,056,144 $19,828,850
Totals $1,014,026,092 $1,112,702,833 $1,653,086,861 $2,206,712,012 $2,047,586,989 $1,763,444,285 $1,547,737,707 $1,396,278,361

Source: Office of Higher Education, Financial Aid Awarded Survey



Number of Undergraduates Receiving Federal Aid
Program 2005 2007 2009 2011 2013 2015 2016 2017
Federal Pell Grants 81,816 80,366 98,691 153,295 151,399 122,841 107,874 98,088
Federal SEOG Grants 22,180 23,433 23,795 33,094 31,056 27,066 26,946 25,220
Federal Academic Competitiveness Grants 5,731 8,207 13,486 0 0 0 0
Federal SMART Grants 1,067 1,043 2,605 0 0 0 0
Other Federal Agency Grants               1,391
Federal Stafford Subsidized Loans 92,989 99,638 113,588 184,940 180,510 142,083 122,884 109,547
Federal Stafford Unsubsidized Loans 65,360 73,597 113,648 191,127 184,899 146,771 129,721 119,927
Federal Perkins Loans 13,835 11,900 7,506 9,447 10,167 11,521 9,259 7,899
Federal PLUS 13,503 19,204 13,238 16,226 14,598 11,900 11,522 10,181
Other Federal Agency Loans               181
Federal Work-Study 16,047 12,788 12,731 14,971 15,167 12,725 12,567 10,350

Source: Office of Higher Education, Financial Aid Awarded Survey


Prior Reports

2016

2015

2013

2011

2009

2007

2005