As college costs continue to rise, the percentage of students receiving financial aid also continues to grow. As of the 2007-2008 academic year, a full two-thirds of undergraduate students received some form of student financial aid, with 47 percent receiving federal aid. This is according to the "First Look" report on the National Postsecondary Student Aid Study published by the National Center for Education Statistics yesterday.
The First Look report shows that the percentage of students receiving aid has continued to increase, from 63 percent in 2003-2004, and 55 percent in 1999-2000. It also provides a breakdown of the percentage of students receiving different forms of financial aid, such as grants and scholarships, federal student loans, federal work-study, and federal PLUS loans. According to the report, 52 percent of students received college scholarships and grants, while 38 percent of students borrowed federal student loans. Relatively few students took advantage of work-study and PLUS loans.
NCES collects and publishes data on financial aid every three years and the First Look report is typically followed by a more in-depth analysis. The National Postsecondary Student Aid Study draws from a sizable sample of students: 114,000 undergraduates and 14,000 graduates at 1,600 colleges and universities. Additional information is available on the NCES website.
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