More Than 70 Percent of Undergraduates Get Financial Aid

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

Meanwhile, states and schools haven't offered more aid to help families keep pace with rising college costs.

A new report shows that 71 percent of all undergraduate students got some kind of financial aid in the 2011-2012 school year. Four years earlier, it was 66 percent. That includes all sources of aid, with the exception of private help from family and friends.

Here are some other findings from the U.S. Department of Education’s National Center for Education Statistics:

  • Federal student loan usage likewise jumped 5 percentage points over that period — to 40 percent.
  • There was an even bigger jump in federal grants — from 28 percent to 40 percent.
  • States and schools don’t seem to be stepping up aid. Just 15 percent of undergraduates received state grants and 20 percent received a grant from the college or university they attend, and those figures are little changed from 2007-2008.
  • Among full-time, dependent students, state grants declined, from 29 percent to 26 percent.
  • The average total grant amount for grant recipients in the 2011-2012 school year was $6,200, and borrowers took out an average of $7,100 in student loans.

Meanwhile, costs are still increasing. “In-state tuition at community college jumped almost 6 percent, to an average of $3,131 last year; in-state tuition at a public, four-year college averaged $8,655, up 5 percent,” The Associated Press says.

While more college students are receiving federal financial aid, U.S. Secretary of Education Arne Duncan said it’s not enough to deal with the rising cost of college.

“All of us share responsibility for ensuring that college is affordable,” Duncan told AP. “Increasing federal student aid alone will not control the cost of college.”

If you’re racking your brain for ideas to help pay for college, check out our video below on creative college financing.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 19 Cheap or Free Ways to Cut Your Winter Energy Bills

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,750 more deals!