For the 2023-24 academic year, approximately $160.2 billion in grant aid was disbursed to undergraduate and graduate students. This substantial sum represents a key component of the overall financial aid provided annually to help students cover educational costs. Grant aid is a form of financial assistance that does not need to be repaid, making it a crucial resource for many students.
Breakdown of Grant Aid in 2023-24
The total grant aid includes contributions from various sources, with a significant portion coming from federal programs.
| Type of Grant Aid | Amount (2023-24) |
|---|---|
| Total Grant Aid | $160.2 billion |
| Total Federal Grant Aid | $44.3 billion |
| Pell Grants | $31.4 billion |
Key Components of Federal Grant Aid
Federal grant aid plays a vital role in making higher education accessible. In the 2023-24 academic year, federal grants amounted to $44.3 billion.
- Pell Grants: A cornerstone of federal student aid, Pell Grants are designed to assist undergraduate students with exceptional financial need. In 2023-24, these grants alone accounted for $31.4 billion of the total federal grant aid.
- Other Federal Grants: Beyond Pell Grants, other federal programs contribute to the overall grant aid landscape, supporting students through various specific needs and programs.
This data highlights the significant investment in grant aid each year, providing essential support to students pursuing higher education. For more detailed information, you can refer to insights on student aid trends here.
