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For unmarried students under 24, Congress mandates that parental income and assets be included. The resulting figure is the student's "need". Colleges attempt to provide students with enough financial aid to meet all student need, but in most cases are unable to do so completely. The result is "unmet need".
During the early 1980s, higher education funding shifted from reliance on state and federal government funding to more family contributions and student loans. Pell Grants, which were created to offset the cost of college for low-income students, started funding more middle-class students, stretching the funds thinner for everyone. During the ...
In May 2024, the Department of Education announced that the student loan interest rate for the 2024–2025 academic year would be 6.53% for undergraduate loans, 8.08% for postgraduate loans, and 9.08% for PLUS Loans, which was the highest undergraduate rate in more than a decade and the highest postgraduate and PLUS Loan rates in more than two ...
Although Utah's education budget has grown from $3.8 billion in 2014 to $7.7 billion in 2024, like Idaho, Utah also lags in local and state funding because it depends on state income tax and ...
Student financial aid (or student financial support, or student aid) is financial support given to individuals who are furthering their education. Student financial aid can come in a number of forms, including scholarships, grants, student loans, and work study programs. Each of these methods of providing financial support to students has its ...
A closely related issue is the increase in students borrowing to finance college education and the resulting in student loan debt. In the 1980s, federal student loans became the centerpiece of student aid received. [48] From 2006–2012, federal student loans more than doubled and outstanding student loan debt grew to $807 billion. [48]