States Increase Spending on Student Financial Aid
May 30, 2006
State spending on student financial aid increased by more than 8 percent in 2004-05, greater growth than in 2003-04, when spending rose by 6 percent. According to the National Association of State Student Grant and Aid Programs's 36th Annual Survey Report on State-Sponsored Student Financial Aid, states awarded $7.9 billion in state financial aid, the majority of which (85 percent) continues to be in the form of grants. Continuing with recent trends, this year merit-based aid again increased at a faster rate than need-based aid. In NASSGAP’s 10-year analysis of state-based programs, between 1994-95 and 2004-05, merit-based state aid quadrupled, while need-based aid doubled.
Other findings include:
- California, Illinois, Indiana, New Jersey, New York, Ohio, Pennsylvania, and Texas account for the majority of all need-based aid.
- South Carolina, Washington, D.C., Georgia, New York, and Indiana awarded the largest amount of grant aid per person (ages 18-24).
- The majority of states, along with Puerto Rico and Washington, D.C., increased state spending on student financial aid this year; 11 states decreased spending; and one state maintained the same spending as last year.
- Tennessee had the largest increase (216 percent) in spending of any state, as a result of a new lottery-scholarship program.
The full results are available on the NASSGAP Web site.
- Affordable Care Act: Final Rules on Coverage for Adjuncts and Students
- Administrative Jobs and Benefits Costs Drive Higher Ed Labor Costs
- OMB Super Circular Makes Changes to Audit Requirements
- 2014 Higher Education Accounting Forum
April 27-29, 2014
- ON-DEMAND: Understanding the Results of the 2013 NACUBO-Commonfund Study of Endowments, and a Look to 2014 and Beyond
- ON-DEMAND: How Behavioral Changes Helped Cut Energy Usage in Half
- ON-DEMAND: Developing a Market-Informed Approach to Tuition Pricing
- ON-DEMAND: Responsibility Center Management: The Process Necessary to Complete a Successful Implementation
- ON-DEMAND: OD: Responsibility Center Management: How Innovations Have Changed the Nature of RCM
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis