Trends in Student Aid – 2008
November 21st, 2008Earlier this month, I posted an article on The College Board’s annual report, Trends in College Pricing. There is a companion report to Trends in College Pricing, Trends in Student Aid. Published since 1983, this year’s Trends in Student Aid report is only 20 pages long but is supplemented by a website that provides detailed information on all aspects of student aid. As I mentioned in my article on the Trends in College Pricing report, The College Board encourages individuals like me to share the information in their articles as long as the College Board is given credit for the data discussed.
There are some interesting trends described in this year’s report that show positive government support of higher education. For example, over the past decade, there has been a 78% increase in the use of federal Pell Grants to fund higher education. Since Pell Grants do not require repayment, they offer an obviously ideal opportunity for students. Unfortunately, many students do not qualify for Pell Grants and have to use federal and private loans to pay for their education. The percentage of students at elite institutions who qualify for Pell Grants is often 10% or less. A much higher percentage of community college students qualify for Pell Grants than at other institutions. The report also calculates the benefits received from education tax credits. These credits have increased 86%, from $3,791 per student during the 1998-1999 academic year (the program did not exist prior to 98-99) to $7,040 during the 2007-2008 academic year.
