Total Student Aid and Nonfederal Loans in 2014 Dollars over Time

In 2014-15, undergraduate and graduate students received $238.9 billion in student aid in the form of grants from all sources, Federal Work-Study, federal loans, and federal tax credits and deductions.

Table 1: Student Aid and Nonfederal Loans in 2014 Dollars (in Millions), 2004-05 to 2014-15

Table 1 represents Total Student Aid and Nonfederal Loans in 2014 Dollars over Time

Notes & Sources 

NOTES: Table 1 excludes a variety of small federal grant and loan programs. The latest available data for education tax benefits are for calendar year 2013 and the latest available data for state grant aid are for 2013-14. Later figures are projected. Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS) funds reflect federal allocations and do not include the required matching funds from institutions. Components may not sum to totals because of rounding.

SOURCES: See Notes & Sources for a list of sources for data included in Table 1.

  • Total student aid peaked at $258.4 billion (in 2014 dollars) in 2010-11.
  • The federal government’s share of total student aid increased from 68% in 2004-05 to 74% in 2009-10 and 2010-11, but had fallen back to 68% by 2014-15.
  • The share of federal student aid in the form of grants increased from 22% in 2004-05 to 26% in 2009-10 and to 29% in 2014-15. Loans declined from 69% to 63% to 59% of federal aid over these years.
  • Nonfederal education loans are loans students borrow from banks, credit unions, and other private lenders, including some states and postsecondary institutions. These loans, which are not part of the student aid system and typically do not involve subsidies, grew from $17.7 billion (in 2014 dollars) in 2004-05 to $25.6 billion in 2007-08, but fell to $12.5 billion in 2008-09 and to $10.1 billion in 2014-15.