Author: National Association of Student Financial Aid Administrators (NASFAA)

Publisher:

Published: 2011

Total Pages: 27

ISBN-13:

As college costs have soared and the U.S. economy struggles to move out of the recession, more and more Americans have relied on federal student financial assistance programs to help them meet their postsecondary expenses. Data from the Federal Student Aid (FSA), an office of the U.S. Department of Education (ED), show that the number of students applying for federal financial assistance rose from around 12.9 million in 2006-2007 to nearly 19.5 million in 2010-2011. From 1999-2000 to 2009-2010, the total amount of Title IV federal financial aid awarded to students jumped from $62.1 billion to an estimated $146.5 billion, an increase of 136%. The major federal aid programs, authorized under Title IV of the Higher Education Act (HEA), accounted for 71% of the $208 billion in total financial aid received by college students. However, despite the increasing importance of federal aid programs, the majority of Americans have little knowledge of the Title IV programs or the process they need to follow to apply for these funds. At the same time, members of Congress have been debating the best ways to reform and strengthen the federal aid programs. It is important that Congress and the general public understand these programs and the students they serve. To help increase knowledge of these vital programs, the National Association of Student Financial Aid Administrators (NASFAA) has produced a document titled, "Federal Student Financial Aid: 2011 National Profile of Programs in Title IV of the Higher Education Act". This "National Profile" provides detailed information about each of the programs authorized under Title IV of the HEA, including: (1) descriptions of the federal student aid programs; (2) recent trends in federal program appropriations; (3) income levels of students and families who receive aid; and (4) a description of the federal student aid application process. Table 1 provides a brief summary of the programs authorized by Title IV and information about recipients and federal funding trends. The information used for the "National Profile" is the latest data available from the U.S. Department of Education and The College Board. In some instances, the most recent funding data were for the 2009-2010 fiscal year and recipient data were for the 2007-2008 academic year. In additional to the Title IV programs, college students and their families may qualify for financial assistance from other federal sources, such as Coverdell Education Savings Accounts, tuition tax credits, tax-advantaged education savings accounts, and grants and loans from other federal programs. While these other sources are important, they are not included in this report because the bulk of the federal funds provided to college students and their families is provided through programs authorized by Title IV of the HEA. Five Sample Financial Aid Award Packages for Award Year 2010-2011 are appended. (Contains 9 tables and 10 figures.).