Need for State-Funded Financial Aid Slows
In its latest survey, the National Association of State Student Grant and Aid Programs (“NASSGAP”) revealed that growth in the use of state-funded student financial aid slowed in 2015-16. The total state-funded aid amount that year – $12.5 billion – is an increase of less than one percent from the previous year. The percentage is a big drop from what the NASSGAP measured from 2013-14 to 2014-15, when the year-over-year growth for state aid was around six percent. A stronger economy and demographic declines in various high-population states are being attributed to the small increase in aid.