Financial Aid Trends for Michigan Colleges

-1%

Received Percent Changed

$5,223

Received Amount Changes

For the academic year 2023-2024, 79% of students received grants and/or scholarships and its average aid amount is $16,032.

Compared to the percent of received 10 years ago, less students received the financial aid from 78% to 77%. The average financial aid amount has increased from $9,663 to $14,886 at Michigan Colleges.

All Undergraduate Students Financial Aid Over Time

The following table and chart show the trends of financial aid for all undergraduate students at Michigan Colleges since 2014. For that period, the average number of students who received grants aid/scholarships is 215,536, which is 78.11 % of all undergraduate students.

150,241 students which is 54.33% of undergraduate students received federal student loans and the average loan amount: $7,113.

YearGrant or Scholarship*Pell GrantsFederal Student Loans
Number Received (percent**)Average AmountNumber Received (percent**)Average AmountNumber Received (percent**)Average Amount
2014-15236,701 (78%)$9,663132,892 (44%)$3,953200,505 (64%)$7,526
2015-16225,090 (75%)$9,996120,319 (38%)$4,055183,900 (59%)$7,457
2016-17219,690 (75%)$10,612110,666 (37%)$4,092174,050 (59%)$7,449
2017-18211,965 (76%)$11,165106,141 (38%)$4,191163,355 (57%)$7,157
2018-19208,089 (76%)$12,03999,662 (35%)$4,437150,187 (53%)$7,054
2019-20212,364 (80%)$12,72193,509 (34%)$4,542140,964 (53%)$6,931
2020-21212,898 (82%)$12,78884,452 (32%)$4,600123,737 (50%)$6,913
2021-22222,774 (84%)$13,89880,680 (32%)$4,615110,754 (47%)$6,685
2022-23190,252 (77%)$14,88675,088 (31%)$4,896104,713 (47%)$6,846
Average215,536 (78.11%)$11,974100,379 (35.67%)$4,376150,241 (54.33%)$7,113
*Grant or scholarship aid includes aid received, from the federal government, state or local government, the institution, and other sources known by the institution.
**percentage of number of students receiving aids among all undergraduate students.

Freshmen (First-time, Full-time Undergraduate) Financial Aid Over Time

Over the past 10 years, on average, 42,334 (91.22 % of students) received grants or scholarships and its average amount is $14,165. It can cover 60.70% of tuition & fees ($23,334) based on out-of-state rate. In addition, 26,972 (60.78 % of students) students get helped from the students loans (average amount : $7,468).

Year Grants or Scholarships*Student Loans
Number Received (percent**)Average AmountNumber Received (percent**)Average Amount
2014-1542,405 (88%)$11,01331,909 (68%)$7,277
2015-1641,979 (89%)$12,04930,442 (65%)$7,386
2016-1742,524 (88%)$12,83730,569 (65%)$7,594
2017-1840,868 (90%)$13,70429,419 (62%)$7,413
2018-1941,610 (90%)$14,13828,501 (62%)$7,386
2019-2042,060 (93%)$15,26626,623 (61%)$7,550
2020-2140,298 (94%)$15,72221,908 (55%)$7,466
2021-2245,014 (96%)$16,04321,477 (54%)$7,299
2022-2344,247 (93%)$16,71021,903 (55%)$7,839
Average42,334 (91.22%)$14,16526,972 (60.78%)$7,468
*Grant or scholarship aid includes aid received, from the federal government, state or local government, the institution, and other sources known by the institution.
**Percentage of number of students receiving aids among all undergraduate students.

The following table shows the trends of grants or scholarships over time. Over the past 10 years, on average, 17,336 (40.89 % of students) received Pell (federal) grants and its average amount is $4,674. In addition, 9,552 students received State/local government grants/scholarships (34.11 % of students).

YearFederal (Pell) GrantsOther Federal State/Local governmentInstitutional
Number Received (percent)Average AmountNumber Received (percent)Average Amount Number Received (percent)Average AmountNumber Received (percent)Average Amount
2014-1520,615 (49%)$4,3586,866 (22%)$92111,433 (37%)$1,96937,011 (74%)$8,766
2015-1619,346 (44%)$4,4697,119 (22%)$97810,400 (35%)$2,17637,187 (77%)$9,408
2016-1718,505 (40%)$4,3436,573 (20%)$1,02612,587 (37%)$2,12038,027 (78%)$10,530
2017-1818,017 (42%)$4,4896,677 (21%)$1,0699,576 (36%)$2,37837,061 (82%)$11,086
2018-1917,763 (40%)$4,6466,580 (20%)$1,0089,519 (33%)$2,68338,053 (81%)$11,593
2019-2017,101 (40%)$4,76115,606 (40%)$1,1779,583 (34%)$3,08137,901 (83%)$12,095
2020-2114,748 (36%)$4,90621,727 (51%)$1,1818,222 (33%)$3,03236,622 (84%)$12,589
2021-2214,937 (39%)$4,90625,576 (56%)$1,6197,198 (31%)$3,21240,625 (88%)$12,730
2022-2314,996 (38%)$5,1886,960 (23%)$1,1837,447 (31%)$3,52742,298 (86%)$13,940
Average17,336 (40.89%)$4,67411,520 (30.56%)$1,1299,552 (34.11%)$2,68638,309 (81.44%)$11,415

The following table describes number of students and average amount of loans by loan type. The following table shows the trends of grants or scholarships over time. Over the past 10 years, on average, 26,972 (60.78 % of students) get any students loan help and its average loan amount is $26,972.

YearTotalFederal student loansOther student loans
Number Received (percent)Average AmountNumber Received (percent)Average AmountNumber Received (percent)Average Amount
2014-1531,909 (68%)$7,27731,411 (68%)$6,2813,273 (9%)$11,097
2015-1630,442 (65%)$7,38629,922 (64%)$6,0183,386 (10%)$11,584
2016-1730,569 (65%)$7,59430,010 (64%)$5,8903,469 (12%)$12,187
2017-1829,419 (62%)$7,41328,873 (62%)$5,6923,805 (11%)$11,904
2018-1928,501 (62%)$7,38627,862 (60%)$5,3654,245 (12%)$12,616
2019-2026,623 (61%)$7,55025,985 (60%)$5,4364,384 (12%)$12,654
2020-2121,908 (55%)$7,46621,268 (54%)$5,3993,451 (11%)$13,321
2021-2221,477 (54%)$7,29920,820 (53%)$5,4543,299 (9%)$13,681
2022-2321,903 (55%)$7,83921,049 (55%)$5,5273,788 (14%)$14,049
Average26,972 (60.78%)$7,46826,356 (60.00%)$5,6743,678 (11.11%)$12,566