Financial Aid Trends for Minnesota Colleges

-1%

Received Percent Changed

$7,279

Received Amount Changes

For the academic year 2023-2024, 72% of students received grants and/or scholarships and its average aid amount is $17,849.

Compared to the percent of received 10 years ago, less students received the financial aid from 72% to 71%. The average financial aid amount has increased from $9,634 to $16,913 at Minnesota Colleges.

All Undergraduate Students Financial Aid Over Time

The following table and chart show the trends of financial aid for all undergraduate students at Minnesota Colleges since 2014. For that period, the average number of students who received grants aid/scholarships is 114,548, which is 72.11 % of all undergraduate students.

87,428 students which is 56.00% of undergraduate students received federal student loans and the average loan amount: $7,035.

YearGrant or Scholarship*Pell GrantsFederal Student Loans
Number Received (percent**)Average AmountNumber Received (percent**)Average AmountNumber Received (percent**)Average Amount
2014-15119,035 (72%)$9,63457,530 (41%)$3,700106,206 (64%)$7,328
2015-16115,528 (71%)$10,37853,488 (38%)$3,822100,996 (62%)$7,458
2016-17114,240 (69%)$11,38150,230 (35%)$3,85297,091 (60%)$7,015
2017-18113,132 (73%)$12,70850,309 (37%)$4,06592,274 (60%)$7,165
2018-19111,457 (71%)$14,02248,534 (31%)$4,32288,739 (56%)$6,879
2019-20121,804 (73%)$14,76747,090 (30%)$4,30682,283 (54%)$6,877
2020-21116,580 (74%)$15,42444,200 (29%)$4,54176,685 (52%)$6,929
2021-22115,546 (75%)$15,76143,388 (29%)$4,45072,722 (48%)$6,782
2022-23103,607 (71%)$16,91341,358 (28%)$4,72769,852 (48%)$6,879
Average114,548 (72.11%)$13,44348,459 (33.11%)$4,19887,428 (56.00%)$7,035
*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, 20,655 (87.11 % of students) received grants or scholarships and its average amount is $15,253. It can cover 100.71% of tuition & fees ($15,144) based on out-of-state rate. In addition, 15,236 (66.00 % of students) students get helped from the students loans (average amount : $8,247).

Year Grants or Scholarships*Student Loans
Number Received (percent**)Average AmountNumber Received (percent**)Average Amount
2014-1520,397 (85%)$11,78917,110 (75%)$8,309
2015-1620,186 (82%)$12,74116,502 (68%)$8,372
2016-1720,612 (85%)$13,73316,739 (68%)$7,670
2017-1820,991 (88%)$14,68116,253 (70%)$8,439
2018-1921,042 (87%)$15,75216,065 (66%)$8,019
2019-2022,388 (91%)$16,13515,265 (66%)$8,526
2020-2119,572 (89%)$16,82313,115 (62%)$8,428
2021-2220,538 (88%)$17,01613,016 (60%)$8,126
2022-2320,167 (89%)$18,60313,057 (59%)$8,330
Average20,655 (87.11%)$15,25315,236 (66.00%)$8,247
*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, 7,045 (38.89 % of students) received Pell (federal) grants and its average amount is $4,516. In addition, 8,413 students received State/local government grants/scholarships (38.89 % 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
2014-157,707 (44%)$4,1793,521 (17%)$1,4748,592 (41%)$3,36617,597 (74%)$9,734
2015-167,186 (39%)$4,1583,367 (19%)$1,5237,988 (35%)$3,69517,758 (73%)$10,771
2016-177,186 (38%)$4,2193,372 (15%)$1,6048,305 (37%)$4,05818,151 (75%)$11,148
2017-187,475 (41%)$4,4223,491 (16%)$1,6868,900 (40%)$4,33618,650 (78%)$11,697
2018-197,353 (39%)$4,5083,470 (14%)$1,6749,147 (42%)$4,57418,755 (75%)$12,362
2019-207,141 (40%)$4,53811,510 (49%)$1,3998,821 (42%)$4,52418,517 (74%)$12,744
2020-216,488 (37%)$4,7297,695 (39%)$1,4817,926 (37%)$4,71917,554 (78%)$13,450
2021-226,425 (36%)$4,7637,658 (35%)$1,9477,985 (38%)$4,84718,960 (81%)$13,960
2022-236,446 (36%)$5,1304,110 (19%)$2,0778,055 (38%)$5,18918,903 (82%)$15,128
Average7,045 (38.89%)$4,5165,355 (24.78%)$1,6528,413 (38.89%)$4,36818,316 (76.67%)$12,333

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, 15,236 (66.00 % of students) get any students loan help and its average loan amount is $15,236.

YearTotalFederal student loansOther student loans
Number Received (percent)Average AmountNumber Received (percent)Average AmountNumber Received (percent)Average Amount
2014-1517,110 (75%)$8,30916,808 (74%)$6,1414,735 (21%)$9,831
2015-1616,502 (68%)$8,37216,136 (67%)$5,8504,841 (20%)$11,268
2016-1716,739 (68%)$7,67016,412 (67%)$5,5954,798 (16%)$10,379
2017-1816,253 (70%)$8,43915,868 (69%)$5,8554,818 (18%)$10,536
2018-1916,065 (66%)$8,01915,754 (65%)$5,4245,217 (19%)$11,644
2019-2015,265 (66%)$8,52614,919 (64%)$5,5214,888 (18%)$11,747
2020-2113,115 (62%)$8,42812,792 (61%)$5,5754,093 (16%)$11,899
2021-2213,016 (60%)$8,12612,677 (59%)$5,4104,078 (15%)$12,153
2022-2313,057 (59%)$8,33012,711 (58%)$5,3934,387 (16%)$13,191
Average15,236 (66.00%)$8,24714,897 (64.89%)$5,6404,651 (17.67%)$11,405