Average amount of grants and scholarships awarded?

When colleges mention financial aid packages, I often hear about grants and scholarships. Does anyone know the average amount awarded to students? Trying to figure out if it significantly offsets college costs.

The average amount of grants and scholarships awarded can noticeably vary from institution to institution, but it's certainly a way that can significantly offset college costs for many students, depending on their financial need or merit.

For instance, according to the College Board, during the 2020-2021 academic year, undergraduate students received an average of $14,940 in financial aid, including $9,520 in grants from all sources, and $1,340 in private and employer grants. To go more in depth, private non-profit four-year colleges awarded an average of $21,100 in institutional grants per full-time undergraduate student.

Keep in mind that students must apply for financial aid to get access to these grants and scholarships. A good step towards figuring out financial aid is completing the FAFSA (Free Application for Federal Student Aid) which determines eligibility for federal grants, work-study, and loans. Many schools also require the CSS Profile for their institutional aid.

Moreover, many colleges now have net price calculators available on their websites. These can be a handy tool to estimate the amount of financial aid you might receive based on your financial situation and academic profile. In this way, you can get a clearer understanding of what the actual out-of-pocket cost of attending a particular college might be.

Finally, it's important to note that each school has its own financial aid policies. Some schools are "need-blind" and guarantee to meet 100% of demonstrated financial need, while others may have more limited resources and provide less in grants and scholarships. Similarly, some schools offer merit scholarships, which can significantly reduce costs regardless of a family's financial need.

In summary, while the average grants and scholarships can provide a general outlook, it's essential to look at the specifics of each college or university, considering your personal financial situation and academic record.