Unmet Financial Need for Undergraduate Students
From the 2004 National Postsecondary Student Aid Study we have calculated unmet financial need for undergraduate students for the 2003-04 academic year. Unmet financial need is cost of attendance less expected family contribution less all financial aid received (grants, loans, work-study and other financial aid).
For all undergraduates in the U.S. total unmet need was $31.9 billion.
- Sectors: public 4-year: $8.6 billion; public 2-year: $9.8 billion; private 4-year: $8.1 billion; private less than 4-year: $0.4 billion; proprietary: $5.1 billion
- Status: dependent: $15.0 billion; independent: $16.9 billion
- Income quartile: bottom: $17.3 billion; second: $10.3 billion; third: $4.3 billion; top: $0
- States: California: $4.6 billion; Connecticut: $0.5 billion; Georgia: $0.9 billion; Illinois: $1.3 billion; Indiana: $0.5 billion; Minnesota: $0.4 billion; Nebraska: $0.05 billion; New York: $2.8 billion
The predictable result of large and growing unmet financial need is that the financial barriers to higher education opportunity that financial aid was created to remove are now re-emerging. Student enrollment decisions of access, choice and completion are increasingly limited by these financial barriers to higher education. And so we see students from low and lower-middle income families increasingly concentrated in the lowest priced institutions--our community colleges, and students from the highest income families increasingly concentrated in our elite public and private colleges and universities. If this isn't class warfare then I don't know what is.