Financial Aid Management Software Statistics 2024

In the rapidly evolving landscape of higher education, financial aid management software is becoming an increasingly pivotal component. The statistics surrounding the adoption, efficiency, and effectiveness of these digital solutions are not merely numerical data; they paint a comprehensive picture of the future of educational financing. Understanding these statistics is crucial for grasping how financial aid processes are streamlined, impacting both educational institutions and their students. This data provides the foundation for recognizing trends, inefficiencies, and opportunities within the sector, fundamentally shaping how financial aid will be administered in 2024 and beyond.

Key stakeholders, including educational administrators, policymakers, software developers, and financial advisors, would find these statistics immensely valuable. For administrators and policymakers, these insights can guide strategic planning and policy formulation. For software developers, understanding the demand and performance metrics offers avenues for innovation and improvement. Financial advisors, on the other hand, can better serve their clientele with informed recommendations. The ripple effects of this data are felt across the industry, influencing everything from tuition management to student retention rates.

Ultimately, holding a clear grasp of these statistics empowers stakeholders to make data-driven decisions and strategies. In an industry dynamic by technology and changing educational needs, leveraging this information is essential for staying competitive and meeting the evolving demands of students and institutions alike. With the data at hand, the pathway to more efficient, transparent, and effective financial aid management becomes clearer, setting the stage for informed decisions and innovative solutions in 2024 and beyond.

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Top Financial Aid Management Software Statistics 2024

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Federal Financial Aid

• Congress ordered an update in 2020 to simplify the notoriously complex FAFSA form and expand federal student aid to more low-income students. ^[?]
• The new FAFSA application reduces the number of questions from 108 to fewer than 50. ^[1]
• The new FAFSA uses a new and more generous formula to determine eligibility for federal student aid. ^[1]
• Every year, about 17 million students submit the FAFSA as part of their applications for financial aid. ^[1]
• So far, 5.5 million students have been able to fill out the new FAFSA form. ^[1]
• In the 2021 fiscal year, federal spending for public K-12 education totaled $795 billion. ^[6]
• Federal funds made up just $85 billion or 11 percent of total education funding during the 2021 fiscal year. ^[6]
• The federal government provided $17 billion for child nutrition in the 2021 fiscal year. ^[6]
• The federal government provided $11 billion in IDEA grants to states in the 2021 fiscal year. ^[6]
• The federal government sent an additional $190 billion to states and school districts in emergency funding for K-12 education in response to the COVID-19 pandemic. ^[6]
• The federal share of education funding has been relatively constant over the last 40 years after generally rising from 1920 to 1980. ^[6]
• In the 2021-22 academic year, $234.6 billion in financial aid was provided to undergraduate and graduate students. ^[14]
• The federal government is most likely to award grants to students attending private, for-profit colleges, with 67% of students at these institutions receiving federal grants. ^[17]
• Undergraduates eligible for Federal Pell Grants may receive between $649 and $6,495 each; the average award is $4,255. ^[17]
• The Department of Veteran Affairs budgets $9.1 billion for the post-9/11 GI bill. ^[17]
• The ED budgets $29.1 billion annually for Pell Grants and $46.2 million for TEACH grants. ^[17]
• The interest rate for federal loans for undergraduates distributed in the 2023-2024 academic year is 5.50%. ^[17]
• The ED budgets $98.2 billion for federal direct student loans and $6.6 billion for FFEL loans. ^[17]
• Federal public education funding is equivalent to 0.38% of total taxpayer income. ^[19]
• Federal funding for public postsecondary institutions averages $2,290 per pupil, up 6.64% year-over-year (YoY). ^[19]
• The federal share of funding for public K-12 education increased from 8 percent in 2020 due to federal transfers for public education approved by Congress in both the CARES Act and the American Rescue Plan. ^[23]
• An estimated 91% of colleges do not include or understate the net price in their financial aid offers. ^[28]
• The federal government disbursed nearly $112 billion in financial aid to students through various grant and loan programs in fiscal year 2021. ^[28]

State And Local Financial Aid

• State and local governments provide the vast majority of funding for K-12 education, accounting for 89 percent of all school funding. ^[6]
• Nearly 40 percent of funding for public education stems from local taxes. ^[6]
• California serves roughly 6 million K-12 students, spending $61 billion in state and $36 billion in local funding annually to operate them. ^[10]
• New York schools spend the most on K-12 education per pupil, with an average spending of $23,091 per student. ^[27]
• Utah spends the least per student on K-12 education, with an average spending of $7,472 per student. ^[27]
• California spends the most on public education overall, with a total spending of $101.6 billion. ^[27]
• Texas spends the second most on public education, with a total spending of $60.6 billion. ^[27]
• In the 2021-22 academic year, state grant aid per FTE undergraduate student was $1,060. ^[24]
• State grants range from under $200 in six states to over $2,000 in four states per FTE undergraduate student. ^[24]
• States award an average of $4,116 in grants and scholarships to each recipient. ^[17]
• States spend an average of $1,140 per full-time student in financial aid. ^[17]
• The largest state financial aid program is California’s, dispersing $2.4 billion. ^[17]
• Montana awards the smallest total amount in state financial aid, dispersing $1.5 million. ^[17]
• In Pennsylvania, schools on average receive $20,000 per pupil from state and local sources. ^[29]
• In Oregon, high-poverty districts got $11,357 per student on average, while low-poverty districts got $16,492 per student. ^[29]

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Digital Transformation And Adoption

• 84% of digital transformation projects fail due to the unsuccessful user adoption of the technology. ^[2]
• 70% of large IT projects weren’t considered successful as they didn’t meet the desired outcomes. ^[2]
• Since the launch in 2013, more than 800 companies have improved their digital adoption with ClickLearn. ^[2]
• ClickLearn auto-produces and updates training content and documentation in 7 different formats and 45 languages. ^[2]
• In SaaS, the median user growth is 4%, while the median activation rate is 17%. ^[3]
• The software adoption process follows 6 phases: awareness, interest, evaluation, trial, activation, and adoption. ^[3]
• Retaining customers in SaaS is up to 25 times less expensive than acquiring them. ^[3]
• The median user growth rate is about 4%, and 72% for the 90th percentile. ^[3]
• The median activation rate is 17%, and 65% for the 90th percentile. ^[3]
• Innovators (2.5% of the market) are excited about trying products and testing new technology. ^[3]
• Early adopters (13.5%) have a greater need for your product and are willing to spend resources on a great solution. ^[3]
• The early majority (34%) is the larger segment of potential customers, interested in a product that’s already established. ^[3]
• The late majority (34%) is as large and risk-averse as the early majority. ^[3]
• The laggards (16%) are resistant to change and are comfortable with their current processes. ^[3]
• By 2025, 70% of organizations will use digital adoption platforms across the entire technology stack. ^[4]
• Good onboarding is key to success; poor onboarding could cost up to 213% of the employee’s salary. ^[4]
• Digital transformation spending is projected to reach $2.3 trillion by 2023. ^[4]
• Automated onboarding guidance and in-app support for 30k users within an average of 2 months. ^[4]
• DAPs reduce ad-hoc level 1 ticket requests by guiding users through ITSM tools like ServiceNow. ^[4]
• Implementing quicker resolution times when level 1 tickets are resolved in-app with self-help widgets. ^[4]
• Apty is recognized as a leader among Digital Adoption Platforms in IDC MarketScape 2024. ^[4]
• By 2027, 80% of G1000 organizations will mitigate technical skills shortages with a DAP. ^[25]

Internet And Digital Inclusion

• The number of global internet users and the percentage of internet penetration continued to grow from 2021 to 2022 at 7% and 6% respectively. ^[5]
• As of 2022, there are 264 million fewer women accessing the internet than men. ^[5]
• Women are 7% less likely to own a mobile phone and 16% less likely to use mobile internet than men. ^[5]
• 75% of global youth (aged 15-24) are connected to the internet, compared to 65% of the rest of the population. ^[5]
• One-third of the global population, or 2.6 billion people, remained offline in 2023. ^[8]
• More than 90 percent of people in high-income countries used the internet in 2022, only one in four in low-income countries did. ^[8]
• The World Bank’s Identification for Development Initiative helps countries build inclusive and trusted identification systems. ^[8]
• Through the initiative, broadband internet access in Africa increased from 26% in 2019 to 36% in 2022. ^[8]
• In Africa, the World Bank supports the African Union’s Digital Transformation Strategy 2020-2030. ^[8]
• The Digital Equity Act provides $2.75 billion to establish three grant programs that promote digital equity and inclusion. ^[13]
• The National Telecommunications and Information Administration (NTIA)’s $2.75 billion Digital Equity Act Programs are critical for communities needing access to affordable, reliable, high-speed Internet. ^[13]
• In 2023, 67% of the world’s population had access to the internet, but this was only 35% in less developed countries. ^[26]
• Mobile phones are increasingly affordable and popular across the world, with 3/4 of the population aged 10 years and over owning a mobile phone. ^[26]

Education Spending And Trends

• Digital advances can support and accelerate the achievement of each of the 17 Sustainable Development Goals. ^[7]
• Digital technologies have advanced more rapidly than any innovation in history, reaching around 50% of the developing world’s population in only two decades. ^[7]
• The global e-learning market size is expected to grow from $245.5 billion in 2022 to $278 billion in 2023, at a CAGR of more than 13%. ^[15]
• By 2027, the e-learning market is projected to reach $462.6 billion, growing at a CAGR of more than 13%. ^[15]
• The global blockchain technology market stood at $5.92 billion in 2021 and is now projected to grow at an annual rate of 85.9% from 2022 to 2030. ^[15]
• The enterprise software market was valued at $370B+ in late 2024. ^[11]
• In 2021, IT spending on enterprise software is expected to amount to around 599 billion U.S. dollars worldwide, a growth of 13.2% compared to 2020. ^[31]
• The market for digital adoption platforms is expected to reach $3011.8 billion USD by 2030. ^[18]
• The global education market is slated to reach an estimated $8 trillion in value by 2030 from $6 trillion in 2022. ^[21]
• Higher education is expected to reach $2.4 trillion in education spending by 2030 at annual growth of 3.5%. ^[21]
• K-12 education is expected to reach $4.3 trillion in spending by 2030, with roughly 4% annual growth from 2022. ^[21]
• The report focuses on projected spending in school systems in fiscal year 2024-25, based on nationally representative surveys conducted by the EdWeek Research Center. ^[22]
• The U.S. e-learning market alone was an estimated $100 billion in 2022. ^[20]
• The edtech market is forecast to grow at a CAGR of 16% from 2022 to 2026. ^[20]
• From 2022-2026, the global coding bootcamp market is poised to accelerate at a CAGR of 19.31%. ^[20]

Financial Aid Statistics And Trends

• 83.8% of college students receive some form of financial aid. ^[14]
• 86% of full-time US students receive financial aid, with an average of $14,800 for undergraduates and $26,920 for graduate students. ^[14]
• During the 2021-22 academic year, $234.6 billion in financial aid was provided to undergraduate and graduate students. ^[14]
• 72% of undergraduates received some form of financial aid in the 2019-20 academic year. ^[9]
• On average, undergraduates received $14,100 in aid in the 2019-20 academic year. ^[9]
• The percentage of undergraduates with Pell Grants rose by 1 percentage point, to 40% in 2019-20. ^[9]
• 81% of Black undergraduates got some form of aid, versus 70% of White undergraduates and 66% of Asian undergraduates. ^[9]
• 36% of undergraduates took out student loans themselves, while 4% had parents who took out federal Direct PLUS Loans. ^[9]
• Undergraduates with federal Direct Loans borrowed on average $6,500. ^[9]
• Undergraduates with federal Pell Grants on average received $4,100. ^[9]
• 60% of Black undergraduates, and half of Hispanic undergraduates, had Pell Grants in 2019-20. ^[9]
• 74% of graduate students received some form of aid in 2019-20. ^[9]
• Graduate students received an average amount of aid of $25,300. ^[9]
• The average value of a graduate assistantship was $18,800. ^[9]
• The average financial aid amount per full-time equivalent (FTE) undergraduate student in the United States from 2001/2002 to 2021/2022 has varied by source. ^[16]
• Average financial aid per FTE undergraduate student in the United States was $14,080 for the 2021-22 academic year. ^[30]
• On average, students received $23,839 annually in aid, considering the cost of tuition and living. ^[12]
• 60% of American adults are living paycheck to paycheck. ^[12]
• Over 25% of private school students receive some form of aid from their schools, with packages averaging around $21,120 per year. ^[12]
• 71% of families apply for federal financial aid using the FAFSA. ^[17]
• Undergraduates eligible for federal work-study earn an average of $1,821 per year. ^[17]
• The average total loan amount for bachelor’s degree seekers at public institutions is $23,390. ^[17]
• The average total loan amount for bachelor’s degree seekers at private, non-profit schools is $26,720; for students at private, for-profit schools, the average total is $34,740. ^[17]
• Among associate degree seekers, the average total loan amount for students at public institutions is $14,890. ^[17]
• Certificate seekers at public institutions receive an average total of $15,480 in student financial aid. ^[17]
• The average total loan amount for certificate seekers at private, nonprofit institutions is $15,260; at private, for-profit institutions, the average total is $13,120. ^[17]
• The number of students receiving federal and state financial aid has increased by 20.8% over 20 years. ^[17]

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