Mike Kantrowitz, founder of FinAid.org and FastWeb.com, has published research showing that when all types of financial aid are included, the racial breakdown of the recipients closely mirrors the racial makeup of the student population in higher education. The study found that whites receive 59.3 percent of all financial aid and are just under 62 percent of the students.
The data shows that blacks are 14 percent of the student population and receive 18.5 percent of need-based grants and 9.5 percent of merit-based grants.
For graduate students blacks are 11.7 percent of the student population and receive 9.3 percent of the financial aid.
The research can be downloaded here.