This report provides data regarding state-funded expenditures for student financial aid and illustrates the extent of efforts made by the states to assist postsecondary students. Information in this report is based on academic year 2014-15 data from the 46th Annual National Association of State Student Grant and Aid Programs (NASSGAP) survey. Data highlights include: (1) In the 2014-15 academic year, the states awarded about $12.4 billion in total state funded student financial aid, an increase of about 6.0 percent in nominal terms and 5.8 percent in constant dollar terms from the $11.7 billion in aid awarded in 2013-14; (2) The majority of state aid (85 percent) remains in the form of grants. In 2014-15, almost 4.5 million grant awards were made representing about $10.5 billion in need and nonneed-based grant aid. This represents an increase of about 5.7 percent from the $9.9 billion in grants awarded in 2013-14. Of the grant money awarded in 2014-15, 76 percent was need-based and 24 percent was nonneed-based, about the same as last year; (3) Funding for undergraduate need-based grant aid increased nationwide from about $7.4 billion in 2013-14 to about $7.8 billion in 2014-15, an increase of about 6.2 percent in nominal terms; (4) Eight states (California, New York, Texas, Pennsylvania, New Jersey, Washington, Illinois, and North Carolina) collectively awarded about $5.5 billion in undergraduate need-based grant aid, accounting for about 70 percent of all aid of this type; and (5) States provided about $1.9 billion in nongrant student aid, including loans, loan assumptions, conditional grants, work -study, and tuition waivers, up over 7 percent from last year. Loans and tuition waivers accounted for 74 percent of nongrant funds awarded. Most states reported state-funded undergraduate programs with a need component, however, two states (Georgia and New Hampshire) reported no need based aid programs. Twenty-five states identified undergraduate programs which made awards based only on merit. Exclusively need-based aid constituted 47.5 percent of all aid to undergraduates, exclusively merit-based aid accounted for 18.0 percent, with the rest, 34.5 percent, accounted for by other programs and by programs with both need and merit components. The amount of undergraduate aid awarded in 2014-15 through programs with a merit component increased to about $4.4 billion. This compares to $5.3 billion awarded to undergraduates through programs based only on need. South Carolina, Georgia, Louisiana, and West Virginia provided the greatest amount of grant aid on a per capita basis. South Carolina, Georgia, and Tennessee provided the most undergraduate grant dollars compared to undergraduate full time equivalent enrollment. South Carolina, Pennsylvania, Tennessee, Washington, and Louisiana had the highest proportion of total expenditures for state-funded grants compared to State fiscal support for higher education. [For the "45th Annual Survey Report on State-Sponsored Student Financial Aid: 2013-2014 Academic Year," see ED570625.]