While college costs kept rising over the past two years, grant awards declined 15% and scholarships fell 24%. Today, only a little more than half of all students receive free financial aid, and just 0.3% get enough for a full ride to college. Instead, the average grant and scholarship each pay just 14% of the costs at four-year public colleges. Key takeaway: Setting realistic financial aid expectations can help families determine how much they need to invest to make up the difference.