This First Look report presents selected findings about student financial aid during the 2015-16 academic year. These findings are based on data from the 2015-16 National Postsecondary Student Aid Study (NPSAS:16), a nationally representative sample survey of undergraduate and graduate students enrolled any time between July 1, 2015, and June 30, 2016, in institutions eligible to participate in federal financial aid programs. The primary purpose of NPSAS:16 is to measure how students and their families pay for postsecondary education at Title IV eligible institutions, with particular emphasis on federal student aid provided through Title IV of the Higher Education Act of 1965, as amended. The NPSAS:16 sample consists of about 89,000 undergraduate and 24,000 graduate students attending approximately 1,800 Title IV eligible postsecondary institutions in the 50 states, the District of Columbia, and Puerto Rico. The sample represents approximately 20 million undergraduate and 4 million graduate students enrolled in postsecondary education at Title IV eligible institutions at any time between July 1, 2015, and June 30, 2016. Further details about the NPSAS:16 sample are provided in appendix B, along with information about key changes to NPSAS cycles over time for readers interested in comparisons over time. This report classifies financial aid by type (grants, loans, work-study, and other) and source (federal, state, institutional, employer, and other private sources). The three major types of aid for undergraduate students are grants, loans, and work-study. Grants include scholarships, tuition waivers, employer tuition reimbursements, and federal grants such as Pell Grants. Student loans, which must be paid back or forgiven, include federal Direct Subsidized and Unsubsidized Loans (also known as Stafford Loans), federal Perkins Loans, state loans, institutional loans, and private or alternative loans. Direct Subsidized Loans and Perkins Loans are limited to students with demonstrated financial need (need-based aid), while Direct Unsubsidized Loans are available regardless of need. Parents of dependent undergraduates may borrow using Direct PLUS Loans. These loans do not count toward students' borrowing because their parents are responsible for repayment, but they are considered part of students' total aid received. Work-study provides part-time employment to students with demonstrated financial need. It is partially underwritten by federal (and, in rare cases, state or institutional) subsidies. Other aid is composed of federal veterans' education benefits, military (Department of Defense) aid, and vocational rehabilitation and job training grants. Additional details about types of aid to undergraduates are provided in appendix A.