Each year, NASSGAP completes a survey regarding state-funded expenditures for postsecondary student financial aid. This report, the 54th annual survey, represents data from academic year 2022-23. Data Highlights include: (1) In the 2022-23 academic year, the states awarded almost $16.6 billion in total state funded student financial aid, an increase of about 11.4 percent in nominal terms and a increase of about 4.3 percent in constant dollar terms from the $14.9 billion in aid awarded in 2021-22; (2) The majority of state aid (84 percent) remains in the form of grants. In 2022-23, about 4.5 million grant awards were made representing about $14.4 billion in need and nonneed-based grant aid. This represents an increase of about 11 percent from the $13.0 billion in grants awarded in 2021-22. Of the grant money awarded in 2022-23, about 74 percent was need-based and about 26 percent was nonneed-based, a breakout consistent with historical data; (3) Funding for undergraduate need-based grant aid increased nationwide from $9.5 billion in 2021-22 to about $10.3 billion in 2022-23, a change of about 8.4 percent in nominal terms; (4) Eight states (California, Texas, New York, Illinois, Virginia, Washington, New Jersey, Washington, and Pennsylvania) collectively again awarded about $7.1 billion in undergraduate need-based grant aid, accounting for about 69.1 percent of all aid of this type; and (5) States provided about $2.2 billion in nongrant student aid, including loans, loan assumptions, conditional grants, work-study, and tuition waivers. Tuition waivers represented about 45 percent of nongrant aid.