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FLAGSTAFF — Almost 80 percent of students at Arizona's three public universities receive some amount of financial aid, with a total likely to surpass $1 billion this year.

The largest source of financial aid is federal student loans, which creates an average debt of $18,029 for undergraduates and $35,880 for graduate students, according to new statistics presented at Friday's Arizona Board of Regents.

The board is considering new financial aid models that would dramatically increase state funding to need-based grants for university students, with the aim of making a university education more affordable and accessible.

Arizona is near the bottom for state money given in financial aid, in many cases hundreds of millions of dollars a year less than peer states, with similar populations and university systems. Of the 120,645 students enrolled last year, 93,646 were awarded financial aid. Of those, 1,118received aid from the state, but the amount of aid was 0.2 percent of the $988.9 million.

"This is one more nail in the coffin of the low tuition, low financial aid model. It's never worked,"said Arizona State University President Michael Crow.

Since raising tuition sharply in the last several years, the universities themselves have taken on a much larger share of the financial aid burden, giving more than $164 million last year.

Models the regents are examining to revamp financial aid in the state include a new grant program that would cover tuition and fees for needy students, the same grant program but a component to reach out to low-income students starting as early as eighth grade, an expansion of the Arizona Financial Aid Trust to cover up to the $260 million in unmet need for students, and a system combining merit- and need-based financial aid.

"It's essential to have both robust need-based and robust merit-based financial aid working in tandem to keep our talented people in Arizona," said University of Arizona President RobertShelton.

Even with the nearly $1 billion Arizona students received last year, financial aid met only 64percent of the need for undergraduate students.

John Nametz, UA director of student financial aid, said new federal legislation including pell grant increases, reduced interest, grants for teachers going into high-need schools and repayment flexibility will be a big boost for students.

One new program the regents approved Friday would award loans to cover tuition to students who agree to teach math, science or special education at a public school.

The loans would be forgiven after students meet teaching requirements of one year more than the number of years they received loans.

The regents also approved two new projects for the UA's 2009 capital improvement plan, totaling$463.7 million.

The UA Science Center and Arizona State Museum complex for Downtown Tucson would cost$130,000.

The UA's share of a medical education building and the second medical research building for the Downtown Phoenix biomedical campus would be $333.7 million, or 71 percent of the total project.

ASU has a 25 percent share of the project cost, while Northern Arizona University will pay4 percent.