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FRACTION |
To say that "only a fraction of the students has* received their financial aid" is to give no idea of how many are still waiting. The proper expression is "small fraction." Ninety-nine one-hundredths is a fraction--a very large one. The same warning applies to "percentage."
*Of course, those who use this expression would probably use "have" instead of "has," incorrectly supposing that "students" rather than "fraction" is the subject of the verb.