The University of Massachusetts announced Wednesday that it is directing a record $169 million in aid to students this fiscal year, up from $68.4 million in fiscal 2006. In a statement, UMass president Robert Caret said chancellors at the university’s five campuses are using “limited resources” to address student affordability issues. Most of the funds are being delivered in the form of grants. According to the university, financial aid needs are growing, with more students applying for aid and more eligible to receive it than in past years. According to a financial aid report, 75 percent of UMass undergraduates will graduate with an average of $28,462 in college debt this fiscal year.