Financial Aid Presentation April 29, 2013 Defining Need, Federal - PowerPoint PPT Presentation

Financial Aid Presentation April 29, 2013

Defining Need, Federal Methodology Cost of Attendance - Expected Family Contribution = Demonstrated Need • Cost of Attendance is an estimate of what it will reasonably cost the student to attend for a given period of time. Guidelines annually set by the CCHE and vary based on whether or not a student lives at home, on campus or off campus. • Expected Family Contribution is calculated by a federally-approved formula. Accounts for income, assets, household size, number in college and other information. Office of the Vice President for Budget and Finance 2

CCHE Estimated Cost of Attendance Components • Tuition & Fees • On Campus Room & Board, or Housing and Food, monthly Allowance • Books and Supplies Allowance • Local Transportation Allowance: Parking costs, bus pass etc. • Personal Expense Allowance: Laundry, clothing, recreation etc. • Student Health Plan or Medical Insurance Allowance Office of the Vice President for Budget and Finance 3

CCHE Estimated Cost of Attendance FY 12 Department of Higher Education Estimated Cost of Attendance- Resident Undergrad Full-Time UCB UCCS CU Denver Tuition & Fees $ 9,152 $ 7,894 $ 7,702 Room & Board $ 11,278 $ 7,990 $ 9,890 Books & Supplies Allowance $ 2,000 $ 2,000 $ 2,000 Local Transportation Allowance $ 1,296 $ 1,296 $ 1,296 Personal Expense Allowance $ 1,287 $ 1,287 $ 1,287 Medical Expense Allowance $ 2,232 $ 2,232 $ 2,232 Total $ 27,245 $ 22,699 $ 24,407 FY 12 Actual Average Cost of Attendance Estimate UCB UCCS CU Denver $ 25,921 $ 20,065 $ 21,855 Office of the Vice President for Budget and Finance 4

Awarding Financial Aid Each campus develops individual criteria aimed at awarding need-based aid to the students with the greatest need. Some factors taken into consideration include: • Campus Mission and Goals • Amount of Federal, State and Institutional Aid Available • Consistency Across Years • Loan Debt Levels • Full Cost of Attendance Of the students that applied for and were eligible for State and Institutional aid, many did not receive awards because the funds were already exhausted. • UCB- 51%, UCCS- 46%, CU Denver- 47% Office of the Vice President for Budget and Finance 5

CU Investment in Financial Aid $200.0 $180.0 $44.3 $160.0 $44.9 $40.3 $140.0 $24.2 $120.0 $21.7 $55.0 Millions $50.9 $55.2 $100.0 $19.8 $53.4 $19.1 $43.9 $80.0 $19.7 $40.4 $16.4 $18.9 $37.0 $13.9 $60.0 $68.0 $28.9 $56.9 $51.9 $48.6 $30.7 $28.7 $25.9 $40.0 $42.5 $33.5 $35.5 $13.6 $21.0 $12.1 $16.0 $20.0 $22.5 $21.9 $20.5 $19.3 $18.4 $17.1 $16.9 $16.1 $14.1 $13.4 $13.6 $- FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 State Aid Institutional Aid- From Tuition Institutional Aid- From Other Sources Federal Pell Office of the Vice President for Budget and Finance 6

Institutional Need and Merit Increases FY 2013-14 aid increases: • UCB, $2,614,827 (5.2% increase) represents 12.9% of ongoing expenditure increase • UCCS, $834,437 (15.4% increase) represents 9.3% of the ongoing expenditure increase • Denver Campus, $305,241 (2.4% increase) represents 5.3% of the ongoing expenditure increase Examples of factors considered in determining aid funding increases: • Campus Strategic Plans and Goals • Federal, State and Institutional Aid Available • Impact of tuition and linearity changes Office of the Vice President for Budget and Finance 7

Out-of-Pocket Tuition and Fees Average Published Tuition & Fees Systemwide: FY 2009, $6,745; FY 2012, $8,249 (+22%) Change $1,348, 22% $8,000 Change $1,203, 21% $7,000 $7,380 Average Tuition and Fees Paid $6,898 Change $6,000 $590, 12% $6,032 $5,695 $5,429 $5,000 $4,839 $4,000 $3,000 Change $0 -$357, -23% $2,000 Out-of-Pocket Tuition and Fees $1,551 $1,000 $1,194 $- $- $- Lowest Income Lowest Middle Income Upper Middle Income Upper Income ($100,000- Above Upper Income ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) $140,000) (+$140,000) FY 09 Average Out-of-Pocket Tuition & Fees FY 12 Average Out-of-Pocket Tuition & Fees Note: Full-time, dependent students who applied for aid Office of the Vice President for Budget and Finance 8

Debt Load Upon Graduation, 2011 $35,000 $32,440 $30,000 $24,648 $25,000 $22,283 Dollars $20,000 $17,227 $15,000 $10,000 $5,000 $0 Lowest State (Utah) Colorado National Average Highest State (NH) Source: Project on student debt Office of the Vice President for Budget and Finance 9

Debt Load Upon Graduation $35,000 Resident Undergraduate $30,987 $30,000 Resident = $20,940 Undergraduate Resident = $20,927 Undergraduate $26,948 $26,640 = $17,441 $25,000 $25,045 $24,485 $24,224 $24,060 $23,902 $23,636 $23,184 $20,948 $20,794 $20,000 $15,000 $10,000 $5,000 $- Mines UCD|AMC Metro Mesa UCB UNC CSU-P CSU Adams UCCS Ft. Lewis Western Sources: Colorado Department of Higher Education Note: Loan debt for Resident Undergrads only at CU does not include transfers Note: Resident and Non-Resident Students, only students who took loans Office of the Vice President for Budget and Finance 10

Loan Default Rate Comparison 12.0% 10.1% 10.0% 9.1% 8.0% 6.0% 4.0% 3.8% 2.0% 0.0% 2005 2006 2007 2008 2009 2010 CU Colorado National Source: U.S Department of Education, CU is system wide Office of the Vice President for Budget and Finance 11

UCCS Resident Undergraduate Financial Aid Applicants, 2012 3,000 2,500 2,405 739 2,000 1,500 1,145 1,166 1,000 342 369 731 1,666 496 220 1,086 500 824 776 206 511 290 - ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) Did not apply for aid (no income data available) FY 12 Number of Students who took Loans FY 12 Number of Students who did not take Loans Note: Does not include Parent or Private Loans Office of the Vice President for Budget and Finance 12

UCCS Resident Undergraduate Financial Assistance, 2012 $25,000 FY 12 Actual Average Cost of Attendance Estimate = $20,065 $20,000 $15,000 $10,783 $10,000 $8,454 FY 12 Tuition & Fees = $7,894 $5,963 $4,834 $5,000 $3,973 $- ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) Institutional Need Based Institutional Merit Based Other Scholarship State Aid Federal Aid Student Loan N=2,405 N=1,145 N=1,166 N=731 N=124 Office of the Vice President for Budget and Finance 13

UCCS Annual Average Loan Resident Undergraduates, 2012 $25,000 FY 12 Actual Average Cost of Attendance Estimate = $20,065 $20,000 $15,000 $10,000 $7,440 $6,608 $6,172 $5,879 $5,783 $5,000 $- ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) N= 1,666 N= 776 N=824 N=511 N=290 Note: does not include Parent or Private Loans and only includes students that took loans Office of the Vice President for Budget and Finance 14

UCCS Average Cost of Attendance Minus Assistance, 2012 Average Average Average Average Average Remaining need Remaining need Remaining need Remaining need Remaining need 3,000 per student per student per student per student per student =$1,552 =$9,282 =$8,239 =$4,199 =$358 2,500 2,000 1,500 2,253 1,000 757 1,025 205 47 500 526 449 409 152 120 - ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) Total number of Students that have remaining unmet need after expected family contribution, aid and student loans Total number of Students whose costs are covered after expected family contribution, aid and student loans Note: Does not include Parent or Private Loans Office of the Vice President for Budget and Finance 15

Denver Campus Resident Undergraduate Aid Applicants, 2012 4,000 3,525 3,500 3,000 1,068 2,500 2,000 1,511 1,500 1,210 465 2,457 337 1,000 634 456 1,154 177 1,046 500 953 168 457 288 - ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) Did not apply for aid (no income data available) FY 12 Number of Students who took Loans FY 12 Number of Students who did not take Loans Note: Does not include Parent or Private Loans Office of the Vice President for Budget and Finance 16

Denver Campus Resident Undergraduate Financial Assistance, 2012 $25,000 FY 12 Actual Average Cost of Attendance Estimate= $21,855 $20,000 $15,000 $11,832 $9,143 $10,000 $5,605 FY 12 Tuition & Fees = $7,702 $6,474 $4,829 $5,411 $4,645 $5,000 $4,849 $4,643 $4,022 $- ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) Institutional Need Based Institutional Merit Based Other Scholarship State Aid Federal Aid Student Loan N=3,525 N=1,511 N=1,210 N=634 N=456 Office of the Vice President for Budget and Finance 17

Denver Campus Annual Average Loan Resident Undergraduates, 2012 $25,000 FY 12 Actual Average Cost of Attendance Estimate= $21,855 $20,000 $15,000 $10,000 $8,041 $6,976 $6,564 $6,442 $6,368 $5,000 $- ($0-$32,500) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$140,000) (+$140,000) N=2,457 N=1,046 N=953 N=457 N=288 Note: Does not include Parent Loans and only includes students that took loans Office of the Vice President for Budget and Finance 18