Paying for College: 2020-2021 October 2019 Paying for College Practical advice to navigate the financial aid process 2020-2021 Jeff Olson Minnesota Office of Higher Education, Outreach Team since 2010 Bethel University, Director of Financial Aid since 2005
Paying for College: 2020-2021 October 2019 Paying for College Agenda 1. How much does college cost? Is postsecondary education worth the investment? 2. How will I pay for college? 3. What is financial aid? 4. How do I apply for financial aid? 5. Where can I find answers to more questions? 6. Questions 7.
Paying for College: 2020-2021 October 2019 Colleges & Universities Degree-granting and eligible for federal financial aid programs # of Schools # of Schools Minnesota Examples (2015-2016) (2015-2016) with Fall 2016 Undergraduate Enrollment Type of Institution Type of Institution Type of Institution U.S. U.S. Minnesota Minnesota 4-Year Public 4-Year Public 4-Year Public 710 710 12 12 University of Minnesota-Twin Cities 34,870 2-Year Public 2-Year Public 2-Year Public 910 910 31 31 Minneapolis Community and Technical College 7,982 4-Year Private Nonprofit 4-Year Private Nonprofit 4-Year Private Nonprofit 1,594 1,594 35 35 University of St Thomas 6,048 2-Year Private Nonprofit 2-Year Private Nonprofit 2-Year Private Nonprofit 107 107 1 1 White Earth Tribal and Community College 77 4-Year Private For-profit 4-Year Private For-profit 4-Year Private For-profit 562 562 34 34 Capella University 9,393 2-Year Private For-profit 2-Year Private For-profit 2-Year Private For-profit 700 700 2 2 Le Cordon Bleu College of Culinary Arts 156 Total Total Total 4,583 4,583 115 115 SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Fall 2015, Institutional Characteristics component. (This table was prepared November 2016.) Table 317.20 Degree-granting postsecondary institutions, by control and classification of institution and state or jurisdiction: 2015-16, retrieved October 15, 2017 from https://nces.ed.gov/programs/digest/d16/tables/dt16_317.20.asp?current=yes. Fall 2016 enrollment retrieved from https://nces.ed.gov/collegenavigator on October 15, 2017.
Paying for College: 2020-2021 October 2019 How much does College Cost, or What is the “Cost of Attendance?” Tuition and fees Books and supplies Transportation Miscellaneous personal expenses Room and board
Paying for College: 2020-2021 October 2019 Average Annual Expense for a Resident Undergraduate Attending Full-Time at a Minnesota College, 2017-2018 $50,000 Tuition & Fees $45,793 $45,000 Books & Other expenses Room & Board $40,000 $35,000 $27,919 $30,000 $33,571 $23,862 $25,000 $20,241 $20,000 $16,334 $13,017 $14,525 $8,484 $15,000 $5,413 $3,201 $10,000 $1,510 $3,219 $3,575 $2,031 $5,000 $9,335 $9,021 $8,366 $8,182 $7,081 $0 Private 4-Yr, non- U of MN Twin Private for-profit: State University State College (2 profit: on-campus Cities: on-campus off-campus (4yr): on campus yr): off-campus SOURCE (retrieved 09/24/2018): www.ohe.state.mn.us/mPg.cfm?pageID=94
Paying for College: 2020-2021 October 2019 Average Tuition and Fees: 2018-2019 $60,000 Min of 1819 Resident Tuition & Fees Average of 1819 Resident Tuition & Fees Max of 1819 Resident Tuition & Fees $50,000 $40,000 $33,876 $30,000 $20,000 $13,316 $11,527 $8,521 $10,000 $5,441 $0 Community & Private Career Private Non-profit State Universities University of Technical College Schools & Colleges Colleges & Minnesota Universities SOURCE: MN Office of Higher Education, Minnesota Tuition & Fees 2017-2018 , http://www.ohe.state.mn.us/sPages/TuitionChart.cfm?SchState=MN&pageID=651, data retrieved 11.3.2017, calculations by author.
Paying for College: 2020-2021 October 2019 Attending Public College Outside of MN? Tuition Reciprocity can reduce costs Allows MN residents to attend in neighboring states at rate similar to MN resident rate Students need to apply (some assume it’s automatic) Some students apply to college, some apply online (beginning March 1 for fall term), details at https://www.ohe.state.mn.us/ssl/reciprocity/apply1.cfm Midwestern Student Exchange Program Reduced rates for MN residents attending select schools in Illinois, Indiana, Kansas, Michigan, Missouri, Nebraska Reciprocity Details: http://www.ohe.state.mn.us/mPg.cfm?pageID=120
Paying for College: 2020-2021 October 2019 Tuition Variance: Reciprocity Wisconsin Minnesota NonResident credits Nonresident resident reciprocity minus MN Example: Reciprocity University of 1 $487.48 $1,581.22 $645.17 $936.05 2 $922.96 $3,110.44 $1,238.34 $1,872.10 Wisconsin, 3 $1,358.44 $4,639.66 $1,831.51 $2,808.15 Madison 4 $1,793.92 $6,168.88 $2,424.68 $3,744.20 5 $2,229.40 $7,698.10 $3,017.85 $4,680.25 2018-19 Tuition & 6 $2,664.88 $9,227.32 $3,611.02 $5,616.30 Segregated Fees 7 $3,100.36 $10,756.54 $4,204.19 $6,552.35 per semester 8 $3,535.84 $12,285.76 $4,797.36 $7,488.40 Fall 2018 9 $3,971.32 $13,814.98 $5,390.53 $8,424.45 undergraduate 10 $4,406.80 $15,344.20 $5,983.70 $9,360.50 students) 11 $4,842.28 $16,873.42 $6,576.87 $10,296.55 12 to 18 $5,277.76 $18,402.64 $7,170.04 $11,232.60 SOURCE: https://registrar.wisc.edu/tuitionrates/, retrieved September 24, 2018
Paying for College: 2020-2021 October 2019 Paying for College Agenda How much does college cost? 1. 2. Is postsecondary education worth the investment? How will I pay for college? 3. What is financial aid? 4. How do I apply for financial aid? 5. Where can I find answers to more questions? 6. Questions 7.
Paying for College: 2020-2021 October 2019 Educational Investments Worth It! “By 2020, 65% of all jobs will require postsecondary education.” For most jobs, securing a high school education will not be enough to qualify for employment. Applicants will need to have some form of post-secondary education: Bachelor’s Degree or beyond Some college / AA degree Certificate or certification in a field Anthony Carnevale Georgetown University Center on Education and the Workforce SOURCE: Carenevale, Anthony P, Nichole Smith, and Jeff Strohl, Recovery: Job Growth and Education Requirements through 2020 , June 26, 2013, Georgetown University Center on Education and the Workforce. Retrieved on October 17, 2017, from https://cew.georgetown.edu/cew-reports/recovery-job-growth-and-education-requirements-through-2020/#powerpoint
Paying for College: 2020-2021 October 2019 Unemployment Rates: 1992-2017 Age 25 years or higher, by Educational Attainment 18% 18% 16% 16% 14% 14% 12% 12% Unemployment Rate Less than a ( seasonally adjusted ) high school 10% 10% diploma 8% 8% High school graduate, no college 6% 6% 4% 4% Some college or associate degree 2% 2% Bachelor’s 0% 0% degree and 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 higher Year : Data from September report of this year Source: Bureau of Labor Statistics. Labor Force Statistics from the Current Population Survey. Table A-4. Employment status of the civilian population 25 years and over by educational attainment , Series ID:LNS14027659, LNS14027660, LNS14027689, LNS14027662. Data retrieved 10.15.2017 from https://www.bls.gov/webapps/legacy/cpsatab4.htm.
Paying for College: 2020-2021 October 2019 Median Earnings of Full-Time, Year-Round Workers by Age and Education Level, 2010-2014 (2014 dollars) $140,000 $120,000 Median Annual Earnings $100,000 Associate Degree Bachelor's Degree $80,000 Master's Degree Less than a High School Diploma $60,000 High School Diploma Some College, No Degree $40,000 Doctoral Degree Professional Degree $20,000 $0 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 Age SOURCES: U.S. Census Bureau, American Community Survey, 2010 – 2014 Five-Year Public Use Microdata Sample; calculations by the authors.. AUTHORS: Education Pays 2016: The Benefits of Higher Education for Individuals and Society. Jennifer Ma, Matea Pender, and Meredith Welch (2016). https://trends.collegeboard.org/education-pays
Paying for College: 2020-2021 October 2019 Paying for College Agenda How much does college cost? 1. Is postsecondary education worth the investment? 2. 3. How will I pay for college? What is financial aid? 4. How do I apply for financial aid? 5. Where can I find answers to more questions? 6. Questions 7.
Paying for College: 2020-2021 October 2019 How America Pays for College Sallie Mae Survey: 2008 through 2019 2019 Study Ipsos conducted online interviews in English and Spanish between April 5, 2019 and May 6, 2019. 2,000 individuals interviewed for 2019 study: 1,000 parents of 18 to 24-year-old undergraduate students, and 1,000 18 to 24-year-old undergraduate students. www.salliemae.com/plan-for-college/how-america-pays-for-college/
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