Presentation Title Financial Aid Presentation Subtitle November - PowerPoint PPT Presentation

Presentation Title Financial Aid Presentation Subtitle November 10, 2016

Highlights • Unmet need decreased in the majority of income categories in FY 2015 across CU campuses. 10.9% - CU’s annual increase in institutional financial aid in FY • 2017. 8.0% - CU’s increase in its Pell eligible population since 2012. • • 1 out of every 3 - CU resident undergraduate students receiving financial aid, got a Pell grant in FY 2015. 3.4% - CU student’s loan default rate is 8 percentage points • lower than the national and Colorado averages. Page Title Here 2

Financial Aid Outlook at the State • State Aid - FY 2016-17 General Assembly Action: No increase to the state need-based grants, but CU campuses saw an – increase because of the financial aid allocation formula. Of the $5.0 Million State General Fund dedicated to the Colorado – Opportunity Scholarship Initiative CU received $213,723 the following awards for matching scholarship grants. • CU Boulder - $75,588 • UCCS - $62,183 • CU Denver- $75,952 Page Title Here 3

Changes to Pell Eligible Populations for State Financial Aid CU System 8.0% Mines 5.7% UNC -1.3% Western -3.5% CSU System -9.1% CMU -13.7% FLC -18.6% CCCS -20.6% Adams -24.0% MSU-Denver -26.2% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% CCHE’s need based financial aid formula rewards retention and progress of Pell eligible students. Since the allocation was implemented in FY 2012, CU has retained Pell eligible students at a greater rate than most colleges thru FY 2015. Page Title Here 4

CCHE Estimated Student 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 Page Title Here 5

CCHE Estimated Student Cost of Attendance (Not CU’s Cost of Education) FY 2015-16 Department of Higher Education Estimated Cost of Attendance, Resident Undergraduate Full-Time, Living on Campus CU Boulder UCCS CU Denver Tuition & Fees $11,091 $9,428 $10,389 Room & Board $13,194 $9,500 $9,603 Books & Supplies Allowance $1,800 $1,800 $1,800 Local Transportation Allowance <1> $1,296 $1,296 $1,296 Personal Expense Allowance $1,359 $1,359 $1,359 Medical Expense Allowance <2> $3,015 $3,015 $3,015 Total $31,755 $26,398 $27,462 Dollar Change from Prior Year $1,370 $1,319 $1,766 <1> Campuses may account for a portion of a student’s transportation costs through fees. <2> Students may have health insurance coverage through parents. FY 2015-16 CU Estimated Average Cost of Attendance CU Boulder UCCS CU Denver Total $27,797 $25,083 $22,943 Dollar Change from Prior Year ($22) $401 $333 Source: Student Unit Record Database System (SURDS) Page Title Here 6

Financial Aid History by Source $300.0 $246.6 $250.0 $226.1 $48.4 $204.7 $195.2 $48.5 $200.0 $185.7 $169.3 $173.2 $46.4 $44.8 Millions $44.3 $70.9 $148.7 $150.0 $44.9 $40.3 $65.6 $127.4 $24.2 $63.2 $105.2 $110.6 $60.2 $21.7 $55.0 $50.9 $100.0 $19.8 $55.2 $53.4 $77.8 $77.7 $83.0 $19.1 $43.9 $68.0 $96.5 $19.7 $40.4 $16.4 $85.3 $18.9 $37.0 $13.9 $77.0 $72.2 $68.0 $50.0 $28.9 $56.9 $51.9 $48.6 $30.7 $28.7 $25.9 $42.5 $33.5 $35.5 $13.6 $21.0 $12.1 $16.0 $30.8 $26.7 $22.5 $21.9 $20.5 $19.3 $18.4 $18.0 $18.1 $16.1 $17.1 $16.9 $14.1 $13.4 $13.6 $- FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 State Aid Institutional Aid- From Tuition Institutional Aid- From Other Sources Federal Pell Total Page Title Here 7

Resident Undergraduate Out-of-Pocket Tuition and Fees Average Published Tuition and Fees System-wide: FY 2015, $9,923; FY 2016, $10,303 (+$380, 3.8%) $11,000 FY 2016 Average Tuition and Fees (System- wide) = $10,303 Change Change $132, 1.6% $9,000 $87, 1.1% $8,566 $8,434 $8,245 $8,158 Average Tuition and Fees Paid Change $-98, -1.6% $7,000 $6,259 $6,161 $5,000 Change $-516, -40.8% $0 $3,000 Out-of-Pocket $1,264 Tuition and Fee $749 $1,000 $- $- Lowest Income Lowest Middle Income Upper Middle Income Upper Income High Income $(1,000) ($0-$32,499) ($32,500-$59,999) ($60,000-$99,999) ($100,000-$139,999) (+$140,000) FY 15 Average Net Tuition & Fees FY 16 Average Net Tuition & Fees Note: Based on full-time, dependent students who applied for aid. Page Title Here 8

Average Undergraduate Debt Load Upon Graduation (FY 2015) $35,000 $33,734 $33,596 $30,000 $28,632 $28,272 $28,065 $27,829 $27,081 $26,961 $26,857 $26,672 $26,591 $26,519 $26,308 $25,000 $26,062 $25,859 $25,741 $25,565 $25,327 $25,035 $25,035 $23,797 $23,672 $23,624 $23,226 $21,022 $20,000 $20,473 $15,000 $10,000 $5,000 $0 Mines Metro CU Denver Mesa Adams UCCS UNC CSU CSU Ft. Lewis CU Boulder Western CMC Pueblo Residents Only All Source: Colorado Department of Higher Education CU Anschutz Medical Campus undergraduate nursing students not included here. Page Title Here 9

College Loan vs. Car Loan: Value of Purchase Over Time 300% 250% 231% 200% 174% Percent Change in Value Average Undergraduate 150% Loan = $26,623* 100% 81% 50% 0% -10.0% -50% Average New Car -60.1% Loan = $33,021** -76.4% -100% Day 1 5 years 10 Years *Colorado Department of Higher Education 2014-15 Financial Aid Report **Kelley Blue Book Average Transaction Prices 2016 10

Average Earnings by Degree Type vs. Average Loans (FY 2015) $74,184 ENGINEERING $29,933 $3,592 $73,653 BUSINESS ADMINISTRATION $27,066 $3,248 $65,037 SOCIAL SCIENCES $26,411 $3,169 $56,425 HEALTH PROFESSIONS $29,810 $3,577 $53,292 COMMUNICATION, JOURNALISM, AND RELATED $25,977 PROGRAMS $3,117 $53,275 HISTORY $28,353 $3,402 $49,837 VISUAL AND PERFORMING ARTS $28,031 $3,364 $48,398 BIOLOGICAL AND BIOMEDICAL SCIENCES $25,156 $3,019 $48,150 PSYCHOLOGY $27,243 $3,269 $45,324 ENGLISH LANGUAGE AND LITERATURE/LETTERS $25,216 $3,026 Average Annual Earnings 1 to 10 Years After Completion* Average Total Loans upon Earning a Degree** Estimated Annual Repayment*** *Per CU System wide Alumni Survey FY 2006 - FY 2015 **CDHE SURDS 2015 ***Assumes Standard 10 year repayment at 3.9% Page Title Here 11 11

Student Loan Default Rates Cohort Default Rates 3 Years After Entering Repayment 16.00% 15.20% 14.6% 14.00% 14.70% 12.4% 13.7% 11.5% 12.00% 11.8% 11.3% 10.00% 8.00% 5.9% 6.00% 5.4% 5.0% 3.8% 5.0% 4.7% 3.1% 3.3% 4.00% 2.7% 2.8% 3.1% 2.7% 2.00% 0.00% 2010 2011 2012 2013 UCCS Denver|Anschutz Boulder Colorado National Page Title Here 12

CU Boulder Resident Undergraduate Financial Aid Applicants, 2016 7,000 23 Percent Received a Pell 6,027 6,000 Grant 5,000 Number of Students 4,000 37% 2,774 3,000 2,517 1,118 1,921 2,000 1,643 1,195 1,518 627 624 524 1,000 1,656 1,294 1,322 1,019 994 0 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Did not apply for aid (no income data avail) Number of students who did not take student loan, FY16 Number of students who took student loan, FY16 Does not include parent or private loans. Page Title Here 13

CU Boulder Resident Undergraduate Average Financial Assistance, 2016 $30,000 FY 16 Estimated Average Cost of Attendance = $27,797 $25,000 $20,000 Amount of Assistance $16,760 $14,539 $15,000 FY 16 Average Tuition and Fees = $11,091 $9,500 $10,000 $6,659 $5,329 $5,000 $- <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Inst. Need-Based Aid Inst. Merit-Based Aid Other Scholarships State Aid Federal Aid Federal Student Loan Page Title Here 14

CU Boulder Resident Undergraduates Average Remaining Need, 2016 Average Average Average Average Average Remaining Need Remaining Need Remaining Need Remaining Need Remaining Need per student per student per student per student per student 6,000 =$10,108 =$9,515 =$8,353 =$6,333 =$4,658 5,000 Down $430 4,000 Down $507 Down $733 Down $1,363 Down $1,095 2,774 3,000 2,517 353 1,921 2,000 1,643 1,518 2,626 706 1,579 2,164 1,000 1,517 812 342 148 126 - <$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Number of students with remaining need after expected family contribution, financial aid, and student loans Number of students whose costs are covered after expected family contribution, financial aid, and student loans Does not include parent or private loans. *Beginning in FY 2016, remaining need is calculated based on students with remaining need only. Page Title Here 15