Scholarships & Financial Aid Total Financial Aid Fall 2016 - PowerPoint PPT Presentation

Scholarships & Financial Aid

Total Financial Aid Fall 2016 – Spring 2017 $327.4m $218.4m $108.9m UGRD/AGI/NDS GRAD/VETM

Types of Financial Aid Total Financial Aid 2016-17: $327.4m • Gift Aid: Grants and 4.4m, 1% Scholarships – No repayment – Based on merit and/or need 125.6m, 39% • Self Help Aid: Loans 197.2m, and Work 60% – Must be earned or repaid – Based on merit and/or need Loans Scholarships/Grants Work

Sources of Financial Aid • Federal Total Financial Aid 2016-17: – Pell Grants $327.4m – SEOG Grants – Student/Parent Loans – Federal Work Study 28.9m, • Institutional 9% 39.9m, – Endowment funds/annual gifts 12% – Graduate Fellowships 137.1m, – CITI/academic enhancement funds 42% – Appropriated grants/escheat funds • State 122.3m, 37% – UNC Need Based Grant – Lottery Scholarship – Tuition Asst./Remission – Scholarships/loans administered by NC State Education Assistance Authority Federal Institutional State Private • Private – Clubs, churches, civic groups, businesses and other organizations

Peer Comparisons

Peer Comparison: Tuition Source: IPEDS 2016-17 Undergraduate Graduate $6,407 In-State (2 nd Lowest) $8,088 In-State (2 nd Lowest) • • $23,926 Out-of-State (2 nd Lowest) $22,610 Out-of-State (4 th Lowest) • • In-State Undergraduate In-State Graduate $18,000 $22,000 $16,000 $16,952 $20,000 $19,964 $18,000 $14,000 $14,880 $14,162 $16,000 $13,418 $16,764 $16,536 $12,000 $14,000 $15,267 $11,408 $11,220 $10,000 $10,787 $13,452 $12,000 $10,160 $12,467 $9,812 $11,718 $9,273 $9,208 $9,168 $11,560 $8,000 $10,000 $11,372 $11,220 $8,716 $10,770 $10,728 $8,315 $9,643 $9,628 $8,000 $9,208 $7,098 $6,000 $8,826 $6,881 $6,872 $8,474 $8,088 $6,407 $6,000 $5,784 $4,000 $4,477 $4,000 $2,000 $2,000 $- $-

Peer Comparison: Institutional Scholarships & Grants Source: IPEDS 2014-15 FT First Time UGRD Average Amount of Institutional Grant Aid $16,000 Average amount of intsitutional grant aid $14,000 $13,630 $12,000 $10,000 $9,585 $8,000 $8,492 $8,188 $8,143 $8,138 $8,081 $7,751 $7,473 $7,186 $6,864 $6,000 $6,397 $6,321 $6,173 $6,092 $5,900 $5,175 $4,901 $4,847 $4,000 $2,000 $-

Peer Comparison Source: IPEDS 2014-15 FT First Time UGRD Average amount of federal student loans awarded Average amount of Pell grant aid awarded Average amount of institutional grant aid awarded Total price for in-state students living on campus $16,000 $40,000 $33,759 $34,598 Total price of In-State Students Living on Campus $14,000 $35,000 $29,150 $29,568 $29,933 $12,000 $25,650 $30,000 $25,785 $25,837 Average Amount of Aid $22,975 $23,002 $23,531 $24,352 $24,394 $24,748 $25,157 $25,350 $22,954 $10,000 $25,000 $20,553 $19,034 $8,000 $20,000 $6,000 $15,000 $4,000 $10,000 $2,000 $5,000 $- $-

Peer Comparison: Average Net Price Source: IPEDS 2014-15 FT First Time UGRD Students paying the in-state or in-district tuition rate Average net price-students awarded grant or scholarship aid 2014-2015 $30,000 $25,000 $24,992 $20,000 $18,502 $18,398 $16,841 $16,841 $16,622 $15,000 $16,060 $15,869 $15,664 $15,591 $14,697 $14,610 $14,601 $13,723 $13,647 $13,575 $12,736 $11,643 $10,000 $10,785 $5,000 $-

Financial Aid Trends

Financial Need Varies Based on Costs University 1 University 1 1 X University 2 University 2 Y 2 University 3 University 3 Z 3 EFC EFC Cost of Expected Family Need Attendance Contribution (Variable) (Variable) (Constant) Expected Family Contribution (EFC) is the indicator derived from the federal financial aid application, the Free Application for Federal Student Aid (FAFSA).

% of Undergraduates that Apply for Aid and Demonstrate Need Aid Applicants Demonstrate Need 80.0% 69.1% 69.2% 68.6% 68.2% 68.4% 68.3% 70.0% 60.0% 53.0% 52.2% 51.9% 51.9% 49.9% 49.7% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

% of GRAD/VETM that Apply for Aid and Demonstrate Need Aid Applicants Demonstrate Need 40.0% 35.8% 35.7% 34.7% 33.7% 33.5% 35.0% 32.9% 32.9% 31.7% 31.4% 30.2% 30.0% 28.0% 27.6% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Average Need and Average Scholarship/Grant and Loan Received by Needy Undergraduates Average Need Average Schp/Grant Average Loan $18,000 $16,092 $16,030 $15,542 $15,437 $16,000 $14,469 $14,000 $12,000 $9,372 $10,000 $9,194 $9,099 $8,672 $8,539 $8,000 $5,531 $5,354 $5,257 $5,256 $6,000 $4,976 $4,000 $2,000 $0 2012-13 2013-14 2014-15 2015-16 2016-17

Loan Indebtedness • Graduating seniors with federal debt: 53% • Avg. federal loan debt for NC State seniors graduating in 2016-17: $21,669 • NC State’s most recently calculated 3-yr official cohort default rate is 3.2% – Rate for NC 4 year publics: 7.9%

UNC System Four-Year Tuition Plan • Tuition set-aside for need-based aid is capped at 15% of total tuition revenues. • If tuition revenue set aside for aid exceeds the cap, the campus may not set aside additional tuition revenue for need-based aid. • NC State 2017-18 projected set aside: 15.2%

Considerations • Impact of UNC GA’s tuition plan. – Competitiveness with peers – Increased loan debt – Access • Early FAFSA and Prior-Prior Year– effective for the 2017-18 academic year. • Federal Perkins Loan eliminated effective for 2018-19 academic year.

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