Student Debt at Ferris Background, Analysis, Progress and Action - PowerPoint PPT Presentation

Student Debt at Ferris Background, Analysis, Progress and Action Strategic Planning and Resource Council April 12, 2016 Thank you for taking time to review and consider this update on our efforts for student debt presented at the Strategic Planning and Resource Council (SPARC) meeting on April 12, 2016. I have annotated these slides with comments using the Adobe sticky note function. If you will save this file to your computer and open it with an Adobe product, clicking on the yellow squares with the balloons inside will open a comment box. As always I would appreciate hearing from David L. Eisler, President you, please write me at eislerd@ferris.edu Sally DePew, Director, Budgetary Planning and Analysis

FSU Average Student Debt Trend $90,000 Bachelor Degree Recipients $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Bachelor Bachelor Initial 2012

National Data Average Student Debt Over Time $35,000 $29,400 $28,950 $30,000 Thousands of dollars $23,450 $25,000 $18,750 $20,000 $17,550 $15,000 $12,850 $9,450 $10,000 $5,000 $0 1993 1996 2000 2004 2008 2012 2014 Figures are for graduating seniors with loans Source – Institute for College Access & Success, 2014

National Data Percent of Graduating Seniors with Loans 80% 71% 69% 68% 70% 65% 64% 59% 60% 47% 50% 40% 30% 20% 10% 0% 1993 1996 2000 2004 2008 2012 2014 Source – Institute for College Access & Success, 2014

Michigan Public University Average Debt of Graduates with Debt And Proportion of Graduates with Debt 2013-14 $40,000 90% 80% $35,000 70% $30,000 60% $25,000 50% $20,000 40% $15,000 30% $10,000 20% $5,000 10% $0 0% Avg Debt Graduates with Debt

Increase Student Financial Literacy • Financial Aid Website • Parent\Student Sessions at Orientation • Information Sessions on Campus • Financial Literacy Counselors • Money Smart Week

Student Debt Education Campaign

Four Strategies for Success Contain Costs • Raise Institutional Financial Aid Support • Double the Scholarship Base • Reduce Time to Degree by One Year •

Ferris State University Resident Undergraduate Tuition Annual Increase for 1st Credit - FY 2009 to FY 2016 6.38% 5.33% Average 5.14% 4.75% 3.77% 4.44% 3.52% 2.65% 2.59% 2.58% 2.24% 1.89%

Four Strategies for Success Contain Costs • Raise Institutional Financial Aid Support • Double the Scholarship Base • Reduce Time to Degree by One Year •

FSU Change in Institutional Aid 2008-09 to 2015-16 $22.7 $21.0 $18.4 $17.8 $16.9 $16.3 $14.7 $13.0 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

6.5% 6.7% 8.4% 7.8% 9.8% Financial Aid % of General Fund Spending 9.9% 9.5% 10.1% 10.5% 10.5% Michigan Public University 11.0% 10.7% 11.4% 2012-13 and 2014-15 12.2% 2012-13 11.0% 12.2% 10.8% 2014-15 12.7% 12.2% 13.3% 12.6% 14.2% 14.3% 14.3% 12.9% 14.5% 13.2% 14.6% 13.4% 15.5% 17.0% 18.2%

Strategies for Success Contain Costs • Raise Institutional Financial Aid Support • Double the Scholarship Base • Reduce Time to Degree by One Year •

Donor Scholarships – 2013 and 2015 Endowed Scholarships • 2013 - 232 scholarships - $548,220 awarded 2015 – 261 scholarships (586 recipients) - $814,845 awarded Annual Scholarships • 2013 - 345 scholarships - $408,000 awarded 2015 – 313 scholarships (318 recipients) - $636,903 awarded

Strategies for Success Contain Costs • Raise Institutional Financial Aid Support • Double the Scholarship Base • Make a Ferris Education More Affordable • Reduce Time to Degree by One Year •

Cost of Attendance and Net Price Calculation of Net Price Direct Costs (tuition, fees, room, board) Indirect Costs (books, supplies, transportation, personal) Cost of Attendance Grants and Scholarships Net Price (Actual cost student pays)

MPU Cost of Attendance Resident, On-Campus Student 2008-09 to 2013-14 32.6% 26.3% 22.7% 23.7% 21.5% 20.2% 18.7% 18.9% 19.0% 16.8% 16.9% 15.4% 13.1% 13.2% 13.7% 13.8% FSU CMU WMU EMU UMA NMU UMF LSSU OAK Average MTU GVSU UMD MSU SVSU WSU

Ferris State University Net Price Change FY 2008-09 to FY 2013-14 By Family Income $110,001 and up 2.17% $75,001-$110,000 -0.04% $48,001-$75,000 -10.08% $30,001-$48,000 -23.24% $0 - $30,000 -35.32%

MPU Change in Average Composite Net Price 2008-09 to 2013-14 42.1% 22.1% 19.2% 18.9% 15.9% 14.3% 4.5% 2.7% 2.7% 1.2% 1.3% 0.6% LSSU FSU UMA CMU MSU WMU MTU Average GVSU EMU NMU UMF OAK WSU SVSU UMD -4.3% -6.1% -14.1% -12.3%

MPU Average Net Price 2008-09 Composite Net Price $15,934 $16,888 $15,430 $15,285 $14,708 $14,370 $14,183 $12,474 $12,054 $10,972 $10,870 $10,721 $10,147 $10,058 $8,689 UMD UMF WSU NMU SVSU OAK LSSU EMU CMU FSU MSU WMU MTU GVSU UMA UMD UMF WSU NMU SVSU OAK LSSU EMU CMU FSU MSU WMU MTU GVSU UMA

MPU Average Net Price 2013-14 Composite Net Price $15,850 $16,370 $15,629 $15,464 $14,791 $13,580 $13,269 $13,043 $13,040 $12,602 $12,347 $12,258 $12,095 $11,657 $10,356 LSSU UMF WSU NMU UMD FSU EMU OAK SVSU CMU MSU WMU MTU UMA GVSU LSSU UMF WSU NMU UMD FSU EMU OAK SVSU CMU MSU WMU MTU UMA GVSU

Four Strategies for Success Contain Costs • Raise Institutional Financial Aid Support • Double the Scholarship Base • Reduce Time to Degree by One Year •

Bachelor Degree Graduates – 2011-12 and 2014-15 450 385 400 352 350 290 300 246 250 200 150 100 82 78 44 50 34 0 4 or less 5 6 7 or more Years to Graduate FTIAC FY12 FTIAC FY15

Bachelor Degree Graduates – 2011-12 and 2014-15 400 362 342 350 334 313 300 250 228 219 200 150 115 97 100 50 0 4 or less 5 6 7 or more Years to Graduate Transfer FY12 Transfer FY15

Bachelor Degree Graduates – 2014-15 60000 Avg Ferris Debt; Fed & Priv FTIAC Avg Ferris Debt; Fed & Priv - Transfer $55,167 50000 $44,356 $40,631 40000 $37,498 $33,498 $29,992 30000 $26,707 20000 $16,608 10000 0 4 or less 5 6 7 or more Years to Graduate

Average Student Debt BS Graduates with Debt $37,325 $36,930 $35,720 $35,660 $35,476 $35,468 $34,767 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15

FSU Average Student Debt Trend $90,000 Bachelor Degree Recipients $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Bachelor Bachelor Initial 2012

Our Goal To not just slow the growth in student debt… …but to reduce the student debt for each and every Ferris State University Graduate.