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Financial Aid OverviewDr. Dan Cohen-Vogel January 28, 2011

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State Financial Aid Programs, 2009-10

Florida Student Assistance Grant

(Need-based)132000000

19%

Other Need-based

220000003%

Bright Futures424000000

60%

Private Tuition Subsidy (FRAG, ABLE)

8800000012%

Other Special in-terest, Professional

$43,000,000 6%

Source: Office of Student Financial Assistance, Florida Department of Education

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Sources of SUS Financial Aid

Federal Grants and Scholar-

ships$399M

State$370M Private

$66M

Institutional$153

Loans$767M

Work-Study$12M

State University System Under-graduate Financial Aid (2009-10)

Institutional aid funded from:Tuition differential feeFinancial aid feeDirect appropriationPrivate/DSOsOther institutional funds

Source: State University Data System

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Changing Conditions

Sources of Institutional Aid• Tuition differential fee• Financial aid fee• Direct Appropriation• Private/DSO funds

Federal and State Aid Programs• Pell changes• SMART, ACG funding• Changing federal formula• Bright Futures changes

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Approximate SUS Cost National Average Cost$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

Tuition and Fees ($4,900)

Tuition and Fees ($7,600)

Room and Board ($8,500)

Room and Board ($8,500)

Books and Supplies

Books and Supplies Transportation,

Insurance, Clothes ($3,000)

Transportation, Insurance, Clothes

($3,000)

Typical Cost of Attendance for Full-Time, Resident Undergraduate (2010-11)

Sources: State University Data System; College Board

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Determining Ability to Pay

• The federal aid application (FAFSA) is used to calculate expected family contribution (EFC), which represents the family’s ability to pay.

• The EFC is then used to determine– financial need– eligibility for federal and state need-

based programs

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How Is Need Determined?

7

• Financial Aid Need:

Cost of Attendance less Expected Family Contribution (EFC)

Ex: Cost of Attendance $18,000 less EFC 3,000 = Need $15,000

• Need is addressed through various financial aid sources at each institution.

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Typical Resident Undergrad Cost Example SUS Aid Package$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

Expected Family Contribution

Financial Need: Gap Between Cost and Ability to Pay

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Typical Resident Undergrad Cost Example SUS Aid Package$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

Expected Fam-ily Contribu-

tion

Federal

State Grants and Scholarships

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Typical Resident Undergrad Cost Example SUS Aid Package$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

Expected Family Contribution

Federal

State

Institutional

Institutional Grants and Scholarships

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Considerations in Institutional Aid Strategies

Institutional mission, goals and aspirations

Student demographic

How much/what types of aid are available

What are "acceptable" self help levels? (work + loans)

What are "acceptable" debt levels at graduation?

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Students Receiving Need-Based Aid

  Percentage of Undergraduates Who Received

Any Need-Based Award,

Fall 2009

Percentage of Undergraduates Who Received A

Pell Award, Fall 2009

State University System 38% 32%

Florida College System 43% 36%

Sources: State University Data System; Florida Department of Education

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How Is SUS Institutional Aid Distributed Among Students of Different Income Levels?

Up to $25K

30%

$25K to $50K

21%

$50K to $100K

20%

$100K andUp

12%

Did Not Apply for Aid

18%

Percentage of State University Institutional Aid Awarded, by Family Income (2009-10)

Source: State University Data System

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Typical Resident Undergrad Cost Example SUS Aid Package$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

Expected Fam-ily Contribution

Federal

State

Institutional

Remainder =self-help +

"unmet need"

Student and Family Resources Are Part of the Equation

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Average Debt of Bachelor’s Graduates

Sector Average Debt of Graduates,

2009

Percentage of Graduates with Debt,

2009

All public and private nonprofit, 4-year or above $20,766 49%

Public $17,705 44%

Private nonprofit $27,316 63%

Source: Project on Student Debt compilation of Common Data Set submissions