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Financial Aid and Affordability Metrics Marvin Smith, Director of Student Financial Services EMAC December 17, 2014 1.

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Presentation on theme: "Financial Aid and Affordability Metrics Marvin Smith, Director of Student Financial Services EMAC December 17, 2014 1."— Presentation transcript:

1 Financial Aid and Affordability Metrics Marvin Smith, Director of Student Financial Services EMAC December 17, 2014 1

2 Question to Ponder How much need-based institutional aid do we need to ________? What are the strategic goals related to affordability? What metrics should we use? 2

3 Overview Selected IUPUI Financial Aid Characteristics Student Persistence and Financial Hurdles Potential Affordability Metrics to Consider – Unmet financial need – Cost of attendance – Net price by income levels – Student loan debt at graduation 3

4 IUPUI Students Receiving Financial Aid—Federal, State, Institutional (Academic Year) 2011-122012-132013-14 Undergraduate Recipients19,61619,83220,287 % Receiving Aid68.8%71.8%73.6% Gift Aid$95,607,839$101,268,613$112,806,457 Loans$127,024,299$120,844,106$112,749,448 Work Study$1,435,593$1,143,473$1,262,472 Total Aid$224,067,731$223,256,192$226,818,377 Graduate/ Professional Recipients6,7036,7406,815 % Receiving Aid65.3%69.0%69.6% Gift Aid$37,578,632$40,248,108$41,648,468 Loans$136,736,736$135,972,408$134,692,269 Work Study$359,118$293,209$274,154 Total Aid$174,674,487$176,513,724$176,614,890 All Levels Recipients26,31926,57227,102 % Receiving Aid67.9%71.0%72.5% Gift Aid$133,186,472$141,516,721$154,454,924 Loans$263,761,035$256,816,514$247,441,717 Work Study$1,794,711$1,436,682$1,536,625 Total Aid$398,742,218$399,769,916$403,433,267 Source IU Student Information System and IU Fact Book 4

5 Student Financial Aid by Campus 2013-14 Approximately 69% of IU students received financial aid in 2013-14. Financial aid includes loans for students and their parents, gift aid, and work study. Gift aid does not need to be earned (like work study) or repaid (like loans). Gift aid examples include scholarships, grants to help students with financial need, fee remissions for IU employees, and federal veterans benefits designated for tuition and fees. Financial aid is funded from federal, state, IU, and private sources. These figures include IU students who were enrolled at fall, spring or summer census; enrolled for the fall, spring or summer as of a final-year snapshot; or received an IU degree between September 1, 2013 and August 30, 2014. BloomingtonIUPUIEastKokomoNorthwestSouth BendSoutheastUnduplicated IU Undergraduate Recipients26,39920,2873,2733,0114,5205,3875,26767,803 % Receiving Aid 64.8%73.6%56.5%63.8%62.1%58.1%71.6%68.0% Gift Aid$194,145,906$112,806,457$12,198,014$10,959,750$16,926,317$22,850,035$18,112,812$387,999,290 Loans$145,947,749$112,749,448$15,203,790$12,559,549$20,930,858$24,393,129$21,718,357$353,502,880 Work Study$840,107$1,262,472$114,578$205,590$139,409$325,777$256,552$3,144,483 Total Aid$340,933,762$226,818,377$27,516,382$23,724,888$37,996,584$47,568,941$40,087,720$744,646,654 Graduate/ Professional Recipients8,9976,81510816641038324417,089 % Receiving Aid 77.9%69.6%45.0%62.4%68.6%54.9%31.4%72.2% Gift Aid$117,538,364$41,648,468$128,055$590,667$193,504$419,500$134,955$160,653,514 Loans$78,905,649$134,692,269$855,600$1,097,751$5,000,318$3,806,811$1,820,532$226,178,930 Work Study$1,019,041$274,154$0 $2,397$7,368$0$1,302,960 Total Aid$197,463,055$176,614,890$983,655$1,688,418$5,196,219$4,233,679$1,955,487$388,135,404 All Levels Recipients35,39627,1023,3813,1774,9305,7705,51184,850 % Receiving Aid 67.7%72.5%56.1%63.7%62.6%57.9%67.8%68.8% Gift Aid$311,684,270$154,454,924$12,326,069$11,550,417$17,119,822$23,269,536$18,247,767$548,652,804 Loans$224,853,398$247,441,717$16,059,390$13,657,300$25,931,176$28,199,940$23,538,889$579,681,810 Work Study$1,859,148$1,536,625$114,578$205,590$141,806$333,145$256,552$4,447,443 Total Aid$538,396,817$403,433,267$28,500,037$25,413,306$43,192,803$51,802,620$42,043,207$1,132,782,058 Source IU Student Information System 5

6 Peer Institutions and Retention Retention 2010, Four-Year Graduation and 2006 Peer InstitutionsOne-Year RetentionFour-Year GraduationSix-Year Graduation University at Buffalo - SUNY88%44.1%70.4% Temple University87%35.8%65.9% Univ. of Cincinnati85%23.9%62.2% Univ. of Utah87%22.4%58.7% Univ. of Illinois-Chicago79%31.0%57.7% Univ. of South Florida88%29.0%56.6% Virginia Commonwealth86%29.6%56.1% Univ. of Louisville78%26.4%52.1% Univ. of Alabama-Birmingham79%25.5%48.1% Univ. of New Mexico74%12.0%45.1% Univ. of Colorado-Denver76%17.5%44.9% IUPUI72%13.4%38.3% Wayne State University77%10.1%28.1% Source: Michele Hansen EMAC report Grad-and-Retention-Targets-final-Nov-2014.pptx Grad-and-Retention-Targets-final-Nov-2014.pptx 6

7 Difference Between IUPUI and Top Peer Performers: Pell Grant Recipients Source: Michele Hansen EMAC report Grad-and-Retention-Targets-final-Nov-2014.pptx Grad-and-Retention-Targets-final-Nov-2014.pptx 7

8 IUPUI Retained vs Not Retained Fall 2013 First-Time, Full-Time Students (Indianapolis Only) Level of Unmet Need of Retained = $4173.69 VS Level of Unmet Need of NOT Retained = $6688.04 Having low levels of unmet financial need or having high levels of socioeconomic status (SES) is associated with Academic Achievement and Persistence for First- Year Beginners Source: Michele Hansen report IUPUI%20Retained%20Students%20Compared%20to%20Not%20Retained%20Students%202013%20Cohort.pdf IUPUI%20Retained%20Students%20Compared%20to%20Not%20Retained%20Students%202013%20Cohort.pdf 8

9 ICHE Performance-Based Funding for Higher Education Metrics for four-year institutions include: Degree completion At-risk degree completion (Pell Eligible) High impact degree completion (STEM Degrees) Persistence On-time graduation Institution selected measure Funding Amount 6% of State funding based on performance for FY 2014 and FY 2015 9

10 Definition: Financial Need Cost of Attendance - Expected Family Contribution (EFC) = Financial Need 10

11 Definition: Unmet Financial Need Financial Need (Cost less EFC) -Gift Aid (Scholarships and Grants) -Self Help Aid (Work Study & Need Based Loans) = Unmet Financial Need 11

12 Definition: Net Price Cost of Attendance -Gift Aid (Scholarships and Grants) = Net Price 12

13 IUPUI Financial Aid Packaging IUPUI Financial Aid Packaging Examples $30K Income $30K w/ TFCS $48K Income $48K w/ TFCS $75K Income $75K w/ TFCS $110K Income Total Family Income, Household=3, 1 in college, no family assets or student income Total Cost of Attendance$21,984 Expected Family Contribution$355 $3,966 $13,491 $28,378 Financial Need$21,629 $18,018 $8,493 $0 Total Gift Aid Federal Gift Aid$5,295 $1,695 $0 State Gift Aid$2,931$8,908 $0$8,908 $0$8,908 $0 Institutional Gift Aid$1,000$3,000 $0$2,000 $0 Total Gift Aid$9,226$17,203 $1,695$12,603 $0$8,908 $0 Net Price (Cost – Gift Aid)$12,758$4,781 $20,289$9,381 $21,984$6,724 $21,984 Self Help Aid Federal Work Study$2,500 $0 Federal Perkins Loan$2,000$1,920 $2,000 $0 Federal Direct Subsidized Loan$3,500$0 $3,500$915 $3,500$0 Remaining Unmet Need "Gap"$4,903$0 $8,323$0 $4,993$0 Can meet gap with… EFC$355 $3,966 $13,491 $28,378 Federal Direct Unsubsidized Loan (non need based)$2,000$355 $2,000$3,966 $2,000$5,500 Other Non Need Based Loans??? ?? ?? ? TFCS=Twenty First Century ScholarshipRed=Potential Affordability Metrics 13

14 The Dilemma IUPUI students facing unmet financial need must decide… Work more? Study less? Borrow more? Increase credit card debt? Don’t pay bills? Don’t enroll? Drop a class? Drop out? 14

15 Average Net Price FT/FT IUPUI Students Source: College Navigator data 2010-20112011-20122012-2013 Average net price$11,777$12,442$12,713 Average net price by Income2010-20112011-20122012-2013 $0 – $30,000$8,596$9,102$9,684 $30,001 – $48,000$10,355$11,479$11,785 $48,001 – $75,000$15,350$16,399$16,256 $75,001 – $110,000$18,410$19,019$19,419 $110,001 and more$18,805$19,314$19,709 15

16 Student Loan Debt Selected Peer GroupUS News Rank Average debt of 2013 graduates Graduating students who borrowed Percent receiving fed loans Average annual federal loan IUPUI 194$30,85076%54%$7,835 Ball State 174$26,08980%61%$7,390 University of South Florida 161$22,71959%48%$8,133 University of Louisville 161$21,74255%43%$6,830 Virginia Commonwealth University 156$29,46263%53%$7,306 University of Illinois at Chicago 149$22,84766%48%$6,510 University of Alabama at Birmingham 149$28,16458%54%$7,429 Others Indiana Bloomington76$27,61952%39%$6,902 Purdue West Lafayette62$29,12151%39%$6,513 IUPUI Ranklowesthighest second highest Source: College Navigator data 16

17 Potential Affordability Metrics Unmet Financial Need Cost of Attendance Average Net Price by Income Groups Average Student Loan Debt H OW MUCH NEED - BASED INSTITUTIONAL AID DO WE NEED TO ________? 17

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