Presentation on theme: "Student Financial Aid: A State and National Perspective September 29, 2011."— Presentation transcript:
Student Financial Aid: A State and National Perspective September 29, 2011
*Total TOPS Awards to students since inception, including 23,616 awards in Academic Year , 29,240 in , 35,812 in , 40,941 in , 40,182 in , 41,125 in , 42,539 in , 42,599 in , 43,692 in , 42,239 in , 42,261 in , 43,046 in , and 43,475 in as of August 12, **Includes TOPS Tech Early Start TOPS Paid by School Type (Cumulative as of August 12, 2011) School Type Cumulative Awards to Students* Cumulative $ % of Total Awards % of Total Dollars 2 & 4 Year Public Colleges and Universities 458,304$1,257,662, %89.7% LCTCS Schools21,377$21,436,2064.1%1.5% Private Colleges and Universities 46,886$122,124,8498.9%8.7% Proprietary Schools141$89,1270.0% Totals**526,708*$1,401,312, % 3
TOPS Funding By State Fiscal Year as of 8/4/ The data is current appropriation subject to change if a constitutional amendment passes in October 2011.
TOPS Academic Awards Award Name Minimum Required HS GPA (Core) Minimum ACT Composite (Based on State Average) Required Curriculum (Through HS AY ) Required Curriculum (Beginning w/ HS AY ) Award Value 8 Semesters or 12 Quarters Opportunity Credits Prescribed College Prep 19 Credits Prescribed Within LA Core4 Amount equal to tuition and some fees Performance Credits Prescribed College Prep 19 Credits Prescribed Within LA Core4 Amount equal to tuition and some fees plus $400 stipend Honors Credits Prescribed College Prep 19 Credits Prescribed Within LA Core4 Amount equal to tuition and some fees plus $800 stipend 5
TOPS Technical Award Award Name Minimum Required HS GPA (Core) Minimum ACT CompositeRequired Curriculum Award Value 2 Years TOPS Tech2.517 or WorkKeys Silver level score Option 1 – 17 credits Technical Core Option credits With career option plan Option 3 – 17.5 credits Regular TOPS Academic Core Tuition at an institution offering vocational or technical degrees (non- academic) 6
The Number of High School Graduates, By Class Year, That Took the ACT, Qualified for TOPS OPH and Were Actually Awarded Total High School Graduates (Graduates of '97 and '98 Were First Awarded During Academic Year, 98-99) Graduates Completing ACT TOPS-Qualified Graduates (Excludes Graduates Qualifying for TOPS Tech, TOPS Teacher and Those Previously Awarded TAP and Honors Scholarships Who Were Continued Under TOPS) Actual Awards Billed by Institutions to date (Excludes Graduates Qualifying for TOPS Tech, TOPS Teacher and Those Previously Awarded TAP and Honors Scholarship Who Were Continued Under TOPS) * This is very preliminary data since billings for the Fall 2011 term are still being submitted by the schools.
*The High School GPA requirement for the Honors and Performance Award changed from 3.5 to 3.0. TOPS Eligibles by Award Level and High School Graduation Year Data as of 8/29/11
TOPS Expenditures and Recipients As of October 30, 2009 Note: The Academic Year data shows the amount appropriated and projected to be expended for the year and the projected number of recipients. $ in MillionsStudents
As of August 27, 2010 TOPS Recipients by Ethnicity and High School Graduation Year AWARDS High School Graduation Year
Go Grant Eligibility – Apply by completing the FAFSA annually – Louisiana Resident as of the date the FAFSA is filed – Certificate, diploma or degree seeking undergraduate student at a Louisiana public or LAICU institution – Must receive a Pell Grant – Must have remaining financial need – Must maintain Satisfactory Academic Progress (SAP) as defined by the institution
Go Grant Funding/Students YearAppropriationStudents Awarded $2,000 annual award based on Estimated Cost Gap $15,000,00010, $2,000 annual award based on Estimated Cost Gap $24,226,00015, * Award Amount Changed to Accommodate Anticipated Funding in Executive Budget 26,429,108 22, $900 annual award (New Framework proposed based on Cost of Attendance) $26,429,10830, $1,000 annual award $26,429,108 30,000 (projected) 12
Ethnicity of Go Grant Recipients 13
TOPS and GO Grant Comparison TOPS 43,288 Students $144,449,583 Go Grant 30,774 Students $25,120,516 TOPS and Go Grant 9,906 Students $8,953,805 Go Grant $31,709,588 TOPS
Federal Pell Grant Eligibility Certificate, diploma or degree seeking undergraduate student attending public, private or proprietary (approved Title IV) Institution Annually File the FAFSA and for AY must have an Expected Family Contribution of ($)5273 or less as determined by federal need analysis formula Maintain Satisfactory Academic Progress (SAP) towards their credential (both qualitative and quantitative measures) to continue to receive award.
Pell Grant Maximum Payment
Pell Grants in Louisiana Board of Regents Financial Aid Data – 32% of undergraduate students received some amount of Pell – Pell recipients were 49.9% Black, 38.2% White and 11.9% other/mixed race or did not report – Average Pell award was $3900 at LA Public Institutions Pell Grant Maximum Award is $5500 – Average tuition and fees at 4 year Public LA University for is $4,915 – For , two universities have tuition and fee amounts that will exceed maximum Pell
State Grant Aid Louisiana Grant Aid* per Estimated Population – 11 th per total population ($36.08) – 16 th per age population ($339.46) – 9 th per UG FTE in total grant aid ($883.04) – 36 th per UG FTE in need based grant aid ($144.22) National average is $455 Highest is $1, (New Jersey) *Grant Aid is aid that is not repaid and can be either or both need based and/or merit based
How Louisiana Compares Academic Year Total all states’ expenditures on undergraduate aid programs – $9,722,273,000 – Grant Aid Categories: 46.8% is Need only (9 states comprise 70% of this) 16.3% is Need and Merit combination 18.3% is Merit only 12.0% is awarded for Special Purpose Programs (conditional grants, state work study, loan repayment, etc) – 23 states spend in excess of $100,000,000 for student aid programs California was highest with $1,040,875,00 Louisiana ranked 17 th at $162,092,000
How Louisiana Compares Academic Year Total all states’ expenditures on need based only aid programs – $4,553,434,000 (46.8%) New York was highest with $910,217,000 Louisiana ranked 27 th at $24,516,000 Total all states’ expenditures on merit only aid programs – $1,779,177,000 (18.3%) Georgia was highest with $453,951,000 Louisiana ranked 5 th at $129,992,000
How Louisiana Compares States with Merit-only Award Programs that comprise more than 50% of its aid dollars, where total aid dollars exceeds $100 Million (AY ) TOTAL AID MERIT- STATE EXPENDITURE BASED AID – Louisiana$ %** – Tennessee*$ % – Georgia*$ % – Florida$ % – South Carolina$ % *Funded by state lottery revenues **Estimate is 85% for