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Financial Aid

This financial aid report to the Board of Trustees outlines the landscape of financial assistance for the 2011-2012 academic year. Key highlights include that 25% of total students received some form of aid, with a 69% increase in aid applications over the past 5 years. The report details Pell Grant awards, state PHEAA awards, along with student loan default rates, noting Bucks' position as the lowest among Pennsylvania community colleges. It also addresses regulatory changes affecting aid eligibility and emphasizes the need for ongoing education about financial aid management for students.

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Financial Aid

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  1. Financial Aid Report to the Board of Trustees February 14, 2013

  2. Financial Aid • In 2011-12: • 25% of total students received some form of grant and/or loan • 52% of the students applying for aid, received aid. • Aid applications have increased by 69% over the past 5 years. • Aid Applications Filed

  3. Financial Aid Recipients One quarter of our student population receives some type of financial aid. This does not include students receiving alternative loans, OVR or VA benefits. • As a % of total population

  4. Financial Assistance • 2011-2012 By Category *Awards include duplicated headcounts ** Other Funds include VA Benefits, Office of Voc Rehab, Alternative Loans and Nat’l Guard Tuition Assistance

  5. PELL Grants A Federal Pell Grant, unlike a loan, does not have to be repaid. • Amounts can change yearly. The maximum Federal Pell Grant award is $5,550 for the 2012–13 award year. • The amount depends on • financial need, • cost of attendance, • status as a full-time or part-time student, and • plans to attend school for a full academic year or less. • Federal Aid Source: https://studentaid.ed.gov/types/grants-scholarships/pell

  6. PELL Awards • Federal Aid • Of note for 2011-12: • Total awards = $8M • Average PELL award = $2926 • In the past 5 years: • The number of recipients has more than doubled; • Awards have increased by approximately $5M.

  7. PHEAA Awards • State Aid • Of note for 2011-2012: • Total awards = $1,172,000 • Average PHEAA award = $785 • Compared to one year ago: • the number of PHEAA recipients has increased by 30%; • total award dollars have increased by 79%.

  8. Student Loan Default Rates • Bucks has the lowest default rate of the 14 PA Community Colleges • This year, for the first time, a 3 Year as opposed to 2-year Default Rate was calculated. Source: Dept. of Education

  9. Loan Default Rates • When a school’s 2 year default rate reaches 25% or higher for the three most recent cohorts, the school will lose Direct Loan and Federal Pell Grant program eligibility for a period of time. • For the 3 year default rate, the threshold is set at 30%. • Implications

  10. Scholarships & Institutional Funds Awarded

  11. Scholarship Recipients • Of note: • The number of recipients for 2011-12 remains fairly consistent with prior years. • These numbers reflect duplicated headcounts - some students receive multiple scholarships. • 2011-2012

  12. Meeting Student Needs • Opportunities & Challenges

  13. Regulatory Changes Change: PELL now establishes a threshold for continued eligibility (12 semesters or its equivalent) • Implications • Students may exhaust their aid before completing their studies. • Actions: • Through a variety of communication channels, the financial aid team will educate students about: • the need to manage their aid effectively, and • alternative aid and scholarship sources. • Impacts & Actions

  14. Regulatory Changes Change: Students must have a HS diploma or GED to be eligible for Title IV aid. “Ability to benefit” eliminated. • Impact at Bucks: • Students who do not show proof of a HS diploma or GED will need to take the GED. • Impacts & Actions

  15. Takeaways • Despite some signs of economic recovery, the need for financial aid continues to grow. • Threshold changes to PELL aid have the potential to impact enrollments. • New strategies such as document imaging and the implementation of the contact center will help to improve timely processing and awarding of aid. • Efforts aimed at educating students about their financial responsibilities have helped to maintain a Student Loan Default Rate that is the lowest of the 14 PA community colleges.

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