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Financial Aid Explained: Insights from UT Austin's Director of Student Financial Services

In this insightful discussion led by Dr. Tom Melecki, the Director of Student Financial Services at The University of Texas at Austin, we explore the complexities of financial aid. Key topics include how family income and SAT scores impact financial assistance, the cost of attendance for in-state undergraduates, and the role of expected family contributions. Learn about the challenges of attracting top students, the growing dependence on government grants, and the rising student debt crisis. This informative session is essential for understanding financial aid dynamics at a major university.

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Financial Aid Explained: Insights from UT Austin's Director of Student Financial Services

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Presentation Transcript

  1. Financial Aid 101 Tom Melecki, PhD Director, Student Financial Services The University of Texas at Austin Student Services Building Suite 3.214 Austin, TX 78713-7758 (512) 475-6203 tom.melecki@austin.utexas.edu Committee on Financial Aid to Students October 1, 2013

  2. Bases for Awarding Financial Aid

  3. SAT Scores by Family Income

  4. Mean SAT Scores

  5. Median Household Income

  6. Financial Need

  7. Undergraduate In-State Tuition2011-12

  8. In-State Undergraduate Total Cost of Attendance2013-14

  9. In-State Undergraduate Key Costs of Attendance

  10. Expected Family Contribution Basics Increases EFC Decreases EFC Asset protection allowance (age of oldest parent) Household size Income protection allowance (2 working spouses) Number in college (divides total EFC) Taxes paid Federal Local and state • Parent and student contributions: • Income • Taxed • Untaxed • Liquid assets • Checking and savings accounts • Business, farm, investments net worth

  11. Undergraduates with Financial NeedCost of Attendance – Expected Family Contribution

  12. Mean Institutional Gift Aid for Freshmen2011-12

  13. Total Undergraduate Financial Aid2012-13 in Millions

  14. OSFS Undergraduate Financial Aid2012-13

  15. UT Austin Undergraduates Borrowed at UT Before Graduating Average Amount Borrowed

  16. UT Austin DropoutsAugust 2011 Exit Survey

  17. Undergraduate Financial AidUT Austin • Competition for state’s best and brightest students fierce • Inadequate scholarships hamper recruiting of best and brightest • Over-dependence on government grants for financially needy • Low tuition offset by Austin cost of living • Student debt rising, may soon surpass national average • Students work too much – especially off-campus

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