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Student Loan Debt at IUPUI

Student Loan Debt at IUPUI. Student Loan Program Overview. Federal Stafford Loans (Direct Loans) Direct “subsidized” loans (3.4% - 6.8%) Direct “unsubsidized” loans (6.8%) Other Federal Loans Federal Perkins Loan (5%) Graduate PLUS Loans (7.9%) Health Human Services Loans (various rates)

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Student Loan Debt at IUPUI

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  1. Student Loan Debt at IUPUI

  2. Student Loan Program Overview • Federal Stafford Loans (Direct Loans) • Direct “subsidized” loans (3.4% - 6.8%) • Direct “unsubsidized” loans (6.8%) • Other Federal Loans • Federal Perkins Loan (5%) • Graduate PLUS Loans (7.9%) • Health Human Services Loans (various rates) Loans for Disadvantaged Students, Health Professions Student Loans, Nursing Student Loans, and Primary Care Loans • Federal Parent PLUS Loans (7.9%) • IU Loan Programs (donor funded, various rates) • Private Loans (credit-based – varies)

  3. Undergraduate Student Loan Debt Figures represent the percentage of the undergraduate class who graduated with a bachelors degree during the referenced year who started as first- time students. The loan debt figure represents borrowing while enrolled at the institution through federal and private programs. Source: The Common Data Set (CDS) http://www.iu.edu/~uirr/reports/compliance/common/index.shtml

  4. Percent of Degree Recipients with Loans

  5. Cohort Default Rate (CDR) • A “cohort” is a group of Stafford loan borrowers who entered repayment with in a given federal fiscal year. • A Cohort Default Rate (CDR) is the percentage of those students in a school’s cohort who defaulted within a specified period of time: • Two-year CDR: By end of the next fiscal year • Three-year CDR: within the next two Fiscal years

  6. STUDENT LOAN DEBTCDR 3 Year Rate How IU Campuses Compare Source: US Dept of Education National Student Loan Data Released 3/5/2012 * 2 year CDR at IUB = 1.8% * 2 year CDR at IUPUI = 3.8%

  7. Graduate and Professional Student Debt • Debt also rising • Medical figures included here

  8. Debt to Potential Income Advice • Limited now • Good calculators at www.finaid.org • Undergraduate calculator… www.finaid.org/calculators/undergradadvisor.phtml

  9. Student Loan Concerns • Upcoming July 1, 2012 loss of subsidy for graduate students, higher effective Direct Loan fees, raise in undergraduate Stafford interest rate • Number of students that transfer in with money borrowed at other institutions • Limited bankruptcy protection for student loan borrowers • Evidence that borrowers less likely to donate back to institution

  10. Financial Literacy Initiatives • Financial aid sessions that include financial literacy information are presented during Orientation for students with a separate session for parents • Financial literacy information incorporated into Spring Preview Days for admitted students • Dedicated financial literacy website as IUPUI partners with the nonprofit National Endowment for Financial Education (NEFE) to present an online financial literacy site called Cash Course at www.cashcourse.org/iupui

  11. Financial Literacy Initiatives • Student Financial Services does an hour presentation regarding financial literacy during first-year seminar courses • A variety of IUPUI programs provide financial literacy content to “at-risk” students such as first generation college students, underrepresented college students, 21st Century Scholars, Pell Pledge recipients, etc. • Financial literacy addressed by programs such as Upward Bound, Minority Engineering Advancement Program (MEAP), 21st Century Support Programs, Minority Law Days, SAAB/SAAS, etc.

  12. Financial Literacy Initiatives • Student Financial Services staff provide information to academic advisors so that they understand current financial aid rules and Satisfactory Academic Progress (SAP) regulations; note the SAP appeal process involves academic advisors working with the students. • Financial literacy information for high school studentsis provided through programming offered during the summer through such programs as Project Stepping Stone and the Olanyian Summer High School Program

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