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Financial Aid & University of Wisconsin Students

Financial Aid & University of Wisconsin Students. Special Committee on Review of Higher Education Financial Aid Programs: August 17, 2010. UW Goals: Growth Agenda. UW Goals: More Graduates. UW is committing to more graduates and increased enrollments:

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Financial Aid & University of Wisconsin Students

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  1. Financial Aid & University of Wisconsin Students Special Committee on Review of Higher Education Financial Aid Programs: August 17, 2010

  2. UW Goals: Growth Agenda

  3. UW Goals: More Graduates • UW is committing to more graduates and increased enrollments: • Increase enrollments to almost 196,000 students by Fall 2015 – 9.2% increase over Fall 2009. • Produce a cumulative total of 80,000 more Associate & Bachelor’s Degrees by 2025. • Produce more than 40,000 degrees (all types) per year by 2025.

  4. UW: Challenges • Importance of financial aid for low- and moderate-income parents and students • Students who have financial concerns less likely to enroll or graduate • Students from the lowest income quintile (income less than $34,000 in 2008) apply and enroll in lower proportions than students from other income quintiles.

  5. UW: Challenges

  6. UW: Challenges

  7. UW: Challenges • These trends can mean fewer college degrees: • greater concern about costs by low- and moderate-income students • lower enrollment and graduation rates for these students • more low-income students and students of color in the high school population • Financial aid and particularly grant funding are increasingly important in addressing these trends.

  8. Financial Aid for UW Students: Types • There are three primary types of financial aid for UW: • Grants - merit and need-based ($297.1M) • Loans ($750M) • Work Study ($14.8M) • Loans comprise 71% of all financial aid funding provided to UW students.

  9. Sources of Financial Aid, 2008-09 *does not include the value of tax credits & deductions.

  10. Financial Aid for UW Students: Grants • Pell Grants - $94.5M • Wisconsin Higher Education Grants (WHEG) - $55M • Other State Grants (UW) - $19.6M

  11. Financial Aid for UW Students: UW Programs • State-Funded Programs in UW’s Budget (2009-10 figures): • Study Abroad Grants ($990K) • Tuition Increase Grants ($4.1M) • Lawton Minority Undergraduate Retention Grants ($6.4M) • Advanced Opportunity Program ($8.1M)

  12. Financial Aid for UW Students: Loans • Loans - $681.7 M from federal sources • 43.8% are need-based loans • Loans comprise 82.4% of federal aid • Federal sources provide 90.9% of all student loans

  13. State-Funded Financial Aid:National Comparisons • Wisconsin ranks 28th in terms of state grant dollars per population age 18-24 (traditional college students) • Wisconsin ranks 30th in terms of state grant $ per undergraduate FTE

  14. State-Funded Financial Aid:Interstate Comparisons • State grant dollars per population age 18-24: • MN = $302.61 / WI = $200.03 • State grant dollars per undergraduate FTE: • MN = $647.79 / WI = $455.97 • Need-based state grant dollars per FTE: • MN = $647.55 / WI = $443.12

  15. Paying for Higher Education: Increasing Reliance on Student Loans & Debt • Over time, students have been relying more heavily on loans to finance their education. • Student loans comprise over 70% of financial aid. • Over half of UW students (53%) borrowed in 2008-09, up from 42% at the start of the decade. • The average UW student who borrowed had almost $24,000 in debt at graduation in 2008-09.

  16. Paying for Higher Education: Increasing Unmet Student Need • In 2009-10, WHEG-UW was level funded, and approximately 7,400 WHEG-eligible students were not able to receive a grant. • In 2010-11, 14% decrease in WHEG awards to fund more students, but funding has again run out early. • Over 50,000 UW students had unmet financial need in 2008-09, a 6% increase from 2004-05.

  17. UW Principles for Financial Aid • Socio-economic diversity in higher education is critical to American democracy • Student recruitment, retention, and degree completion is most successful when financial barriers are eliminated. • Financial aid should ensure that cost of attendance does not limit a student’s choice of UW institution. • Student loan debt should remain reasonable.

  18. UW Principles • Adequate need-based grant aid remains the top priority, but scholarships should remain in order to recognize talent, encourage, and reward the academic effort of students. • Provide a clear, early message to all students and their parents that college is possible. • Financial aid should be consistent and predictable, both for students and for financial aid programs.

  19. UW Financial Aid Recommendations • No one should be priced out of a college education: • Any qualified Wisconsin resident should be able to access, afford and complete a UW degree. • Grants through the WHEG program should increase dollar-for dollar with tuition, so that low-income students are held-harmless against rising costs. • Middle-income students and families should be helped with costs through increased financial aid.

  20. UW Recommendations • “Aspirational” programs that educate students about higher education and financial aid, such as KnowHow2Go and the Wisconsin Covenant, should be supported and expanded. • Financial aid should not be a patchwork of programs and should be easily understood. Therefore, new or additional programs should be integrated into current ones.

  21. UW Recommendations • It is important to acknowledge that for financial aid, “money does matter” • Budget reductions that result in tuition increases also impact affordability and access.

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