Presentation Title Financial Aid Presentation Subtitle November - - PowerPoint PPT Presentation
Presentation Title Financial Aid Presentation Subtitle November 10, 2016 Highlights Unmet need decreased in the majority of income categories in FY 2015 across CU campuses. 10.9% - CUs annual increase in institutional financial aid in
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No increase to the state need-based grants, but CU campuses saw an increase because of the financial aid allocation formula.
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Of the $5.0 Million State General Fund dedicated to the Colorado Opportunity Scholarship Initiative CU received $213,723 the following awards for matching scholarship grants.
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CCHE’s need based financial aid formula rewards retention and progress of Pell eligible students. Since the allocation was implemented in FY 2012, CU has retained Pell eligible students at a greater rate than most colleges thru FY 2015.
5.7% 8.0%
0.0% 5.0% 10.0% MSU-Denver Adams CCCS FLC CMU CSU System Western UNC Mines CU System
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Allowance
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FY 2015-16 Department of Higher Education Estimated Cost of Attendance, Resident Undergraduate Full-Time, Living on Campus CU Boulder UCCS CU Denver Tuition & Fees $11,091 $9,428 $10,389 Room & Board $13,194 $9,500 $9,603 Books & Supplies Allowance $1,800 $1,800 $1,800 Local Transportation Allowance <1> $1,296 $1,296 $1,296 Personal Expense Allowance $1,359 $1,359 $1,359 Medical Expense Allowance <2> $3,015 $3,015 $3,015 Total $31,755 $26,398 $27,462 Dollar Change from Prior Year $1,370 $1,319 $1,766
<1> Campuses may account for a portion of a student’s transportation costs through fees. <2> Students may have health insurance coverage through parents.
FY 2015-16 CU Estimated Average Cost of Attendance CU Boulder UCCS CU Denver Total $27,797 $25,083 $22,943 Dollar Change from Prior Year ($22) $401 $333
Source: Student Unit Record Database System (SURDS)
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(Not CU’s Cost of Education)
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$16.1 $17.1 $14.1 $13.4 $13.6 $16.9 $19.3 $22.5 $21.9 $20.5 $18.4 $18.0 $18.1 $26.7 $30.8 $12.1 $13.6 $16.0 $21.0 $35.5 $33.5 $42.5 $48.6 $51.9 $56.9 $68.0 $72.2 $77.0 $85.3 $96.5 $25.9 $30.7 $28.7 $28.9 $37.0 $40.4 $43.9 $53.4 $55.2 $50.9 $55.0 $60.2 $63.2 $65.6 $70.9 $13.9 $16.4 $18.9 $19.7 $19.1 $19.8 $21.7 $24.2 $40.3 $44.9 $44.3 $44.8 $46.4 $48.5 $48.4
$68.0 $77.8 $77.7 $83.0 $105.2 $110.6 $127.4 $148.7 $169.3 $173.2 $185.7 $195.2 $204.7 $226.1 $246.6 $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Millions State Aid Institutional Aid- From Tuition Institutional Aid- From Other Sources Federal Pell Total
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Average Published Tuition and Fees System-wide: FY 2015, $9,923; FY 2016, $10,303 (+$380, 3.8%)
$- $1,264 $6,259 $8,158 $8,434 $- $749 $6,161 $8,245 $8,566 $(1,000) $1,000 $3,000 $5,000 $7,000 $9,000 $11,000 Lowest Income ($0-$32,499) Lowest Middle Income ($32,500-$59,999) Upper Middle Income ($60,000-$99,999) Upper Income ($100,000-$139,999) High Income (+$140,000) Average Tuition and Fees Paid FY 15 Average Net Tuition & Fees FY 16 Average Net Tuition & Fees
FY 2016 Average Tuition and Fees (System- wide) = $10,303
$0 Out-of-Pocket Tuition and Fee Change $-516, -40.8% Change $-98, -1.6% Change $87, 1.1% Change $132, 1.6%
Note: Based on full-time, dependent students who applied for aid.
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Source: Colorado Department of Higher Education CU Anschutz Medical Campus undergraduate nursing students not included here.
$33,734 $28,272 $28,065 $26,961 $26,672 $26,591 $26,062 $25,327 $25,035 $25,035 $23,797 $23,226 $20,473 $33,596 $28,632 $27,829 $27,081 $26,308 $26,857 $25,859 $25,741 $25,565 $23,624 $26,519 $23,672 $21,022
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000
Mines Metro CU Denver Mesa Adams UCCS UNC CSU Pueblo CSU
CMC
Residents Only All
81% 174% 231%
0% 50% 100% 150% 200% 250% 300% Day 1 5 years 10 Years Percent Change in Value Average Undergraduate Loan = $26,623* Average New Car Loan = $33,021**
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*Colorado Department of Higher Education 2014-15 Financial Aid Report **Kelley Blue Book Average Transaction Prices 2016
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Average Earnings by Degree Type vs. Average Loans (FY 2015)
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*Per CU System wide Alumni Survey FY 2006 - FY 2015 **CDHE SURDS 2015 ***Assumes Standard 10 year repayment at 3.9%
$74,184 $73,653 $65,037 $56,425 $53,292 $53,275 $49,837 $48,398 $48,150 $45,324 $29,933 $27,066 $26,411 $29,810 $25,977 $28,353 $28,031 $25,156 $27,243 $25,216 $3,592 $3,248 $3,169 $3,577 $3,117 $3,402 $3,364 $3,019 $3,269 $3,026 ENGINEERING BUSINESS ADMINISTRATION SOCIAL SCIENCES HEALTH PROFESSIONS COMMUNICATION, JOURNALISM, AND RELATED PROGRAMS HISTORY VISUAL AND PERFORMING ARTS BIOLOGICAL AND BIOMEDICAL SCIENCES PSYCHOLOGY ENGLISH LANGUAGE AND LITERATURE/LETTERS Average Annual Earnings 1 to 10 Years After Completion* Average Total Loans upon Earning a Degree** Estimated Annual Repayment***
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5.9% 2.7% 2.8% 3.8% 5.4% 5.0% 3.1% 3.3% 5.0% 4.7% 2.7% 3.1% 15.20% 14.6% 12.4% 11.5% 14.70% 13.7% 11.8% 11.3% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 2010 2011 2012 2013
Cohort Default Rates 3 Years After Entering Repayment
UCCS Denver|Anschutz Boulder Colorado National
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1,656 1,019 1,294 994 1,322 1,118 624 627 524 1,195 6,027 2,774 1,643 1,921 1,518 2,517 1,000 2,000 3,000 4,000 5,000 6,000 7,000 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Did not apply for aid (no income data avail) Number of Students Number of students who did not take student loan, FY16 Number of students who took student loan, FY16
37%
23 Percent Received a Pell Grant
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$16,760 $14,539 $9,500 $6,659 $5,329 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Amount of Assistance
Other Scholarships State Aid Federal Aid Federal Student Loan
FY 16 Estimated Average Cost of Attendance = $27,797 FY 16 Average Tuition and Fees = $11,091
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Average Average Average Average Average Remaining Need Remaining Need Remaining Need Remaining Need Remaining Need per student per student per student per student per student =$10,108 =$9,515 =$8,353 =$6,333 =$4,658
Does not include parent or private loans. *Beginning in FY 2016, remaining need is calculated based on students with remaining need only. 148 126 342 812 2,164 2,626 1,517 1,579 706 353 2,774 1,643 1,921 1,518 2,517
2,000 3,000 4,000 5,000 6,000 <$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Number of students with remaining need after expected family contribution, financial aid, and student loans Number of students whose costs are covered after expected family contribution, financial aid, and student loans
Down $430 Down $1,363 Down $1,095 Down $733 Down $507
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1,716 891 985 590 469 970 556 402 343 361 1,193 2,686 1,447 1,387 933 830 1,000 2,000 3,000 4,000 5,000 6,000 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Did not apply for aid (no income data avail) Number of Students Number of students who did not take student loan, FY16 Number of students who took student loan, FY16
14%
39 Percent Received a Pell Grant
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$11,164 $9,246 $6,427 $4,807 $4,363 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Amount of Assistance
Other Scholarships State Aid Federal Aid Federal Student Loan
N=2,686 N=1,447 N=1,387 N=933 N=830 FY 16 CU Estimated Cost of Attendance = $25,083 FY 16 Average Tuition and Fees = $9,428
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Average Average Average Average Average Remaining Need Remaining Need Remaining Need Remaining Need Remaining Need per student per student per student per student per student =$13,507 =$12,293 =$9,602 =$6,489 =$4,362
53 78 209 501 704 2,633 1,369 1,178 432 126 2,686 1,447 1,387 933 830
2,000 3,000 4,000 5,000 6,000 <$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Number of students with remaining need after expected family contribution, financial aid, and student loans Number of students whose costs are covered after expected family contribution, financial aid, and student loans
Down $736 Up $471 Up $381 Down $126 Down $424
Does not include parent or private loans. *Beginning in FY 2016, remaining need is calculated based on students with remaining need only.
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2,054 879 785 475 432 1,437 661 505 225 280 1,010 3,491 1,540 1,290 700 712 1,000 2,000 3,000 4,000 5,000 6,000 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Did not apply for aid (no income data avail) Number of Students Number of students who did not take student loan, FY16 Number of students who took student loan, FY16
12%
44 Percent Received a Pell Grant
Does not include parent or private loans.
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$11,332 $9,279 $6,155 $5,123 $4,252 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 <$32.5K $32.5K-$60K $60K-$100K $100K-$140K $140K+ Amount of Assistance
Other Scholarships State Aid Federal Aid Federal Student Loan
N=3,491 N=1,540 N=1,290 N=700 N=712 FY 16 Estimated Average Cost of Attendance = $22,943 FY 16 Average Tuition and Fees = $10,554
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Average Average Average Average Average Remaining Need Remaining Need Remaining Need Remaining Need Remaining Need per student per student per student per student per student =$11,161 =$9,731 =$7,644 =$5,487 =$3,730
99 118 272 446 637 3,392 1,422 1,018 254 75 3,491 1,540 1,290 700 712
2,000 3,000 4,000 5,000 6,000 <$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Number of students with remaining need after expected family contribution, financial aid, and student loans Number of students whose costs are covered after expected family contribution, financial aid, and student loans
Up $4 Down $371 Down $262 Up $55 Down $1,314
Does not include parent or private loans. *Beginning in FY 2016, remaining need is calculated based on students with remaining need only.
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Average time to degree for resident students who received financial aid:
4.1 years at CU Boulder 4.8 years at UCCS 5.1 years at CU Denver
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low and middle income students.
CU Boulder 39%, UCCS 14%, CU Denver 12%
By campus: CU Boulder 39%, UCCS 36%, CU Denver 40%
approximately 8 percentage points lower than the national and statewide average.