Student Debt at Ferris Background, Analysis, Progress and Action - - PowerPoint PPT Presentation

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Student Debt at Ferris Background, Analysis, Progress and Action - - PowerPoint PPT Presentation

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Student Debt at Ferris Background, Analysis, Progress and Action Strategic Planning and Resource Council April 12, 2016 Thank you for taking time to review and consider this update on our efforts for student debt presented at the Strategic

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SLIDE 1

Background, Analysis, Progress and Action Strategic Planning and Resource Council

April 12, 2016

David L. Eisler, President Sally DePew, Director, Budgetary Planning and Analysis

Student Debt at Ferris

Thank you for taking time to review and consider this update

  • n our efforts for student debt presented at the Strategic

Planning and Resource Council (SPARC) meeting on April 12, 2016. I have annotated these slides with comments using the Adobe sticky note function. If you will save this file to your computer and open it with an Adobe product, clicking

  • n the yellow squares with the balloons inside will open a

comment box. As always I would appreciate hearing from you, please write me at eislerd@ferris.edu

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SLIDE 2

FSU Average Student Debt Trend

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Bachelor Bachelor Initial 2012

Bachelor Degree Recipients

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SLIDE 3

National Data Average Student Debt Over Time

$9,450 $12,850 $17,550 $18,750 $23,450 $29,400 $28,950 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 1993 1996 2000 2004 2008 2012 2014

Thousands of dollars Figures are for graduating seniors with loans

Source – Institute for College Access & Success, 2014

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SLIDE 4

National Data Percent of Graduating Seniors with Loans

47% 59% 64% 65% 68% 71% 69% 0% 10% 20% 30% 40% 50% 60% 70% 80% 1993 1996 2000 2004 2008 2012 2014

Source – Institute for College Access & Success, 2014

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SLIDE 5

Michigan Public University Average Debt of Graduates with Debt And Proportion of Graduates with Debt

2013-14

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Avg Debt Graduates with Debt

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SLIDE 6

Increase Student Financial Literacy

  • Financial Aid Website
  • Parent\Student Sessions at Orientation
  • Information Sessions on Campus
  • Financial Literacy Counselors
  • Money Smart Week
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SLIDE 7

Student Debt Education Campaign

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SLIDE 8

Four Strategies for Success

  • Contain Costs
  • Raise Institutional Financial Aid Support
  • Double the Scholarship Base
  • Reduce Time to Degree by One Year
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SLIDE 9

Ferris State University Resident Undergraduate Tuition

Annual Increase for 1st Credit - FY 2009 to FY 2016

3.52% 1.89% 4.44% 6.38% 5.33% 4.75% 5.14% 2.59% 2.24% 2.58% 2.65%

Average 3.77%

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SLIDE 10

Four Strategies for Success

  • Contain Costs
  • Raise Institutional Financial Aid Support
  • Double the Scholarship Base
  • Reduce Time to Degree by One Year
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SLIDE 11

FSU Change in Institutional Aid 2008-09 to 2015-16

$13.0 $14.7 $16.3 $16.9 $17.8 $18.4 $21.0 $22.7 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

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SLIDE 12

Michigan Public University Financial Aid % of General Fund Spending

2012-13 and 2014-15

6.5% 8.4% 9.8% 9.5% 10.5% 11.0% 11.4% 11.0% 10.8% 12.2% 12.6% 14.3% 12.9% 13.2% 13.4% 17.0% 6.7% 7.8% 9.9% 10.1% 10.5% 10.7% 12.2% 12.2% 12.7% 13.3% 14.2% 14.3% 14.5% 14.6% 15.5% 18.2% 2012-13 2014-15

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SLIDE 13

Strategies for Success

  • Contain Costs
  • Raise Institutional Financial Aid Support
  • Double the Scholarship Base
  • Reduce Time to Degree by One Year
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SLIDE 14

Donor Scholarships – 2013 and 2015

  • Endowed Scholarships

2013 - 232 scholarships

  • $548,220 awarded

2015 – 261 scholarships (586 recipients)

  • $814,845 awarded
  • Annual Scholarships

2013 - 345 scholarships

  • $408,000 awarded

2015 – 313 scholarships (318 recipients)

  • $636,903 awarded
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SLIDE 15

Strategies for Success

  • Contain Costs
  • Raise Institutional Financial Aid Support
  • Double the Scholarship Base
  • Make a Ferris Education More Affordable
  • Reduce Time to Degree by One Year
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SLIDE 16

Cost of Attendance and Net Price

Calculation of Net Price Direct Costs (tuition, fees, room, board) Indirect Costs (books, supplies, transportation, personal) Cost of Attendance Grants and Scholarships Net Price (Actual cost student pays)

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SLIDE 17

MPU Cost of Attendance

Resident, On-Campus Student

2008-09 to 2013-14

13.1% 13.2% 13.7% 13.8% 15.4% 16.8% 16.9% 18.7% 18.9% 19.0% 20.2% 21.5% 22.7% 23.7% 26.3% 32.6% FSU CMU WMU EMU UMA NMU UMF LSSU OAK Average MTU GVSU UMD MSU SVSU WSU

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SLIDE 18

Ferris State University

Net Price Change FY 2008-09 to FY 2013-14 By Family Income

$0 - $30,000

  • 35.32%

$30,001-$48,000

  • 23.24%

$48,001-$75,000

  • 10.08%

$75,001-$110,000

  • 0.04%

$110,001 and up 2.17%

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SLIDE 19

MPU Change in Average Composite Net Price

2008-09 to 2013-14

  • 14.1% -12.3%
  • 6.1%
  • 4.3%

0.6% 1.2% 1.3% 2.7% 2.7% 4.5% 14.3% 15.9% 18.9% 19.2% 22.1% 42.1% LSSU FSU UMA CMU MSU WMU MTU Average GVSU EMU NMU UMF OAK WSU SVSU UMD

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SLIDE 20

MPU Average Net Price 2008-09 Composite Net Price

$8,689 $10,058 $10,147 $10,721 $10,870 $10,972 $12,054 $12,474 $14,183 $14,370 $14,708 $15,285 $15,430 $15,934 $16,888

UMD UMF WSU NMU SVSU OAK LSSU EMU CMU FSU MSU WMU MTU GVSU UMA UMD UMF WSU NMU SVSU OAK LSSU EMU CMU FSU MSU WMU MTU GVSU UMA

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SLIDE 21

MPU Average Net Price 2013-14 Composite Net Price

$10,356 $11,657 $12,095 $12,258 $12,347 $12,602 $13,040 $13,043 $13,269 $13,580 $14,791 $15,464 $15,629 $15,850 $16,370 LSSU UMF WSU NMU UMD FSU EMU OAK SVSU CMU MSU WMU MTU UMA GVSU LSSU UMF WSU NMU UMD FSU EMU OAK SVSU CMU MSU WMU MTU UMA GVSU

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SLIDE 22

Four Strategies for Success

  • Contain Costs
  • Raise Institutional Financial Aid Support
  • Double the Scholarship Base
  • Reduce Time to Degree by One Year
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SLIDE 23

Bachelor Degree Graduates – 2011-12 and 2014-15

352 290 78 44 385 246 82 34 50 100 150 200 250 300 350 400 450 4 or less 5 6 7 or more

Years to Graduate

FTIAC FY12 FTIAC FY15

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SLIDE 24

Bachelor Degree Graduates – 2011-12 and 2014-15

342 313 219 97 362 334 228 115 50 100 150 200 250 300 350 400 4 or less 5 6 7 or more

Years to Graduate

Transfer FY12 Transfer FY15

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SLIDE 25

Bachelor Degree Graduates – 2014-15

$29,992 $37,498 $44,356 $55,167 $16,608 $26,707 $33,498 $40,631 10000 20000 30000 40000 50000 60000 4 or less 5 6 7 or more

Years to Graduate

Avg Ferris Debt; Fed & Priv FTIAC Avg Ferris Debt; Fed & Priv - Transfer

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SLIDE 26

Average Student Debt BS Graduates with Debt

$34,767 $35,468 $35,476 $36,930 $37,325 $35,720 $35,660 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15

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SLIDE 27

FSU Average Student Debt Trend

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Bachelor Bachelor Initial 2012

Bachelor Degree Recipients

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SLIDE 28

Our Goal To not just slow the growth in student debt… …but to reduce the student debt for each and every Ferris State University Graduate.