450 likes | 625 Views
Louisiana Postsecondary Education Review Commission December 14, 2009. Presented By: Melanie Amrhein Executive Director. Student Aid Sources. Federal. State. Institutional. Statutory Bodies Responsible for Student Financial Aid.
E N D
Louisiana Postsecondary Education Review Commission December 14, 2009 Presented By: Melanie Amrhein Executive Director
Student Aid Sources • Federal • State • Institutional
Statutory Bodies Responsible for Student Financial Aid Louisiana Board of Regentsis responsible for the formulation of financial aid policy as it relates to the state’s tuition policy and Master Plan for Higher Education (Act 695 of the 2004 Regular Session of the Louisiana Legislature) Louisiana Student Financial Assistance Commissionadministers assigned state and federal scholarship programs and the Federal Family Education Loan Program (FFELP) within the BOR (Act 409 of the 2009 Regular Session). Composition represents all higher education management boards, the Governor’s Office, Board of Elementary and Secondary Education, Board of Regents, LA Association of Independent Colleges and Universities and the Louisiana banking community. Louisiana Office of Student Financial Assistanceis responsible for performing the functions of all programs assigned its two governing bodies.
History of State Grant Aid in Louisiana 1939 – 2000 T.H. Harris Scholarship 1975 – Present LA LEAP Grant (SSIG) 1989 – 1998 Tuition Assistance Plan (TAP) 1992 – 1998 LA Honor Scholarship 1998 – Present TOPS 2007 – Present LA GO Grant 2007 – Present Early Start (Dual Enrollment)
Louisiana Office of Student Financial AssistancePrograms Administered Programs Currently Funded Type Current Appropriation Type of Program TOPS Taylor Opportunity SGF $107,963,639 Merit Based Aid – Program for Students SD $21,904,501 $1,024,687 LEAP Leveraging SGF Need Based Aid - $445,165 Educational Assistance Fed Partnership SLEAP Special Leveraging SGF Go Grant Match Need Based Aid - Educational Assistance Fed $481,694 Partnership Louisiana Go Grant SGF $34,226,000 Need Based Aid Early Start SGF $6,500,000 Dual Enrollment HCELP Health Care SGF $2,000,000 Loan Forgiveness – Educators Loan Program (MOU with BOR) Rockefeller State Wildlife SD $60,000 Loan Forgiveness Scholarship SGF – State General Fund SD – Statutory Dedication Fed – Federal Funds
Financial Aid Comparisons(Based on 2007-2008 NASSGAP Data) Aid based on Need Aid based on Need and Merit Aid based on Merit Special Purpose
Financial Aid Overview Cost of Attendance (COA) -Expected Family Contribution (EFC) =Financial Need • Aid and Resources = Remaining Financial Need
Financial Aid Overview • Cost of Attendance (COA) – set by school • Tuition and Fees • Books and Supplies • Room and Board • Transportation • Personal Expenses National Average for 4 year public = $17,417 Louisiana Public 4-Year Average = $15,514 National Average for 2 year public = $13,126 Louisiana Public 2-Year Average = $ 9,160
Financial Aid Overview • Expected Family Contribution (EFC) • Ability to Pay • Parent’s Contribution (If Student is Dependent) • Student’s Contribution • Determined by Free Application for Federal Student Aid • Income • Assets • Savings • Family size/Number in college • State of Legal Residence
Financial Aid Overview • Grant Aid and Resources • Need Based Aid – Provides access to postsecondary education to students whose ability to pay is limited • Federal Pell Grant • Federal Academic Competitiveness Grant • Federal SMART Grant • State Grants • Merit Based Aid – Provides a Reward for Talent/ Achievement /Ability/Other Non-Financial Criteria • State Scholarships • Institutional Scholarships • Private Scholarships
Mean $2,873 Median $3,060 Mode $4,310 62,659 Louisiana Undergraduates Received Pell GrantPublic Colleges and Universities (2007-2008) Maximum Pell Grant for the 2007-2008 Award Year was $4,310.
Max Pell Award South Louisiana 4-year Public Nation Pell Grant Maximum Payment and Tuition and Fees Comparison The Nation and South data is enrollment weighted, current dollars tuition and fees for public four-year schools for the nation and College Board southern region respectively. The source of the data is The College Board Annual Survey of Colleges.
Taylor Opportunity Program for Students (TOPS) • Act 1375 of the 1997 Regular Session of the Louisiana Legislature • Merit Based Scholarship Program • Award pays amount equal to public tuition & certain fees
TOPS Paid by School Type (Cumulative as of November 20, 2009) *Total Awards to students since inception, including 23,509 awards in Academic Year 1998-99, 29,120 in 1999-2000, 35,726 in 2000-2001, 40,856 in 2001-2002, 40,114 in 2002-2003, 41,044 in 2003-2004, 42,461 in 2004-2005, 42,503 in 2005-2006, 43,602 in 2006-2007, 42,122 in 2007-2008, 42,164 in 2008-2009, and 41,288 in 2009-2010 as of November 20, 2009. **Includes TOPS Tech Early Start
Growth in TOPS Expenditures and Recipients As of October 30, 2009 $ in Millions Students Note: The 2009-10 Academic Year data shows the amount appropriated and projected to be expended for the year and the number of recipients to date.
2008-2009 TOPS and Go Grant Comparison TOPS 41,664 Students $122,860,288 TOPS and Go Grant 4,898 Students $9,104,871 Go Grant $13,388,118 TOPS Go Grant 16,015 Students $25,901,289
Louisiana Go Grant • Approved in 2007 by Joint Education Committees as part of the State Financial Aid Policy • Need Based Aid Program • Provides supplemental funding to help meet basic college costs
Go Grant Eligible Recipients • Entering first time freshmen and designated re-entering “non-traditional” students (25 or older) were 1st eligible cohort • New first time freshmen cohorts are added annually • 2009-10 marks third year and third cohort
Go Grant Framework • Must receive a Pell Grant • Must be in eligible cohort • Must meet institution’s requirements for Admission and Satisfactory Academic Progress Full-time tuition and mandatory fees + $2000 (Education Cost Allowance) = Louisiana Basic College Cost (LBCC) -Student’s FT Federal Pell Grant Amount = Education Cost Gap (ECG) The ECG was developed as an indicator of a student’s basic financial need.
Go Grant Framework • Prior to 2009-10, students with any ECG above 0 would receive a full award based on enrollment status: • Full Time = $2,000 • Half-time = $1,000 • Part-time = $ 500 The award would then be added to the student’s “Aid and Resources” in their Institutional Cost of Attendance (COA)
Cost of Attendance (COA) Set by each institution for determining federal aid eligibility National Average for 4 year public = $17,417 Louisiana Average for 4 year public = $15,514 National Average for 2 year public = $13,126 Louisiana Average for 2 year public = $ 9,160
Go Grant Revisions • Original projections predicted a needed appropriation of $41,608,000 for 4th year cohort • Funding shortfall occurred in 2008-09 (2nd year) • Due to “level funding” for 3rd year, major changes were made to the program
2009-10 Change to Framework • ECG became the actual award amount (capped at 2000) • Minimum award was set at $200 • Maximum award was set for each enrollment status: • Full-Time Max = $2,000 • Half-time Max = $1,000 • Part-time Max = $ 500
Go Grant Recipients by School Type Data as of 12/3/09
Other Student Aid • Other Federal Grant Programs • Student Loans
Student LoansBorrowing Limits Per Year Dependent Students • Freshmen $3,500 Subsidized $2,000 Unsubsidized • Sophomore $4,500 Subsidized $2,000 Unsubsidized • Other Undergrad $5,500 Subsidized $2,000 Unsubsidized Independent Students Additional $4,000 Unsubsidized
Louisiana Federal Family Education Loan Program (FFELP) and Direct Loan Program 5,723 Loans 8,587 Loans $21,323,217 $31,883,410 179,533 Loans 186,552 Loans $865,627,866 $854,187,337
Nation: 67% of students graduating from four-year colleges and universities had student loan debt with an average debt level of $23,200. • Louisiana: 49% of students graduating from four-year colleges and universities had student loan debt with an average debt level of $17,827. Percentage of 2008 Graduates with Debt and Average Debt Level Source: Student Debt and the Class of 2008, The Project on Student Debt, December 2009. Note: According to the report, these figures may understate average debt levels by as much as $5,000 and the percentage of students with debt by as many as 12 percentage points due to data limitations.
Financial Need Comparisons4-yr Public *EFC = 0 – 4617, student qualifies for Pell Grant of $5350 - $976 **Academic Competitiveness Grant 1st year award = $750, 2nd year award = $1300 Sunsets in academic year 2010-11.
Financial Need Comparison2 Yr Community College *EFC = 0 – 4617 , student qualifies for Pell Grant of $5350 - $976 **Academic Competitiveness Grant 1st year award = $750, 2nd year award = $1300 Sunsets in academic year 2010-11.