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Understanding the Financial Aid Needs of WTCS Students

Understanding the Financial Aid Needs of WTCS Students. Why State Financial Aid is Important. Improved college access Economic growth Of 2009 WTCS graduates: 85% stayed in Wisconsin 86% were employed within 6 months of graduation. Unique Financial Aid Needs of WTCS Students.

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Understanding the Financial Aid Needs of WTCS Students

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  1. Understanding the Financial Aid Needs of WTCS Students

  2. Why State Financial Aid is Important • Improved college access • Economic growth • Of 2009 WTCS graduates: • 85% stayed in Wisconsin • 86% were employed within 6 months of graduation

  3. Unique Financial Aid Needs of WTCS Students • WTCS student population attributes affect financial aid needs: • More time and financial demands • Fewer alternative financial resources • More demands and fewer resources means larger gap between college costs and ability to pay

  4. WTCS Students Face More Demands • Federal rules define students who are considered “independent” for federal financial aid: • At least 24 years old • Married • Have children or dependents other than spouse • Serving on active duty • Veterans

  5. WTCS Financial Aid Applicants Have Fewer Resources • Expected family contribution (EFC) is federally-calculated amount of family resources available to pay for college • 36.3% of WTCS 2008-09 financial aid applications had zero EFC

  6. Fewer Resources & More Need Means Larger Gap • Unmet Need • Gap in costs after taking into account federal and state financial aid plus available family and student resources from savings or earnings • Students have to find way to pay this gap to attend college • 38% of WTCS students’ financial need went unmet in 2008-09

  7. Increasing Demand for Aid

  8. Major 2008-09 State-FundedWTCS Student Aid Programs

  9. WTCS WHEG Shortfall • WTCS WHEG funding has not kept pace with need: • 2009-10: 25,000 students eligible for WTCS WHEG but no funds available • Funds exhausted June 2009 • 2010-11: WTCS WHEG funds exhausted in May 2010 for new academic year • Expect even larger number of students eligible for WHEG award but not receiving one due to lack of funds

  10. Increasing Debt Burden

  11. 2011-13 Financial Aid Budget Request • WHEG - WTCS: • $23.4 million over the biennium • Statutory change to establish link between WTCS WHEG appropriation and annual tuition (program fee) increases • Minority Undergraduate Retention Grant • 10% increase each year • Benefits WTCS, tribal colleges and Wisconsin independent colleges and universities

  12. Questions?

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