1 / 28

Wright State University Strategic Enrollment Management Financial Aid Program Overview

Wright State University Strategic Enrollment Management Financial Aid Program Overview B. Enrollment Management- Our Future Direction Prepared for: Wright State University Faculty Senate By: Enrollment Management Division February, 2008 .

brit
Download Presentation

Wright State University Strategic Enrollment Management Financial Aid Program Overview

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Wright State University Strategic Enrollment Management Financial Aid Program Overview B. Enrollment Management- Our Future Direction Prepared for: Wright State University Faculty Senate By: Enrollment Management Division February, 2008

  2. APS-Academic Performance Scholarships for Incoming Students (Merit Based) Breakpoint: Statistical term referring to a point that causes a change. For enrollment management, breakpoints for different variable measures their impact on enrollment or persistence (retention). Cost of Attendance: The student budget, minimally including tuition, fees, room and board (or living allowance), books and supplies, transportation, personal and miscellaneous expenses. Expected Family Contribution: The figure calculated by a federal formula after the FAFSA is completed. FAFSA: The federal form used to determine eligibility for financial aid. Financial Need: Cost of Attendance minus Expected Family Contribution. Gift Aid: Financial aid from federal, state, and institution sources that does not have to be paid back or earned. Grants: Form of gift aid normally awarded based upon the student’s financial need. Scholarships: Form of gift aid normally awarded based upon merit. Enrollment Management Terms

  3. During the Fall 2006, a total of 35,000 first-year students survey responses were analyzed for the top factors influencing their college enrollment decisions. Three factors consistently emerged as the most important factors to students: The Cost of Attending the Institution Financial Aid Academic Reputation Financial Aid joined cost of attendance at the very top of the enrollment factors. Clearly, economic issues—how much will their education cost, and how they will pay for it—weigh heavily on the minds of students as they make their college choice. Introduction:Why Did They Enroll?The Factors Influencing College Choice

  4. The Factors Influencing College Choice

  5. Statistics for 2005

  6. State University Tuition at Neighbor States2007-08 Tuition Undergraduate Rates

  7. Growth in Unduplicated Number of Financial Aid Recipients 2. Total Gift Aid Dollars vs. Loan Dollars Awarded Annually 3. Total University Funded Gift Aid Dollars by Source 4. Distribution of WSU Gift Aid Dollars A. Financial Aid Program Overview

  8. Growth in Unduplicated Number of Financial Aid Recipients

  9. Tuition Cost 2004-05 to 2008-09 UndergradGraduate Resident / Non-Res. Resident / Non-Res. 04-05 $2,159 / $4,164 $2,884 / $4,889 05-06 $2,288 / $4,413 $3,057 / $5,182 06-07 $2,426 / $4,668 $3,240 / $5,482 07-08 $2,426 / $4,668 $3,369 / $5,701 08-09 $2,426 / $4,668 ? / ? Room & Board Fees 2004-05 to 2008-09 Room Board Total 04-05 $1,363 $560 $1,923 05-06 $1,403 $600 $2,003 06-07 $1,473 $700 $2,173 07-08 $1,517 $760 $2,277 08-09 $1,563 $797 $2,360 WSU Cost Trends

  10. Total Gift Aid Dollars vs. Loan Dollars Awarded Annually Funds in Millions of Dollars

  11. Undergrad Grad Med Class of 2005 $11,842 $22,562 $121,306 Class of 2006 $12,992 $22,468 $135,749 Class of 2007 $13,021 $23,553 $139,649 History of Average Loan Indebtedness

  12. Total University Funded Scholarship Dollars by Source

  13. Academic Performance Scholarship Statistics for Incoming Students

  14. Environmental Scanning-Maintaining Competitive Balance with the IUC Schools Development of a Strategic Planning Model and Timeline to Maintain/Enhance our Competitive Position Need-Based Grant Funding Augmentation Directed Funding for Continuing, Transfer, and Adult Students Supplemental Funding for Selected APS Programs Added Funds for existing Continuing Enrollment Loan Program and Need-Based Loan Program Develop Enrollment Management Aid Strategies that Reflect Current State Funding Initiatives and Demographic Changes in the Region and the State Marketing Recruitment Retention Data-Driven Models B. Enrollment Management- Our Future Direction

  15. Support the Governor’s Goal of Increasing the Number of Ohioans with a College Degree by 230,000 in 10 Years. Increase the Ohio Graduation Rates Among Those who Start College by 20%. Help Meet the State of Ohio Enrollment Goals for STEMM Students, Adult learners and Undergraduate Students. 4. Help to Educate the 54 Million Adult Workers with No College Degree Needed for the U.S. to Remain Competitive. Will Wright State Be Successful in Implementing a Plan to Manage These Changes? Looking at the Challenges Ahead….

  16. Start from Where We Are– Using a Financial Aid Leveraging Model. How we need to determine breakpoints in aid that make it easier or more difficult for students to enroll or persist. 2. Develop Data Driven Models– To identify the Breakpoints Models 3. Track Everything that Moves– To determine the key Financial Metrics in several areas: Pricing, Financial Aid Policy, Marketing and Recruiting, Retention. 4. Establish Clear and Realistic Objectives– To make certain that objectives are clearly stated, are based in research and are achievable. Where To From Here– The Process

  17. APPENDIX

  18. Total Gift Aid Dollars and Loan Dollars Awarded Annually

  19. Distribution of WSU Gift Aid Dollars2006-07 Academic Year

  20. Distribution of WSU Gift Aid DollarsContinued

  21. Distribution of WSU Gift Aid DollarsContinued

  22. Parent Income--------------------------------------------$66,954 Student Income-------------------------------------------$ 2,029 Family Size---------------------------------------------------------3 Number in College------------------------------------------------1 Expected Family Contribution-------------------------$ 7,852 Cost of Attendance--------------------------------------$22,056 Less: Expected Family Contribution----------------$ 7,852 Computed Financial Need-----------------------------$14,204 State OCOG Award---------------------------------------------$0 Federal Pell Grant Award--------------------------------------$0 Federal Stafford Loan Award---------------------------$ 3,500 Federal Plus Award (To Parents)---------------------$10,704 Case Study One:An Ohio resident student, incoming student, direct from high school who plans to live in University housing at Wright State:

  23. Parent Income--------------------------------------------$66,954 Student Income-------------------------------------------$ 2,029 Family Size---------------------------------------------------------3 Number in College------------------------------------------------1 Expected Family Contribution-------------------------$ 7,852 Cost of Attendance--------------------------------------$10,098 Less: Expected Family Contribution----------------$ 7,852 Computed Financial Need-----------------------------$ 2,246 Case Study Two:An Ohio resident student, incoming student, direct from high school who will live at home while attending Clark State Community College (same student as in Case Study One):

  24. Parent Income--------------------------------------------$66,954 Student Income-------------------------------------------$ 2,029 Family Size---------------------------------------------------------3 Number in College------------------------------------------------1 Expected Family Contribution-------------------------$ 7,852 Cost of Attendance--------------------------------------$14,665 Less: Expected Family Contribution----------------$ 7,852 Computed Financial Need-----------------------------$ 6,814 State OCOG Award---------------------------------------------$0 Federal Pell Grant Award--------------------------------------$0 Federal Stafford Loan Award---------------------------$ 3,500 Federal Plus Award (To Parents)----------------------$ 3,314 Case Study Three:An Ohio resident student, incoming student, direct from high school who plans to commute from home while attending Wright State:

  25. Alternative Loans Processed 12/12/04--------------609 Alternative Loans Processed 12/12/06--------------973 Increase in Number Processed------------------------60% Dollar Volume of Alternative Loans 12/12/04-----$4.78 million Dollar Volume of Alternative Loans 12/12/06-----$8.93 million Increase in Dollar Volume-------------------------------87% Growth in Alternative Loan ProgramsWright State University

  26. Yield and Retention Rates for the WSU Academic Performance Scholarships are directly tied to maximum scholarship levels. Retention Rates are in the 80% Range. Yield rates for the WSU Continuing Enrollment Loan are in the 75-80% Range with retention rates in the 90% Range. Need-Based Aid Award yield rates are in the 60%+ Range. B. Impact of WSU Funded Aid Programs on Student Recruitment and Retention

  27. Undergraduate Students- 2,317 undergrads borrowed $33,187,671 for average of $14,324 Graduate Students- 519 grad students borrowed $33,088,520 for average of $25,219 Stafford Loan BorrowingStudents Graduating During 2006-07 Academic Year

  28. KISS Strategy: Keep It Simple for Students/Staff Focus APS Scholarships on Targeted Populations Emphasize A- and B+ Students (ACT 23/24)- $433,000 Expand Scholarships for Continuing, Transfer, and Adult Students Modify Val/Sal Scholarships Expand Need-Based Grant Program and Reduce Loan Commitments- (Reduce Unmet Need) Move WSU Continuing Enrollment Loan Funding into Existing WSU Need-Based Loan- ($1,500,000 in 06-07) Recommendations for Undergraduate Financial Aid Modifications

More Related