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Financial Aid Awarded, 2011

Financial Aid Awarded, 2011. Undergraduates Attending Minnesota Institutions. November 1, 2012. Thank you for providing the data!. Data on grants and loans from all sources: federal, state, institutional, private and other Data provided by each campus, plus

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Financial Aid Awarded, 2011

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  1. Financial Aid Awarded, 2011 Undergraduates Attending Minnesota Institutions November 1, 2012

  2. Thank you for providing the data! • Data on grants and loans from all sources: federal, state, institutional, private and other • Data provided by each campus, plus • OHE uses data from the programs it runs

  3. Total of $3.4 billion in 2010-11 Please note: Amounts include aid from federal, state, institutional and private sources Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

  4. Changes in federal aid 2008-09 to 2010-11 • Federal stimulus bill in 2009 included a $500 increase in the maximum Pell Grant for 2009-10 and 2010-11 • Availability of private student loans declined • Tightening of credit in the overall economy • Changes in federal requirements • Disclosures • Preferred Lender requirement • Change to Direct Loans • 2008 increase in Stafford Loan annual borrowing limit

  5. Enrollment increased • Headcount enrollment increased 8% from 2008-09 to 2010-11 • More students enrolled due to the recession and period of slow economic growth • Total headcount in Fall 2010 – 308,700 • 83% were MN residents

  6. Institutional Grants and Pell Grants were the largest sources of grants Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

  7. Much of the increase in institutional and private grants occurred at private colleges and universities Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

  8. Federal Student Loans are much larger than other sources Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

  9. Undergraduate borrowing continued to increase Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

  10. Total amount borrowed Rate of Increase Since 2001 Total grants Borrowing increased faster than tuition, income, or inflation University of MN tuition and fees State University tuition and fees Public 2-Year tuition and fees Private College tuition and fees Minnesota personal income per capita Consumer Price Index Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

  11. Work-Study • Federal Work-Study • 15,000 students • $26 million in earnings • State Work-Study • 10,700 students • $20 million in earnings

  12. Web page:

  13. More information: • Web page • Information by sector and institution • http://www.ohe.state.mn.us/sPagesOHE/FAA.cfm • Tricia Grimes • Tricia.Grimes@state.mn.us • 651-259-3964

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