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Financial Aid at UTSA

Financial Aid at UTSA. Tuition and Fee Proposal Committee November 20 , 2013. Types of Financial Aid. Grants – free money, students do not have to pay back, typically require a student to demonstrate need (from FAFSA results)

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Financial Aid at UTSA

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  1. Financial Aid at UTSA Tuition and Fee Proposal Committee November 20, 2013

  2. Types of Financial Aid • Grants – free money, students do not have to pay back, typically require a student to demonstrate need (from FAFSA results) • Scholarships – free money, merit based, normally requires an additional application, some may be need-based or preferred • Work-Study – students work up to 19 hours per week in offices across campus • Student loans – money students must repay after they graduate, students and parents can borrow

  3. Federal Grants • PELL Grant – if eligible, student is entitled, no set allocation to school, student must demonstrate high need – 12,392 students at $47 million • SEOG Grant - $0 EFC, PELL eligible, very limited allocation, cannot serve all students who are eligible – 613 students at $730,862 • TEACH Grant – provided to education majors at Junior/Senior level. Must be repaid as an unsubsidized Stafford if the student doesn’t complete the teaching commitment required – 257 students at $699,599

  4. State Grants • Texas Grant – new priority model for 2013-14. Received a $6 million cut to the program 2 years ago – must cover T&F for any student who receives TX Grant, additional academic progress requirements after 2nd year – 3904 students at $17 million • Reduction in allocation and request from THECB to have an average $5000 award. Change in formula for awarding • Tuition/Fees minus PELL = Texas Grant • 8900 – 5550 = 3350 • Allowed us to award all eligible students who met the priority deadline of March 15th

  5. Institutional Grants • TPEG Grant – Statutory Set Aside – 15% of revenue – need-based grant – allocations by groups (resident, non-resident, undergraduate, graduate) – 3831 students at $4.8 million • UTSA Grant – Designated Set Aside – 15% over and above $46 tuition rate – all TX resident, undergraduate and graduate allocations – 5196 students at $8 million

  6. State Scholarships • Top 10% - students who are ranked in Top 10% of class, require $1 of need, funding reduced for this biennium, reduced award to $1500 and can only provide scholarships to 1st priority group – 518 students at $1 million

  7. Institutional Scholarships • Designated Set Asides - Rising Roadrunner Scholarship/Freshmen, Phi Theta Cappa Scholarship/transfers – 117 students at $117,000 • Roadrunner Scholarship – discontinued after 12/13 – 936 students at $934,0000 • Stipends and Tuition/Fee Payments • Endowed – donor scholarships, funded each year from interest earned – chosen by UTSA, many in colleges or departments or general scholarships – Ex. McKinney Distinguished Scholarship – 503 students at $1.3 million • Private/Annual – donor scholarships, funded annually – chosen by UTSA, many in colleges or departments or general scholarships – 617 students at $1.1 million

  8. Outside/Private Scholarships • Scholarships received by UTSA students – chosen by organization – 2130 students at $4.5 million • Outside Miscellaneous Scholarships – students obtain scholarships on their own, organizations send UTSA check on behalf of student • Terry Foundation Scholarship • DD Hachar Scholarships • Baumberger Scholarship • San Antonio Educational Partnership

  9. Work-Study • Federal Work Study – allocation has reduced each year for the past several years including this year due to sequestration, must demonstrate need – 309 students at $926,677 • State Work Study – minimal allocation from state to supplement federal amount, must demonstrate need – 94 students at $150,599 • Institutional Work Study – from designated set asides, currently at $1.4 million per year, must demonstrate need and be Texas resident, this funds a portion of fall/spring and all of summer – 782 students at $1.4 million

  10. Federal Student Loans • Subsidized Stafford – available to undergraduates, annual limits based on grade level, aggregate limits based on dependent or independent status, goes into repayment 6 months after graduation or no longer enrolled half-time, must demonstrate need • Unsubsidized Stafford – available to undergraduates and graduates, annual limits based on grade level and dependent vs. independent status, aggregate limits as well, goes into repayment 6 months after graduation or no longer enrolled half-time, begins accruing interest at disbursement, no need requirement • Total – 17,672 awards at $133 million

  11. Federal Stafford Student Loans

  12. Federal Student Loans • Perkins Loan – very limited pool of funds ($300,000 per year to approximately 150 students), must demonstrate need, available to undergraduates and graduates, 5% interest rate, goes into repayment 9 months after graduation, may be forgiven in some cases • Parent PLUS Loan – no need requirement, parents must past a credit check to qualify, goes into repayment within 30-60 days of final disbursement for the award year, parents can borrow up to the cost of attendance, if parent is denied, student can borrow the undergraduate independent levels of student loans • Graduate PLUS Loan – no need requirement, student must pass a credit check to qualify • Total PLUS – 1616 awards at $10.3 million

  13. State Student Loans • B-on-Time Student Loans – limited allocation each year, recent changes will reduce even further, UTSA is required to set aside 5% of designated tuition above $46 to program, for next 2 years, new allocation will only provide approximately 65% back to UTSA – 360 students at $2.4 million • Cannot advertise – considered a private loan • Cannot automatically package to new students – they must request the loan • Difficult to award without the ability to auto-package the student

  14. State Student Loans • College Access Loan (CAL) • Considered an alternative loan • Limited allocation each year ($2-3 million) • 5% interest rate • Must have good credit or cosigner with good credit (easier to get than alternative loans) • Cannot advertise or auto-package to students

  15. Alternative Loans • Private Lenders provide loans • Higher interest rates • Required credit checks and/or cosigners • Most don’t start repayment until after graduation • Total Alternative Loans (includes CAL) – 1133 awards at $8.1 million

  16. Awards by Fund Type 2012-13

  17. Awards by Fund Source 2012-13

  18. QUESTIONS

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