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Georgette R. DeVeres Claremont McKenna College CERPP Symposium January 23, 2009

Aid in the Age of Uncertainty Funding Opportunity in Today’s Challenging Economic Environment: A Practitioner’s Viewpoint. Georgette R. DeVeres Claremont McKenna College CERPP Symposium January 23, 2009. Concerns. National Landscape Current Economy Students in current in education pipeline

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Georgette R. DeVeres Claremont McKenna College CERPP Symposium January 23, 2009

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  1. Aid in the Age of UncertaintyFunding Opportunity in Today’s Challenging Economic Environment: A Practitioner’s Viewpoint Georgette R. DeVeres Claremont McKenna College CERPP Symposium January 23, 2009

  2. Concerns • National Landscape • Current Economy • Students in current in education pipeline • Sufficient dollars • Institutions • Enrollment priorities • Institution Cash flow • Family finances • Stabilize current student enrollment

  3. The “Haves & Have-nots” The current economic situation is causing a realignment of the haves and have-nots in higher education. The haves are public universities, community colleges, and highly sought-after private institutions. The have-nots are just about everyone else. Martin Van Der Werf Director, Chronicle Research Services

  4. Student Aid Risks • Do not meet enrollment targets • Federal and State financial aid budget cuts • Academic quality • Fluctuation in family income/resources

  5. Moving Targets • Enrollment • Retention/Attrition • Federal Resources • State Resources • Institutional Resources • Private gifts and endowment earnings • Financial Need

  6. Why does it Matter? • How your institution responds to increasing demand for resources to assure educational opportunity will affect the success of disadvantaged students and, by extension, the overall well-being of the country. • Does your institution’s strategic plan address changing demographics? • Will your mission and/or enrollment objectives change in light of these forecasted changes?

  7. Future Concerns • Access • Students not in educational pipeline • Recruitment programs • Educational preparation • Who will be impacted? • Low-Income and Middle-Income students • Greater financial aid budget pressures • Investment in human capital and educating Americans

  8. Current Financial Aid System • Inadequate funding • Confusing application process • Recruitment challenges • Merit vs. need • Low-Income students • Middle-Income students

  9. Institution-Wide Planning & Action • Changing demographics not simply an issue for financial aid and enrollment managers. • Institutions will need to rethink their missions and markets – whom will they serve and how? • Will the institution survive or thrive? To thrive in the future, institutions must focus on the right issues and have the fortitude to act. • Remember, what’s good for the student will be good for the institution and good for society.

  10. Stimulus Packages • Congressional proposals • Increases to maximum Pell Grant award • Increase student loan maximum • Extended student loan grace period • Long-term vs. Short-term solutions • Advocate • Current students • Future students • Larger financial aid pool

  11. “Out of crisis comes opportunities” Barack Obama

  12. Goals for the Federal Student Aid System The most important purpose of student aid is to expand the educational opportunities available to those young people and adults who face financial barriers to college enrollment and success.

  13. Rethinking Student AidBasic Principles Federal student aid should be: Targeted to those in need Adequately funded Clear, transparent, well-communicated Predictable

  14. Basic Principles (continued) Federal student aid should: Be student focused Support both access and success Use taxpayer funds efficiently

  15. Recommendations Simplify the federal student aid system Improve the federal loan process Develop a federal savings program for low-income families Reward states and institutions that support student success

  16. Simplification: Early Communication • Communicate with families annually about educational opportunity • IRS data to US Dept of Education • Pell Grant award • State grants • Federal loans and tax credits • Average price at public institutions in state • Importance of academic preparation

  17. Support Student Success and Degree Completion Provide incentive grants to colleges and universities Campus-based funds that encourage retention and completion for low- and moderate-income students Allow institutions wide discretion use of funds to encourage student success Require a portion of the funds to support student employment Pilot programs based in a few states or institutions

  18. Proactive • Continue to strengthen early awareness practices • Academic preparation • Financing opportunties • Encourage families from low-income and middle-income back grounds to save for college • Influence public policy • Serve as advocates

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