1 / 79

2008 CCCU Financial Aid Survey

2008 CCCU Financial Aid Survey. CCCU Financial Aid Administrators Conference January 8-10, 2009 – San Diego, California Dan Nelson: Vice President of Admissions, Financial Aid and Retention, Bethel University Jeff Olson: Director of Financial Aid, Bethel University. Presentation Overview.

sheryl
Download Presentation

2008 CCCU Financial Aid Survey

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. 2008 CCCU Financial Aid Survey CCCU Financial Aid Administrators Conference January 8-10, 2009 – San Diego, California Dan Nelson: Vice President of Admissions, Financial Aid and Retention, Bethel University Jeff Olson: Director of Financial Aid, Bethel University

  2. Presentation Overview • 1. Financial Aid Office Staff • Internal operations • 2. Students/Families • 3. Our Institutions • Financial Health • 4. Government • Compliance

  3. Part 1. Financial Aid Office Staff(Internal Operations) • Demographic Data • Technology • Software • Reporting Relationships • Consultants • Endowed Scholarship • Student Employment

  4. 67 Participants – Dec ‘08

  5. Profile of Responding Schools (see p. 5) • 67 Schools in Cohort • CCCU Members • Yes 92% (62/67) • No 8% (5/67) • NASFAA Members • Yes 92% (62/67) • No 8% (5/67) • 37 Schools have participated in the 5 most recent CCCU Fin Aid surveys • 19 Schools have participated in all 10 CCCU Fin Aid surveys!

  6. Thanks for Your Participation!10 year Club • Anderson University, IN • Bethel University, MN • Bluffton University, OH • Bryan College, TN • Calvin College, MI • Cedarville University, Oh • Colorado Christian University, CO • George Fox University, OR • Houghton College, NY • Huntington University, IN • John Brown University, AR • Judson University, IL • Messiah College, PA • Northwestern College, MN • Roberts Wesleyan College, NY • Tabor College, KS • Taylor University, IN • Westmont College, CA • Wheaton College, IL

  7. 2008 Profile - Regional Distribution (see p. 5)

  8. Highest Degree Offered (see p. 5)

  9. Financial Aid Software: # Schools, Fall ‘08

  10. Financial Aid Software Top 6 Vendors (77%), Dec ‘08 (see p. 5)

  11. Financial Aid Software Satisfaction – 3 year Comparison (see p. 6)

  12. Switching Software Vendors in next 1-3 Years

  13. Electronic Communications (currently using) see pp. 6-9

  14. Electronic Communications (currently using) see pp. 6-9

  15. Financial Aid Reporting Relationships (see p. 16) Where do financial aid offices reside in the school’s organizational structure (67 schools reporting)? • Enrollment Mgmt: 48 (71%) • Business Affairs: 13 (19%) • Academic Affairs: 2 (2%) • Student Affairs: (0) • Advancement: 1 (1%) • Enrollment & Marketing: 1 (1%) • Student Financial Services: 1 (1%) • University Relations: 1 (1%) 2008 CCCU Financial Aid Survey – Dan Nelson, Jeff Olson – Jan. 9, 2009

  16. Consultant or Leveraging Product (see p. 80) 2008 CCCU Financial Aid Survey – Dan Nelson, Jeff Olson – Jan. 9, 2009

  17. Endowed Scholarship Processes (see p. 76) 2008 CCCU Financial Aid Survey – Dan Nelson, Jeff Olson – Jan. 9, 2009

  18. Student Employment Processes Continued (see p. 81) 2008 CCCU Financial Aid Survey – Dan Nelson, Jeff Olson – Jan. 9, 2009

  19. Student Employment Processes (see p. 81) 2008 CCCU Financial Aid Survey – Dan Nelson, Jeff Olson – Jan. 9, 2009

  20. Part 2. Students & Families • Pricing & Budgets • Aid by Category • Gift aid • Loans • Work • Scholarships • Targeted • Academic • Athletic • International Student Aid • Need • Loans (borrowing and debt)

  21. ’08-’09 Dependent Budgets(see pp. 18-19) • Average dependent student budget is $30,671 (range: $21,000 to $47,786). • This is an increase of 5.6% from ’07-’08 (same increase as last year).

  22. Tuition & Fee Changes2007-08 to 2008-09 (see p. 19) • Tuition and Fees at 67 reporting schools increased from an average of $19,851 to $20,916 (5.4%). • Five institutions reported increases of 9% or greater • 19 of 67 (28%) institutions reported increases between 5% and 5.99% • 17 of 67 (25%) institutions reported increases between 6% and 6.99%

  23. ’08-’09 Indirect Budget Items(see p. 20) • Dependent budget estimates for books, supplies, personal and transportation ranged from $2,190 to $6,718. • Average was $3,600 • This is 7.5% greater than ’07-’08

  24. ’07-’08 Total Financial Aid(see p. 21) • Students at 67 reporting institutions received nearly $1.69 billion of financial aid in 2007-08. • $909 million in gift aid • $579 million in student loans • $151 million in PLUS loans • $51 million in employment

  25. ’07-’08 Average Financial Aid(see pp. 22-25)

  26. ’07-’08 Institutional Gift Aid Per Enrolled Student (see pp. 26-31)

  27. Targeted Scholarships (see pp. 66-69)

  28. Targeted Scholarships Continued (see pp. 66-69)

  29. National Merit Scholarship Program Participants (see p. 70) • Asbury • Bethel U. • Calvin • Cedarville • Columbia Intl. • Geneva • George Fox • Gordon • Grace (IN) • ORU • Roberts Wesleyan • SPU • SE U of FL • Taylor • Union • Westmont • Wheaton • Greenville • Houghton • Huntington • Indiana Wesleyan • LeTourneau • Messiah • Nyack • OK Christian

  30. National Merit Scholarship Program Continued (p. 70) • 25 of 67 responding schools participate (37%) • Of these 25 schools, 18 offer additional ICGA to Merit Scholars above the normal package (72%) • Average extra ICGA from these schools to Merit Scholars is $8,261 (range $750 to $21,000)

  31. Academic Scholarship Criteria (see pp.72-73)

  32. Academic Scholarships for Entering New Students - Fall ’08 (see p.74)

  33. Academic Scholarships for Entering New Students (see p.75)

  34. Academic Scholarships for Entering New Students - Fall ’08 (see p.74)

  35. Athletic Divisions (see p. 89)

  36. Athletic Scholarships (see pp.90-91,93) • School specific data is included on your CD • NAIA-1 Summary by sport information is found on handout page 90 • NAIA-2 Summary by sport information is found on handout page 91 • No schools reported NCAA-1 scholarship data • 2 schools reported NCAA-2 scholarship data (data sent directly to these 2 schools) • See comments on page 93 regarding impact of athletic recruitment on non-athletic recruitment

  37. Gift Aid Bias for Student AthletesCCCU – NCAA III Schools

  38. Gift Aid Bias for Student AthletesCCCU – NCAA III Schools

  39. International Student Aid (see p. 79) • 58 of 67 reporting schools give ICGA to international students (87%) • 8 schools report over 5% of their enrollment is international students • Institutional spending for international students ranges from $4,000 to $2.96 million • Average ICGA ranges from $1,932 to $38,561 (median award equals $9,258)

  40. International Student Aid (see p.79)

  41. ’07-’08 Needy/Not Needy(see pp. 50-51) • 68% percent of students at 54 responding schools were needy (range: 89% to 42%). • Total gift aid to needy students = $595 million • Average gift aid per needy student = $10,921

  42. ’07-’08 Needy Students(see p. 51) • The average needy student at responding schools had demonstrated need of $20,651 in 2007-08 (range: $13,163 to $29,754)* • On average, responding schools meet 53.1% of need with gift aid (range: 34% to 83%) • 32/51 (63%) of responding schools meet between 44% and 64% of need with gift aid * Handout has erroneous data from TIU

  43. Loans ’07-’08 (see pp. 41-43) • 66 survey respondents reported $723 million in total borrowing • Of this $151 million was PLUS loans • Total PLUS borrowing exceeded $5 million at 7 schools • Average PLUS per enrolled student was $1,324 • Average amount borrowed per enrolled student was $7,043

  44. Loans as Percent of Tuition & Fee Revenue (see p. 44) • Recorded loans (including PLUS) exceed 50% of tuition and fee revenue at 15 of 66 reporting schools (23%) • Loans are less than 30% of tuition and fee revenue at 12 of 66 schools (18%) • The median percentage is 39.6%

  45. Average Student Loan Debt (see pp. 45-47) • On average 76% of Spring ’08 graduates at 62 responding schools borrowed student loans (range: 31% to 98%). • Their average debt was $24,530 (range: $14,153 to $42,375). • 45 of 62 (73%) of responding schools had average debts ranging from $19,000 to $30,000 • Average debt equaled 131% of 2007-08 tuition and fees at each student’s school (range: 75% to 259%).

  46. Part 3. Our Institutions(Financial Health) • Enrollment • Tuition & Fee Revenue • Percent IGA funded • Discount Rates • Wealth Index • Awarding Philosophy • Preferential Packaging • Response to Demographics

  47. 2007-08 Enrollment (see p. 4) • Of the 67 respondents: • 51 (76%) report non-traditional undergrads • 59 (88%) report graduate students • Total F'07 undergraduate enrollment in traditional programs was over 99,000 (for the 67 reporting schools). • Total year grad and undergrad enrollment was 201,377 (as reported on FISAP)

  48. Tuition and Fee Revenue (see p. 17) • The 66 responding schools reported ’07-’08 tuition & fee revenue of $2.344 Billion • Extrapolating to the entire CCCU membership, tuition revenue at CCCU schools exceeds $3 Billion annually • 9.2% of tuition comes from non-traditional undergrads (8.5% in ’06-’07; 9.2% in ‘05-’06) • 11.2% of tuition is from graduate students (10.5% in ‘06-07; 9.5% in ’05-’06) • The percent of tuition from traditional undergrads decreased from 81.3% in ’05-’06; to 81.0% in ’06-’07; to 79.6% in ‘07-’08

  49. Percentage of Institutional Gift Aid (IGA) that is “funded” (see p. 32) • The typical (median) school reports that 5.3% of institutional gift aid (not including tuition remission) has a specific funding source (endowed or restricted). • 5 schools report that over 20% of IGA is funded. • 8 schools report between 10-20% of IGA is funded • 16 schools report that less than 3% of IGA is funded

  50. Unfunded "Unrestricted Institutional gift aid" divided by "tuition and fee revenue" NACUBO (Unrestricted institutional gift aid + endowed + restricted) divided by "tuition and fee revenue" Neither calculation includes employee tuition remissions Discount Rate Calculation

More Related