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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 - PowerPoint PPT Presentation
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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
Work Study Earnings
Parent Loans
Student Loans
Grants
$46
$161
$1,691
$1,502
Grants*, Loans, and Work-Study Earnings Received by Minnesota Undergraduates
Fiscal Year 2011, in millions
Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey
Please note: Amounts include aid from federal, state, institutional and private sources
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
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Institutional Grants and Pell Grants were the largest sources of grants
Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey
Other Grants
Private Grants
Institution Grants
Federal Agency Grants
Federal ACG Grants
Federal SMART Grants
Federal SEOG Grants
Federal Pell Grants
Local & State Agency Grants
MN Safety Officer Survivors
MN Post-Sec. Child Care
MN Achieve Scholarships
MN Indian Scholarships
MN GI Bill
MN State Grants
$0.6
$68.2
$660.9
$21.8
$10.4
$8.0
$21.2
$512.7
$68.1
$0.1
$6.5
$1.2
$1.8
$0.6
$119.8
Millions
Sta
teF
eder
alO
ther
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
2001 2003 2005 2007 2009 2011
$205$251
$303$347
$435
$541
$50 $64 $74 $90$124 $136
Private Four-Year Public Four-Year
Total amounts for each fiscal year, in millions
8
Federal Student Loans are much larger than other sources
Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey
Other Loans
Private Loans
Institution Loans
Federal Agency Loans
Federal PLUS
Federal Perkins Loans
Federal Stafford Direct Loans
MN SELF Loans
$5
$167
$2
$1
$161
$17
$1,428
$70
Millions
Sta
teF
ed-
eral
Oth
er
9
Undergraduate borrowing continued to increase
Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey
2001 2003 2005 2007 2009 2011
$83 $95 $119 $122 $112$70
$443
$605$687
$740
$1,213
$1,445
$3 $1 $3 $5 $9 $2$26$76
$140$214 $201 $172
State LoansFederal Student LoansInstitution LoansPrivate and Other Loans
Fiscal Year
Mill
ions
10Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey
2001 2003 2005 2007 2009 20110
50
100
150
200
Fiscal Year
Rate
of i
ncre
ase
sinc
e 20
01
Rate of Increase Since 2001Total amount borrowed
State University tuition and feesPublic 2-Year tuition and fees
Private College tuition and feesMinnesota personal income per capita
University of MN tuition and fees
Total grants
Consumer Price Index
Borrowing increased faster than tuition, income, or inflation
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Work-Study
• Federal Work-Study• 15,000 students• $26 million in earnings
• State Work-Study• 10,700 students• $20 million in earnings
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Web page:
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More information:
• Web page• Information by sector and institution• http://www.ohe.state.mn.us/sPagesOHE/FAA.cfm
• Tricia Grimes• [email protected]• 651-259-3964