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Paying for College

Paying for College. A glimpse into the future WyASFAA Spring 2010 Phil Van Horn. The Economic Environment. Economic Environment Source: Committee for Responsible Federal Budget/ New America Republic. Survey of Parents with pre-college children. Final Data – February 1, 2010

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Paying for College

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  1. Paying for College A glimpse into the future WyASFAA Spring 2010 Phil Van Horn

  2. The Economic Environment

  3. Economic EnvironmentSource: Committee for Responsible Federal Budget/ New America Republic

  4. Survey of Parents with pre-college children • Final Data – February 1, 2010 • n = 764 Parents of a child under 25 • 1. Do you have children in any of the follow age ranges? [multiple response] Base: all adults (n=2,001) • 0 to 5 18% • 6 to 12 16% • 13 to 17 12% • 18 to 24 18% • No children under the age of 25 53% • (Not sure) 2% Source: IPSOS

  5. Parent Survey--continuedSource: IPSOS How likely is it that your child(ren) will go to college? Extremely likely 43% • Very likely 33% • Somewhat likely 15% • Somewhat unlikely 2% • Very unlikely 1% • Extremely unlikely 4% • (Not sure) 3% • Top3Box – Total Likely 91% • Low3Box – Total Unlikely 7%

  6. Parent survey-continuedSource: IPSOS • The cost of college tuition is preventing many young people from having access to a college education: • Agree: 83% • Disagree: 15%

  7. Parent Survey-continued • Confident we will be able to send our children to college: • Yes: 57% • No: 37%

  8. Demographics 2014-Main cohort of boomers starts retiring, leading to • More resources going to health care • Fewer workers in workplace • Further straining state budgets

  9. Sociological Factors • “Dartmouth and Williams announce reversal of ‘no loan’ policies” Inside Higher Ed, 2/9/10 • “Number of 'Hispanic Serving' Colleges Is Expected to grow significantly” TCHE-2/10/10 • “Bigger Tuition Bills and Student Loans Coming in 2011” USN&WR 2/19/10

  10. Other Factors • Tuition and college costs have increased 80% this decade (WSJ-4/6/10) • Arizona legislature not funding grant programs for 2010-2011 (Smart Money, 4/21/10) • ISAC grant applicants up 30%, stopped funding for applicants after March (Smart Money 4/21/10) • FAFSA filings up 58% from 2006 (USDE)

  11. Other Factors (cont) • Pell facing $13 billion annual shortfall • Colorado legislature eyeing video keno to fund higher ed (Denver Post, 4/22/10)

  12. Confront the facts… • Less state support for higher ed… • Less federal support for higher ed… • More students will apply for assistance… • Tuition increases will exacerbate federal grant and loan outlays. . .

  13. Potential consequences • Rationing of all types of assistance • Tuition restrictions • Fewer able to attend • Increased distance learning • Increased gap between degree and non-degree population

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