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FEDERAL STUDENT AID AND COMMUNITY COLLEGE STUDENTS

FEDERAL STUDENT AID AND COMMUNITY COLLEGE STUDENTS. Sandy Baum George Washington University Graduate School of Education and The Urban Institute North Carolina Association of Community College Presidents July 2014. What’s good for community college students and what’s good public policy?.

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FEDERAL STUDENT AID AND COMMUNITY COLLEGE STUDENTS

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  1. FEDERAL STUDENT AID AND COMMUNITY COLLEGE STUDENTS Sandy Baum George Washington University Graduate School of Education and The Urban Institute North Carolina Association of Community College Presidents July 2014

  2. What’s good for community college students and what’s good public policy? • Public policy (equity and efficiency) • Diminishing financial barriers for students with very limited resources • Using public funds to change behaviors and outcomes in socially desirable ways. • Community colleges: • Disadvantaged students making cost effective choices • Students on the margin of enrollment • Need to improve success rates

  3. NET PRICES, ROLE OF LIVING COSTSPublished In-State Tuition & Fees, Net Tuition &Fees, and Room& Boardin 2013 Dollars, Full-Time Undergraduate Students at Public Institutions, 2003-04 to 2013-14 SOURCE: The College Board, Trends in College Pricing 2013, Figure 10. 2013-14: U.S. $3,264; NC: $2,242

  4. Distribution of Pell Grant Funds and Federal Subsidized & Unsubsidized Loan Funds by Sector, 2003-04 to 2012-13 CC: 24% of full-time, 39% of all UGs SOURCE: The College Board, Trends in Student Aid 2013, Figure 8B.

  5. Sources of Undergraduate Grant Aid by Sector, 2012-13

  6. Pell Grants • Simplification --IRS data --Look-up table • Supporting completion --Availability of year-round aid --Funding per credit hour / “Flex Pell” • Providing guidance

  7. Student Loans • Is there a crisis? • About 42% of all students (53% of full-time students) borrow each year. • About 18% of community college students (24% of full-time students) borrow each year. • 39% of community college completers in 2011-12 had borrowed (62% all sectors, 87% for-profit).

  8. Total Amount Borrowed by 2009 by Students Beginning Postsecondary Education in 2003-04, by Degree Attainment Source: Beginning Postsecondary Students Longitudinal Study 2009, Data Lab

  9. Total Education Debt of 2011-12 Associate Degree Completers Source: National Postsecondary Student Aid Study, Data Lab

  10. Distribution of Total Enrollments, 2009-10, Borrowers Entering Repayment in FY 2011, and FY 2011 Two-Year Cohort Default Rate, by Sector SOURCE: The College Board, Trends in Student Aid 2013, Figure 12C.

  11. Two-Year Cohort Default Rates by Sector

  12. Loans • Income-based repayment as the default option • Part-time students • Distribution of subsidies • In-school subsidy • Restricting eligibility

  13. Public Policy • Free community college? • Recent high school graduates (two-thirds of first-year students age 21 or older) • Limited to tuition in excess of federal and state grants • Potential enrollment impact • Simplification • Targeting of subsidies (in-school subsidy) • Progress / completion incentives

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