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University of Missouri Board of Curators Meeting

University of Missouri Board of Curators Meeting. Financial Aid Report January 27, 2011. k. All Financial Aid by Source FY06 & FY10. l. All Financial Aid by Student Level FY06 & FY10. m. Total Undergraduate Financial Aid by Type FY06 & FY10. n.

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University of Missouri Board of Curators Meeting

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  1. University of MissouriBoard of Curators Meeting Financial Aid Report January 27, 2011 k

  2. All Financial Aid by Source FY06 & FY10 l

  3. All Financial Aid by Student Level FY06 & FY10 m

  4. Total Undergraduate Financial Aid by Type FY06 & FY10 n

  5. Example of How Financial Need Is Determined and Aid is Distributed o

  6. How do the campuses approach need-based aid? • All campuses use the federal definition of need, cost of education minus expected family contribution, to determine students that qualify for need-based aid. • All students must complete a Free Application for Federal Student Aid (FAFSA) form in order to determine need. • Neediest students receive greater amounts of gift aid and of student employment opportunities. • Students with low need or no need at all are usually only offered loans. p

  7. How do the campuses approach merit-based aid? • All campuses award merit-based scholarships to new students based on high school class rank and ACT or SAT scores or cumulative grade point average (transfers). • Other merit scholarships are available through academic departments or based on other endowment criteria. q

  8. Financial Aid Status for Full-time Missouri Undergraduates, FY06 - FY10 5 Yr % Change: 12.9% -0.2% 9.0% r

  9. s

  10. Tuition & Required Fees vs. Cost of Attendance & Grant Aid for Full-time Undergraduate Missouri Residents FY2006- FY2010 t

  11. u

  12. Total Grant Aid as % of Educational & Required Fees & % of Total Cost of Attendance by Income Level-FY06 & FY10 v

  13. State Financial Aid Programs w

  14. Impact of Reductions in Bright Flight & Access MO x

  15. y

  16. Average PLUS Loan Awarded to Resident, Full-time, Degree-Seeking Undergraduates by Financial Need FY06 – FY10 z

  17. Student Loan Obligation at Graduation, FY2009 aa

  18. Student Loan Crisis Update • The campus financial aid offices have no indication students are having trouble getting alternative loans. • The problem will not be having enough lenders but having more students who do not meet the credit requirements to receive a loan. • Anecdotal data suggests that Missouri S&T students are being approved for Alternative loans, but the rates are higher, so they are utilizing Stafford and PLUS loans in lieu of the Alternative loans.  bb

  19. State Appropriations, Enrollments and Tuition • State Operating Appropriations • 5.2% Core reduction in FY 2011 • Below FY 2001 • Expected to be lower in FY 2012 • Enrollment • 10-year enrollment growth of 25% • Undergraduate Resident Tuition • 0% increase FY 2010 and 2011 cc

  20. Financial aid for part-time students vs full-time students • Students must be enrolled at least half-time (six credit hours) to be eligible for most federal aid. • There is only one small state program (Marguerite Ross Barnett) that awards aid to part-time students. • Little or no institutional aid is awarded to part-time students. • Missouri S&T makes an exception if the student is enrolled less than full-time during their last semester. dd

  21. Summary • Enrollments at the University of Missouri continue to increase and financial aid trends indicate that students with financial need continue to receive access to the University. • 90% of all UM degree-seeking undergraduates received some type of financial aid in FY 2010. • The total amount of financial aid distributed to all students increased 35% over the past five years and 43% for undergraduates. • Lower income undergraduates continue to receive the largest grant aid awards and yet continue to take out the largest loans and have the largest amount of unmet financial need. • An increasing number of middle and upper income undergraduates rely on need-based aid to finance their education. • The increase in average grant aid has kept pace with the increase in educational and required fees for all but the neediest group of students. ee

  22. Summary (Continued) • The state funded grant aid in 2012 is projected to further decrease because of the lack of backfill from MOHELA. • The University has not been able to and is not planning to offset fully the estimated reduction in the state-funded aid; however, future tuition increases will set aside a portion of the revenue increase for need-based aid. • Many students are already borrowing at their maximum eligibility so for some the level of student borrowing is not likely to increase. • Students and families look for alternative sources of funding, e.g., parent loans (PLUS) or private loans or other sources of funding such as work study. ff

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