Applications and Caps Laurie Gavrin SSACI Commission Meeting July 17, 2009 (final)
Caps Setting Process: • Applications • Utilization rates • Methodology • Tuition • Population • Minimum grant now $400 • Optimize grant spending • Budget
Applications Total applications by July 17th • 2008 = 268,184 • 2009 = 328,546 (7/7/09) Difference = 60,362 a 23% increase in applications Clean, on-time applications • 2008 = 167,972 • 2009 = 213,479 (7/7/09) Difference = 45,507 a 27% increase in clean, on-timeapplications Expect: 110,000 students to receive offers in 200990,906 students received offers in 2008
Utilization Rates Most recent rates using 2008-09 EoY #s: HEA = 54.31% FOC = 62.99%21st = 74.34% • Those attending may go part-time, but not necessarily -- this year’s group of ten year rule students succeeded in attending full-time, against expectations. • There are a large number of colleges with programs accommodating “full-time” study in such a way as to allow full-time work, family care.
Tuitions, population Tuitions: • Actual tuition levels used if available, otherwise we estimated 5%. Population: • While there is no way to know what next year’s student population will be, we estimated by using the five year average (excluding this spring) of 4%.
Optimize Spending • Lower O’Bannon caps means more overall resources are needed to cover 21st Century Scholars obligation • Need to move $ from O’Bannon to 21st • Restricted from moving resources from FOC to 21St • To maximize the caps across all programs, payments to students at independent colleges will come from HEA and FOC in a new ratio. • Caps are set with two years’ budgets in mind. The reason for doing this is to prevent having to decrease caps in year two of the biennium.
Budget Carryover from 2008-09: • HEA/FOC:$11.6M21st:$2.4M Appropriations: • HEA:$148.5 M • FOC:$50.6M • 21st:$28.3M Reserve: 3.4% is $13.2M
2009-10 Frank O’Bannon Capspending SSACI Commission Approval Public 4-year college cap: $4,206 Independent college cap: $7,584