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Undergraduate finances: Net prices and cumulative borrowing

Undergraduate finances: Net prices and cumulative borrowing. Tricia Grimes Shefali V. Mehta Minnesota Office of Higher Education July 2006 National Association of Student Financial Aid Administrators (NASFAA) Conference, July 5-8, 2006 in Seattle, Washington.

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Undergraduate finances: Net prices and cumulative borrowing

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  1. Undergraduate finances: Net prices and cumulative borrowing Tricia GrimesShefali V. MehtaMinnesota Office of Higher EducationJuly 2006National Association of Student Financial Aid Administrators (NASFAA) Conference, July 5-8, 2006 in Seattle, Washington

  2. The National Postsecondary Student Aid Study (NPSAS) • The national study has provided useful information on how students pay for college since 1986 • The 2004 study provided data for detailed state-level analysis for 12 states • More than 1,000 variables on the financial situation, demographics, performance, and attendance of students • Data was retrieved using the National Center for Education Statistics (NCES) online Data Analysis System (DAS) http://www.nces.ed.gov/dasol Minnesota Office of Higher Education

  3. 12 Oversampled States in the NPSAS Survey Minnesota Office of Higher Education

  4. Undergraduate finances • Today’s presentation will focus on the U.S. and the 12 states with regards to specific aspects of undergraduate finances: • Tuition and required fees • Student budgets (as stated by the institutions) • Net prices: The student budget less the total grants received • Cumulative borrowing: The total amount borrowed in the course of undergraduate study Minnesota Office of Higher Education

  5. Overview of the 12 states Basic demographic information

  6. Enrollment by institutional sector Public 4-year Private not-for-profit 4-year Public 2-year Private for-profit Others or attended more than one school U.S. 30% 13% 40% 8% 9% California 19% 7% 64% - 11% Connecticut 32% 33% 29% - 6% Delaware 36% 17% 42% - 5% Georgia 37% 10% 46% - 7% Illinois 18% 17% 56% - 8% Indiana 48% 17% 30% - 6% Minnesota 33% 17% 43% - 6% Nebraska 36% 27% 29% - 7% New York 30% 33% 32% - 6% Oregon 32% 9% 50% - 8% Tennessee 35% 17% 41% - 7% Texas 29% 8% 53% - 10% Minnesota Office of Higher Education

  7. Percent who applied for aid Minnesota Office of Higher Education

  8. Income distributions by dependent status Income distributions ranked by median Dependent (residents)  Independent (residents) 25th % 50th % 75th % 25th % 50th % 75th % U.S. $32,500 $58,200 $90,000 $12,700 $26,500 $50,100 Minnesota $39,600 $67,800 $93,200 $14,800 $30,700 $55,600 Indiana $42,200 $67,100 $98,600 $11,500 $28,700 $51,200 Connecticut $39,600 $66,500 $94,700 $14,200 $30,800 $62,700 Illinois $36,200 $61,200 $91,500 $13,700 $30,400 $55,100 Tennessee $33,700 $61,000 $85,200 $11,600 $26,600 $53,000 Oregon $35,600 $59,200 $88,600 $9,000 $24,500 $49,900 Delaware $34,000 $58,200 $95,200 $17,400 $32,700 $54,900 Nebraska $37,700 $57,600 $82,500 $12,800 $27,700 $50,200 Texas $29,400 $57,000 $88,800 $11,000 $24,700 $46,200 Georgia $30,400 $55,000 $90,100 $11,300 $24,500 $43,400 California $26,200 $53,600 $89,800 $11,100 $27,400 $56,500 New York $28,300 $51,500 $86,000 $10,900 $24,100 $45,100 Minnesota Office of Higher Education

  9. Median income for dependent, resident students Minnesota Office of Higher Education

  10. Tuition and fees in the 12 states Tuition and fees ranked by median All undergraduates Undergraduates attending full-time, full year 25th % 50th % 75th % 25th % 50th % 75th % U.S. $790 $2,300 $5,400 U.S. $2,800 $4,800 $9,800 Connecticut $1,500 $5,000 $18,000 Connecticut $5,000 $6,800 $24,000 New York $2,300 $4,300 $11,000 New York $4,300 $5,700 $18,000 Minnesota $1,700 $3,400 $5,800 Indiana $3,800 $5,400 $17,000 Nebraska $1,300 $3,100 $4,100 Oregon $4,200 $5,300 $7,000 Indiana $1,300 $3,000 $5,800 Illinois $1,800 $5,000 $11,000 Delaware $1,100 $2,300 $6,600 Minnesota $3,300 $4,400 $7,700 Oregon $650 $1,900 $5,000 Tennessee $3,100 $3,900 $10,000 Tennessee $910 $1,900 $3,900 Nebraska $3,200 $3,800 $9,300 Illinois $630 $1,500 $5,200 Texas $1,700 $3,500 $4,800 Georgia $590 $1,400 $3,100 Georgia $2,600 $3,200 $5,100 Texas $540 $1,100 $3,200 California $550 $2,500 $6,000 California $180 $320 $2,000 Delaware $1,700 $2,200 $6,300 Minnesota Office of Higher Education

  11. Median tuition and fees Minnesota Office of Higher Education

  12. Overall borrowing in the 12 states Ranked by percent who borrowed Percent who borrowed (95% confidence intervals) Total loans (95% confidence intervals) Percent who borrowed Total loans 35% 35% $5,700 $5,900 U.S. 35% $5,800 48% 51% $5,800 $6,400 Minnesota 49% $6,100 43% 48% $4,700 $5,200 Nebraska 46% $5,000 38% 42% $5,700 $6,400 New York 40% $6,000 37% 40% $5,300 $5,900 Indiana 39% $5,600 35% 38% $5,000 $5,400 Tennessee 37% $5,200 33% 36% $5,500 $6,200 Oregon 34% $5,800 32% 36% $6,000 $7,600 Connecticut 34% $6,800 27% 33% $5,000 $6,400 Delaware 30% $5,700 25% 28% $5,600 $6,000 Texas 26% $5,800 23% 27% $5,400 $6,000 Georgia 25% $5,700 23% 27% $5,000 $5,600 Illinois 25% $5,300 14% 17% $5,300 $5,700 California 16% $5,500 Minnesota Office of Higher Education

  13. Net prices in the U.S. and 12 states Undergraduate tuition and fees, students budgets and net prices

  14. Average tuition and fees: All full-time, full year students Connecticut and New York have thehighest average tuition and fees, but they have the largest percent of students enrolled in the private 4-year sector. Minnesota Office of Higher Education

  15. Average student budgets Minnesota Office of Higher Education

  16. Average net prices The average net prices are $2,000-$5,000 lower than the stated prices. Minnesota Office of Higher Education

  17. Net prices for middle- and low-income students attending in their state of residence in the U.S. and 12 states Undergraduate tuition and fees, students budgets and net prices in the public 2-year and public 4-year sectors

  18. Public 4-year tuition and fees: residents Minnesota Office of Higher Education

  19. Public 4-year student budget: residents Minnesota Office of Higher Education

  20. Public 4-year net prices: residents Minnesota Office of Higher Education

  21. Public 2-year tuition and fees: residents Minnesota Office of Higher Education

  22. Public 2-year student budget: residents Minnesota Office of Higher Education

  23. Public 2-year net prices: residents Minnesota Office of Higher Education

  24. Cumulative borrowing in the U.S. and 12 states Cumulative borrowing by graduating seniors

  25. Median cumulative borrowing The cumulative borrowing amounts are similar and all have large confidence intervals. Minnesota Office of Higher Education

  26. Average cumulative borrowing Minnesota Office of Higher Education

  27. Percent of graduating seniors who borrowed Minnesota Office of Higher Education

  28. Retrieving NPSAS Data • Data can be retrieved from the website: http://www.nces.ed.gov/dasol • For tutorials and technical assistance: http://nces.ed.gov/dasol/help/ • For help with tables: http://www.nces.ed.gov/dasol/help/tables.asp Minnesota Office of Higher Education

  29. Contact information For questions or comments, please contact us: Tricia Grimes, Tricia.Grimes@state.mn.us Shefali Mehta, Shefali.Mehta@state.mn.us Minnesota Office of Higher Education

  30. The End Thank you!

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