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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

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

slide2

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

slide3

12 Oversampled States in the NPSAS Survey

Minnesota Office of Higher Education

slide4

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

overview of the 12 states

Overview of the 12 states

Basic demographic information

slide6

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

slide7

Percent who applied for aid

Minnesota Office of Higher Education

income distributions ranked by median

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

slide9

Median income for dependent, resident students

Minnesota Office of Higher Education

tuition and fees ranked by median

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

slide11

Median tuition and fees

Minnesota Office of Higher Education

ranked by percent who borrowed

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

net prices in the u s and 12 states

Net prices in the U.S. and 12 states

Undergraduate tuition and fees, students budgets and net prices

slide14

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

slide15

Average student budgets

Minnesota Office of Higher Education

slide16

Average net prices

The average net prices are $2,000-$5,000 lower than the stated prices.

Minnesota Office of Higher Education

slide17

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

slide18

Public 4-year tuition and fees: residents

Minnesota Office of Higher Education

slide19

Public 4-year student budget: residents

Minnesota Office of Higher Education

slide20

Public 4-year net prices: residents

Minnesota Office of Higher Education

slide21

Public 2-year tuition and fees: residents

Minnesota Office of Higher Education

slide22

Public 2-year student budget: residents

Minnesota Office of Higher Education

slide23

Public 2-year net prices: residents

Minnesota Office of Higher Education

cumulative borrowing in the u s and 12 states

Cumulative borrowing in the U.S. and 12 states

Cumulative borrowing by graduating seniors

slide25

Median cumulative borrowing

The cumulative borrowing amounts are similar and all have large confidence intervals.

Minnesota Office of Higher Education

slide26

Average cumulative borrowing

Minnesota Office of Higher Education

slide27

Percent of graduating seniors who borrowed

Minnesota Office of Higher Education

slide28

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

slide29

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

the end

The End

Thank you!