student financial aid - resources | michigan state...
TRANSCRIPT
Student Financial Aid at MSURick Shipman
Executive Director of Financial Aidwww.finaid.msu.eduwww.finaid.msu.edu
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Student Financial Aid at MSUWorkload
Function Annual Volume
Phone Calls 67,573
Email 10,447
Walk-Ins 16,962
Manual Processing 49,443
Automated Processing 61,913
Web Hits 4,010,324
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Student Financial Aid at MSU
Topics
What is financial aid and why do we have it?
What does college cost?
What is demonstrated financial need?
What types of aid exist?
Who receives aid and what do they get?
What are the eligibility rules?
How has financial aid changed over time?
Do students borrow too much?
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Student Financial Aid at MSU
What is financial aid and why do we have it?
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Student Financial Aid at MSU
• Financial aid is any scholarship, grant, loan, “in-kind gift” or subsidized employment given to a student to help offset the costs of higher education.
• Financial aid helps shape enrollment
– Diversity, Academics, Athletics, Artistry
• Financial aid enhances affordability
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Student Financial Aid at MSU
How much does college cost?
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Cost of Attendance at MSU
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2015-16 Michigan Resident Undergraduate
2 semesters, 30 credits, no college upcharge
Category Amount
Tuition & Fees $14,386
Room & Board $9,524
Books $1,068
Personal Spending $1,896
Total $26,874
Cost of Attendance at MSU
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Cost of Attendance at MSU
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2015-16 Big Ten Costs
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2015-16 MI 4 Year Public Costs
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Student Financial Aid at MSU
What is demonstrated financial need?
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An Aside for Merit Aid
• Organization membership
• Specific talent
• Academic strength
• Competitions
• Geo-demographics
• Perceived need
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Financial Need Determination
• What is demonstrated financial need
Cost of Attendance
- Expected Family Contribution
= Financial Need
– Costs vary by school
– Expected family contribution is constant
– Need varies by school
– Available aid also varies by school
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Financial Need Examples
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2015-16 Cost of Attendance Lansing
Community College MSU Northwestern Michigan
Tuition & Fees $3,400 $14,334 $49, 047 $14,729
Room & Board $6,120 $9,576 $14,936 $10,554
Books $1,200 $1,068 $1,620 $1,048
Personal expenses $3,330 $1,896 $2,457 $2,354
TOTAL $14,050 $26,874 $68,060 $28,685
Expected Family Contribution $16,000 $16,000 $16,000 $16,000
Financial Need ($1,950) $10,874 $52,060 $12,685
MSU Family Income Profile
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0
200
400
600
800
1,000
1,200
1,400
1,600
2015
Five Year Average
# of Fam
ilies
Distribution represented in 2015 inflation adjusted dollars
MSU Family Need for Gift Aid
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Net Cost Comparisons
19Source: http://bridgemi.com/2015/01/low-income-students-seeing-huge-cost-hikes-at-some-michigan-universities/
Student Financial Aid at MSU
What types of aid exist?
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Types of Aid
• Types of financial aid– Student loans
– Grants/Scholarships (gifts)–based on need/merit*
– Work Study – based on need
– Assistantships, fellowships, sponsorships
– Parent loans
– Tax discounts/credits
*Any MSU funds not paid through payroll are considered student aid by federal rules
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Types of Aid
• Types of financial aid
– Student employment
– $3 million in federal Work-Study
– 1,439 students earned on Work-Study
–On-campus student workers: 19,000
–On-campus student earnings: $50 million
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Sources of Aid by TypeFederal State School Private
Grants or Need-Based Gifts X X X X
Scholarships or Merit-Based Gifts X X X X
Subsidized Student Loans X X
Unsubsidized Student Loans X X X X
Parent Loans X X X
Work-Study X X X
Assistantships X X
Tax Discounts and Credits X X
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Student Financial Aid at MSU
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• Federal aid is very limited– Student Stafford Loan
• $5,500 for freshmen / $31,000 for lifetime
– Perkins Loan (ending by 2017)• $5,500 for undergraduates / $27,500 for lifetime
• MSU annual award amount is $1,000
– Pell Grant - $5,775 / 12 FTE semester limit
– SEOG – limited by funding
– College Work Study – limited by funding
– Parent/Graduate PLUS – no limit but credit check
Student Financial Aid at MSU
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• Student Stafford Loan
Student Financial Aid at MSU
Who receives aid and what do they get?
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MSU Students with Aid
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First - Without Aid
Item Value
Cost of Attendance $26,874
Parent/Family Help $5,000
Remaining Need $21,874
Work (25 hrs @$8.50 @9 mos) $7,438
Remaining Need $14,436
????
MSU Students with Aid
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Federal Aid Only
MSU Students with Aid
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Federal & MSU Aid
MSU Students with Aid
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0
10000
20000
30000
40000
50000
60000
Have Aid No Aid
MSU Aid Recipients by Level
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0
10000
20000
30000
40000
50000
60000
Enrolled Aid Recipients
Medical (88%) Graduate (65%) Undergraduate (63%)
MSU Aid Recipients by Residency
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0
10000
20000
30000
40000
50000
60000
Enrolled Aid Recipients
International (28%) Out of State (72%) Instate (71%)
All Aid for All Students
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Total = $658,221,675
$3,156,706
$324,748,209
$77,893,708
$120,197,001
$132,226,051 Work Study
Student Loan
Parent Loan
Need Based Grants
Merit Based Grants
Paid Aid at MSU
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$-
$100
$200
$300
$400
$500
$600
$700
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Mill
ion
s
Private
MSU
Federal
State of MI
All Aid for Undergraduates
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$3,154,322
$160,980,247
$77,893,708
$115,933,475
$91,687,649
Work Study (1%)
Student Loan (36%)
Parent Loan (17%)
Need Based Grants (26%)
Merit Based Grants (20%)
Total = $449,649,401
All Aid for Graduate/Professional
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$163,767,962
$4,263,526
$40,538,401
Student Loan (79%)
Need Based Grants (2%)
Merit Based Grants (19%)
Total = $208,569,889
All Gift Aid by Source/Type
37Note “Gift Aid” includes scholarships, grants and fellowships
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
State Private Federal MSU
Mill
ion
s
Merit Based
Need Based
Student Financial Aid at MSU
What are the eligibility rules?
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Federal Rules Rule
• Institutional qualification
– Program Participation Agreement
– Complete FISAP (Fiscal Operations Report and Application to Participate) annually• “Legal” admission standards
• Report crime statistics
• Monitor academic progress
• “Administrative capability” standards
• Student consumer laws
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Federal Rules Rule
• Student/parent qualification
– Provide demographic/financial data
– Pass federal eligibility review• Social Security Administration
• Homeland Security
• Department of Justice
• Selective Service Registration for student
– Provide attestations
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Student Financial Aid at MSU
How has financial aid changed over time?
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Paid Federal Aid
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$77,879,367 $3,156,706
$293,174,051
$13,201,197
$37,776,594
Parent Loan
Work Study
Student Loan
Other Grant
Pell Grant
Total = $425,187,915
Paid State of MI Aid
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$3,367,928
$158,347
Need BasedGrants
Merit Scholarships
Total = $3,526,275
Paid Private Aid
44*Other includes fellowships and foreign government sponsorships
$20,728,613
$11,136,505
$31,428,662 Other*
Scholarships
Loans
Total = $63,293,780
Paid Institutional Aid
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$76,942,269
$74,981,344
$12,541,107 $1,748,985
Need Based
Merit Based
Athletes
Loans
Total: $166,213,705
MSU Funding for Student Aid
46(Gen Fund only)
MSU Funding for Student Aid
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Student Financial Aid at MSU
Do students borrow too much?
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Federal Loan Borrowers
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Cohort Default Rates
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0%
5%
10%
15%
20%
25%
MSU Cohort Default Rates
MSU All Schools
Student Financial Aid
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