Financial Aid Awarded, 2011

Financial Aid Awarded, 2011

Undergraduates Attending Minnesota Institutions

November 1, 2012

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Thank you for providing the data!

• Data on grants and loans from all sources: federal, state, institutional, private and other

• Data provided by each campus, plus

• OHE uses data from the programs it runs

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Total of $3.4 billion in 2010-11

Work Study Earnings

Parent Loans

Student Loans

Grants

$46

$161

$1,691

$1,502

Grants*, Loans, and Work-Study Earnings Received by Minnesota Undergraduates

Fiscal Year 2011, in millions

Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

Please note: Amounts include aid from federal, state, institutional and private sources

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Changes in federal aid 2008-09 to 2010-11• Federal stimulus bill in 2009 included a $500 increase in the

maximum Pell Grant for 2009-10 and 2010-11• Availability of private student loans declined

• Tightening of credit in the overall economy• Changes in federal requirements

• Disclosures• Preferred Lender requirement

• Change to Direct Loans• 2008 increase in Stafford Loan annual borrowing limit

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Enrollment increased

• Headcount enrollment increased 8% from 2008-09 to 2010-11• More students enrolled due to the recession and period of slow economic growth

• Total headcount in Fall 2010 – 308,700• 83% were MN residents

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Institutional Grants and Pell Grants were the largest sources of grants

Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

Other Grants

Private Grants

Institution Grants

Federal Agency Grants

Federal ACG Grants

Federal SMART Grants

Federal SEOG Grants

Federal Pell Grants

Local & State Agency Grants

MN Safety Officer Survivors

MN Post-Sec. Child Care

MN Achieve Scholarships

MN Indian Scholarships

MN GI Bill

MN State Grants

$0.6

$68.2

$660.9

$21.8

$10.4

$8.0

$21.2

$512.7

$68.1

$0.1

$6.5

$1.2

$1.8

$0.6

$119.8

Millions

Sta

teF

eder

alO

ther

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Much of the increase in institutional and private grants occurred at private colleges and universities

Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

2001 2003 2005 2007 2009 2011

$205$251

$303$347

$435

$541

$50 $64 $74 $90$124 $136

Private Four-Year Public Four-Year

Total amounts for each fiscal year, in millions

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Federal Student Loans are much larger than other sources

Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

Other Loans

Private Loans

Institution Loans

Federal Agency Loans

Federal PLUS

Federal Perkins Loans

Federal Stafford Direct Loans

MN SELF Loans

$5

$167

$2

$1

$161

$17

$1,428

$70

Millions

Sta

teF

ed-

eral

Oth

er

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Undergraduate borrowing continued to increase

Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

2001 2003 2005 2007 2009 2011

$83 $95 $119 $122 $112$70

$443

$605$687

$740

$1,213

$1,445

$3 $1 $3 $5 $9 $2$26$76

$140$214 $201 $172

State LoansFederal Student LoansInstitution LoansPrivate and Other Loans

Fiscal Year

Mill

ions

10Source: Minnesota Office of Higher Education, Financial Aid Awarded Survey

2001 2003 2005 2007 2009 20110

50

100

150

200

Fiscal Year

Rate

of i

ncre

ase

sinc

e 20

01

Rate of Increase Since 2001Total amount borrowed

State University tuition and feesPublic 2-Year tuition and fees

Private College tuition and feesMinnesota personal income per capita

University of MN tuition and fees

Total grants

Consumer Price Index

Borrowing increased faster than tuition, income, or inflation

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Work-Study

• Federal Work-Study• 15,000 students• $26 million in earnings

• State Work-Study• 10,700 students• $20 million in earnings

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Web page:

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More information:

• Web page• Information by sector and institution• http://www.ohe.state.mn.us/sPagesOHE/FAA.cfm

• Tricia Grimes• [email protected]• 651-259-3964