Financial Barriers to Opportunity for Higher Education

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Presentation transcript:

Financial Barriers to Opportunity for Higher Education Intro Financial Barriers to Opportunity for Higher Education Student Financial Aid Research Network San Francisco June 9-10, 2016 Tom Mortenson Senior Scholar The Pell Institute for the Study of Opportunity in Higher Education

Financial Barriers Family Income Financial Barriers Consequences Restoring college affordability

Financial Barriers Family Income Financial Barriers Consequences Restoring college affordability

Financial Need Analysis Model Cost of Attendance Tuition and fees Room and board Books and supplies Personal and medical care Transportation Less: Expected family contribution Income and assets Family size Number of children enrolled in college Equals: Financial need Gift aid: grants, scholarships, waivers Earnings from work/study Education loans: subsidized/unsubsidized Stafford, PLUS Federal tax credits

Financial Barriers Family Income Financial Barriers Consequences Restoring college affordability

Tertiary Type-A Degree Attain 25-34 yr olds OECD 2003 24

Projected Tertiary Type-A Degree attain OECD 2020 27

Financial Barriers Family Income Financial Barriers Consequences Restoring college affordability

Restoring College Affordability: Recommendations for Reauthorization of the Higher Education Act $13,000 Pell Grant maximum award $2000 Super Pell Grant Federal-State partnership for financing Pell Grant program College Work-Study for all students Income contingent education loan repayment Admissions lottery for class-selective Title IV institutions Rigorous evaluation of all financial aid programs for effectiveness

Contact Information: Email Tom to request this PowerPoint: tom@postsecondary.org Final