Financial Aid 101 Tom Melecki, PhD Director, Student Financial Services The University of Texas at Austin Student Services Building Suite Austin, TX (512) Committee on Financial Aid to Students October 1, 2013

Bases for Awarding Financial Aid Academic MeritFinancial Need 2

SAT Scores by Family Income 3

Mean SAT Scores 4

Median Household Income 5

Financial Need Cost of Attendance -Expected Family Contribution -Other Financial Aid Financial Need 6

Undergraduate In-State Tuition University of Illinois$14,5227.University of Washington$12,383 2.University of Minnesota$13,4598.University of Wisconsin$10,378 3.University of Michigan$12,9949.Ohio State University$10,037 4.UC Berkeley$12,78410.Indiana University$10,033 5.UCLA$12,69211.UT Austin$9,790 6.Michigan State University$12,62212.University of North Carolina$7,693 7

In-State Undergraduate Total Cost of Attendance

In-State Undergraduate Key Costs of Attendance 9

Expected Family Contribution Basics Increases EFC Parent and student contributions: Income Taxed Untaxed Liquid assets Checking and savings accounts Business, farm, investments net worth Decreases EFC Asset protection allowance (age of oldest parent) Household size Income protection allowance (2 working spouses) Number in college (divides total EFC) Taxes paid Federal Local and state 10

Undergraduates with Financial Need Cost of Attendance – Expected Family Contribution 11

Mean Institutional Gift Aid for Freshmen University of Michigan$11,7047.Indiana University$8,369 2.University of Washington$10,3508.Ohio State University$6,665 3.University of North Carolina$9,9029.University of Illinois$6,527 4.UC Berkeley$9,16010.University of Minnesota$5,146 5.UCLA$8,53411.University of Wisconsin$4,926 6.Michigan State University$7,53412.UT Austin$4,326 12

Total Undergraduate Financial Aid in Millions 13

OSFS Undergraduate Financial Aid

UT Austin Undergraduates Borrowed at UT Before Graduating Average Amount Borrowed 15

UT Austin Dropouts August 2011 Exit Survey Employment Location Off-CampusOn-Campus Yes49.8%Yes20.1% Worked > 20 hours per week 59.6%Worked > 20 hours per week 27.3% Work interfered with classes 59.5%Work interfered with classes 0.0% 16

Undergraduate Financial Aid UT Austin Competition for state’s best and brightest students fierce Inadequate scholarships hamper recruiting of best and brightest Over-dependence on government grants for financially needy Low tuition offset by Austin cost of living Student debt rising, may soon surpass national average Students work too much – especially off-campus 17