Annual Update: Spring 2013 Committee on Scholarships, Awards and Student Aid Professor Charles E. Daye, Chair March 8, 2013

Scholarships, Awards, and Student Aid Committee Charge and Composition: The committee is appointed by the Chancellor. It establishes policy for scholarship and student aid funds, monitors the operations of the Office of Scholarships and Student Aid, and advises the Chancellor on matters regarding scholarships and other forms of student aid.

Committee Membership, Name and DepartmentTerm(s) Faculty/Staff/Students Charles Daye, Chair (Law) Todd Austell (Chemistry) Cheryl Jones (Nursing) Donald Hornstein (Law) Judy Adamson (Dramatic Art) Tara Moon (Medicine) Dennis Williams (Pharmacy) George Lensing (English) Fred Clark (Romance Languages) Winston Crisp (Student Affairs)Ex officio Steve Farmer (Admissions)Ex officio Shirley Ort (Student Aid)Ex officio Dylan Glatt-Dowd (Graduate Student) Chris Scanzoni (Undergraduate) William Bennett (Undergraduate) Travis Crayton (Undergraduate)

The role of the Office of Scholarships and Student Aid (OSSA) is to support the instructional mission of the University by...  Removing financial barriers for students  Recognizing and rewarding academic talent, thereby  Furthering mutual goals of “equity” and “excellence”

During the University provided assistance to 20,475 undergraduate, graduate and professional students... Total: 20,475 Students Receiving Aid

... and disbursed $370 million in aid, with the largest share provided by the Federal government... Total: $370 (In Millions) State: $19.3 (5%) Federal: $180.1 (49%) Institutional & Private: $170.6 (46%)

Focusing on undergraduates percent received need-based aid in , compared to 43 percent in the prior year... Total: 18,430 Undergraduate Students Aided Needy Students 7,719 (42%) Non-Aided Students 6,636 (36%) Aided Non-Needy Students 4,075 (22%)

The proportion of undergraduate students demonstrating need has increased significantly since Year Need-Based Aid Recipients n% ,81732% ,62937% ,90043% ,71942%

The average amount of financial aid disbursed to an undergraduate receiving need-based aid in was quite generous... Loans (24%) Work-Study (2%) Grants & Scholarships (74%)

The share of a student’s need which was met with grants and scholarships (including external scholarships) has increased despite increases in tuition and other college costs... Trends in Type of Aid Distributed to Undergraduate Students With Need Year Grants & Scholarships LoansWork-Study %27%3% %27%3% %24%2% %24%2%

As a result, student borrowing has been kept at a minimum and cumulative indebtedness among borrowers increased only slightly last year... Cumulative Student Loan Debt Upon Graduation Among Seniors Who Borrowed Academic Year % Who Borrowed Cumulative Amount Borrowed %$14, %$16, %$15, %$15,734 *Note: Debt includes only loans based on need, rather than discretionary borrowing.

Adjusted for inflation, the cumulative debt burden among borrowers is only $18 higher than a decade ago.

Median Parental Income of Dependent Aided Undergraduates, Enrolled undergraduates receiving any aid: 64% Median parental income (all aided dependent students) $72,198  For aided resident students $68,523  For aided non-residents $90,000 Enrolled undergraduates receiving need-based aid: 42% Median parental income (recipients with need) $56,313  For aided resident students$53,360  For aided non-residents$75,706  For Carolina Covenant® Scholars $24,246 (Average family size was 4 throughout; median for N. C. resident is $68,987)

 A slow-growth economy  Continuing unemployment  Uncertain state funding  Discussion about cutting state grant program  Likely cuts to federal student aid programs  Expected increases in college costs Carolina must work hard to maintain favorable financial aid patterns – and raise private money – given the challenges we face...

Ten Year Comparison of Scholarship and Financial Aid (Need and Non-Need-Based) Awards: All Students (Undergraduate, Graduate/Professional) Total Aid Awarded (in millions) $136.1$351.2$370.0 Number of Students12,39420,36220,475 Average Award $10,981$17,248$18,073 Funds by Source Federal55%49% State965 Institutional/Private Funds by Type Scholarships/Grants44%54%53% Work-Study111 Loans Source: Office of Scholarships and Student Aid/Office of Institutional Research (February 2013)

Questions and Discussion

UNC STANDARD STUDENT BUDGETS UNDERGRADUATE STUDENTS – CHAPEL HILL IN-STATE On/Off Campus Tuition/Fees$7,008 ($5,128/$1,880)) Room$5,520 Board$3,950 Books/Supplies$1,150 Travel$750 Health Insurance$926 Misc 1 (Personal)$1,356 Total$20,660 OUT-OF-STATE Tuition/Fees$26,834($24,954/$1,880) Travel (Home)$1,404 Total$41,140

Academic Year % Who Borrowed Current Dollar Amount Borrowed Constant Dollar Amount %$12,314 $15, %$13,291 $16, %$13,579 $16, %$13,801 $16, %$14,487 $16, %$14,912 $16, %$14,936 $15, %$14,262 $15, %$16,165 $17, %$15,472 $15, %$15,734