Perspectives on College Access, Savings and Debt Diane Auer Jones Assistant Secretary for Postsecondary Education U.S. Department of Education

College Attendance Rates

Helping Students Make Informed Choices FAFSA4Caster College Navigator FIPSE Student Achievement and Institutional Performance Pilot Project AAC&U, ASCU, & NASULGC

Federal Student Aid * Estimate

Pell Grant Maximum Awards Fiscal YearAward YearAuthorizedAppropriated $4,800 $3, $5,100 $3, $5,400 $4, $5,800 $4, $5,800 $4, $5,800 $4, $5,800 $4, $5,800 $4, $ $ $ $ ,090

Academic Competitiveness Grants Pell Grant Eligible Enrolled Full-Time & U.S. Citizen Rigorous Secondary School Program of Study Recognized State-submitted programs; or Courses similar to State Scholars Initiative; or 2 AP Courses with test score of 3 or better; or 2 IB Courses with test score of 4 or better Award Size: $750/$ :  $233,038,410 awarded to 299,089 students

National SMART Grants Eligibility: Pell Grant Eligible Enrolled Full-Time & U.S. Citizen 3rd and 4th year college students enrolled in and making progress toward a degree in STEM or Critical Needs Foreign Language; GPA 3.0 or better. Award Size: $ $195,544,735 awarded to 60,976 students Changes Additional SMART Majors added Enrollment requirements clarified

Federal Student Loan Volume (FFEL & Direct Loans) $ millions

Average Federal Student Loan Debt Undergraduate students with a 4-Year Degree (Percent of students borrowing) 66% 62% 58% 40%

Average Federal Student Loan Debt Monthly Payment $207 Monthly Payment $411

Ripped from the Headlines…Last Year Lenders Misusing Student Database Improper Searches Raise Privacy Fears Swimming With Student Loan Sharks University named in report detailing student loan abuse Rules proposed to curb loan abuse Panel Finds Wide Abuse in Student Loan Program

Ripped from the Headlines…This Year Loan crisis goes to college Paying for college could get even tougher this year as smaller lenders tighten standards and raise rates. But big banks are holding the line. Credit Crisis May Make College Loans More Costly Some Firms Stop Lending to Students The coming student loan crunch The coming student loan crunch If you're counting on borrowing money for college next semester, get your paperwork going now. Lenders are backing away fast. If you're counting on borrowing money for college next semester, get your paperwork going now. Lenders are backing away fast.

Increased Pell Grants TEACH Grants* Loan Forgiveness for Public Service Employees* PLUS Auction Pilot College Access Challenge Grants College Cost Reduction & Access Act * - Requires negotiated rulemaking

The Ensuring Continued Access to Student Loans Act of 2008 Lender-of-Last Resort Authority: all FFEL loan types, except Federal Consolidation Loans, must be made available all FFEL loan types, except Federal Consolidation Loans, must be made available an entire institution can be designated, through June 30, 2009, as eligible for LLR loans for students and parents of dependent students attending the institution an entire institution can be designated, through June 30, 2009, as eligible for LLR loans for students and parents of dependent students attending the institution Authority to purchase from FFEL lenders Stafford and PLUS loans: Loans must have been first disbursed on or after October 1, 2003, but before July 1, Loans must have been first disbursed on or after October 1, 2003, but before July 1, Annual loan limits for Unsubsidized Stafford Loans in both the: FFEL and Direct Loan programs were increased. FFEL and Direct Loan programs were increased. For Both the ACG and National SMART Grant programs: Eliminates the restriction to U.S. citizens now allowing eligible non citizens to receive grants. Eliminates the restriction to U.S. citizens now allowing eligible non citizens to receive grants. Allows awards to students enrolled less than full-time but at least half-time, with proportionally reduced maximum awards the same way as the Pell Grant Program. Allows awards to students enrolled less than full-time but at least half-time, with proportionally reduced maximum awards the same way as the Pell Grant Program.

Thank you!