1 Regents Education Program September 26, 2006 Student Financial Aid

2 Two Trends 1.Increasing Student Debt 2.Growth of “Merit” Aid vs. Need-Based Aid “Hybrid” Programs

3 1. Increasing Student Debt

4 Growth of Stafford, PLUS, and Nonfederal Loan Dollars in Constant (2004) Dollars, to (Source: College Board)

5 Loans, Pell Grants, OTAG, OK Promise-OHLAP (in $ millions; state institutions)

6 Total Student Financial Aid Public & Private/Independent Total = $1.1 Billion Public $895 million Private/Ind. $241 million

7 Total Student Financial Aid Public & Private/Independent Total = $1.1 Billion FY Grants/Schol. $453 million Loans $618 million Employment $65 million

8 % of Full-time Dependent Undergraduates Receiving Federal Loans By Student’s Family Income Source: U.S.D.E, Nat. Cntr. for Education Statistics; “Condition of Education 2006”

9 2. Growth of “Merit” Aid vs. Need- Based Aid

10 Source: Based on annual survey of National Association of State Student Grant and Aid Programs (NASSGAP). State Grants to Undergraduate Students Total Need-Based and Non-Need-Based State Grants in Constant (2004) Dollars, to

11 Maximum Federal Pell Grant Award Average OK Pell Grant Award (est.); Range: $400 - $4,050

12 Federal Pell Grant Awards Compared to State College Costs in OK (tuition, fees, room & board, books & supplies)

13 “Hybrid” Programs

14

15 OK Promise/OHLAP High School Enrollment (by High School Graduation Year) $32,000 $50,000 $24, th Grade* As of

16 % of Ok. HS Sophomores Enrolled in OK’s Promise (approximate) $32,000 $50,000 $24,000 As of

17 OK Promise/OHLAP High School “Completers” (by Grad Year) $32,000 $50,000 $24,000 As of

18 High School GPA’s for All Courses

19 Gender Participation Trends OK-Promise High School Grads,

20 Geographic Distribution Trends OK-Promise High School Grads, “Urban” is defined as the 5 most populous counties– Oklahoma, Tulsa, Cleveland, Canadian, and Comanche.

21 OK-Promise Enrollment as % of 10th- Grade Enrollment, By School Size # of students in 10th-grade class

22 Degree Completion Rates Classes of 1996 to 2000 (Degrees earned through )

23 OK Promise/OHLAP Scholarship Recipient Projections Assumes 5% annual increases in OHLAP enrollment and 70% requirement-completion rate.

24 OK Promise/OHLAP Cost Projections (In $ millions, by fiscal year, varying tuition rates) Assumes 5% annual increase in high school OHLAP enrollment; 70% requirement completion rate.

25 OK Promise/OHLAP Funding Sources – FY2007 Total: $37.1 million $5.1 m $10.3 m $4.9 m $16.7 m

26 New Federal Grants for Pell Grant Recipients (available Fall 2006) Academic Competitiveness Grants SMART (Science and Mathematics Access to Retain Talent) Grant

27 Academic Competitiveness Grants $750 for 1 st -year; $1,300 for 2 nd -year Pell-Grant recipient Enrolled full-time Must have completed a “rigorous secondary school program of study” 3.0 college GPA for 2 nd -year students

28 National “SMART” Grants $4,000 for 3 rd & 4 th -year students Pell-Grant recipient Full-time enrollment 3.0 college GPA Major in physical sciences, life sciences, computer science, engineering, math, technology, or critical foreign language

29 End Student Financial Aid