Annual Update: 2014 Committee on Scholarships, Awards and Student Aid Donald T. Hornstein, Chair Aubrey L. Brooks Professor of Law January 17, 2014

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 Donald Hornstein (Law), Chair Judy Adamson (Dramatic Art) Tara Moon (Medicine) George Lensing (English) Brian Hogan (Chemistry)2013 – 16 Mehmet Kesimer (Pathology)2013 – 16 Joy Renner (Allied Health) 2013 – 16 Sherry Salyer (Exercise Science)2013 – 16 Geetha Vaidyanathan (Economics) Winston Crisp (Student Affairs)Ex officio Steve Farmer (Admissions)Ex officio Shirley Ort (Student Aid)Ex officio Kyle Reeves (Graduate student) William Bennett (Undergraduate)

The Office of Scholarships and Student Aid (OSSA) supports 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 20,709 undergraduate, graduate and professional students... Total: 20,709 Students Receiving Aid

... and disbursed $400 million in aid from all sources (federal, state, institutional and private) Total: $400.3 (In Millions) State: $21.6 (5%) Federal: $189.7 (48%) Institutional & Private: $189.0 (47%)

Focusing on undergraduates percent received need-based aid in , slightly higher than last year Total: 18,503 Undergraduate Students Aided Needy Students 7,961 (43%) Non-Aided Students 6,614 (36%) Aided Non-Needy Students 3,928 (21%)

The share of undergraduate students with need has increased significantly in recent years, due to the economic downturn and rising college costs... Year Need-Based Aid Recipients n% ,62937% ,90043% ,71942% ,96143%

Undergraduate Tuition and Fees

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 since despite rising college costs... Trends in Type of Aid Distributed to Undergraduate Students With Need Year Grants & Scholarships LoansWork-Study %27%3% %24%2% %24%2% %24%2%

As a result, student borrowing remains modest, though more students have found it necessary to borrow... Cumulative Student Loan Debt Upon Graduation Among Seniors Who Borrowed Academic Year % Who Borrowed Cumulative Amount Borrowed %$14, %$15, %$15, %$16,150 *Note: Debt includes only loans based on need, rather than discretionary borrowing.

Academic Year % Who Borrowed Current Dollar Amount Borrowed Constant Dollar Amount %$13,291$16, %$13,579$16, %$13,801$16, %$14,487$16, %$14,912$16, %$14,936$16, %$14,262$15, %$14,303$15, %$15,472$16, %$15,734$15, %$16,150

Adjusted for inflation, the cumulative debt burden among borrowers is $685 less than a decade ago.

Median Parental Income of Dependent Aided Undergraduates, Enrolled undergraduates receiving any aid: 64% Median parental income (all aided dependent students) $74,069  For aided resident students $70,735  For aided non-residents $90,711 Enrolled undergraduates receiving need-based aid: 43% Median parental income (recipients with need) $59,630  For aided resident students $56,511  For aided non-resident students$78,384  For Carolina Covenant® Scholars $25,862 (Average family size was 4 throughout; median for N. C. resident is $68,124)

 An uneven economic recovery  Stagnant earnings for low-/middle-income families  A sustained rise in the percentage of needy students  Likely declines in state and federal funding  Policymaker concern about the use of tuition revenue for aid Carolina must work hard to maintain favorable financial aid patterns... and increase private support, given the challenges we face...

…and why does student aid matter so much?

Questions and Discussion

Ten Year Comparison of Scholarship and Financial Aid (Need and Non-Need-Based) Awards: All Students (Undergraduate, Graduate/Professional) Total Aid Awarded (in millions) $160.1$370.0$400.3 Number of Students13,07120,47520,709 Average Award$12,245$18,073$19,329 Funds by Source Federal56%49%48% State1055 Institutional/Private Funds by Type Scholarships/Grants44%53% Work-Study111 Loans 5546 Source: Office of Scholarships and Student Aid/Office of Institutional Research (January 2014)

UNC STANDARD STUDENT BUDGETS UNDERGRADUATE STUDENTS – CHAPEL HILL IN-STATE On/Off Campus Tuition/Fees$7,694 ($5,824/$1,870) Room$5,630 Board$4,104 Books/Supplies$1,182 Travel$832 Health Insurance$1,500 Misc 1 (Personal)$1,340 Total$22,340 OUT-OF-STATE Tuition/Fees$28,446 ($26,576/$1,870) Travel (Home)$1,588 Total$43,848