1. Early FAFSA, Prior-Prior year, and Financial Aid Funding
Predicting the Future
Early FAFSA, Prior-Prior year, and Financial Aid Funding

2. But first…current Financial Aid $s recap

3. The Real Cost of College
82% of all full-time, first-time (FTFT) undergraduate students receive some form of financial aid
92% at private colleges; 76% at public institutions
60% of all funds awarded to undergraduates were from a scholarship or grant
In , average aid package $17,000

4. Undergraduate Student Aid by Source and Type (in Billions), 2015-16
Financial aid is a billion dollar industry, and growing.
STUDENT DEBT
In 2015, 38% of all borrowers with outstanding student
loan debt owed less than $10,000 and 16%, including 10% of
undergraduate borrowers and 43% of graduate borrowers,
owed $40,000 or more.
STUDENT BORROWING
In , total annual education borrowing declined for
the fifth consecutive year. Students and parents borrowed
$106.8 billion, down from a peak of $124.2 billion (in 2015
dollars) in
SOURCE: The College Board, Trends in Student Aid 4

5. For more detailed cost information: Collegecost.ed.gov

6. College Navigator Example

7. Scorecard includes “outcome data” such as:
College Scorecard
Scorecard includes “outcome data” such as:
Costs
Graduation Rates
Loan Default Rates
Loan Repayment Rates
Average Amount Borrowed
Employment
Earnings
Interactive tool – new data recently added
Should not be the only comparison tool you use

8. UNIVERSAL PHILOSOPHY: Financing a College Education is “A Partnership”
Students and their parent(s) have the primary responsibility to pay for college (to the extent they are able).
Financial aid assessment is NOT a cash flow analysis but rather an evaluation of an individual family’s appropriate economic strength.
The contribution is determined by a standard formula that assesses a family’s ability to pay.
Special circumstances matter; they can and do affect ability to pay.
Communication is vital.
The Financial Aid Office is your advocate! 7

9. Early FAFSA and PPY

10. Potential Benefits and Opportunities
Applying for financial aid will be easier
Families will be able to submit the FAFSA earlier
More applicants will be able to use the IRS Data Retrieval Tool instead of estimating their income
Fewer estimated numbers from families will mean:
More accurate initial calculations and awards
Reduced verification burden
Opportunities
Colleges may start the conversation about “financial fit” earlier and have more time to award aid
Students may apply to a broader list of colleges and have more choices
Continuing students may receive earlier awards
3 mins – Anne
Background/context

11. How will we know PPY is a success?
FAFSA Completions (first-year filers)
1.2 million FAFSAs were submitted before Jan. 1st
High school students usually file 1.5 million FAFSAs by graduation date
Early FAFSA filers tend to be from higher-income families with college-educated parents
CSS Profile Completions (all filers)
Higher volumes despite relatively stable deadlines
As of Nov. 1st: 92% increase over
As of Dec. 1st: 68% increase over
As of Jan 1st: 81% increase over
% of fee waiver eligible students similar to
About 20% of 1st year, 1st time filers
< 1% of CSS Profile filers estimated their income & taxes at time of filing, compared to 58% in
4 mins – Anne
Data to date

12. What has worked well so far and how do we know?
Timely software updates
Communications
Earlier award notifications are helping with “financial fit” conversations
10 mins – (3-4 minutes per panelist) – Anne to pose questions to the panel
Order of response: Steve, Sally, Jerry
What has worked well so far and how do you know?
Include how you planned for and are implementing the early FAFSA/PPY.
Share what are you seeing/experiencing so far.
Discuss the mechanisms you have in place to observe various behaviors/patterns/metrics.
Slide #5 (What has worked well so far and how do you know?)
Internal communications, collaboration, planning and coordination
Ability to award earlier and aligned with decisions
Impact on deposits
Good will

13. Any worries going forward?
State grant program eligibility & funding
Expanded window for families to “negotiate”
Early deposits, any left later?
10 mins – (3-4 minutes per panelist) – Anne to pose questions to the panel
Order of response: Steve, Jerry, Sally
What are your biggest worries going forward?
How will you know if your best-laid plans for go awry?
What key metrics are you monitoring and tracking against your traditional benchmarks and against your best-laid plans for ?
What actions will you take to respond to/address unanticipated outcomes?
What is your contingency plan?
Slide #14 (What are your biggest worries going forward?)
Predicting yield
Expanded window for families to “negotiate”

14. The President's 2018 Budget
… focus on streamlining and simplifying funding for college, while continuing to help make college education more affordable.
The President’s 2018 Budget provides $59 billion in discretionary funding for the Department of Education, a $9 billion or 13 percent reduction below the 2017 annualized CR level.

15. Eliminates the Federal Supplemental Educational Opportunity Grant (FSEOG) program
Pell Grant program … proposing a cancellation of $3.9 billion from unobligated carryover funding.
Reduces Federal Work-Study significantly … ensure funds go to undergraduate students who would benefit most.
576 Organizations Sign Letter Urging Congress to Protect Student Aid

17. Other Hot Topics Capitol Hill Recap – March 2017
19 different student aid-related bills were introduced on Capitol Hill
Pell Grant admin allowance eliminated
Universal income-driven student loan repayment
Move Pell Grants and student loans to the Department of the Treasury after eliminating the Department of Education
DACA and Immigration laws
IRS DRT
IRS Non-filer documentation
IL MAP Grant funding
529 plans
Other