1. “YES, YOU BORROWED THAT MUCH!” Graduate school financing trends. Tony Patterson Office of Scholarships and Student Aid UNC-Chapel Hill NCASFAA/SCASFAA Fall 2006 Conference

2. “YES, YOU BORROWED THAT MUCH!” Today’s Session A few facts…who’s going to grad school. The Institution’s response. The impact on students.

3. A few facts…. 2003-2004 over 2.5 million students enrolled in Graduate and Professional schools. 79% Graduate degree or certificate 12% Professional degree 9% non-degree

4. A few facts…. In 2003-2004…. 39% were enrolled full-time 58% were women 32% were part of a racial/ethnic minority 32.5 average age

5. A few facts…. In 2003-2004…. 29% were not working for pay 25% “Students who work” 46% “Primarily employees”

6. The Institution’s response Raise the price and raise it again! Packaging strategies How the funds are distributed

7. The Institution’s response Raise the price and raise it again! 1998 Public costs2003 Public costs MA/MS $ 3,407 $ 5,863 Law $ 8,124 $11,572 Medical $10,485 $21,456 Tuition and fees only

8. The Institution’s response Packaging strategies 66% of programs require applications in addition to the FAFSA. 98% of programs used some form of professional judgment.

9. The Institution’s response How funds are distributed In 2003 65% of students received some form of grant support. However, loans represented 75% of total aid awarded.

10. The impact on students The obvious….increased cumulative loan debt Debt dictating career choice? Debt burden

11. The impact on students The obvious…. 1998 Public debt 2003 Public debt MS $28,809 $34,313 Law $45,536 $51,230 MBA* $26,884 $25,563 *Not so obvious

12. The impact on students Debt dictating career choice? The results are mixed.

13. The impact on students Debt burden “the proportion of post-college pre-tax employment earnings devoted to paying off student loans.” Reed, K.E. (2006). Financing graduate and professional education: 2003-2004. NASFAA Monograph(17) 1-28.

14. “Yes, you borrowed that much!” WRAP-UP! & QUESTIONS

15. REFERENCES Reed, K.E. (2006). Financing graduate and professional education: 2003-2004. NASFAA Monograph(17) 1-28. 1998 NASFAA Financial aid policies and practices at graduate and professional programs. 2003 NASFAA Financial aid policies and practices at graduate and professional programs.