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Student Financial Aid; Well Being; College Environment; Paying for College; School Counselors; Higher Education; Guidance Centers; Federal Legislation; Budgets; Budgeting; Undergraduate Students; Financial Needs; College Choice; Financial Support

Abstract:
Counselors who work in a college environment are aware that financial aid is available to help students with college costs, but they may not be aware of all the financial pressures on students that may influence a student's psychological well-being. This article gives an overview of financial aid programs and financial factors affecting students, and explores practical ways that counseling centers and financial aid offices may interact. Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Graduate Students; Student Loan Programs; Income; Student Characteristics; Undergraduate Students; Student Financial Aid; Tuition; Colleges; Federal Aid; Paying for College; Federal Programs; National Surveys; Predictor Variables; Private Financial Support

Abstract:
This Statistics in Brief examines private loans by institution sector, tuition amount, student characteristics, and level. This study attempts to answer the following questions: (1) How did undergraduate borrowing from private sources change from 2003-04 to 2007-08 and who obtained private loans?; (2) To what extent did undergraduates combine private and public loans?; (3) Did undergraduates borrow the maximum amount from federal Stafford loans before turning to private loans?; and (4) How did private borrowing among graduate and first-professional students change from 2003-04 to 2007-08? Key findings include: (1) The percentage of undergraduates obtaining private loans from 2003-04 to 2007-08 rose from 5 percent to 14 percent. During this period, Stafford loan borrowing among undergraduates increased from 32 percent to 35 percent, and borrowing from all sources, including Parent PLUS loans, rose from 34 percent to 39 percent; (2) Among full-time dependent undergraduates, higher percentages of students from lower middle-income (21 percent) and upper middle-income (20 percent) families than students from low-income (15 percent) or high-income (16 percent) families borrowed private loans in 2007-08; (3) The largest proportion of borrowers who took out private loans either exclusively or in combination with public loans (42 percent) was found among those enrolled at for-profit institutions in 2007-08. Among private loan borrowers at private nonprofit 4-year institutions, for example, 25 percent took out private loans in 2007-08; (4) Fifty-three percent of dependent undergraduates who obtained a private loan had borrowed the maximum federal (Stafford) loan amount in 2007-08; and (5) From 2003-04 to 2007-08, the percentage of graduate students who took out private loans rose 4 percentage points, from 7 percent to 11 percent, compared with an increase of 9 percentage points among undergraduates, from 5 percent to 14 percent. (Contains 1 exhibit, 7 figures, 2 tables and 12 footnotes.) Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Paying for College; Undergraduate Students; Student Financial Aid; Student Loan Programs; Grants; Work Study Programs; Student Characteristics; Student Costs; Tuition; Fees; Federal Aid; State Aid; Family Financial Resources; Financial Needs

Abstract:
From 1995-96 to 2007-08, the number of undergraduates in the United States grew from about 16.7 million to 21 million (Horn and Berktold 1998; Wei et al. 2009). In 2007-08, two-thirds of all undergraduates received some type of financial aid, including grants, loans, work-study, or some combination of these types of aid. These Web Tables provide information on undergraduate financing during the 1995-96, 1999-2000, 2003-04, and 2007-08 academic years. Estimates are presented for all undergraduates and for undergraduates who attended public 2- and 4-year, private nonprofit, and for-profit institutions by student and enrollment characteristics. The tables are grouped into three sections. Section 1 presents trends in the average undergraduate price of attendance and tuition and fees, by selected student characteristics. Section 2 shows trends in undergraduate financial aid. The tables display the percentages of undergraduates receiving each of the major types of financial aid and the average amounts received, by selected student and institutional characteristics. Section 3 presents the net price of college by institution type, student's out-of-pocket price, expected family contribution (EFC), financial need, and remaining financial need after all financial aid, by selected student and institutional characteristics. A glossary is included. (Contains 34 tables and 2 endnotes.) Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Student Financial Aid; Federal Aid; Grants; Income; Undergraduate Students; Graduate Students; Tax Credits; Student Loan Programs; Higher Education; Full Time Equivalency; Federal Government; Paying for College; Trend Analysis; Financial Support; Work Study Programs; State Aid; Debt (Financial)

Abstract:
The recent focus on student debt makes reliable data about how much students are borrowing, how borrowing patterns differ among students across different types of institutions and at different levels of enrollment, and about changes over time particularly important. While total student borrowing has grown rapidly over the past decade, the rate of growth has decreased in recent years. The total volume of education loans disbursed doubled from $55.7 billion (in 2011 dollars) to $113.4 billion between 2001-02 and 2011-12. Over these years, the number of Stafford Loan borrowers almost doubled, while the average amount borrowed from subsidized and unsubsidized Stafford Loans combined increased by 8%, from $7,627 (in 2011 dollars) to $8,230. The growth rate in education loans from 2001-02 to 2011-12 was "slower" than over the previous decade, when the total grew 150%, from $22.3 billion (in 2011 dollars) to $55.7 billion. Moreover, the total volume of education loans disbursed increased by 64% in inflation-adjusted dollars between 2001-02 and 2006-07, and the growth rate slowed to 24% over the next five years. In 2011-12, undergraduate students received an average of $13,218 per full-time equivalent (FTE) student in financial aid, including $6,932 in grant aid from all sources, and $5,056 in federal loans. Federal grant aid almost tripled in constant dollars between 2001-02 and 2011-12, increasing from 20% to 26% of the total $185.1 billion in undergraduate aid. The number of students receiving Pell Grants, the central federal grant program providing funding for low- and moderate-income students, increased from 2.7 million in 1981-82 and 3.8 million in 1991-92 to 4.3 million in 2001-02 and to 9.4 million (37% of all undergraduates) in 2011-12. The composition of student aid is very different for undergraduates than for graduate students. In 2011-12, the estimated 25.5 million undergraduates received 51% of their aid in the form of grants, 40% as loans, and 9% in a combination of tax credits or deductions and Work-Study. For the 3.9 million graduate students, these percentages were 29%, 68%, and 3%, respectively. Total education borrowing, including federal student and parent loans, as well as nonfederal loans, declined by 4% in real terms between 2010-11 and 2011-12--the first decline in at least 20 years. However, the 2011-12 total of $113.4 billion was 24% higher than five years earlier. Only 2% of students who first enrolled in 2003-04 had borrowed more than $50,000 from federal and nonfederal sources combined by 2009. Over 40% did not borrow and another 25% borrowed $10,000 or less. (Contains 21 tables and 57 figures.) [This paper was written with the assistance from Charles Kurose.] Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Paying for College; Graduate Students; Graduate Study; Professional Education; Student Financial Aid; Federal Aid; Student Loan Programs; Grants; Private Financial Support; Student Employment; Student Costs; Enrollment; Student Characteristics

Abstract:
In 2007-08, graduate and first-professional students received a total of $36.7 billion in federal loans; federal grants; and grants from institutions, employers, and other sources (College Board 2008, figure 2b). In addition to these funds, they also received teaching and research assistantships and sought loans from private sources. These Web Tables provide detail on the sources of funds that graduate students used to finance their education and how their use of these funding mechanisms changed between 1995-96 and 2007-08. The data presented were collected through four administrations of the National Postsecondary Student Aid Study (NPSAS): 1995-96, 1999-2000, 2003-04, and 2007-08. The tables are organized into four sections. The first series of tables present trends in the total financial aid students received from each of the major types of aid--grants, loans, and assistantships--during the four survey years. The second series of tables present trends in aid receipt by aid source, distinguishing among aid received from the federal government, institutions, employers, and other private sources, during each survey year. The third and fourth series of tables present trend data on students' employment while enrolled and on the cost of graduate education, respectively, during each survey year. A glossary is included. (Contains 20 tables and 3 endnotes.) Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Student Financial Aid; School Choice; Grants; Elementary Secondary Education; Postsecondary Education; Higher Education; Government Role; College Students; Federal Aid; Student Loan Programs; Paying for College; Tuition; Hispanic American Students; Federal Legislation; Educational Legislation; Low Income Groups; Academic Achievement; Disadvantaged Schools; Educationally Disadvantaged; Minority Group Children

Abstract:
With negative ads already rampant on radio and TV, it's clear that President Obama and Republican presidential nominee Mitt Romney differ on most issues. That statement carries over to education as well, as both offer starkly different views on K-12 and higher education policy for the fall campaign. Obama is touting a large increase in Pell Grants and student financial aid during his watch, as well as new grant programs that are driving change in elementary and secondary schools. Romney is offering a different strategy that focuses less on government and more on school choice at the K-12 level and cutting regulations in the postsecondary sector. As in many issues these days, it comes down to different opinions on the role of government. Two of the most significant differences between the Obama and Romney camps are on two issues critical to college students--federal financial aid and how best to provide student loans for college study. Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Presidents; Budgets; Politics of Education; Preschool Education; Educational Finance; College Readiness; Career Readiness; Paying for College; Cost Effectiveness; Student Financial Aid; Student Loan Programs; Loan Repayment

Abstract:
President Obama sent his fiscal year 2014 budget request to Congress on April 10, 2013. The New America Foundation's Education Policy Program released this subsequent issue brief, "Key Questions on the Obama Administration's 2014 Budget Request." Obama's budget request totals $71.2 billion in appropriations funding for the U.S. Department of Education. It includes spending for a pre-kindergarten federal-state partnership program for low- and moderate-income 4-year-olds and a new college and career readiness competitive grant effort. The request also details a number of proposals to address college affordability, innovation, transparency, and quality, including a proposal that would pay alternative higher education providers like MOOCs and employers who provide high-quality two-year degrees at no cost to the student. The White House budget request would reform interest rates on federal student loans, tying them to the 10-year Treasury note rate plus an additional percentage each year, but leaving the rates fixed over the life of the loan. The proposal is adapted from a plan published last year by the Education Policy Program's Jason Delisle. The Education Policy Program at the New America Foundation has reviewed the president's proposals and generated a list of key questions that policymakers, the media, stakeholder groups, and the public should ask about the proposals. Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Undergraduate Study; Educational Finance; Tuition; Student Financial Aid; Paying for College; National Surveys; Student Costs; Undergraduate Students; Demography; Fees; Student Loan Programs; Student Characteristics; Institutional Characteristics; Grants; Tax Credits; Tables (Data); Private Colleges; Public Colleges; Two Year Colleges; Family Income; Federal Aid; State Aid; Dependents

Abstract:
In 2007-08, approximately 21 million students were enrolled in undergraduate postsecondary education in the United States. These Web Tables provide a comprehensive source of information on financial aid that was awarded to undergraduate students during the 2007-08 academic year. Included are estimates of tuition, price of attendance, and financial aid, shown by the enrollment and demographic characteristics of students. The tables are similar to those produced for the 1995-96, 1999-2000, and 2003-04 National Postsecondary Student Aid Study (NPSAS) reports on student financing of undergraduate education, and are grouped into five separate sections. Section 1 displays the percentile distribution among all undergraduates for family income, tuition, and price of attendance. These distributions were used to create the categories for these variables in the subsequent sections. Section 2 shows undergraduates' average tuition and fees and average price of attendance. The price of attendance includes books and supplies, room and board (or housing and meal allowances for off-campus students), transportation, and other personal living expenses. Section 3 looks at the various types of financial aid that undergraduates received--federal, state, and institutional aid and combined amounts--by type of institution attended. Section 4 shows net tuition (tuition and fees minus all grants), net price of attendance (price minus all grants), the out-of-pocket net price (price minus all aid), and financial need. Section 5 examines students' dependency and attendance status, residence, race/ethnicity, gender, citizenship, family income, and their distribution by the type of institution attended. A glossary is included. (Contains 2 endnotes and 123 tables.) [For the accompanying report, "Supplemental Figures, Tables, and Standard Error Tables for Student Financing of Undergraduate Education: 2007-08. Sticker, Net, and Out-of-Pocket Prices," see ED511827.] Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Educational Policy; Profiles; Student Financial Aid; Federal Programs; Federal Aid; Income; College Students; Tuition; Tax Credits; Higher Education; Federal Legislation; Educational Legislation; Grants; Work Study Programs; Student Loan Programs; Financial Aid Applicants; Undergraduate Students; Graduate Students; Need Analysis (Student Financial Aid)

Abstract:
From 2000-2001 to 2010-2011, the total amount of federal financial aid awarded to students under Title IV of the Higher Education Act (HEA) jumped from $64.0 billion to an estimated $169.1 billion, a 10-year increase of 164%. For 2010-2011, the Title IV programs accounted for 72% of the $235 billion in total financial aid received by college students. However, despite the increasing importance of federal student aid, the majority of Americans have little knowledge of the Title IV programs or the processes they need to follow to apply for these funds. To help increase knowledge of these vital programs, the National Association of Student Financial Aid Administrators (NASFAA) has produced the "National Student Aid Profile: Overview of 2012 Federal Programs." This report provides detailed information about the major programs authorized under Title IV of the HEA, including: (1) descriptions of the federal student aid programs; (2) recent trends in federal program appropriations; (3) income levels of students and families who receive aid; and (4) a description of the federal student aid application process. The information used for the National Profile is the latest data available from the U.S. Department of Education and The College Board. In some instances, the most recent funding data were for the FY2012 and recipient data were for the 2007-2008 academic year. In addition to the Title IV programs, college students and their families may qualify for financial assistance from other federal sources, such as tuition tax credits, tax-advantaged education savings accounts (including the Coverdell Education Savings Account), and grants and loans from other federal programs. While these other sources are important, they are not included in this report because the bulk of the federal funds provided to college students and their families is provided through programs authorized by Title IV of the HEA. (Contains 9 tables and 10 figures.) Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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Descriptors:
Student Loan Programs; Private Financial Support; Risk; Federal Aid; Student Financial Aid; Credit (Finance); Debt (Financial); Supply and Demand; Nonprofit Organizations; Proprietary Schools; Public Colleges; Private Colleges; Consumer Education; Loan Repayment; Undergraduate Students; Graduate Students; Student Characteristics; College Attendance; Income; Employment; Federal Legislation; Financial Problems; Loan Default

Abstract:
American consumers owe more than $150 billion in outstanding private student loan debt. While this amount is significantly less than the amount outstanding on student loans guaranteed by the federal government, the private student loan ("PSL") product is an important component of higher education finance and does not appear to be well understood by the public. In this Report, the Consumer Financial Protection Bureau and the US Department of Education seek to highlight key attributes of the private student loan marketplace, as well as consumer protection issues which policymakers may wish to address. This paper presents the following key findings: (1) In the last decade, private student loan origination rapidly grew and then precipitously declined; (2) During the growth period, private student lender underwriting standards loosened; (3) Since 2008, lenders have changed their underwriting and marketing practices; (4) Many borrowers might not have clearly understood the differences between federal and private students loans; (5) Some groups of borrowers used private student loans substantially more than others; (6) Many borrowers are struggling to repay their private student loans; and (7) Private student lenders are heterogeneous, with some distinct sectors that present varying levels of risk. Appended are: (1) Further Information about Data Sources; and (2) Additional Figures and Tables. Student Loan Glossary is included. (Contains 24 figures, 22 tables, 7 footnotes, and 210 references and notes.) Note:The following two links are not-applicable for text-based browsers or screen-reading software. Show Hide Full Abstract

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 ERIC Full Text (2416K)