Student Tuition and Financial Aid

Transcription

1 Student Tuition and Financial Aid College affordability is a challenge Is a college education in the United States affordable? The answer depends on the costs of attendance (tuition and fees, room and board), the ability of students and their families to pay, and the financial aid and scholarships that are available. As part of the federal financial aid process, students and their families are expected to contribute toward college costs based on income and family circumstances, including student earnings. But even with federal grants and tax credits, shortfalls often remain. And federal loans only help students and their families stretch out the payments, actually raising college costs by adding interest. In SREB states, the average one-year costs for an undergraduate student to attend a public four-year college or university in the student s home state reached $11,260 in Even with the family contribution plus a federal Pell Grant and federal tax credit, students from median-income families in SREB states faced an affordability gap of $5,290 for one year of college alone. To fill the gap, students and their families had to turn to state, institutional or private grant aid, take out loans, increase the amount they earned and contributed, or find other ways to cut expenses. TUITION College Affordability Gap for a Student from a Median-Income Family, SREB States, 2008 Annual Tuition/Fees, Room/Board Public Four-Year Colleges and Universities $11,260 Expected Family Contribution Tax Credit Pell Grant Gap $3,710 $1,650 $610 $5,290 Note: The median family income for the SREB region used for these calculations was $43,400. Sources: SREB analysis of National Center for Education Statistics data, FinAid SmartStudent TM Guide and SREB-State Data Exchange. SREB Fact Book

2 Costs of attending college increase Nationwide, the average annual costs for an in-state undergraduate to attend a public university reached $15,200 in percent above the average in 1978 when adjusted for inflation. At public two-year colleges, average costs rose 34 percent to $7,100 over the period. At private universities, average costs rose 142 percent to $40,400 and costs at private two-year colleges hit $20,400, up 95 percent. Annual Undergraduate Costs of College Attendance, United States (in 2008 dollars) $31,200 $40,400 Private university (+142%) $16,700 $10,500 $7,200 $5,300 $23,500 $12,700 $8,300 $16,700 $10,600 $20,400 $15,200 $7,100 Private two-year college (+95%) Public university (+110%) Public two-year college (+34%) Note: Costs of college attendance include tuition, required fees, room and board. Source: National Center for Education Statistics data. 130 SREB Fact Book 2009

3 Although most families save for college over several years and do not try to pay annual costs from a single year of income, comparing annual income with annual costs is useful. Clearly, the impact of college costs on families at different income levels is growing. Rising college costs in 2008 disproportionally affected students and families with low to middle income. For students from U.S. households in the lowest fifth of incomes, one year s costs to attend a public college or university equaled a staggering 131 percent of annual income 56 percentage points higher than in College costs for households in the middle fifth of incomes required 30 percent of income in percentage points higher than in In contrast, costs were 9 percent of income for U.S. households in the top fifth of incomes only 3 percentage points higher than in Percent of Income Required to Pay for One Year at a Public University, United States Average annual household income, 2008 $168,000 (highest fifth) 6% 7% 9% $50,000 (middle fifth) 18% 22% 30% % $11,600 (lowest fifth) % % TUITION Sources: SREB analysis of National Center for Education Statistics and U.S. Census Bureau data. SREB Fact Book

4 Tuition and fees rise faster than incomes For median-income families in the SREB region, median in-state undergraduate tuition and fees at public four-year colleges or universities rose from 7 percent to 12 percent of average annual income from 1998 to The percentages of income for these families in 2008 ranged from 7 percent in Georgia to 18 percent in South Carolina. The percentages were at or above the national average in nine SREB states Alabama, Arkansas, Delaware, Kentucky, Mississippi, South Carolina, Tennessee, Texas and Virginia. For the lowest-income families in SREB states, median in-state undergraduate tuition and fees at public four-year colleges or universities increased from 23 percent to 35 percent of average annual income from 1998 to The percentages of income for these families in 2008 ranged from 21 percent in Florida to 54 percent in South Carolina. The percentages were at or above the national average in 10 SREB states Alabama, Arkansas, Delaware, Kentucky, Mississippi, South Carolina, Tennessee, Texas, Virginia and West Virginia. Tuition and fees, which accounted for about 44 percent of the costs of college attendance at public four-year colleges and universities in 2008, increased faster in SREB states than in the rest of the nation from 1998 to Tuition and fees for in-state undergraduates at these institutions totaled $5,000 in percent higher than 10 years earlier when adjusted for inflation. The U.S. increase was 48 percent. Students in SREB states paid less to attend college than their peers nationwide, but the gap narrowed significantly from 1998 to Tuition and fee levels at public four-year institutions in the SREB region by 2008 reached 91 percent of the national average up from 78 percent a decade before. Out-of-state students in the SREB region were charged $13,400 nearly three times more than in-state students. Pell Grants continue to lose buying power The federal Pell Grant program is the nation s largest need-based grant aid program for college students. In SREB states, students received $4.5 billion in Pell Grants in percent more than in An increase in the number of recipients accounted for much of this gain. The average amount per recipient in SREB states was $2,400 in percent more than 10 years earlier when adjusted for inflation. Pell Grants, however, have lost buying power. In 1978, the maximum Pell Grant (available only to the neediest students) covered 65 percent of the average annual costs of attending a U.S. public university and 28 percent at a private university. The maximum grant in 2008 ($4,050) covered just 28 percent of the average annual costs of attending a public university and 11 percent at a private university. (The maximum Pell Grant is slated to increase to $5,350 for the award year.) 132 SREB Fact Book 2009

5 Percent of Tuition, Fees, Room and Board Covered by Maximum Federal Pell Grant, United States 88% 99% 75% 71% 65% 72% 53% 55% 38% 61% Public two-year college 28% 31% 21% 31% 10% 13% 28% 11% Public university Private university Note: The maximum Pell award was $1,400 in 1978 and $4,310 in Sources: SREB analysis of College Board and National Center for Education Statistics data. In addition to Pell Grants, students in SREB states in 2007 received $269.7 million through the federal College Work/Study Program, $357.9 million through the Perkins Loan Program and $313.3 million through the Supplemental Educational Opportunity Grant program. TUITION Students borrow more than they receive in financial aid How American families cover college costs continues to change dramatically. Increasingly, students supplement their own resources and grant aid funds with loans in order to cover college costs. In 1978, students or their parents borrowed 28 cents for every financial aid (grant, work/study or tax credit) dollar received. By 2008, they borrowed $1.12 for every financial aid dollar. About 2.7 times as many financial aid dollars were available in 2008 than in 1978 (after adjusting for inflation) and 10.7 times more loan dollars. SREB Fact Book

6 Student Financial Aid and Loan Trends, United States (in billions of 2008 dollars) $8.0 Loans Grants, Work/Study or Tax Credits $43.9 $40.2 $23.2 $20.6 $28.3 $76.6 $85.9 $1.12 in loans for every grant, work/study or tax credit dollar 28 cents in loans for every grant, work/study or tax credit dollar Source: SREB analysis of College Board data. Loan volume and amounts continue to grow Federal loan programs supplied $20.9 billion in loans to students in SREB states in Stafford subsidized loans were up 70 percent from 1997 and averaged $3,800 per recipient. Stafford unsubsidized loan amounts were up 175 percent and averaged $4,700 per recipient. Parent Loans for Undergraduate Students (PLUS) increased 194 percent from 1997 and averaged $9,900 per recipient in the region. The percentage of first-time, full-time students taking out loans in their first year of college has risen in recent years. At public four-year institutions in 2007, 41 percent of the SREB region s and 44 percent of the nation s first-time, full-time freshmen took out loans in their first year averaging $4,100 and $4,600, respectively. In 2002, 37 percent of these students in SREB states took out first-year loans (averaging $3,000). The national average was 41 percent (averaging $3,300). At public two-year colleges in the SREB region, the percentage of first-time students who took on debt was lower, but also grew from 12 percent in 2002 to 15 percent in The average loan to these first-year students rose from $2,200 to $2,800. Most college graduates owe for college expenses In 2007, 56 percent of the nation s undergraduates receiving bachelor s degrees at public four-year colleges graduated in debt for their college education on average owing at least $18,500. In the SREB region, at least 54 percent of the graduates owed for college loans, averaging $17,200 of debt. 134 SREB Fact Book 2009

7 Minimum Debt Burden of College Graduates Earning Bachelor s Degrees, Public Four-Year Colleges*, % with Debt (average debt $18,500) 54% with Debt (average debt $17,200) United States SREB states * Excludes research universities. Sources: SREB analysis of Institute for College Access and Success data, based on Peterson s copyrighted database. Used with permission. SREB states lead in increases for state scholarships and grants State scholarships and grants in SREB states reached nearly $3.5 billion in From 1997 to 2007, need-based aid to undergraduate students in the SREB region increased 292 percent, well more than double the national increase of 112 percent. A gain of 370 percent in non-need-based aid accounted for the majority of the region s overall increase, largely because of merit-based aid such as Georgia s Hope Scholarship and similar programs in other states. SREB states accounted for 23 percent of the nation s total amount of state need-based financial aid for undergraduate students in 2007 and 79 percent of the nation s total amount of state non-need-based grants for undergraduate students. TUITION Demographics and affordability collide Demographic shifts are under way across the nation and in SREB states. When coupled with the likely increased demand for education and training brought on by the recent economic downturn, keeping college affordable will be increasingly important and challenging. Black and Hispanic students will become larger portions of the college-bound group in the coming decades. Black and Hispanic students, who together were 36 percent of public high school graduates in 2005 in the SREB region, are projected to rise to 44 percent by 2015 and to exceed 50 percent by Students in these groups more often come from middle- and lower-income families, who will have the most difficulty meeting rising costs. SREB Fact Book

8 Table 52 Median Annual Tuition and Required Fees for Full-Time Undergraduate Students 1 Public Four-Year Colleges and Universities In-State Students Out-of-State Students As Percentage Percent Change of Median Percent Change to Household Income to Not Not Adjusted Adjusted Adjusted Adjusted for for for for Inflation Inflation Inflation Inflation 2 United States $5, $13, SREB states 4, , percent of U.S Alabama $5, $9, Arkansas 5, , Delaware 7, , Florida 3, , Georgia 3, , Kentucky 5, , Louisiana 3, , Maryland 6, , Mississippi 4, , North Carolina 4, , Oklahoma 3, , South Carolina 7, , Tennessee 5, , Texas 5, , Virginia 6, , West Virginia 4, , The medians for the United States and SREB states are the middle values of all four-year colleges and universities. The median for each state is the middle value of the institutions in that state. 2 The cost of living (academic-year Consumer Price Index) increased by 29.8 percent from to Sources: SREB-State Data Exchange. SREB analysis of National Center for Education Statistics institutional characteristics surveys ( U.S. Census Bureau median household income data ( 136 SREB Fact Book 2009

9 Public Two-Year Colleges In-State Students Out-of-State Students As Percentage Percent Change of Median Percent Change to Household Income to Not Not Adjusted Adjusted Adjusted Adjusted for for for for Inflation Inflation Inflation Inflation 2 Table 52 continued $2, $5, United States 2, , SREB states percent of U.S. $2, $4, Alabama 1, , Arkansas 2, , Delaware 2, , Florida 2, , Georgia 3, , Kentucky 1, , Louisiana 3, , Maryland 1, , Mississippi 1, , North Carolina 2, , Oklahoma 3, , South Carolina 2, , Tennessee 1, , Texas 2, , Virginia 2, , West Virginia TUITION SREB Fact Book

10 Table 53 Percent of Median Family Incomes Required to Pay Median Annual Tuition and Fees Four-Year Colleges and Universities Two-Year Colleges Family Income Family Income Lowest Second Middle Fourth Highest Lowest Second Middle Fourth Highest Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth United States SREB states Alabama Arkansas Delaware Florida Georgia Kentucky Louisiana Maryland Mississippi North Carolina Oklahoma South Carolina Tennessee Texas Virginia West Virginia Figures are based on median annual tuition and required fees for full-time, in-state undergraduate students at public colleges and universities. Sources: SREB-State Data Exchange. SREB analysis of National Center for Education Statistics institutional characteristics surveys ( National Center for Public Policy and Higher Education spreadsheets for Measuring Up 2006 ( and National Center for Higher Education Management Systems (NCHEMS) analysis for Measuring Up 2008 (unpublished data), based on data from the U.S. Census Bureau. 138 SREB Fact Book 2009

11 Table 53 continued Four-Year Colleges and Universities Two-Year Colleges Family Income Family Income Lowest Second Middle Fourth Highest Lowest Second Middle Fourth Highest Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth Fifth United States SREB states Alabama Arkansas Delaware Florida Georgia Kentucky Louisiana Maryland Mississippi North Carolina Oklahoma South Carolina Tennessee Texas Virginia West Virginia TUITION SREB Fact Book

12 Table 54 Median Annual Tuition and Required Fees for Full-Time Undergraduate Students at Public Universities, Colleges, and Technical Institutes or Colleges SREB Categories of Universities and Colleges 2 Four-Year In- Out-of- In- Out-of- In- Out-of- In- Out-of- State State State State State State State State United States $6,751 $18,181 $5,959 $15,578 $4,942 $13,419 $5,486 $12,621 SREB states 5,767 16,531 5,429 15,607 4,996 13,715 5,024 12,737 percent of U.S Alabama $5,700 $16,334 $5,216 $11,024 $4,876 $9,031 $5,010 $9,203 Arkansas 6,038 14,492 NA NA 6,010 13,232 5,405 10,010 Delaware 8,150 19,400 NA NA NA NA 6,146 13,100 Florida 3,464 17,183 3,531 16,234 3,409 15,191 NA NA Georgia 5,553 19,849 5,642 23,366 4,038 12,910 3,514 12,118 Kentucky 7,199 14,995 6,870 17,664 5,682 15,382 5,616 12,058 Louisiana 4,688 12,988 3,984 9,888 3,501 9,453 3,595 9,043 Maryland 7,969 22,208 8,707 17,439 7,234 17,174 6,318 14,500 Mississippi 4,947 11,581 4,706 10,755 NA NA 4,286 10,034 North Carolina 5,229 19,152 4,091 14,931 4,151 13,814 3,044 13,226 Oklahoma 5,549 14,818 NA NA 3,827 9,524 NA NA South Carolina 9,108 21,716 NA NA 8,994 18,883 7,735 19,291 Tennessee 5,932 18,174 5,802 16,630 4,975 15,148 5,109 15,385 Texas 7,516 15,856 6,436 14,686 5,412 13,768 4,658 12,863 Virginia 7,949 23,763 6,684 19,234 6,421 15,948 5,655 14,150 West Virginia 4,722 14,600 NA NA 4,510 11,414 NA NA NA indicates not applicable. There was no institution of this type in the state. indicates not available. 1 The medians for the United States and SREB states are the middle values of all institutions by type. The medians for each state are the middle values of the institutions by type in that state. 2 SREB classifies four-year colleges into six categories based on number of degrees awarded and number of subjects in which degrees are awarded. See Appendix A. Sources: SREB-State Data Exchange. SREB analysis of National Center for Education Statistics institutional characteristics surveys ( 140 SREB Fact Book 2009

13 Table 54 continued SREB Categories of Universities, Colleges, and Technical Institutes or Colleges 2 Four-Year Technical Institutes 5 6 Two-Year or Colleges In- Out-of- In- Out-of- In- Out-of- In- Out-of- State State State State State State State State $5,280 $11,862 $5,459 $12,225 $2,400 $5,728 $1,539 $2,835 United States 4,255 12,120 4,172 10,192 2,069 7,010 1,539 2,609 SREB states percent of U.S. $5,344 $10,323 $4,050 $7,350 $2,700 $4,830 $2,700 $4,830 Alabama 4,762 7,882 4,499 8,909 1,990 3,930 Arkansas NA NA NA NA 2,490 5,748 NA NA Delaware 3,712 16,230 3,201 18,079 2,035 7,460 Florida 3,546 12,150 2,821 9,931 2,089 7,362 1,539 2,835 Georgia 5,320 12,490 NA NA 3,450 10,350 3,450 10,350 Kentucky 2,976 6,714 NA NA 1,901 4, ,438 Louisiana NA NA 11,989 20,584 3,065 7,348 NA NA Maryland 4,313 10,461 NA NA 1,740 3,652 NA NA Mississippi 3,404 12,354 3,472 13,407 1,409 7,531 NA NA North Carolina 3,753 9,203 3,893 8,857 2,519 6,087 Oklahoma 7,459 14,489 7,383 14,837 3,190 6,594 NA NA South Carolina 5,005 15,045 NA NA 2,627 9,703 2,168 NA Tennessee 4,934 13,184 5,645 13,985 1,614 2,337 NA NA Texas 7,276 16,673 6,151 17,815 2,404 7,659 NA NA Virginia NA NA 4,294 9,975 2,748 7,966 West Virginia TUITION SREB Fact Book

14 Table 55 Federal Pell Grants 1 Amount (in thousands) Total Public Colleges Private Colleges Proprietary Colleges Percent Percent Percent Percent Change Change Change Change to to to to United States $12,183, $8,132, $1,739, $2,311, SREB states 2 4,531, ,351, , , percent of U.S Alabama $239, $186, $26, $26, Arkansas 144, , , , Delaware 20, , , , Florida 680, , , , Georgia 379, , , , Kentucky 204, , , , Louisiana 3 217, , , , Maryland 154, , , , Mississippi 199, , , , North Carolina 359, , , , Oklahoma 172, , , , South Carolina 178, , , , Tennessee 256, , , , Texas 999, , , , Virginia 229, , , , West Virginia 93, , , , Pell Grants generally are awarded only to undergraduate students who have not earned bachelor s or professional degrees. The amount a student may receive depends on the expected family contribution, the cost of attendance, whether the student attends full time or part time, and whether the student attends for a full academic year or less. The maximum award for the academic year was $4,050. (Pell Grants were called Basic Educational Opportunity Grants until 1980.) 2 Totals may not equal the sums of the figures shown because of rounding. 3 Figures reflect the effects of Hurricanes Katrina and Rita. 4 Adjusted for inflation. Sources: Office of Postsecondary Education, U.S. Department of Education: Title IV/Federal Pell Grant End of Year Reports, (1997) and (2008) ( 142 SREB Fact Book 2009

15 Table 55 continued Average Amount Per Recipient Total Public Colleges Private Colleges Proprietary Colleges Percent Percent Percent Percent Change Change Change Change to to to to $2, $2, $2, $2, United States 2, , , , SREB states percent of U.S. $2, $2, $2, $2, Alabama 2, , , , Arkansas 2, , , , Delaware 2, , , , Florida 2, , , , Georgia 2, , , , Kentucky 2, , , , Louisiana 3 2, , , , Maryland 2, , , , Mississippi 2, , , , North Carolina 2, , , , Oklahoma 2, , , , South Carolina 2, , , , Tennessee 2, , , , Texas 2, , , , Virginia 2, , , , West Virginia TUITION SREB Fact Book

16 Table 56 Federal Campus-Based Financial Aid to Students Amount (in thousands) College Work/ Supplemental Educational Study Program Perkins Loans Opportunity Grants Percent Percent Percent Change Change Change to to to United States $1,024, $1,612, $1,062, SREB states 1 269, , , percent of U.S Alabama $13, $16, $16, Arkansas 8, , , Delaware 1, , , Florida 35, , , Georgia 20, , , Kentucky 20, , , Louisiana 11, , , Maryland 14, , , Mississippi 10, , , North Carolina 21, , , Oklahoma 10, , , South Carolina 11, , , Tennessee 16, , , Texas 48, , , Virginia 17, , , West Virginia 5, , , Notes: The federal College Work/Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay educational expenses. If the student works on campus, it is usually for the school. If the student works off campus, the employer usually will be a private, nonprofit organization or a public agency, and the work performed must be in the public interest. Federal Perkins Loans are low-interest (5 percent) loans for undergraduate and graduate students with exceptional financial need. (Perkins Loans were called National Direct Student Loans until 1987.) Federal Supplemental Educational Opportunity Grants are for undergraduates with exceptional financial need those with the lowest expected family contribution. The program gives priority to students who also receive Pell Grants. 1 Totals may not equal the sums of the figures shown because of rounding. 2 Figures may differ from calculations based on amounts shown because of rounding. 3 Adjusted for inflation. Source: Office of Postsecondary Education, U.S. Department of Education: Federal Campus-Based Programs Data Books ( 144 SREB Fact Book 2009

17 Table 56 continued Average Amount Per Recipient College Work/ Supplemental Educational Study Program Perkins Loans Opportunity Grants Percent Percent Percent Change Change Change to to to $1, $2, $ United States 1, , SREB states percent of U.S. 2 $1, $2, $ Alabama 1, , Arkansas 1, , Delaware 1, , Florida 1, , Georgia 1, , Kentucky 1, , , Louisiana 1, , Maryland 1, , Mississippi 1, , North Carolina 1, , Oklahoma 1, , South Carolina 1, , Tennessee 1, , Texas 1, , Virginia 1, , West Virginia TUITION SREB Fact Book

18 Table 57 Federal Student Loan Programs Amount (in thousands) Stafford Stafford Parent Loans for Subsidized Loans Unsubsidized Loans Undergraduate Students Percent Percent Percent Change Change Change to to to United States $30,864, $30,451, $8,899, SREB states 9,256, ,261, ,382, percent of U.S Alabama $493, $497, $93, Arkansas 260, , , Delaware 60, , , Florida 1,569, ,672, , Georgia 864, , , Kentucky 440, , , Louisiana 1 390, , , Maryland 411, , , Mississippi 294, , , North Carolina 599, , , Oklahoma 335, , , South Carolina 370, , , Tennessee 565, , , Texas 1,732, ,681, , Virginia 661, , , West Virginia 206, , , Notes: Two categories of loans are included. Direct loans through the William D. Ford Federal Direct Loan Program were authorized by the Student Loan Reform Act of These low-interest loans are originated by participating institutions with funds provided directly through the U.S. Department of Education, which is the sole lender. Indirect loans are made through the Federal Family Education Loan Program and formerly were known as Guaranteed Student Loans. Funds for this program are provided primarily by commercial lenders. Loans are guaranteed by individual state or private nonprofit guaranty agencies and are reinsured by the federal government. Both direct and indirect loan programs provide funds for the Stafford Subsidized Program, the Stafford Unsubsidized Program and Parent Loans for Undergraduate Students. Subsidized loans are awarded based on need. Students are not charged any interest before they begin repayment. The federal government subsidizes the interest. Unsubsidized loans are not awarded based on need. Students are charged interest from the time the loans are disbursed until they are paid in full. If the interest accumulates, it will be capitalized that is, the interest will be added to the principal amount of the loan and additional interest will be based on the higher amount. Unsubsidized loans began in the early 1990s. 146 SREB Fact Book 2009

19 Table 57 continued Average Amount Per Recipient Stafford Stafford Parent Loans for Subsidized Loans Unsubsidized Loans Undergraduate Students Percent Percent Percent Change Change Change to to to $3, $4, $10, United States 3, , , SREB states percent of U.S. $4, $4, $9, Alabama 3, , , Arkansas 3, , , Delaware 3, , , Florida 3, , , Georgia 3, , , Kentucky 3, , , Louisiana 1 4, , , Maryland 3, , , Mississippi 4, , , North Carolina 3, , , Oklahoma 3, , , South Carolina 3, , , Tennessee 3, , , Texas 3, , , Virginia 3, , , West Virginia TUITION 1 Figures reflect the effects of Hurricanes Katrina and Rita. 2 Adjusted for inflation. Sources: Office of Postsecondary Education, U.S. Department of Education: Federal Student Loan Programs Data Book, FY1997 (1998) and FY2007 (2008) ( and SREB analysis of loan volume updates. SREB Fact Book

20 Table 58 First-Time Students Participation in Student Financial Aid and Loan Programs 1 at Public Four-Year Colleges and Universities Percent Receiving Average Amount State/ State/ Grant Federal Local Institutional Federal Local Institutional or Loan Grants Grants Grants Loans Grants Grants Grants Loans United States $2,830 $2,122 $2,679 $3,274 SREB states ,811 2,287 2,653 3,018 percent of U.S Alabama $2,748 $1,617 $3,232 $2,876 Arkansas ,758 2,259 3,481 2,890 Delaware ,956 2,803 4,093 4,062 Florida ,346 2,179 2,249 2,726 Georgia ,736 3,295 3,396 3,036 Kentucky ,636 1,502 3,263 2,991 Louisiana ,540 2,412 1,898 2,428 Maryland ,575 2,430 3,183 3,244 Mississippi , ,168 3,088 North Carolina ,213 1,680 2,510 4,019 Oklahoma ,731 1,780 2,033 2,897 South Carolina ,499 3,058 3,066 2,966 Tennessee ,619 1,745 4,135 3,003 Texas ,720 2,225 1,978 2,571 Virginia ,635 2,505 3,164 3,334 West Virginia ,481 1,661 1,683 2,800 1 First-time, full-time, degree- or certificate-seeking undergraduates. Students may participate in multiple programs. Source: SREB analysis of National Center for Education Statistics student financial aid surveys ( 148 SREB Fact Book 2009

21 Table 58 continued Percent Receiving Average Amount State/ State/ Grant Federal Local Institutional Federal Local Institutional or Loan Grants Grants Grants Loans Grants Grants Grants Loans $3,379 $2,885 $3,803 $4,622 United States ,314 3,196 3,424 4,107 SREB states percent of U.S $2,962 $2,046 $4,390 $4,037 Alabama ,163 2,884 5,363 4,018 Arkansas ,214 3,069 5,322 3,063 Delaware ,198 2,793 2,343 3,562 Florida ,101 3,752 3,457 3,286 Georgia ,235 2,034 4,533 3,738 Kentucky ,597 2,731 2,500 3,997 Louisiana ,679 2,997 4,607 4,733 Maryland ,510 1,301 3,834 3,986 Mississippi ,781 2,453 2,765 4,036 North Carolina ,990 2,343 2,757 3,645 Oklahoma ,648 4,892 4,484 4,727 South Carolina ,163 4,203 3,201 3,514 Tennessee ,214 3,264 2,997 4,783 Texas ,697 3,829 4,215 4,365 Virginia ,179 4,084 1,948 3,858 West Virginia TUITION SREB Fact Book

22 Table 59 First-Time Students Participation in Student Financial Aid and Loan Programs 1 at Public Two-Year Colleges Percent Receiving Average Amount State/ State/ Grant Federal Local Institutional Federal Local Institutional or Loan Grants Grants Grants Loans Grants Grants Grants Loans United States $2,491 $1,037 $1,030 $2,476 SREB states , ,086 2,226 percent of U.S Alabama $2,718 $1,488 $1,801 $1,840 Arkansas ,367 1, ,900 Delaware , ,045 2,170 Florida , ,163 2,344 Georgia ,150 1,380 1,472 2,533 Kentucky , ,397 Louisiana , ,156 Maryland , ,080 Mississippi , ,039 2,348 North Carolina , ,447 Oklahoma ,318 1,102 1,215 2,231 South Carolina ,771 1, ,509 Tennessee , ,199 2,092 Texas , ,187 Virginia , ,208 West Virginia ,615 1,112 1,272 2,345 1 First-time, full-time, degree- or certificate-seeking undergraduates. Students may participate in multiple programs. Source: SREB analysis of National Center for Education Statistics student financial aid surveys ( 150 SREB Fact Book 2009

23 Table 59 continued Percent Receiving Average Amount State/ State/ Grant Federal Local Institutional Federal Local Institutional or Loan Grants Grants Grants Loans Grants Grants Grants Loans $2,830 $1,445 $1,369 $3,110 United States ,849 1,474 1,355 2,770 SREB states percent of U.S $2,876 $2,365 $2,201 $2,413 Alabama ,012 1,917 1,941 3,393 Arkansas ,457 1,455 1,187 2,186 Delaware ,899 1,396 1,160 2,984 Florida ,239 1,523 1,744 2,848 Georgia ,819 1,484 1,270 3,220 Kentucky ,877 1, ,632 Louisiana ,744 1,503 1,237 2,848 Maryland , ,120 2,268 Mississippi , ,446 North Carolina ,799 1,104 1,888 2,252 Oklahoma ,733 2,226 1,118 2,673 South Carolina ,847 1,915 1,654 2,353 Tennessee ,793 1,168 1,213 2,893 Texas ,951 1,040 1,243 2,716 Virginia ,026 1, ,866 West Virginia TUITION SREB Fact Book

24 Table 60 State Scholarships, Grants and Other Financial Aid Funds Scholarships and Grants Based on Need Subtotal Undergraduate Graduate Uncategorized Total 1 Percent Percent Percent Change Change Change (in (in to (in to (in to (in thousands) thousands) thousands) thousands) thousands) United States $9,308,173 $5,474, $5,259, $53, $161,050 SREB states 3,494,106 1,250, ,195, , ,585 percent of U.S Alabama $10,294 $5, $5, $ Arkansas 36,919 22, , NA NA NA Delaware 15,385 10,496 * 10,173 * Florida 595, , , NA NA $7,975 Georgia 498,997 1, , NA NA NA Kentucky 190,030 91, , NA NA NA Louisiana 122,075 1, , NA NA NA Maryland 107,745 93, , , ,478 Mississippi 30,677 2, , NA NA NA North Carolina 296, ,127 * 163,650 * 2, ,109 Oklahoma 166,433 56, , NA South Carolina 273,766 50, , NA Tennessee 236,166 57, , NA NA Texas 561, ,916 * 374,730 * 33,163 * 3,023 Virginia 255, , , West Virginia 96,620 31, , NA NA NA * These states initiated new aid programs resulting in percent increases greater than 500 percent. NA indicates not applicable. The state did not have a program of this type in at least one year. indicates not available. 1 Reports on other amounts are not consistent over time, so change statistics are not shown for other or for total. Sources: Kristen DeSalvatore and Linda Hughes, 28th Annual Survey Report, Academic Year (1998) and 38th Annual Survey Report, Academic Year (2008), National Association of State Scholarship and Grant Aid Programs (Springfield, IL) ( 152 SREB Fact Book 2009

25 Table 60 continued Scholarships and Grants Not Based on Need Other Financial Aid 1 Subtotal Undergraduate Graduate Uncategorized Percent Percent Percent Change Change Change Percent (in to (in to (in to (in (in of Total thousands) thousands) thousands) thousands) thousands) $2,128, $2,079, $32, $16,045 $1,704, United States 1,680, ,636, , , , SREB states percent of U.S. $4, $2, $1,300 NA $ Alabama 11,240 * 8,208 * 3,032 3, Arkansas 4,182 1, ,316 * 136 NA $ Delaware 351, , NA NA 1, , Florida 485, , NA NA 5,997 12, Georgia 93,384 93,384 NA NA NA 5, Kentucky 120,563 * 118,853 * 1,710 NA Louisiana 4, , , Maryland 20,191 * 20,174 * NA 8, Mississippi 59, , ,105 NA 67, North Carolina 10, , , Oklahoma 222, ,919 NA 2,048 NA South Carolina 176,926 * 173,325 * NA NA 3,601 1, Tennessee NA NA NA NA NA NA 150, Texas 69, , , ,406 83, Virginia 46,345 46,205 NA 140 NA 18, West Virginia TUITION SREB Fact Book

26 Table 61 Average Minimum Debt of College Graduates 1 at Public Four-Year Colleges and Universities Percent of Graduating Average Debt of Class with Debt Graduates with Debt Percent of Percent Percent Undergraduate Change Change Students in Since Since Institutions with Data United States 56 1 $18, SREB states , percent of U.S Alabama 60 5 $21, Arkansas , Delaware , Florida , Georgia , Kentucky , Louisiana , Maryland , Mississippi , North Carolina , Oklahoma , South Carolina , Tennessee , Texas , Virginia , West Virginia , Undergraduates receiving bachelor s degrees. Excludes graduates who transferred to the school from which they graduated. Excludes parent loans and any private loans not certified by the campus. Only institutions reporting average debt figures for both years are included. 2 The SREB states rate is the SREB median state (the average of the rates of the middle two SREB states). Sources: Project on Student Debt, Institute for College Access and Success, Average Student Debt by State and Sector (2008) Based on data from Petersons s Undergraduate Financial Database, copyright 2007, 2008 Peterson s, a Nelnet company. National Center for Education Statistics data on undergraduate enrollment. 154 SREB Fact Book 2009