Informational Memorandum

The University of Wisconsin System Informational Memorandum Highlights What financial aid is available for UW students? UW System undergraduate and graduate students received $1.4 billion in financial aid in 2012-13, an increase of $1.0 million over 2011-12. UW students received $445.2 million in grant funding, a 4% increase. UW students borrowed $907.3 million in student loans, a 2% decrease. UW students received $12.7 million in Federal Work-Study funding, a $0.2 million decline. What are the sources of financial aid? Federal sources accounted for 76% of UW System financial aid. State sources accounted for 7%. UW System institutions provided 8% of UW System financial aid. 9% of UW System financial aid was provided by private or community sources. How many UW students receive financial aid? A total of 126,699 UW System students received financial aid; 70% of all students enrolled. 73% of undergraduate students, or 115,246 students, received financial aid. 46% of undergraduate and graduate students, or 83,804 students, received a grant. Over half of all enrolled undergraduate and graduate students (57% or 102,561 students), borrowed from a student loan program in 2012-13. 5% of UW System undergraduate and graduate students (8,808) received Federal Work-Study. 73% of resident undergraduates had loan debt at graduation. The average loan debt of these borrowers was $29,219. The University of Wisconsin System Office of Policy Analysis and Research September 2014 (revised) Additional reports available at http://www.uwsa.edu/opar 1534 Van Hise Hall 1220 Linden Drive Madison, WI 53706 (608) 262-6441

OVERVIEW OF STUDENT FINANCIAL AID TRENDS Overall, 126,699 UW students (70% of total enrollment) received $1.4 billion in financial aid in 2012-13 (Table 1). Compared to 2011-12, the number of financial aid recipients decreased by 914, while dollars awarded increased by $1 million. Seventy-three percent (73%) of undergraduate students received some financial aid (including nonneed based aid) in 2012-13. The percentage of undergraduate and graduate students receiving some form of financial aid has risen since 2003-04. Between 2003-04 and 2012-13, there was a sizeable increase in the proportion of UW System students receiving financial aid among both undergraduate (resident and non-resident) and graduate students. During this period, the percent of UW System students receiving aid rose from 59 percent to 70 percent. Since 2003-04, the number of undergraduate aid recipients rose by 30 percent, while the growth in graduate recipients was 15 percent. Table 1 Financial Aid Provided to UW System Students Aided Resident Non-Resident Year # % Enroll # % Enroll # % Enroll # % Enroll # $M % Enroll 03-04 88,529 62% 76,141 64% 12,388 55% 9,918 41% 98,447 $699.7 59% 04-05 92,007 64% 79,410 66% 12,597 56% 10,818 46% 102,825 $767.4 62% 05-06 94,302 65% 81,292 67% 13,010 56% 11,221 48% 105,523 $828.8 63% 06-07 95,580 66% 82,076 67% 13,504 57% 11,523 48% 107,103 $881.2 63% 07-08 98,575 66% 84,045 68% 14,530 58% 11,537 47% 110,112 $951.2 64% 08-09 101,651 67% 86,314 69% 15,337 58% 11,637 48% 113,288 $1,061.9 65% 09-10 108,641 71% 92,280 73% 16,361 60% 12,380 49% 121,021 $1,215.0 68% 10-11 113,287 72% 95,808 75% 17,479 61% 12,814 51% 126,101 $1,318.8 69% 11-12 115,201 74% 97,327 76% 17,874 61% 12,412 50% 127,613 $1,364.2 70% 12-13 115,246 73% 96,616 76% 18,630 61% 11,453 48% 126,699 $1,365.2 70% Notes: Students with uncategorized residency are included with residents. Students with uncategorized classification are included with undergraduates. Informational Memorandum Page 1

SOURCES OF AID FOR UW STUDENTS Three out of four financial aid dollars (76%) to UW students were provided or underwritten through a Federal program (Table 2). Aid from State sources represented 7 percent of all aid. Institutional aid accounted for 8 percent of the aid received by UW students. Institutional aid is made up primarily of scholarships funded through sources such as donations to UW institutions and tuition differentials. Detailed information of financial aid by type and institution is presented in Appendices A, B, and C. The percentage of aid from Federal sources has declined since 2003-04, when 80 percent of all aid dollars were from this source. State aid, as a percentage of all aid, has remained at a fairly constant 7 to 8 percent during the 10-year period. The share of aid awarded by other private and community sources reached a peak of 11 percent in 2006-07 and now represents 9 percent of financial aid awarded to UW System students. In 2012-13, UW System students received $123.7 million in financial aid from Other sources. Federal grant aid has declined in the last two years. The decline was caused by the elimination of some federal grant programs along with a minimal increase in Pell Grant funding. In 2012-13, this category represented 15 percent of all financial aid. Table 2 UW System Financial Aid by Source of Funding All Aid Grants Federal State Institution Other Federal State Institution Other Year $M % $M % $M % $M % $M % $M % $M % $M % 03-04 $560.2 80% $51.6 7% $37.2 5% $50.7 8% $92.8 13% $51.5 7% $35.2 5% $21.5 4% 04-05 $603.8 79% $59.6 8% $39.9 5% $64.1 8% $95.8 12% $59.4 8% $38.1 5% $22.3 3% 05-06 $639.1 77% $66.3 8% $41.9 5% $81.4 10% $92.2 11% $66.1 8% $39.9 5% $23.5 3% 06-07 $668.8 76% $69.7 8% $48.4 5% $94.2 11% $102.8 12% $69.5 8% $46.2 5% $22.5 3% 07-08 $722.8 76% $76.2 8% $54.3 6% $97.9 10% $116.7 12% $76.0 8% $52.2 5% $24.4 3% 08-09 $827.3 78% $81.3 8% $58.7 6% $94.6 9% $130.8 12% $81.1 8% $56.1 5% $29.1 3% 09-10 $970.2 80% $81.0 7% $67.2 6% $96.7 8% $179.0 15% $80.7 7% $64.4 5% $31.7 3% 10-11 $1,057.9 80% $87.0 7% $76.9 6% $96.9 7% $222.0 17% $86.7 7% $74.4 6% $34.0 3% 11-12 $1,067.9 78% $94.8 7% $88.8 7% $112.8 8% $210.2 15% $94.6 7% $85.7 6% $38.5 3% 12-13 $1,039.8 76% $98.7 7% $103.1 8% $123.7 9% $206.5 15% $98.5 7% $99.3 7% $41.0 3% LOANS Loan aid comprises the largest component of financial aid to UW students. Loan dollars make up 66 percent of total financial aid dollars (Table 3), a $15 million decrease from 2011-12. Eighty-one percent (81%) of financial aid recipients received a loan. Fifty-seven percent (57%) of enrolled UW students borrowed in 2012-13, 9 percentage points more than in 2003-04. Overall, loans disbursed increased by 87 percent since 2003-04. Funding increased from $484.6 million in 2003-04 to $907.3 million in 2012-13. Table 3 UW System Distribution of Loans Year Borrowers % Aid Recipients % Enrollment $M $ % Aid 03-04 79,734 81% 48% $484.6 69% 04-05 83,025 81% 50% $537.1 70% 05-06 86,548 82% 51% $592.7 72% 06-07 88,182 82% 52% $625.8 71% 07-08 89,894 82% 52% $667.8 70% 08-09 92,508 82% 53% $750.0 71% 09-10 100,023 83% 56% $845.5 70% 10-11 103,443 82% 57% $888.4 67% 11-12 104,896 83% 58% $922.4 68% 12-13 102,561 81% 57% $907.3 66% Informational Memorandum Page 2

The Federal government is the primary source for student borrowing. In 2012-13, the Federal government provided 90 percent (35% need based and 55% non-need based) of student loans (Table 4). Over time, students have been relying more on Federal non-need based loans and alternative loan programs. Loans provided by Other sources comprise 9 percent of student borrowing. Table 4 UW System Loans by Source of Funding Federal Need Based Non-Need Based State Institutional Other Year $M % Loans $M % Loans $M % Loans $M % Loans $M % Loans $M % Loans 03-04 $241.3 50% $212.0 44% $0.2 0.04% $2.0 0.4% $29.2 6% $484.6 100% 04-05 $261.4 49% $232.0 43% $0.2 0.04% $1.8 0.3% $41.7 8% $537.1 100% 05-06 $266.7 45% $265.8 45% $0.2 0.04% $2.1 0.4% $57.9 10% $592.7 100% 06-07 $276.7 44% $275.0 44% $0.2 0.03% $2.2 0.4% $71.7 11% $625.8 100% 07-08 $300.1 45% $291.9 44% $0.2 0.03% $2.1 0.3% $73.5 11% $667.8 100% 08-09 $298.5 40% $383.2 51% $0.2 0.03% $2.6 0.3% $65.5 9% $750.0 100% 09-10 $335.8 40% $441.7 52% $0.3 0.04% $2.8 0.3% $65.0 8% $845.5 100% 10-11 $371.6 42% $451.1 51% $0.3 0.03% $2.6 0.3% $62.9 7% $888.4 100% 11-12 $380.0 41% $464.8 50% $0.2 0.02% $3.0 0.3% $74.3 8% $922.4 100% 12-13 $318.7 35% $501.9 55% $0.2 0.02% $3.8 0.4% $82.7 9% $907.3 100% GRANTS Grant aid comprises 31 percent of all financial aid dollars, which is slightly greater than most years in the last 10 years (Table 5). Both grant awards and recipients have grown steadily over the last 10 years. Sixty-six percent (66%) of financial aid recipients received a grant in 2012-13 and 46 percent of enrolled students received a grant. Since 2003-04 grant dollars disbursed have more than doubled. Grants have increased by over $244 million since 2003-04. Table 5 UW System Distribution of Grants Year Recipients % Aid Recipients % Enrollment $M % Aid 03-04 52,382 53% 32% $201.0 29% 04-05 54,385 53% 33% $215.6 28% 05-06 55,968 53% 33% $221.7 27% 06-07 57,691 54% 34% $240.9 27% 07-08 61,275 56% 35% $269.3 28% 08-09 62,008 55% 35% $297.1 28% 09-10 67,224 56% 38% $355.8 29% 10-11 75,671 60% 42% $417.1 32% 11-12 81,283 64% 45% $428.9 31% 12-13 83,804 66% 46% $445.2 31% Informational Memorandum Page 3

In 2012-13, Federal grants made up the largest source of grants (46%) received by UW students (Figure 1). Federal grants increased in 2009-10 and 2010-11 because of changes to Pell Grant eligibility, but were stable in 2011-12 and 2012-13. State grants were the second largest grant category, at 22 percent. Institutional grants were also 22 percent of all grants. Grants in the Other category (9% of all grants) are those provided by private scholarships, such as the Fund for Wisconsin Scholars, the Wisconsin Covenant Foundation Grant, and by other states to non-resident students. Institutional $99.3 million (22%) Figure 1 Sources of Grant Aid for UW System Students 2012-13 Other $41.0 million (9%) State $98.5 million (22%) Federal $206.5 million (46%) WHEG Grants to Wisconsin Resident s The largest need-based State grant program available to Wisconsin residents attending a UW institution is the Wisconsin Higher Education Grant (WHEG). One in every four (25%) resident undergraduate students received a WHEG award in 2012-13 (Table 6). Other State grant programs are described in Appendix D. Table 6 WHEG Awards to UW System Wisconsin Resident s Year Recipients Avg. Grant $M % Res UG Enroll 03-04 22,808 $1,244 $28.4 19% 04-05 26,065 $1,284 $33.5 22% 05-06 24,517 $1,682 $41.2 20% 06-07 24,672 $1,755 $43.3 20% 07-08 26,326 $1,892 $49.8 21% 08-09 27,187 $2,024 $55.0 22% 09-10 25,624 $2,161 $55.4 20% 10-11 30,344 $1,962 $59.5 24% 11-12 30,675 $1,901 $58.3 24% 12-13 31,758 $1,835 $58.3 25% change from 11-12 4% -3% 0% -- The percentage of students receiving a WHEG award has grown to 25 percent, the highest ever. In 2012-13, the average WHEG award was $1,835, a $66 decrease from 2011-12. The WHEG formula is designed with a goal of providing a reduced funding level to a larger group of students. WHEG funding stayed the same in 2012-13 and the number of WHEG recipients increased by 4 percent. Informational Memorandum Page 4

Table 7 shows that UW-Superior had the highest percentage of resident undergraduates receiving a WHEG award (50%), while UW-Madison had the lowest (16%). Table 7 WHEG Awards to UW System Wisconsin Resident s 2012-13 UW Institution Recipients Avg. Grant $ (Millions) % Res UG Enroll UW-Madison 3,184 $1,782 $5.7 16% UW-Milwaukee 6,473 $1,886 $12.2 29% UW-Eau Claire 1,947 $1,828 $3.6 25% UW-Green Bay 1,583 $1,846 $2.9 26% UW-La Crosse 1,458 $1,796 $2.6 19% UW-Oshkosh 2,646 $1,833 $4.9 22% UW-Parkside 1,609 $1,894 $3.0 40% UW-Platteville 1,560 $1,811 $2.8 26% UW-River Falls 993 $1,786 $1.8 34% UW-Stevens Point 2,347 $1,833 $4.3 28% UW-Stout 1,548 $1,842 $2.9 28% UW-Superior 657 $1,780 $1.2 50% UW-Whitewater 2,123 $1,869 $4.0 23% UW Colleges 3,630 $1,793 $6.5 27% UW System 31,758 $1,835 $58.3 25% Pell Grants to Wisconsin Resident s The largest Federal need-based grant program available to UW System undergraduates is the federal Pell Grant. Over one out of every three (34%) resident undergraduates received a Pell Grant award in 2012-13 (Table 8). The average Pell award received by Wisconsin resident undergraduates declined slightly in 2012-13 and was $3,668. There also was a small decline in resident undergraduate recipients. Table 8 Pell Awards to UW System Wisconsin Resident s Year Recipients Avg. Grant $M % UG Res Enrollment 03-04 26,722 $2,413 $64.5 22% 04-05 26,956 $2,425 $65.4 22% 05-06 25,598 $2,434 $62.3 21% 06-07 25,779 $2,486 $64.1 21% 07-08 27,751 $2,667 $74.0 22% 08-09 27,608 $3,065 $84.6 22% 09-10 35,256 $3,622 $127.7 28% 10-11 43,319 $3,725 $161.3 34% 11-12 43,720 $3,705 $162.0 34% 12-13 42,976 $3,668 $158.6 34% change from 11-12 -2% -1% -2% -- Pell, SEOG, and WHEG Awards to UW System Students The WHEG, the Pell Grant, and the Supplemental Educational Opportunity Grant (SEOG) are the three largest grant programs available to UW System undergraduates. Table 9 shows that in 2012-13, 48,549 UW System undergraduates received a Pell award and 15,626 undergraduates received a SEOG award. (According to Federal guidelines, Pell recipients have the highest priority in receiving SEOG awards, so there is overlap between these two award populations.) The average Pell award for all recipients was $3,662. This is a decline Informational Memorandum Page 5

from 2011-12. The funding level for the SEOG program has remained fairly constant for over a decade and the average award in 2012-13 was $589. A table showing Pell recipients by UW institution is found in Appendix E. Table 9 Financial Aid Grants to UW System Students Year Federal Pell Federal SEOG State WHEG # $ M Avg # $ M Avg # $ M Avg 03-04 29,783 $71.8 $2,410 15,216 $11.0 $720 22,808 $28.4 $1,244 04-05 29,913 $72.5 $2,424 15,648 $10.4 $666 26,065 $33.5 $1,284 05-06 28,441 $69.1 $2,429 14,815 $10.0 $676 24,517 $41.2 $1,682 06-07 28,707 $71.2 $2,482 15,368 $10.0 $649 24,672 $43.3 $1,755 07-08 30,813 $82.2 $2,666 15,461 $9.8 $635 26,326 $49.8 $1,892 08-09 30,828 $94.5 $3,067 16,085 $10.2 $633 27,187 $55.0 $2,024 09-10 39,448 $142.8 $3,621 16,596 $10.2 $615 25,624 $55.4 $2,161 10-11 48,658 $180.9 $3,718 16,714 $9.5 $568 30,344 $59.5 $1,962 11-12 49,186 $182.1 $3,701 15,207 $9.0 $590 30,675 $58.3 $1,901 12-13 48,549 $177.8 $3,662 15,626 $9.2 $589 31,758 $58.3 $1,835 Table 10 shows the percentage of financial aid recipients participating in the three major need-based grant programs. In 2012-13, 38 percent of aid recipients received a Pell award; 12 percent of recipients received a SEOG; and 25 percent received a WHEG award. Except for the Pell award increases in 2009-10 and 2010-11, these percentages have been fairly constant over the past several years. Table 10 Percentage of UW System Financial Aid Recipients Receiving Pell, SEOG, and WHEG Awards Year Federal Pell Federal SEOG State WHEG % Recips % of $ % Recips % of $ % Recips % of $ 03-04 30% 10% 15% 2% 23% 4% 04-05 29% 9% 15% 1% 25% 4% 05-06 27% 8% 14% 1% 23% 5% 06-07 27% 8% 14% 1% 23% 5% 07-08 28% 9% 14% 1% 24% 5% 08-09 27% 9% 14% 1% 24% 5% 09-10 33% 12% 14% 1% 21% 5% 10-11 39% 14% 13% 1% 24% 5% 11-12 38% 13% 12% 1% 25% 4% 12-13 38% 13% 12% 1% 25% 4% Informational Memorandum Page 6

FEDERAL WORK-STUDY In 2012-13, $12.7 million was provided through Federal Work-Study, a work program that includes both Federal and State contributions. In 2012-13, 8,808 undergraduate and graduate students participated in work-study programs, which accounted for 1 percent of all financial aid dollars (Table 11). Table 11 Distribution of Federal Work-Study to UW System and Students Year Recipients % Aid Recipients % Enrollment $M % Aid 03-04 9,904 10% 6% $14.1 2% 04-05 9,886 10% 6% $14.7 2% 05-06 9,576 9% 6% $14.3 2% 06-07 9,509 9% 6% $14.4 2% 07-08 9,314 8% 5% $14.1 1% 08-09 9,251 8% 5% $14.8 1% 09-10 9,470 8% 5% $13.7 1% 10-11 9,373 7% 5% $13.3 1% 11-12 9,092 7% 5% $12.9 1% 12-13 8,808 7% 5% $12.7 1% Note: Federal Work-Study includes Reserve Officer Training Corps (ROTC) funding. CHARACTERISTICS OF FINANCIAL AID RECIPIENTS Most financial aid recipients in the UW System are financially dependent. Sixty-seven percent (67%) of all aid recipients and 74 percent of undergraduate aid recipients were dependent in 2012-13 (Table 12). A higher percentage of non-resident undergraduate aid recipients are dependent (79%) compared to resident undergraduate recipients (73%). Table 12 UW System Financial Aid Recipients by Dependency Level 2012-13 Dependent Independent Unknown # % # % # % # % Resident 70,174 73% 21,965 23% 4,477 5% 96,616 100% s Non-Resident 14,631 79% 2,067 11% 1,932 10% 18,630 100% s 84,805 74% 24,032 21% 6,409 6% 115,246 100% Resident 3 0% 6,700 89% 829 11% 7,532 100% s Non-Resident 0 0% 2,739 70% 1,182 30% 3,921 100% s 3 0% 9,439 82% 2,011 18% 11,453 100% 84,808 67% 33,471 26% 8,420 7% 126,699 100% Informational Memorandum Page 7

Seventy-nine (79%) of all UW underrepresented minority students (URM) received some form of financial aid in 2012-13 (Table 13). Ninety percent (90%) of these students had demonstrated financial need as defined by the Federal Needs Analysis methodology. URM include students identifying as African American, Hispanic/Latino(a), American Indian, Southeast Asian, either alone or in combination with other race/ethnic identifications. By comparison, 58 percent of White/Unknown students and 52 percent of Other Asian American students received financial aid. The group with the highest percentage of enrolled students receiving aid was Southeast Asians with 89 percent. Table 13 UW System Financial Aid Recipients by Race/Ethnicity 2012-13 # Recipients % Aided % Recipients of Enrolled % Recipients with Need Notes: African American 4,793 4.2% 83% 94% Hispanic/Latino(a) 5,234 4.5% 74% 88% American Indian 659 0.6% 76% 88% Southeast Asian 3,250 2.8% 90% 98% Two or More Races-URM 2,032 1.8% 80% 86% Underrepresented Minorities 15,968 13.9% 80% 91% Hawaiian/Pacific Islander 109 0.1% 63% 76% Other Asian American 1,648 1.4% 55% 80% Two or More Races-non-URM 660 0.6% 60% 78% White/Unknown 96,861 84.0% 62% 76% 115,246 100.0% 64% 78% African American 671 5.9% 71% 90% Hispanic/Latino(a) 488 4.3% 52% 81% American Indian 86 0.8% 54% 83% Southeast Asian 151 1.3% 67% 91% Two or More Races-URM 142 1.2% 68% 85% Underrepresented Minorities 1,619 14.1% 65% 82% Hawaiian/Pacific Islander 14 0.1% 56% 79% Other Asian American 301 2.6% 39% 82% Two or More Races-non-URM 56 0.5% 45% 84% White/Unknown 9,544 83.3% 34% 78% 11,453 100.0% 37% 79% African American 5,464 4.3% 81% 93% Hispanic/Latino(a) 5,722 4.5% 71% 87% American Indian 745 0.6% 73% 87% Southeast Asian 3,401 2.7% 89% 98% Two or More Races-URM 2,174 1.7% 79% 86% Underrepresented Minorities 17,587 13.9% 79% 90% Hawaiian/Pacific Islander 123 0.1% 62% 76% Other Asian American 1,949 1.5% 52% 81% Two or More Races-non-URM 716 0.6% 58% 79% White/Unknown 106,405 84.0% 58% 76% UW System 126,699 100.0% 60% 78% Underrepresented minorities (URM) include students identifying as African American, Hispanic/Latino(a), American Indian, and Southeast Asian, either alone or in combination with other race/ethnicities. Two or More Races-URM includes students identifying as two or more races, one of which is a URM group. Two or More Races-non-URM includes students identifying as two or more races, neither of which is a URM group. % Recipients of enrolled column is based on annual unduplicated headcount enrollment. Informational Memorandum Page 8

STUDENT INDEBTEDNESS UW resident undergraduate students who borrowed both need and non-need based loans during their academic careers had an average debt of $29,219 at graduation in 2012-13 (Table 14). This debt may have been incurred at any UW System institution, but debt incurred at non-uw System institutions is not included. This represents a 4 percent increase from 2011-12. Seventy-three percent (73%) of resident undergraduate students who graduated in 2012-13 had loan debt at graduation, compared to 63 percent in 2003-04. The amount of loan debt has increased steadily since then, even when measured in constant Fiscal Year 2002 (FY02) dollars. The proportion of resident undergraduate debt coming from non-need based loan programs has steadily increased and is now 50 percent. The trend in the last decade of students receiving more non-need based loans is a concern for college affordability as these loan programs have a higher overall cost of borrowing. Table 14 Cumulative Student Loan Debt UW System Wisconsin Resident s Completing a Bachelor s Degree Who Borrowed While in College Year Loan % UG Res Average Avg Debt % $ Recipients Degrees Debt (FY02 $) Non-Need 03-04 11,885 63% $17,250 $16,777 34% 04-05 11,661 64% $18,378 $17,352 35% 05-06 12,140 66% $19,809 $18,017 36% 06-07 12,735 67% $21,104 $18,715 39% 07-08 13,307 68% $22,401 $19,152 41% 08-09 13,459 69% $23,789 $20,139 43% 09-10 13,878 71% $25,397 $21,203 46% 10-11 14,065 71% $27,004 $22,106 48% 11-12 14,813 72% $28,002 $22,269 48% 12-13 15,373 73% $29,219 $22,855 50% By comparison to the UW four-year institutions, fewer UW Colleges associate s degree recipients borrow during their undergraduate career, and the average debt upon graduation is smaller. The shorter length of an associate s degree program may account for the lower debt. Non-need-based loans account for less than half of the loans received by UW Colleges degree recipients. Table 15 Cumulative Student Loan Debt UW Colleges Wisconsin Resident s Completing an Associate s Degree Who Borrowed While in College Year Loan % UWC Res Average Avg Debt % $ Recipients Associate Debt (FY02 $) Non-Need 03-04 577 45% $7,003 $6,811 27% 04-05 597 51% $7,241 $6,837 32% 05-06 625 53% $8,641 $7,859 35% 06-07 701 57% $9,038 $8,015 36% 07-08 719 55% $9,764 $8,348 38% 08-09 765 55% $11,785 $9,977 42% 09-10 819 57% $12,531 $10,462 43% 10-11 917 58% $13,626 $11,155 45% 11-12 1,065 62% $13,747 $10,932 44% 12-13 1,057 63% $13,773 $10,773 44% Informational Memorandum Page 9

Cumulative loan debt among borrowers at the UW four-year institutions was highest at UW-Milwaukee (Table 16). The highest percentage of Wisconsin resident graduates with loan debt was at UW-Superior (81%) and the lowest was at UW-Madison (61%). Average debt for all resident undergraduates receiving a bachelor s degree, regardless of whether incurring loan debt or not, was $21,463. Table 16 Cumulative Student Loan Debt for 2012-13 UW System Wisconsin Resident s Completing a Bachelor s Degree Loan Recipients % Grads w ith Loan Debt Average Debt of Borrowers Average Debt of all s UW-Madison 2,584 61% $28,282 $17,163 UW-Milwaukee 2,857 77% $32,577 $25,108 UW-Eau Claire 1,177 75% $25,739 $19,186 UW-Green Bay 977 79% $26,289 $20,663 UW-La Crosse 1057 73% $28,083 $20,614 UW-Oshkosh 1,469 78% $30,238 $23,453 UW-Parkside 414 73% $29,797 $21,680 UW-Platteville 773 79% $25,933 $20,518 UW-River Falls 477 78% $27,231 $21,190 UW-Stevens Point 1,183 77% $29,291 $22,574 UW-Stout 883 78% $29,283 $22,903 UW-Superior 185 81% $29,975 $24,429 UW-Whitewater 1,337 76% $31,056 $23,632 15,373 73% $29,219 $21,463 Figure 2 shows the distribution of cumulative loan debt among UW System Wisconsin resident undergraduates completing a degree. There is a sizable group of graduates with comparatively high levels of debt. Of all graduates with debt in 2012-13, 2,496, or 16 percent, had cumulative loan debt greater than $45,000. Figure 2 Cumulative Student Loan Debt for 2012-13 UW System Wisconsin Resident s Completing a Bachelor s Degree Informational Memorandum Page 10

Although the percentage of students graduating with loan debt has increased in the past several years, the twoyear student loan default rate for UW students (3.5%) remains low (Table 16). The student loan default rate for UW graduates is significantly lower than the student loan default rate of all borrowers nationally, showing that the great majority of student loan borrowers are committed to making their loan payments. The U.S. Department of Education is phasing in a three-year default rate. For the 2010 graduating cohort, the three-year default rate was 5.2 percent compared to 14.7 percent nationwide. Table 17 Student Loan Default Rates UW System and National Data Two-year default rate Three-year default rate 2003 2004 2005 2006 2007 2008 2009 2010 2011 2009 2010 UW System 1.8% 1.6% 1.4% 1.3% 1.8% 2.3% 2.8% 3.4% 3.7% 4.5% 5.3% National 4.5% 5.1% 4.6% 5.2% 6.7% 7.0% 8.8% 9.1% 10.0% 13.4% 14.7% Source: U.S. Department of Education See technical notes for an explanation of two- and three-year default rates. Informational Memorandum Page 11

Appendix A UW System Financial Aid Dollars (in Millions) by Institution 2012-13 Grants Loans Work Study Fed. State Inst. Other % $M % $M % $M % UW-Madison $21.2 $16.3 $70.7 $13.4 $121.6 27% $208.6 23% $4.5 35% $334.6 25% UW-Milwaukee $50.0 $20.2 $9.0 $2.8 $82.1 18% $174.0 19% $1.1 9% $257.2 19% UW-Eau Claire $12.0 $6.3 $4.6 $3.3 $26.2 6% $50.8 6% $1.4 11% $78.4 6% UW-Green Bay $10.0 $4.6 $3.1 $1.4 $19.1 4% $31.6 3% $0.3 3% $51.0 4% UW-La Crosse $9.4 $4.7 $1.7 $2.8 $18.6 4% $54.5 6% $0.5 4% $73.6 5% UW-Oshkosh $14.8 $7.8 $1.4 $2.0 $25.9 6% $64.6 7% $1.0 8% $91.5 7% UW-Parkside $8.9 $4.4 $0.3 $0.6 $14.2 3% $22.4 2% $0.1 1% $36.7 3% UW-Platteville $9.7 $4.1 $1.7 $2.1 $17.5 4% $42.0 5% $0.6 5% $60.1 4% UW-River Falls $7.9 $2.5 $0.7 $1.7 $12.8 3% $35.1 4% $0.6 5% $48.4 4% UW-Stevens Point $13.7 $6.2 $0.9 $3.1 $24.0 5% $52.4 6% $1.0 8% $77.4 6% UW-Stout $10.8 $4.3 $1.5 $2.0 $18.6 4% $50.9 6% $0.7 5% $70.2 5% UW-Superior $4.8 $1.6 $1.8 $0.7 $8.9 2% $16.0 2% $0.3 2% $25.1 2% UW-Whitewater $13.7 $6.6 $1.2 $3.4 $24.9 6% $72.4 8% $0.1 0% $97.3 7% UW Colleges $19.8 $8.8 $0.7 $1.7 $31.0 7% $32.1 4% $0.5 4% $63.6 5% UW System $206.5 $98.5 $99.3 $41.0 $445.2 100% $907.3 100% $12.7 100% $1,365.2 100% Notes: Percentages may not add to 100% due to rounding. Table includes all UW System students. All dollars are in millions. Informational Memorandum Page 12

s Grants Loans s Grants Loans Grants s Loans Appendix B UW System Financial Aid Recipients by Institution, Level, and Residency for 2012-13 UW System # Aided 96,616 18,630 7,532 3,921 126,699 % of UWS Aided 76.3% 14.7% 5.9% 3.1% 100.0% % of UWS Enrollment 76.4% 60.6% 56.9% 37.1% 70.0% # Grant Recipients 68,420 10,942 2,511 1,931 83,804 % of UWS Grant Recips 81.6% 13.1% 3.0% 2.3% 100.0% % of UWS Enrollment 54.1% 35.6% 19.0% 18.2% 46.3% # Borrowers 78,657 14,924 6,403 2,577 102,561 % of UWS Borrowers 76.7% 14.6% 6.2% 2.5% 100.0% % of UWS Enrollment 62.2% 48.6% 48.4% 24.4% 56.7% UW-Madison # Aided 13,465 5031 2,924 2053 23,473 % of UWS Aided w/in Category 13.9% 27.0% 38.8% 52.4% 18.5% % of Institution Aided 57.4% 21.4% 12.5% 8.7% 100.0% % of UWS Enrollment w/in Category 10.6% 16.4% 22.1% 19.4% 13.0% % of Institution Enrollment w/in Category 69.5% 45.2% 60.2% 28.9% 55.3% # Grant Recipients 11,013 3,650 1,128 1,079 16,870 % of UWS Grant Recips w/in Category 16.1% 33.4% 44.9% 55.9% 20.1% % of Institution Grant Recips 65.3% 21.6% 6.7% 6.4% 100.0% % of UWS Enrollment w/in Category 8.7% 11.9% 8.5% 10.2% 9.3% % of Institution Enrollment w/in Category 56.8% 32.8% 23.2% 15.2% 39.7% # Borrowers 9,075 3,158 2,545 1,361 16,139 % of UWS Borrowers w/in Category 11.5% 21.2% 39.7% 52.8% 15.7% % of Institution Borrowers 56.2% 19.6% 15.8% 8.4% 100.0% % of UWS Enrollment w/in Category 7.2% 10.3% 19.2% 12.9% 8.9% % of Institution Enrollment w/in Category 46.8% 28.4% 52.4% 19.2% 38.0% UW-Milwaukee # Aided 18,141 885 2,144 965 22,135 % of UWS Aided w/in Category 18.8% 4.8% 28.5% 24.6% 17.5% % of Institution Aided 82.0% 4.0% 9.7% 4.4% 100.0% % of UWS Enrollment w/in Category 14.3% 2.9% 16.2% 9.1% 12.2% % of Institution Enrollment w/in Category 80.8% 51.5% 63.9% 61.0% 76.0% # Grant Recipients 12,590 452 684 604 14,330 % of UWS Grant Recips w/in Category 18.4% 4.1% 27.2% 31.3% 17.1% % of Institution Grant Recips 87.9% 3.2% 4.8% 4.2% 100.0% % of UWS Enrollment w/in Category 10.0% 1.5% 5.2% 5.7% 7.9% % of Institution Enrollment w/in Category 56.1% 26.3% 20.4% 38.2% 49.2% # Borrowers 15,800 763 1,754 454 18,771 % of UWS Borrowers w/in Category 20.1% 5.1% 27.4% 17.6% 18.3% % of Institution Borrowers 84.2% 4.1% 9.3% 2.4% 100.0% % of UWS Enrollment w/in Category 12.5% 2.5% 13.3% 4.3% 10.4% % of Institution Enrollment w/in Category 70.4% 44.4% 52.3% 28.7% 64.5% Informational Memorandum Page 13

Loans Grants s Loans Grants s s Grants Loans Appendix B UW System Financial Aid Recipients by Institution, Level, and Residency for 2012-13 UW-Eau Claire # Aided 6,277 1,778 198 59 8,312 % of UWS Aided w/in Category 6.5% 9.9% 2.3% 1.5% 6.6% % of Institution Aided 75.5% 21.4% 2.4% 0.7% 100.0% % of UWS Enrollment w/in Category 5.0% 5.8% 1.5% 0.6% 4.6% % of Institution Enrollment w/in Category 80.5% 65.7% 49.6% 39.9% 75.2% # Grant Recipients 4,529 987 74 12 5,602 % of UWS Grant Recips w/in Category 7.3% 9.5% 3.0% 0.7% 7.3% % of Institution Grant Recips 80.8% 17.6% 1.3% 0.2% 100.0% % of UWS Enrollment w/in Category 3.6% 3.2% 0.6% 0.1% 3.1% % of Institution Enrollment w/in Category 58.1% 36.5% 18.5% 8.1% 50.7% # Borrowers 5,124 1,494 157 53 6,828 % of UWS Borrowers w/in Category 6.4% 10.3% 2.1% 1.9% 6.5% % of Institution Borrowers 75.0% 21.9% 2.3% 0.8% 100.0% % of UWS Enrollment w/in Category 4.1% 4.9% 1.2% 0.5% 3.8% % of Institution Enrollment w/in Category 65.7% 55.2% 39.3% 35.8% 61.8% UW-Green Bay # Aided 4,788 314 76 4 5,182 % of UWS Aided w/in Category 5.0% 1.8% 0.9% 0.1% 4.1% % of Institution Aided 92.4% 6.1% 1.5% 0.1% 100.0% % of UWS Enrollment w/in Category 3.8% 1.0% 0.6% 0.0% 2.9% % of Institution Enrollment w/in Category 78.0% 66.2% 45.5% 33.3% 76.3% # Grant Recipients 3,404 228 30 2 3,664 % of UWS Grant Recips w/in Category 5.5% 2.2% 1.2% 0.1% 4.8% % of Institution Grant Recips 92.9% 6.2% 0.8% 0.1% 100.0% % of UWS Enrollment w/in Category 3.8% 1.0% 0.6% 0.0% 2.9% % of Institution Enrollment w/in Category 55.5% 48.1% 18.0% 16.7% 54.0% # Borrowers 4,050 204 65 4 4,323 % of UWS Borrowers w/in Category 5.1% 1.4% 0.9% 0.1% 4.1% % of Institution Borrowers 93.7% 4.7% 1.5% 0.1% 100.0% % of UWS Enrollment w/in Category 3.2% 0.7% 0.5% 0.0% 2.4% % of Institution Enrollment w/in Category 66.0% 43.0% 38.9% 33.3% 63.7% UW-La Crosse # Aided 5,920 1,134 313 183 7,550 % of UWS Aided w/in Category 6.1% 6.3% 3.7% 4.6% 6.0% % of Institution Aided 78.4% 15.0% 4.1% 2.4% 100.0% % of UWS Enrollment w/in Category 4.7% 3.7% 2.4% 1.7% 4.2% % of Institution Enrollment w/in Category 77.0% 62.0% 51.6% 70.9% 72.7% # Grant Recipients 3,729 576 77 43 4,425 % of UWS Grant Recips w/in Category 6.0% 5.6% 3.1% 2.4% 5.8% % of Institution Grant Recips 84.3% 13.0% 1.7% 1.0% 100.0% % of UWS Enrollment w/in Category 4.7% 3.7% 2.4% 1.7% 4.2% % of Institution Enrollment w/in Category 48.5% 31.5% 12.7% 16.7% 42.6% # Borrowers 4,928 972 302 180 6,382 % of UWS Borrowers w/in Category 6.1% 6.7% 4.1% 6.5% 6.1% % of Institution Borrowers 77.2% 15.2% 4.7% 2.8% 100.0% % of UWS Enrollment w/in Category 3.9% 3.2% 2.3% 1.7% 3.5% % of Institution Enrollment w/in Category 64.1% 53.1% 49.8% 69.8% 61.5% Informational Memorandum Page 14

Loans Grants s Loans Grants s Loans Grants s Appendix B UW System Financial Aid Recipients by Institution, Level, and Residency for 2012-13 UW-Oshkosh # Aided 8,444 279 447 11 9,181 % of UWS Aided w/in Category 8.7% 1.6% 5.3% 0.3% 7.2% % of Institution Aided 92.0% 3.0% 4.9% 0.1% 100.0% % of UWS Enrollment w/in Category 6.7% 0.9% 3.4% 0.1% 5.1% % of Institution Enrollment w/in Category 70.9% 59.0% 40.7% 30.6% 67.9% # Grant Recipients 5,373 126 131 0 5,630 % of UWS Grant Recips w/in Category 8.6% 1.2% 5.3% 0.0% 7.3% % of Institution Grant Recips 95.4% 2.2% 2.3% 0.0% 100.0% % of UWS Enrollment w/in Category 4.2% 0.4% 1.0% 0.0% 3.1% % of Institution Enrollment w/in Category 45.1% 26.6% 11.9% 0.0% 41.6% # Borrowers 7,303 246 357 11 7,917 % of UWS Borrowers w/in Category 9.1% 1.7% 4.8% 0.4% 7.5% % of Institution Borrowers 92.2% 3.1% 4.5% 0.1% 100.0% % of UWS Enrollment w/in Category 5.8% 0.8% 2.7% 0.1% 4.4% % of Institution Enrollment w/in Category 61.3% 52.0% 32.5% 30.6% 58.6% UW-Parkside # Aided 3,260 403 44 1 3,708 % of UWS Aided w/in Category 3.4% 2.3% 0.5% 0.0% 2.9% % of Institution Aided 87.9% 10.9% 1.2% 0.0% 100.0% % of UWS Enrollment w/in Category 2.6% 1.3% 0.3% 0.0% 2.0% % of Institution Enrollment w/in Category 80.6% 72.4% 30.3% 4.3% 77.8% # Grant Recipients 2,299 251 6 0 2,556 % of UWS Grant Recips w/in Category 3.7% 2.4% 0.2% 0.0% 3.3% % of Institution Grant Recips 89.9% 9.8% 0.2% 0.0% 100.0% % of UWS Enrollment w/in Category 1.8% 0.8% 0.0% 0.0% 1.4% % of Institution Enrollment w/in Category 56.8% 45.1% 4.1% 0.0% 53.6% # Borrowers 2,728 341 42 1 3,112 % of UWS Borrowers w/in Category 3.4% 2.3% 0.6% 0.0% 3.0% % of Institution Borrowers 87.7% 11.0% 1.3% 0.0% 100.0% % of UWS Enrollment w/in Category 2.2% 1.1% 0.3% 0.0% 1.7% % of Institution Enrollment w/in Category 67.5% 61.2% 29.0% 4.3% 65.3% UW-Platteville # Aided 4,743 1,424 216 101 6,484 % of UWS Aided w/in Category 4.9% 8.0% 2.6% 2.5% 5.1% % of Institution Aided 73.1% 22.0% 3.3% 1.6% 100.0% % of UWS Enrollment w/in Category 3.8% 4.6% 1.6% 1.0% 3.6% % of Institution Enrollment w/in Category 79.2% 76.9% 48.2% 25.9% 74.7% # Grant Recipients 3,140 773 46 2 3,961 % of UWS Grant Recips w/in Category 5.1% 7.5% 1.9% 0.1% 5.2% % of Institution Grant Recips 79.3% 19.5% 1.2% 0.1% 100.0% % of UWS Enrollment w/in Category 2.5% 2.5% 0.3% 0.0% 2.2% % of Institution Enrollment w/in Category 52.4% 41.7% 10.3% 0.5% 45.6% # Borrowers 4,002 1,266 198 99 5,565 % of UWS Borrowers w/in Category 5.0% 8.7% 2.7% 3.6% 5.3% % of Institution Borrowers 71.9% 22.7% 3.6% 1.8% 100.0% % of UWS Enrollment w/in Category 3.2% 4.1% 1.5% 0.9% 3.1% % of Institution Enrollment w/in Category 66.8% 68.4% 44.2% 25.4% 64.1% Informational Memorandum Page 15

s Loans Grants s Loans Grants s Grants Loans Appendix B UW System Financial Aid Recipients by Institution, Level, and Residency for 2012-13 UW-River Falls # Aided 2,439 2,426 113 133 5,111 % of UWS Aided w/in Category 2.5% 13.6% 1.3% 3.4% 4.0% % of Institution Aided 47.7% 47.5% 2.2% 2.6% 100.0% % of UWS Enrollment w/in Category 1.9% 7.9% 0.9% 1.3% 2.8% % of Institution Enrollment w/in Category 83.5% 77.6% 52.8% 71.1% 79.3% # Grant Recipients 1,715 1,192 14 18 2,939 % of UWS Grant Recips w/in Category 2.8% 11.5% 0.6% 1.0% 3.8% % of Institution Grant Recips 58.4% 40.6% 0.5% 0.6% 100.0% % of UWS Enrollment w/in Category 1.4% 3.9% 0.1% 0.2% 1.6% % of Institution Enrollment w/in Category 58.7% 38.1% 6.5% 9.6% 45.6% # Borrowers 2,012 2,192 106 125 4,435 % of UWS Borrowers w/in Category 2.5% 15.1% 1.4% 4.5% 4.2% % of Institution Borrowers 45.4% 49.4% 2.4% 2.8% 100.0% % of UWS Enrollment w/in Category 1.6% 7.1% 0.8% 1.2% 2.5% % of Institution Enrollment w/in Category 68.9% 70.1% 49.5% 66.8% 68.8% UW-Stevens Point # Aided 7,000 644 170 49 7,863 % of UWS Aided w/in Category 7.3% 3.6% 2.0% 1.2% 6.2% % of Institution Aided 89.0% 8.2% 2.2% 0.6% 100.0% % of UWS Enrollment w/in Category 5.5% 2.1% 1.3% 0.5% 4.3% % of Institution Enrollment w/in Category 84.0% 67.0% 58.2% 55.1% 81.3% # Grant Recipients 4,878 359 94 27 5,358 % of UWS Grant Recips w/in Category 7.8% 3.5% 3.8% 1.5% 7.0% % of Institution Grant Recips 91.0% 6.7% 1.8% 0.5% 100.0% % of UWS Enrollment w/in Category 3.9% 1.2% 0.7% 0.3% 3.0% % of Institution Enrollment w/in Category 58.5% 37.4% 32.2% 30.3% 55.4% # Borrowers 5,934 561 113 31 6,639 % of UWS Borrowers w/in Category 7.4% 3.9% 1.5% 1.1% 6.3% % of Institution Borrowers 89.4% 8.5% 1.7% 0.5% 100.0% % of UWS Enrollment w/in Category 4.7% 1.8% 0.9% 0.3% 3.7% % of Institution Enrollment w/in Category 71.2% 58.4% 38.7% 34.8% 68.6% UW-Stout # Aided 4,592 1,970 267 132 6,961 % of UWS Aided w/in Category 4.8% 11.0% 3.2% 3.3% 5.5% % of Institution Aided 66.0% 28.3% 3.8% 1.9% 100.0% % of UWS Enrollment w/in Category 3.6% 6.4% 2.0% 1.2% 3.8% % of Institution Enrollment w/in Category 82.6% 72.6% 46.6% 32.7% 75.3% # Grant Recipients 3,088 953 54 42 4,137 % of UWS Grant Recips w/in Category 5.0% 9.2% 2.2% 2.3% 5.4% % of Institution Grant Recips 74.6% 23.0% 1.3% 1.0% 100.0% % of UWS Enrollment w/in Category 2.4% 3.1% 0.4% 0.4% 2.3% % of Institution Enrollment w/in Category 55.6% 35.1% 9.4% 10.4% 44.7% # Borrowers 3,990 1,759 248 118 6,788 % of UWS Borrowers w/in Category 5.0% 12.1% 3.4% 4.3% 6.5% % of Institution Borrowers 58.8% 25.9% 3.7% 1.7% 100.0% % of UWS Enrollment w/in Category 3.2% 5.7% 1.9% 1.1% 3.8% % of Institution Enrollment w/in Category 71.8% 64.9% 43.3% 29.2% 73.4% Informational Memorandum Page 16

Loans Grants s Loans Grants s Loans Grants s Appendix B UW System Financial Aid Recipients by Institution, Level, and Residency for 2012-13 UW-Superior # Aided 1,234 1,131 41 68 2,474 % of UWS Aided w/in Category 1.3% 6.3% 0.5% 1.7% 2.0% % of Institution Aided 49.9% 45.7% 1.7% 2.7% 100.0% % of UWS Enrollment w/in Category 1.0% 3.7% 0.3% 0.6% 1.4% % of Institution Enrollment w/in Category 94.9% 90.6% 55.4% 89.5% 91.6% # Grant Recipients 1,022 761 13 8 1,804 % of UWS Grant Recips w/in Category 1.6% 7.4% 0.5% 0.4% 2.3% % of Institution Grant Recips 56.7% 42.2% 0.7% 0.4% 100.0% % of UWS Enrollment w/in Category 0.8% 2.5% 0.1% 0.1% 1.0% % of Institution Enrollment w/in Category 78.6% 60.9% 17.6% 10.5% 66.8% # Borrowers 1,017 927 32 65 2,041 % of UWS Borrowers w/in Category 1.3% 6.4% 0.4% 2.4% 1.9% % of Institution Borrowers 49.8% 45.4% 1.6% 3.2% 100.0% % of UWS Enrollment w/in Category 0.8% 3.0% 0.2% 0.6% 1.1% % of Institution Enrollment w/in Category 78.2% 74.2% 43.2% 85.5% 75.6% UW-Whitewater # Aided 7,411 992 579 162 9,144 % of UWS Aided w/in Category 7.7% 5.5% 6.9% 4.1% 7.2% % of Institution Aided 81.0% 10.8% 6.3% 1.8% 100.0% % of UWS Enrollment w/in Category 5.9% 3.2% 4.4% 1.5% 5.1% % of Institution Enrollment w/in Category 79.6% 68.9% 58.0% 57.9% 76.0% # Grant Recipients 4,640 459 160 94 5,353 % of UWS Grant Recips w/in Category 7.5% 4.4% 6.5% 5.1% 7.0% % of Institution Grant Recips 86.7% 8.6% 3.0% 1.8% 100.0% % of UWS Enrollment w/in Category 3.7% 1.5% 1.2% 0.9% 3.0% % of Institution Enrollment w/in Category 49.8% 31.9% 16.0% 33.6% 44.5% # Borrowers 6,549 887 484 75 7,995 % of UWS Borrowers w/in Category 8.2% 6.1% 6.5% 2.7% 7.6% % of Institution Borrowers 81.9% 11.1% 6.1% 0.9% 100.0% % of UWS Enrollment w/in Category 5.2% 2.9% 3.7% 0.7% 4.4% % of Institution Enrollment w/in Category 70.3% 61.6% 48.4% 26.8% 66.5% UW Colleges # Aided 8,902 219 --- --- 9,121 % of UWS Aided w/in Category 9.2% 1.2% --- --- 7.2% % of Institution Aided 97.6% 2.4% --- --- 100.0% % of UWS Enrollment w/in Category 7.0% 0.7% --- --- 5.0% % of Institution Enrollment w/in Category 65.4% 44.1% --- --- 64.7% # Grant Recipients 7,000 175 --- --- 7,175 % of UWS Grant Recips w/in Category 11.3% 1.7% --- --- 9.3% % of Institution Grant Recips 97.6% 2.4% --- --- 100.0% % of UWS Enrollment w/in Category 5.5% 0.6% --- --- 4.0% % of Institution Enrollment w/in Category 51.4% 35.2% --- --- 50.9% # Borrowers 6,145 154 --- --- 6,299 % of UWS Borrowers w/in Category 7.7% 1.1% --- --- 6.0% % of Institution Borrowers 97.6% 2.4% --- --- 100.0% % of UWS Enrollment w/in Category 4.9% 0.5% --- --- 3.5% % of Institution Enrollment w/in Category 45.2% 31.0% --- --- 44.7% Informational Memorandum Page 17

Appendix C UW System Financial Aid Dollars by Institution, Level, and Residency, 2012-13 $962,874,605 $212,998,999 $127,932,495 $61,378,844 $1,365,184,943 UW System Grants $359,297,121 $62,695,079 $11,727,519 $11,520,564 $445,240,283 Loans $594,209,553 $147,848,461 $115,680,775 $49,512,676 $907,251,465 $155,044,980 $74,873,932 $66,109,825 $38,605,778 $334,634,515 UW-Madison Grants $74,637,678 $34,358,037 $5,398,852 $7,182,702 $121,577,269 Loans $77,524,761 $39,533,628 $60,391,495 $31,150,981 $208,600,865 $203,066,138 $12,408,406 $31,773,841 $9,923,136 $257,171,521 UW-Milwaukee Grants $72,951,377 $2,736,294 $3,822,870 $2,550,305 $82,060,846 Loans $129,227,749 $9,606,333 $27,862,252 $7,323,633 $174,019,967 $59,552,003 $15,944,283 $2,120,591 $734,747 $78,351,624 UW-Eau Claire Grants $22,659,989 $3,283,402 $178,236 $40,264 $26,161,891 Loans $35,817,898 $12,338,119 $1,923,051 $690,789 $50,769,857 $46,402,261 $3,547,460 $966,295 $56,807 $50,972,823 UW-Green Bay Grants $17,145,438 $1,712,287 $234,100 $6,000 $19,097,825 Loans $28,951,660 $1,822,329 $727,757 $50,807 $31,552,553 $54,460,880 $10,645,642 $4,823,624 $3,674,599 $73,604,745 UW-La Crosse Grants $16,363,326 $1,737,388 $229,544 $272,115 $18,602,373 Loans $37,677,908 $8,859,020 $4,593,146 $3,402,484 $54,532,558 $83,050,026 $3,334,512 $4,995,597 $150,581 $91,530,716 UW-Oshkosh Grants $24,950,463 $487,672 $495,695 $0 $25,933,830 Loans $57,116,500 $2,814,918 $4,486,495 $150,581 $64,568,494 $32,286,047 $3,737,726 $639,681 $18,000 $36,681,454 UW-Parkside Grants $13,228,788 $978,488 $13,428 $0 $14,220,704 Loans $18,967,021 $2,741,044 $626,253 $18,000 $22,352,318 $42,381,141 $14,348,698 $2,407,417 $983,609 $60,120,865 UW-Platteville Grants $14,593,711 $2,685,990 $236,135 $6,794 $17,522,630 Loans $27,337,372 $11,522,888 $2,141,035 $976,815 $41,978,110 $22,864,724 $22,333,115 $1,467,589 $1,771,170 $48,436,598 UW-River Falls Grants $8,339,787 $4,357,627 $27,108 $69,594 $12,794,116 Loans $14,231,465 $17,684,019 $1,439,831 $1,699,448 $35,054,763 $68,317,180 $6,845,891 $1,675,308 $606,651 $77,445,030 UW-Stevens Point Grants $22,426,011 $1,237,856 $205,370 $115,200 $23,984,437 Loans $45,052,144 $5,443,798 $1,443,697 $481,881 $52,421,520 $45,684,596 $19,573,624 $3,320,806 $1,635,735 $70,214,761 UW-Stout Grants $14,833,475 $3,344,199 $218,031 $193,652 $18,589,357 Loans $30,412,543 $16,014,226 $3,084,999 $1,435,514 $50,947,282 $12,783,700 $10,925,541 $473,705 $953,456 $25,136,402 UW-Superior Grants $5,210,550 $3,576,855 $48,830 $35,460 $8,871,695 Loans $7,402,671 $7,211,031 $421,868 $915,646 $15,951,216 $74,800,238 $13,092,993 $7,158,216 $2,264,575 $97,316,022 UW-Whitewater Grants $21,510,528 $1,682,619 $619,320 $1,048,478 $24,860,945 Loans $53,246,287 $11,395,273 $6,538,896 $1,216,097 $72,396,553 $62,180,691 $1,387,176 --- --- $63,567,867 UW Colleges Grants $30,446,000 $516,365 --- --- $30,962,365 Loans $31,243,574 $861,835 --- --- $32,105,409 Notes: aid includes Work-Study awards. Student with missing residency are included with residents. Students with missing classification are included with undergraduates. Informational Memorandum Page 18

Appendix D State Grants Received by UW System Students, 2012-13 Program $ Million Change from 11-12 Program Description $ Million % WHEG $58.3 -$0.02 0.0% Administered by HEAB. For resident undergraduates enrolled in the UW System or WTCS. Students must be WI residents and have financial need. Talent Incentive Program $2.77 $1.26 83.8% Administered by HEAB. For very needy students enrolled at least half time. Law ton Minority Retention Grants Academic Excellence Scholarship $6.77 -$0.01-0.1% $4.81 -$0.34-6.6% Administered by UW System. Supplemental grants to minority undergraduate UW students w ho have both financial need and at least sophomore standing. Administered jointly by HEAB and UW System. A merit-based scholarship program. Tuition Assistance Grant $7.65 -$0.10-1.3% UW System grant for resident undergraduates w ith need w ho don't qualify for a WHEG aw ard. Department of Vocational Rehabilitation $1.77 $0.17 10.4% Administered by DVR. Provides supplemental funds to DVR customers to cover the cost of attendance. Indian Student Assistant Grant $0.22 $0.03 13.0% Administered by HEAB. Provides need based grants to Wisconsin residents of American Indian heritage. Advanced Opportunity Grant $6.46 $0.06 0.9% Administered by the UW System. Provides grants to multicultural and disadvantaged graduate and professional students. National Guard Tuition Reimbursement $1.88 $0.45 31.8% Administered by the Department of Military Affairs. Available to Wisconsin National Guard members. Wisconsin Educational Veterans Benefits $0.11 -$0.37-76.7% Administered by the Department of Veterans Affairs. Programs are available to qualified veterans and family members. Wisconsin GI Bill Supplemental Payment $1.30 $0.56 74.8% Administered by Department of Veterans Affairs to supplement 9/11 GI Bill benefits. UW System Study Abroad Grant $0.99 $0.07 7.8% Administered by the UW System. Provides funding to students in study abroad programs. Wisconsin Covenant $5.01 $2.26 82.2% Scholar's Grant HEAB grant aw arded for Wisconsin Covenant Scholars. Other Wisconsin Grants $0.48 -$0.07-13.1% Miscellaneous other Wisconsin grants. $98.5 $3.94 4.2% Informational Memorandum Page 19

Appendix E Pell Awards to UW System s 2012-13 Recipients Avg. Grant $M % UG Enroll UW-Madison 4,750 $3,802 $18.1 16% UW-Milwaukee 9,203 $3,771 $34.7 38% UW-Eau Claire 2,989 $3,644 $10.9 28% UW-Green Bay 2,396 $3,509 $8.4 36% UW-La Crosse 2,287 $3,654 $8.4 24% UW-Oshkosh 3,708 $3,647 $13.5 30% UW-Parkside 2,191 $3,756 $8.2 48% UW-Platteville 2,534 $3,678 $9.3 32% UW-River Falls 2,053 $3,695 $7.6 34% UW-Stevens Point 3,393 $3,727 $12.6 36% UW-Stout 2,654 $3,600 $9.6 32% UW-Superior 1,215 $3,648 $4.4 48% UW-Whitewater 3,404 $3,794 $12.9 32% UW Colleges 5,772 $3,323 $19.2 41% UW System 48,549 $3,662 $177.8 31% Informational Memorandum Page 20

TECHNICAL NOTES This Informational Memorandum presents annual data on the amount of financial assistance provided to UW System students. Unless otherwise noted, figures are based on student financial aid data provided to UW System Administration by the UW institutions via the Financial Aid Central Data Request (CDR). The total number of aid recipient figures represent the total number of students (undergraduate, graduate, residents, nonresidents) receiving any type of financial aid (with exceptions noted below). Students often receive more than one type of aid, so the cumulative total for students aided through grant, work-study, and loan programs will not equal the grand total. Other important caveats include: Details in the text and tables may not add to 100% due to rounding. The data reported in this Informational Memorandum do not include graduate assistantships, fellowships, or waivers. Work-study includes only dollars provided through the Federal Work-Study program and ROTC. It does not capture other on-campus and off-campus employment. Residency for fee-purposes is determined by the Office of the Registrar at each institution. Non-residents are defined as students with residency status other than resident including Minnesota and Michigan reciprocity agreement students. Students without residency information have been included with Wisconsin residents. enrollment includes enrollment in professional programs. Financial need is defined by Federal Needs Analysis methodology. Dependency status is defined by Federal Needs Analysis methodology and specifications. Starting in 2002-03, the WHEG headcounts and disbursements do not include the Hearing and Visually Handicapped Student Grant. According to Federal regulations, graduate students may not be classified as financially dependent for purposes of financial aid. The dependent graduate students in Table 12 are undergraduates enrolled in programs requiring the payment of graduate tuition and fees. Cumulative loan debt includes all loans awarded to UW students made by UW financial aid offices. The cumulative debt does not include loans received at non-uw institutions. It does not include loans that are not directed through or reported to the financial aid offices, such as credit cards or home equity loans. The Department of Education bases the cohort loan default rate on the percentage of federal loans that go into default within two years of baccalaureate graduation. Recently, the Department of Education has been phasing in a three-year default rate with the understanding that the new rate will be more accurate. UW System will continue to report the two-year rate along with the three-year rate, in order to maintain comparability of data. Informational Memorandum Page 21