Student Tuition and Financial Aid

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 2008. 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 2009 129

Costs of attending college increase Nationwide, the average annual costs for an in-state undergraduate to attend a public university reached $15,200 in 2008 110 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%) 1978 1988 1998 2008 Note: Costs of college attendance include tuition, required fees, room and board. Source: National Center for Education Statistics data. 130 SREB Fact Book 2009

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 1988. College costs for households in the middle fifth of incomes required 30 percent of income in 2008 12 percentage points higher than in 1988. 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 1988. 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% 1988 75% $11,600 (lowest fifth) 1998 93% 2008 131% TUITION Sources: SREB analysis of National Center for Education Statistics and U.S. Census Bureau data. SREB Fact Book 2009 131

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 2008. 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 2008. 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 2008. Tuition and fees for in-state undergraduates at these institutions totaled $5,000 in 2008 74 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 2008. 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 2007 135 percent more than in 1997. 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 2007 27 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 2009-2010 award year.) 132 SREB Fact Book 2009

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 1978 1983 1988 1993 1998 2003 2008 Note: The maximum Pell award was $1,400 in 1978 and $4,310 in 2008. 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 2009 133

Student Financial Aid and Loan Trends, United States (in billions of 2008 dollars) 2008 1998 1988 1978 $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 2007. 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 2007. 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

Minimum Debt Burden of College Graduates Earning Bachelor s Degrees, Public Four-Year Colleges*, 2007 56% 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 2007. 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 2022. 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 2009 135

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 1997-98 to 2007-08 Household Income 1997-98 to 2007-08 Not Not Adjusted Adjusted Adjusted Adjusted for for for for 2007-08 Inflation Inflation 2 1997-98 2007-08 2007-08 Inflation Inflation 2 United States $5,469 91.9 47.9 7.7 10.9 $13,526 70.1 31.1 SREB states 4,980 125.3 73.6 6.6 11.5 13,440 92.9 48.6 percent of U.S. 91.4 99.4 Alabama $5,040 114.1 64.9 7.4 11.9 $9,680 112.5 63.7 Arkansas 5,689 163.9 103.3 8.2 13.9 10,309 128.0 75.7 Delaware 7,148 93.6 49.2 8.6 13.1 16,250 63.5 26.0 Florida 3,514 73.8 33.9 6.2 7.7 16,291 105.2 58.1 Georgia 3,601 69.5 30.6 5.8 7.4 12,205 85.3 42.8 Kentucky 5,817 171.2 109.0 6.4 14.7 14,857 158.6 99.3 Louisiana 3,595 73.8 33.9 6.2 8.7 9,453 70.4 31.3 Maryland 6,550 72.2 32.7 8.1 10.0 16,162 102.3 55.8 Mississippi 4,447 83.4 41.3 8.5 11.9 10,491 110.6 62.3 North Carolina 4,045 132.9 79.4 4.8 9.3 13,983 58.0 21.7 Oklahoma 3,841 107.6 60.0 5.9 8.9 9,314 114.9 65.6 South Carolina 7,735 136.5 82.3 9.5 17.5 16,590 127.8 75.5 Tennessee 5,062 130.1 77.3 7.2 12.3 15,256 124.5 73.0 Texas 5,428 145.6 89.2 6.3 11.8 13,900 61.1 24.1 Virginia 6,597 59.8 23.1 9.6 11.2 17,567 87.8 44.7 West Virginia 4,462 104.3 57.4 7.9 10.6 10,091 88.0 44.9 1 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 1997-98 to 2007-08. Sources: SREB-State Data Exchange. SREB analysis of National Center for Education Statistics institutional characteristics surveys (www.nces.ed.gov/ipeds). U.S. Census Bureau median household income data (www.census.gov). 136 SREB Fact Book 2009

Public Two-Year Colleges In-State Students Out-of-State Students As Percentage Percent Change of Median Percent Change 1997-98 to 2007-08 Household Income 1997-98 to 2007-08 Not Not Adjusted Adjusted Adjusted Adjusted for for for for 2007-08 Inflation Inflation 2 1997-98 2007-08 2007-08 Inflation Inflation 2 Table 52 continued $2,400 66.1 28.0 3.9 4.8 $5,728 32.4 2.0 United States 2,069 88.1 44.9 3.3 4.8 7,010 80.4 39.0 SREB states 86.2 122.4 percent of U.S. $2,700 100.0 54.1 4.2 6.4 $4,830 95.2 50.4 Alabama 1,990 110.1 61.9 3.6 4.9 3,930 90.6 46.9 Arkansas 2,490 111.6 63.0 2.7 4.6 5,748 71.1 31.8 Delaware 2,035 63.4 25.9 3.8 4.4 7,460 61.0 24.0 Florida 2,089 63.8 26.2 3.5 4.3 7,362 65.8 27.8 Georgia 3,450 213.6 141.7 3.3 8.7 10,350 229.6 154.0 Kentucky 1,901 70.5 31.4 3.4 4.6 4,451 46.0 12.5 Louisiana 3,065 48.1 14.1 4.4 4.7 7,348 36.1 4.8 Maryland 1,740 79.4 38.2 3.4 4.7 3,652 54.5 19.0 Mississippi 1,409 143.8 87.8 1.6 3.2 7,531 66.0 27.9 North Carolina 2,519 93.9 49.4 4.1 5.8 6,087 90.9 47.1 Oklahoma 3,190 195.4 127.6 3.2 7.2 6,594 109.7 61.6 South Carolina 2,627 130.0 77.2 3.7 6.4 9,703 120.6 70.0 Tennessee 1,614 90.4 46.7 2.4 3.5 2,337 9.2-15.9 Texas 2,404 68.2 29.6 3.3 4.1 7,659 62.6 25.3 Virginia 2,748 105.2 58.1 4.9 6.5 7,966 89.8 46.2 West Virginia TUITION SREB Fact Book 2009 137

Table 53 Percent of Median Family Incomes Required to Pay Median Annual Tuition and Fees 1 1997-98 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 28.5 11.9 7.2 4.8 2.8 14.4 6.0 3.7 2.4 1.4 SREB states 23.0 10.2 6.3 4.1 2.4 11.5 5.1 3.1 2.0 1.2 Alabama 28.0 10.6 6.2 4.2 2.5 16.1 6.1 3.6 2.4 1.5 Arkansas 26.1 11.2 7.1 4.9 3.0 11.5 4.9 3.1 2.1 1.3 Delaware 30.8 13.3 8.1 5.5 3.3 9.8 4.2 2.6 1.8 1.1 Florida 20.9 9.5 5.8 3.8 2.2 12.9 5.9 3.6 2.3 1.4 Georgia 20.6 8.5 5.3 3.6 2.2 12.4 5.1 3.2 2.1 1.3 Kentucky 23.8 9.6 5.5 3.8 2.3 12.2 4.9 2.8 2.0 1.2 Louisiana 26.8 10.5 6.1 3.8 2.3 14.4 5.7 3.3 2.1 1.2 Maryland 28.8 11.7 7.6 5.1 3.2 15.7 6.4 4.1 2.8 1.7 Mississippi 31.2 13.0 7.8 5.1 3.0 12.5 5.2 3.1 2.0 1.2 North Carolina 16.9 7.4 4.4 3.0 1.8 5.6 2.4 1.5 1.0 0.6 Oklahoma 20.6 8.6 5.3 3.7 2.2 14.4 6.0 3.7 2.6 1.5 South Carolina 30.9 13.2 8.5 5.6 3.7 10.2 4.4 2.8 1.9 1.2 Tennessee 22.9 10.1 6.2 4.2 2.5 11.9 5.3 3.2 2.2 1.3 Texas 24.6 10.5 6.5 4.2 2.4 9.4 4.0 2.5 1.6 0.9 Virginia 37.0 15.2 9.2 6.0 3.6 12.8 5.3 3.2 2.1 1.2 West Virginia 28.6 11.8 7.1 4.7 2.8 17.5 7.2 4.4 2.9 1.7 1 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 (www.nces.ed.gov/ipeds). National Center for Public Policy and Higher Education spreadsheets for Measuring Up 2006 (www.highereducation.org) 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

Table 53 continued 2007-08 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 32.4 14.6 9.3 6.4 3.8 14.2 6.4 4.1 2.8 1.7 United States 34.8 15.8 9.9 6.8 4.1 14.4 6.6 4.1 2.8 1.7 SREB states 38.2 16.5 10.3 6.9 4.2 20.4 8.9 5.5 3.7 2.2 Alabama 38.9 19.3 12.5 8.6 5.1 13.6 6.8 4.4 3.0 1.8 Arkansas 35.2 17.4 11.4 8.0 4.8 12.3 6.1 4.0 2.8 1.7 Delaware 20.5 9.9 6.4 4.4 2.6 11.9 5.7 3.7 2.5 1.5 Florida 23.6 10.2 6.4 4.4 2.6 13.7 5.9 3.7 2.5 1.5 Georgia 43.1 18.9 11.9 8.1 4.8 25.5 11.2 7.1 4.8 2.9 Kentucky 29.4 12.0 7.4 4.9 2.9 15.5 6.4 3.9 2.6 1.6 Louisiana 26.6 12.9 8.4 5.9 3.6 12.4 6.0 3.9 2.8 1.7 Maryland 39.8 17.7 10.5 6.9 3.9 15.6 6.9 4.1 2.7 1.5 Mississippi 26.2 12.1 7.7 5.3 3.2 9.1 4.2 2.7 1.8 1.1 North Carolina 28.4 12.6 8.0 5.4 3.3 18.6 8.3 5.2 3.6 2.2 Oklahoma 53.6 24.1 15.2 10.6 6.5 22.1 9.9 6.3 4.4 2.7 South Carolina 37.8 16.4 10.2 6.9 4.1 19.6 8.5 5.3 3.6 2.1 Tennessee 38.2 16.9 10.4 6.7 4.0 11.4 5.0 3.1 2.0 1.2 Texas 32.3 15.0 9.9 6.7 3.8 11.8 5.5 3.6 2.4 1.4 Virginia 33.8 16.0 10.2 6.8 4.3 20.8 9.9 6.3 4.2 2.6 West Virginia TUITION SREB Fact Book 2009 139

Table 54 Median Annual Tuition and Required Fees for Full-Time Undergraduate Students at Public Universities, Colleges, and Technical Institutes or Colleges 1 2007-08 SREB Categories of Universities and Colleges 2 Four-Year 1 2 3 4 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. 87.1 92.6 90.7 104.5 101.7 102.6 91.5 101.4 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 (www.nces.ed.gov/ipeds). 140 SREB Fact Book 2009

Table 54 continued 2007-08 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 80.6 102.7 76.1 81.5 89.5 122.9 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 4,451 886 1,438 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 2009 141

Table 55 Federal Pell Grants 1 Amount (in thousands) Total Public Colleges Private Colleges Proprietary Colleges Percent Percent Percent Percent Change Change Change Change 1996-97 to 1996-97 to 1996-97 to 1996-97 to 2006-07 2006-07 2006-07 2006-07 2006-07 2006-07 2006-07 2006-07 United States $12,183,392 110.9 $8,132,936 103.9 $1,739,320 62.7 $2,311,136 222.0 SREB states 2 4,531,091 135.1 3,351,330 127.8 492,327 99.4 687,433 227.7 percent of U.S. 37.2 41.2 28.3 29.7 Alabama $239,783 123.4 $186,728 111.4 $26,119 81.8 $26,936 481.1 Arkansas 144,948 150.2 129,383 170.2 10,926 38.3 4,639 114.1 Delaware 20,389 133.4 14,341 113.3 4,442 319.0 1,606 68.9 Florida 680,860 140.5 417,443 110.3 79,426 138.1 183,990 258.9 Georgia 379,644 175.8 241,732 152.2 40,766 72.1 97,146 435.9 Kentucky 204,013 115.9 144,630 103.4 24,911 96.5 34,473 222.2 Louisiana 3 217,686 67.3 174,006 59.5 14,979 41.5 28,702 174.4 Maryland 154,604 100.9 120,253 98.2 12,702 47.7 21,649 181.9 Mississippi 199,833 132.1 182,482 139.7 13,646 91.4 3,705 30.4 North Carolina 359,688 200.9 296,299 235.5 54,523 94.3 8,866 180.2 Oklahoma 172,696 87.3 139,878 84.7 14,206 63.8 18,612 138.2 South Carolina 178,170 145.7 138,324 160.3 35,257 126.5 4,589 21.0 Tennessee 256,916 154.5 170,622 133.6 42,573 117.4 43,721 425.3 Texas 999,213 152.4 784,771 151.1 69,395 104.2 145,047 193.7 Virginia 229,645 94.1 140,840 74.8 37,278 145.8 51,527 128.3 West Virginia 93,002 103.7 69,599 108.9 11,177 72.4 12,226 108.3 1 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 2006-07 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, 1996-97 (1997) and 2006-07 (2008) (www.ed.gov/finaid). 142 SREB Fact Book 2009

Table 55 continued Average Amount Per Recipient Total Public Colleges Private Colleges Proprietary Colleges Percent Percent Percent Percent Change Change Change Change 1996-97 to 1996-97 to 1996-97 to 1996-97 to 2006-07 2006-07 4 2006-07 2006-07 4 2006-07 2006-07 4 2006-07 2006-07 4 $2,411 23.4 $2,463 26.8 $2,601 25.1 $2,356 27.5 United States 2,436 26.7 2,478 29.4 2,674 29.0 2,362 30.2 SREB states 101.1 100.6 102.8 100.2 percent of U.S. $2,571 33.1 $2,580 36.5 $2,858 25.9 $2,390 29.6 Alabama 2,574 26.9 2,601 28.0 2,720 29.8 2,419 37.7 Arkansas 2,242 28.8 2,237 26.2 2,417 34.9 2,361 56.6 Delaware 2,398 26.2 2,400 27.4 2,586 29.1 2,296 21.1 Florida 2,135 24.8 2,103 29.9 2,698 30.2 2,271 23.4 Georgia 2,470 23.9 2,534 25.3 2,697 27.8 2,410 40.6 Kentucky 2,644 24.1 2,704 26.0 2,834 31.6 2,433 23.9 Louisiana 3 2,264 25.5 2,318 27.7 2,649 40.8 2,277 38.4 Maryland 2,742 29.5 2,790 31.0 2,770 35.2 2,522 28.3 Mississippi 2,499 30.6 2,537 36.1 2,714 27.5 2,329 38.7 North Carolina 2,487 26.7 2,487 25.9 2,642 30.7 2,576 43.4 Oklahoma 2,423 30.9 2,400 34.4 2,787 27.9 2,303 36.8 South Carolina 2,433 25.0 2,463 26.3 2,706 29.6 2,357 42.3 Tennessee 2,485 29.7 2,521 31.5 2,637 30.3 2,410 31.1 Texas 2,401 27.5 2,373 23.5 2,566 28.3 2,527 49.2 Virginia 2,620 28.4 2,686 32.3 2,577 19.2 2,411 22.2 West Virginia TUITION SREB Fact Book 2009 143

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 1996-97 to 1996-97 to 1996-97 to 2006-07 2006-07 2006-07 2006-07 2006-07 2006-07 United States $1,024,701 34.5 $1,612,460 58.6 $1,062,531 41.7 SREB states 1 269,650 31.3 357,853 60.2 313,280 58.2 percent of U.S. 2 26.3 22.2 29.5 Alabama $13,362 15.6 $16,239 60.3 $16,450 66.6 Arkansas 8,167 16.6 9,638 46.8 6,167 29.8 Delaware 1,374 23.3 3,086 33.7 1,993 10.6 Florida 35,834 66.9 36,478 65.2 46,276 68.9 Georgia 20,879 63.4 20,498 55.3 30,934 128.4 Kentucky 20,848 37.8 15,419 35.0 11,580 28.4 Louisiana 11,167-4.5 23,699 93.9 22,148 146.4 Maryland 14,752 40.8 24,982 72.4 15,224 34.3 Mississippi 10,609 13.1 15,900 42.8 9,559 18.8 North Carolina 21,672 42.8 35,274 56.7 23,724 42.7 Oklahoma 10,010 9.5 19,577 52.1 9,375 15.1 South Carolina 11,894 31.1 15,243 10.3 13,868 62.2 Tennessee 16,904 40.4 29,754 88.5 18,439 47.7 Texas 48,695 29.2 52,689 85.2 60,817 64.5 Virginia 17,750 14.7 26,200 46.9 19,937 36.2 West Virginia 5,731-7.4 13,176 54.4 6,790 15.1 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 (www.ed.gov). 144 SREB Fact Book 2009

Table 56 continued Average Amount Per Recipient College Work/ Supplemental Educational Study Program Perkins Loans Opportunity Grants Percent Percent Percent Change Change Change 1996-97 to 1996-97 to 1996-97 to 2006-07 2006-07 3 2006-07 2006-07 3 2006-07 2006-07 3 $1,515 2.5 $2,195 12.7 $784-15.6 United States 1,468 2.1 2,468 17.9 711-12.0 SREB states 96.9 112.5 90.7 percent of U.S. 2 $1,421-1.5 $2,365 20.7 $768-9.1 Alabama 1,279-1.9 2,056 1.3 588-14.7 Arkansas 1,353 26.3 2,055 29.2 547-26.3 Delaware 1,829 23.2 2,256 28.0 630-15.6 Florida 1,552 11.8 2,673 24.2 647-13.8 Georgia 1,960 10.9 1,870 11.1 533-25.4 Kentucky 1,279-9.3 2,800 36.2 1,043 14.8 Louisiana 1,751 9.5 2,415 7.4 741-10.0 Maryland 1,232-6.6 2,688 24.9 654-30.4 Mississippi 1,221 5.1 2,433 3.8 898-3.0 North Carolina 1,442-3.2 3,056 37.8 570-21.7 Oklahoma 1,330 6.8 2,505 11.7 804 5.9 South Carolina 1,237-9.1 2,638 14.9 685-23.7 Tennessee 1,521-7.3 2,636 16.6 758-6.2 Texas 1,392-1.5 2,423 11.5 618-19.6 Virginia 1,077-13.0 2,168 16.7 863-21.8 West Virginia TUITION SREB Fact Book 2009 145

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 1996-97 to 1996-97 to 1996-97 to 2006-07 2006-07 2006-07 2006-07 2006-07 2006-07 United States $30,864,203 72.6 $30,451,456 174.0 $8,899,351 194.2 SREB states 9,256,413 70.3 9,261,876 175.0 2,382,905 194.4 percent of U.S. 30.0 30.4 26.8 Alabama $493,323 80.1 $497,916 212.6 $93,186 119.6 Arkansas 260,523 112.4 227,238 243.3 40,734 168.7 Delaware 60,257 41.7 63,631 109.5 40,686 158.6 Florida 1,569,863 93.4 1,672,273 207.0 307,279 205.8 Georgia 864,480 83.8 892,173 166.0 259,711 212.7 Kentucky 440,600 100.0 417,861 225.3 77,562 289.2 Louisiana 1 390,019 4.3 393,283 79.7 52,635 60.8 Maryland 411,406 55.7 407,295 145.6 168,323 145.0 Mississippi 294,612 83.0 259,453 218.4 30,616 317.4 North Carolina 599,077 64.8 601,153 171.7 244,588 199.4 Oklahoma 335,437 45.6 313,724 138.2 80,894 200.7 South Carolina 370,929 64.1 360,290 171.8 99,912 193.5 Tennessee 565,189 71.6 562,009 189.6 131,884 206.2 Texas 1,732,296 74.1 1,681,799 174.9 437,693 283.9 Virginia 661,423 54.8 707,299 154.7 248,131 136.0 West Virginia 206,979 68.6 204,479 197.4 69,070 262.4 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 1993. 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

Table 57 continued Average Amount Per Recipient Stafford Stafford Parent Loans for Subsidized Loans Unsubsidized Loans Undergraduate Students Percent Percent Percent Change Change Change 1996-97 to 1996-97 to 1996-97 to 2006-07 2006-07 2 2006-07 2006-07 2 2006-07 2006-07 2 $3,876-14.0 $4,871 4.3 $10,560 38.9 United States 3,788-13.0 4,660 5.5 9,899 39.4 SREB states 97.7 95.7 93.7 percent of U.S. $4,019-9.7 $4,933 15.1 $9,024 45.0 Alabama 3,709-7.9 4,193 5.5 7,534 29.5 Arkansas 3,905-21.3 4,694-7.6 11,725 23.0 Delaware 3,502-20.8 4,624 0.3 10,996 40.0 Florida 3,662-16.9 4,509-4.0 11,000 47.7 Georgia 3,763-8.4 4,311 8.7 8,100 27.4 Kentucky 3,855-13.3 4,780 3.0 8,595 41.0 Louisiana 1 4,274-8.7 5,362 15.3 11,946 34.9 Maryland 3,721-6.8 4,099 6.7 7,118 37.9 Mississippi 4,025-7.3 4,724 7.4 9,420 32.2 North Carolina 3,665-7.6 4,318 11.4 9,634 56.0 Oklahoma 3,922-7.9 4,729 12.4 10,324 59.7 South Carolina 3,799-12.8 4,723 8.0 8,776 17.5 Tennessee 3,844-12.2 4,660 4.1 9,434 53.7 Texas 3,957-12.8 5,137 12.8 10,609 37.3 Virginia 3,713-7.3 4,339 13.2 9,822 43.1 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) (www.ed.gov/offices/ope/data) and SREB analysis of loan volume updates. SREB Fact Book 2009 147

Table 58 First-Time Students Participation in Student Financial Aid and Loan Programs 1 at Public Four-Year Colleges and Universities 2001-02 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 73.2 27.3 38.4 31.1 41.4 $2,830 $2,122 $2,679 $3,274 SREB states 73.7 28.3 40.3 29.8 37.4 2,811 2,287 2,653 3,018 percent of U.S. 100.7 103.7 104.9 95.9 90.4 99.4 107.7 99.0 92.2 Alabama 66.3 28.3 6.8 33.8 44.0 $2,748 $1,617 $3,232 $2,876 Arkansas 82.2 41.8 24.2 37.6 28.5 2,758 2,259 3,481 2,890 Delaware 79.0 17.8 20.6 46.6 48.2 2,956 2,803 4,093 4,062 Florida 86.3 22.5 74.2 29.5 28.8 3,346 2,179 2,249 2,726 Georgia 90.6 23.3 79.3 9.3 32.6 2,736 3,295 3,396 3,036 Kentucky 91.3 28.4 70.5 33.0 38.8 2,636 1,502 3,263 2,991 Louisiana 82.8 38.6 50.4 26.0 38.3 2,540 2,412 1,898 2,428 Maryland 75.9 29.4 37.1 39.1 47.8 2,575 2,430 3,183 3,244 Mississippi 79.5 37.6 36.8 40.6 49.1 2,779 746 3,168 3,088 North Carolina 65.7 25.9 29.7 27.5 43.4 3,213 1,680 2,510 4,019 Oklahoma 79.3 33.5 28.8 46.7 39.1 2,731 1,780 2,033 2,897 South Carolina 77.4 25.1 44.7 30.4 45.9 2,499 3,058 3,066 2,966 Tennessee 52.0 29.0 14.5 29.1 30.2 3,619 1,745 4,135 3,003 Texas 65.4 28.9 34.1 34.5 31.2 2,720 2,225 1,978 2,571 Virginia 59.4 19.9 23.5 17.5 42.0 2,635 2,505 3,164 3,334 West Virginia 71.2 35.7 24.5 29.6 46.1 2,481 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 (www.nces.ed.gov/ipeds). 148 SREB Fact Book 2009

Table 58 continued 2006-07 Percent Receiving Average Amount State/ State/ Grant Federal Local Institutional Federal Local Institutional or Loan Grants Grants Grants Loans Grants Grants Grants Loans 75.8 26.0 36.5 34.8 44.3 $3,379 $2,885 $3,803 $4,622 United States 78.8 28.0 44.9 31.2 41.2 3,314 3,196 3,424 4,107 SREB states 103.9 107.7 123.0 89.7 93.0 98.1 110.8 90.0 89.5 percent of U.S. 72.1 27.8 3.8 35.3 44.7 $2,962 $2,046 $4,390 $4,037 Alabama 81.5 36.8 20.4 46.1 44.2 3,163 2,884 5,363 4,018 Arkansas 73.1 13.9 12.0 34.1 42.7 3,214 3,069 5,322 3,063 Delaware 86.2 21.4 76.3 28.8 25.2 3,198 2,793 2,343 3,562 Florida 89.4 26.1 76.8 9.7 35.7 3,101 3,752 3,457 3,286 Georgia 93.2 27.5 66.7 36.1 45.1 3,235 2,034 4,533 3,738 Kentucky 90.0 35.4 58.3 34.4 38.2 3,597 2,731 2,500 3,997 Louisiana 74.3 21.4 27.9 36.1 44.0 3,679 2,997 4,607 4,733 Maryland 85.7 43.0 36.1 51.2 47.6 3,510 1,301 3,834 3,986 Mississippi 65.7 27.2 34.9 32.9 51.0 3,781 2,453 2,765 4,036 North Carolina 75.5 30.5 30.8 38.4 37.5 2,990 2,343 2,757 3,645 Oklahoma 87.6 22.0 62.3 35.7 46.5 3,648 4,892 4,484 4,727 South Carolina 88.4 31.7 72.9 33.0 41.4 3,163 4,203 3,201 3,514 Tennessee 72.4 33.9 30.4 31.7 43.5 3,214 3,264 2,997 4,783 Texas 64.3 17.7 23.5 23.8 41.8 3,697 3,829 4,215 4,365 Virginia 78.7 31.4 39.7 34.8 53.7 3,179 4,084 1,948 3,858 West Virginia TUITION SREB Fact Book 2009 149

Table 59 First-Time Students Participation in Student Financial Aid and Loan Programs 1 at Public Two-Year Colleges 2001-02 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 58.7 37.1 29.9 12.2 16.1 $2,491 $1,037 $1,030 $2,476 SREB states 61.0 39.8 25.5 14.0 11.7 2,474 975 1,086 2,226 percent of U.S. 104.0 107.2 85.4 114.4 72.5 99.3 94.0 105.4 89.9 Alabama 64.1 42.1 12.1 17.3 2.8 $2,718 $1,488 $1,801 $1,840 Arkansas 73.3 55.3 17.4 16.6 10.9 2,367 1,403 790 1,900 Delaware 44.2 37.2 4.5 8.3 12.2 2,025 942 1,045 2,170 Florida 63.6 35.9 33.2 19.7 16.6 2,618 962 1,163 2,344 Georgia 82.9 38.0 67.7 4.1 8.4 2,150 1,380 1,472 2,533 Kentucky 81.8 48.4 63.2 4.3 11.2 1,661 676 870 2,397 Louisiana 56.4 42.4 10.2 2.8 8.1 2,365 879 695 2,156 Maryland 48.8 31.8 15.8 11.1 9.4 2,433 810 906 2,080 Mississippi 77.7 59.3 26.5 32.5 23.0 2,744 385 1,039 2,348 North Carolina 47.8 37.4 11.2 11.0 6.1 2,412 869 775 2,447 Oklahoma 67.4 42.1 22.5 27.0 21.4 2,318 1,102 1,215 2,231 South Carolina 67.6 42.4 22.4 5.2 16.8 1,771 1,208 798 1,509 Tennessee 52.7 34.7 14.8 13.2 10.1 2,568 896 1,199 2,092 Texas 50.3 33.8 18.7 12.3 9.7 2,658 929 915 2,187 Virginia 49.4 37.8 27.2 5.0 6.3 2,676 655 665 2,208 West Virginia 76.0 60.2 15.0 19.9 29.7 2,615 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 (www.nces.ed.gov/ipeds). 150 SREB Fact Book 2009

Table 59 continued 2006-07 Percent Receiving Average Amount State/ State/ Grant Federal Local Institutional Federal Local Institutional or Loan Grants Grants Grants Loans Grants Grants Grants Loans 62.2 37.8 33.0 12.1 20.4 $2,830 $1,445 $1,369 $3,110 United States 65.7 42.3 31.1 13.9 15.1 2,849 1,474 1,355 2,770 SREB states 105.7 111.9 94.4 115.0 73.8 100.7 102.0 99.0 89.8 percent of U.S. 75.0 50.4 17.6 23.3 10.9 $2,876 $2,365 $2,201 $2,413 Alabama 79.6 54.6 14.4 24.4 25.6 3,012 1,917 1,941 3,393 Arkansas 64.5 28.0 40.5 7.0 10.0 2,457 1,455 1,187 2,186 Delaware 61.5 35.9 41.8 15.9 11.5 2,899 1,396 1,160 2,984 Florida 83.4 43.5 69.9 3.2 9.1 2,239 1,523 1,744 2,848 Georgia 88.6 61.4 69.3 5.6 27.1 3,819 1,484 1,270 3,220 Kentucky 64.9 46.2 18.5 6.2 17.7 2,877 1,181 918 2,632 Louisiana 45.9 27.8 13.9 12.9 8.5 2,744 1,503 1,237 2,848 Maryland 84.5 61.8 24.4 36.2 24.2 2,957 638 1,120 2,268 Mississippi 50.9 38.2 13.3 9.7 5.0 2,759 994 746 2,446 North Carolina 74.5 47.3 36.0 23.7 36.9 2,799 1,104 1,888 2,252 Oklahoma 89.7 49.1 69.2 4.3 23.6 2,733 2,226 1,118 2,673 South Carolina 68.5 43.2 35.6 15.0 15.9 2,847 1,915 1,654 2,353 Tennessee 56.7 38.8 17.6 12.2 14.1 2,793 1,168 1,213 2,893 Texas 46.5 30.5 23.1 8.0 9.4 2,951 1,040 1,243 2,716 Virginia 79.4 52.1 21.2 9.1 43.6 3,026 1,585 993 3,866 West Virginia TUITION SREB Fact Book 2009 151

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 2006-07 2006-07 Change 2006-07 Change 2006-07 Change 2006-07 (in (in 1996-97 to (in 1996-97 to (in 1996-97 to (in thousands) thousands) 2006-07 thousands) 2006-07 thousands) 2006-07 thousands) United States $9,308,173 $5,474,679 112.2 $5,259,671 105.8 $53,958 125.2 $161,050 SREB states 3,494,106 1,250,328 291.6 1,195,580 287.1 38,163 267.3 16,585 percent of U.S. 37.5 22.8 22.7 70.7 10.3 Alabama $10,294 $5,905 197.6 $5,860 200.5 $45 32.4 Arkansas 36,919 22,004 75.1 22,004 75.1 NA NA NA Delaware 15,385 10,496 * 10,173 * 323 17.5 Florida 595,029 142,304 320.3 134,329 296.8 NA NA $7,975 Georgia 498,997 1,313-39.4 1,313-39.4 NA NA NA Kentucky 190,030 91,016 214.9 91,016 214.9 NA NA NA Louisiana 122,075 1,452-79.8 1,452-79.8 NA NA NA Maryland 107,745 93,535 155.3 90,730 150.2 1,327 258.6 1,478 Mississippi 30,677 2,414 347.0 2,414 347.0 NA NA NA North Carolina 296,403 170,127 * 163,650 * 2,368 65.6 4,109 Oklahoma 166,433 56,188 240.2 56,188 286.0 NA South Carolina 273,766 50,320 133.6 50,320 133.6 NA Tennessee 236,166 57,962 210.8 57,962 210.8 NA NA Texas 561,885 410,916 * 374,730 * 33,163 * 3,023 Virginia 255,682 102,699 69.6 101,762 72.4 937-38.7 West Virginia 96,620 31,677 200.9 31,677 200.9 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 1996-97 (1998) and 38th Annual Survey Report, Academic Year 2006-07 (2008), National Association of State Scholarship and Grant Aid Programs (Springfield, IL) (www.nassgap.org). 152 SREB Fact Book 2009

Table 60 continued Scholarships and Grants Not Based on Need Other Financial Aid 1 Subtotal Undergraduate Graduate Uncategorized Percent Percent Percent 2006-07 Change 2006-07 Change 2006-07 Change 2006-07 2006-07 Percent (in 1996-97 to (in 1996-97 to (in 1996-97 to (in (in of Total thousands) 2006-07 thousands) 2006-07 thousands) 2006-07 thousands) thousands) 2006-07 $2,128,884 336.0 $2,079,938 406.0 $32,902 10.4 $16,045 $1,704,610 18.3 United States 1,680,427 370.2 1,636,372 445.3 29,483 69.8 14,573 563,351 16.1 SREB states 78.9 78.7 89.6 90.8 33.0 percent of U.S. $4,212-32.2 $2,912-52.9 $1,300 NA $177 1.7 Alabama 11,240 * 8,208 * 3,032 3,675 10.0 Arkansas 4,182 1,767.0 3,316 * 136 NA $730 707 4.6 Delaware 351,658 363.5 349,898 433.9 NA NA 1,760 101,067 17.0 Florida 485,414 164.2 479,417 198.8 NA NA 5,997 12,270 2.5 Georgia 93,384 93,384 NA NA NA 5,630 3.0 Kentucky 120,563 * 118,853 * 1,710 NA 60 0.0 Louisiana 4,504-24.8 4,359-23.7 145 126.6 9,706 9.0 Maryland 20,191 * 20,174 * 17-29.2 NA 8,072 26.3 Mississippi 59,087 86.3 57,982 112.3 1,105 NA 67,189 22.7 North Carolina 10,008 27.8 9,886 44.1 43-87.5 79 100,237 60.2 Oklahoma 222,966 220,919 NA 2,048 NA 480 0.2 South Carolina 176,926 * 173,325 * NA NA 3,601 1,278 0.5 Tennessee NA NA NA NA NA NA 150,969 26.9 Texas 69,747 103.2 47,534 166.8 19,807 49.0 2,406 83,236 32.6 Virginia 46,345 46,205 NA 140 NA 18,598 19.2 West Virginia TUITION SREB Fact Book 2009 153

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 2006-07 2005-06 2006-07 2005-06 Data United States 56 1 $18,482 5.8 80 SREB states 2 54-1 17,193 3.0 72 percent of U.S. 95.5 93.0 Alabama 60 5 $21,176 14.4 72 Arkansas 50-1 17,495 2.9 63 Delaware 44 0 17,200 0.0 84 Florida 45-4 16,755 1.4 66 Georgia 48-3 15,636 6.6 80 Kentucky 63 7 17,059 5.8 98 Louisiana 57-1 19,077-2.3 70 Maryland 52-1 16,452 4.0 78 Mississippi 58-5 16,195-1.2 60 North Carolina 58 0 15,547-3.0 71 Oklahoma 48-2 17,186 5.0 67 South Carolina 52-2 20,549 3.1 69 Tennessee 35 4 19,393 2.9 86 Texas 55 2 17,267 4.7 77 Virginia 58 0 18,056 7.2 97 West Virginia 61 0 15,846-0.3 40 1 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) http://projectonstudentdebt.org). 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