Financial Aid: Paying for College. Husky for a Day. October 23, 2015

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1 Financial Aid: Paying for College Husky for a Day October 23, 2015 Kay Lewis, Assistant Vice Provost, Enrollment Executive Director of Financial Aid and Scholarships

2 UNDERGRADUATE AID OVERVIEW Types of Aid Scholarships $42,967,600 11% Grants $206,763,500 52% Loans $144,914,000 36% Work Study $2,593,0000 1% TOTAL $397,238,100 Autumn 2014: 23,400 undergraduates receive aid (55% of undergraduate enrollment) 34% of undergraduates qualify for PELL (excludes international students) 29% of undergraduates qualify for Pell (includes international students) 32% of undergraduate residents qualify for Husky Promise 2

3 UNDERGRADUATE AID OVERVIEW Sources of Aid Federal $197,892,319 50% State $74,450,281 19% University $102,167,500 26% Private $22,728,000 5% TOTAL $397,238,100

4 DETERMINING FINANCIAL AID ELIGIBILITY Cost of Attendance - Expected Family Contribution = Financial Need Costs include: Tuition, fees, housing, books, transportation, and personal expenses Expected Family Contribution (EFC): Federal formula that measures the income and assets of the family to determine ability to pay for college

5 UW UNDERGRADUATE COST OF ATTENDANCE Lives w/ Parents Traditional Non Traditional Tuition $11,839 $11,839 / $34,143* $11,839 / $34,143* Books 1,206 1,206 1,206 Room & Board 3,555 11,310 14,625 Personal 2,265 2,265 2,265 Transportation ,296 Total $19,279 $27,034/ $49,338* $31,231 / $53,535* *Non Resident

6 Tuition represents the sticker price of college, but not the cost of college In order to better understand the true cost of college to an individual student, we must consider: o o COST OF ATTENDANCE OVERVIEW Cost of attendance (tuition, fees, books, room & board, transportation and personal expenses) Financial aid The University of Washington has a higher total cost of attendance than other WA public four year institutions, but often a lower net cost after factoring in student financial aid.

7 UW FINANCIAL AID PHILOSOPHY Students demonstrating the most need have first priority for funds Generally, funds are awarded to those students with the lowest resources going up the Expected Family Contribution (EFC) range until funds are exhausted We try to award aid to cover 60% of the student s costs in grant funds and 40% in loans and work study up to their need; these levels vary per year as our funding and applicant pool varies Scholarships replace loan and work Fund 100% of each student s need if possible

8 UNDERGRADUATE RESIDENT Cost of Attendance $27,034 Minus EFC 0 Equals Need $27,034 0 EFC Pell Grant $5,775 State Need Grant $10,344 Supplemental Grant $300 UW Grant $72 Subsidized Stafford Loan $3,500 Unsubsidized Stafford Loan $2,000 Perkins Loan $1,000 Work Study $3,000 Parent Loan (PLUS) $1,043

9 UNDERGRADUATE RESIDENT Cost of Attendance $27,034 Minus EFC 5,701 Equals Need $21,333 5,701 EFC UW Grants $13,517 Subsidized Stafford Loan $3,500 Unsubsidized Stafford Loan $2,000 Parent Loan (PLUS) $2,316

10 UNDERGRADUATE RESIDENT Cost of Attendance $27,034 Minus EFC 7,001 Equals Need $20,033 7,001 EFC UW Grants $8,110 Subsidized Stafford Loan $3,500 Unsubsidized Stafford Loan $2,000 Parent Loan (PLUS) $6,423

11 UNDERGRADUATE RESIDENT Cost of Attendance $27,034 Minus EFC 10,001 Equals Need $17,033 10,001 EFC UW Grants $2,703 Subsidized Stafford Loan $3,500 Unsubsidized Stafford Loan $2,000 Parent Loan (PLUS) $8,830

12 AWARD RESULTS Traditional-Resident Cost of Attendance = $27,034 Income Range* Cost Met with Grant Amount of Grant** 0- $61,000 61% $16,490 $61,001-$66,000 50% $13,517 $66,001-$75,000 30% $8,110 $75,001-$86,500 10% $2,703 *Income Range is an approximation of the federal Expected Family Contribution (EFC) formula for a family of four with no assets. Eligibility for grants is awarded based on the EFC formulas and not just on family income. Thus, there are no income cutoffs for financial aid awards. **Amount of grant can vary for individual students based on a number of factors, including but not limited to: level of overall need, application receipt date, receipt of other awards or benefits, etc. 12

13 LOAN DEBT: UW SEATTLE UNDERGRADUATES # of Graduates # of Graduates w/ Debt Total Loan Volume Average ,256 3,369 $72,541,724 $21, ,333 3,469 $73,760,304 $21, ,523 3,522 $73,661,061 $20, ,096 3,410 $70,272,127 $20, ,204 3,285 $64,653,948 $19,682

14 LOAN DEBT: UW SEATTLE UNDERGRADUATES INCLUDING FAMILY DEBT # of Graduates # of Graduates w/ Debt Total Loan Volume Average Residents 5,842 3,098 $81,402,897 $26,276 Non Residents 1, $19,148,815 $61,970

15 STATE NEED GRANT Largest grant program for undergraduates at UW Approximately $68 million per year Based on Median Family Income of parents for dependent students and of student for independent students Legislatively allowed to go up to 70% MFI funds do not exist for all 50% MFI at UW

16 STATE NEED GRANT Approximately 3,800 unserved students per quarter at the UW in No longer able to cover all on-time 0-50% MFI students. Funds cut off at 1501 EFC

17

18 We guarantee that eligible students will not pay any tuition for four years of enrollment Tuition and standard fees will be covered by federal, state, and institutional support

19 WHO QUALIFIES? Must be an undergraduate Washington resident Must be eligible for Pell (low- or lower-middle income) Must file Free Application for Federal Student Aid (FAFSA) by priority deadline Attend full-time

20 Academic Year Number of Recipients , , , , , , , * 9, ** 9,500 *Estimated **Really Estimated

21 Federal Support State Support UW Support Total $32,217,000 49% $25,988,000 39% $7,618,000 12% 65,823, $35,583,000 41% $32,378,000 37% $18,654,000 22% 86,615, $25,304,000 36% $29,900,000 40% $ % 106,454, $42,300,000 37% $40,500,000 36% $29,900,000 27% 112,100, * 37,259,000 33% 41,276,000 37% 32,876,000 30% 111,411, ** 39,778,000 38% 39,676,000 37% 26,461,000 25% 105,915,000 *Estimated ** Really Estimated

22 COLLEGE BOUND AT THE UW 2,486 college bound students attending the UW in $4.8 million in College Bound funds this year 100% receive State Need Grant so far

23 FEDERAL ISSUES Prior Prior Year (PPY) and October 2016 End of Perkins Loan Pell Grant remains the foundational grant for many UW students Over 11,800 students received Pell Grant in for $48 million Reauthorization of HEA

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