ADDRESSING STUDENT DEBT BURDENS IN TEXAS

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1 ADDRESSING STUDENT DEBT BURDENS IN TEXAS GARRETT C. GROVES Garrett C. Groves Economic Opportunity Program Director Center for Public Policy Priorities Easy Wind Drive, Suite 200, Austin, TX 78752

2 The Student Debt Burden in Texas Overview I. Of all student debt holders in Texas, 20.5% were more than 90 days delinquent in th highest in the country. National Average is 17% II. Average 2013 student loan debt: Average Debt State Rank Proportion with Debt State Rank Texas $25, nd 59% 28 th United States $28,400 69%

3 Student Debt and Financial Aid US Tuition and Fees by Institution Type Source: Footing the Bill: Rising College Costs, Deepening Debt. Texas Comptroller, 2014.

4 Student Debt and Financial Aid US Tuition and Fees by Institution Type Source: Footing the Bill: Rising College Costs, Deepening Debt. Texas Comptroller, 2014.

5 Student Debt and Financial Aid $9.24 Billion in Student Financial Aid in Texas in 2013 Note: National averages are 42.6% in loans, 49.4% in grant aid. From College Board s Trends in Higher Education Student Aid. Source: Texas Higher Education Coordinating Board, Report on Student Financial Aid in Texas higher Education for Fiscal year 2013

6 Student Debt and Financial Aid $9.24 Billion in Student Financial Aid in Texas in 2013 Source: Texas Higher Education Coordinating Board, Report on Student Financial Aid in Texas higher Education for Fiscal year 2013

7 Texas Strategies for Addressing the Challenge Three Primary Strategies: 2011 Financial literacy and education curriculum 2013 Student loan default prevention pilot program 2015 State s new strategic plan for higher education

8 Financial Literacy and Education Curriculum In 2011, the Texas Legislature passed several bills to increase financial stability and readiness for college SB 290 Integration of financial literacy instruction in the K-8 grades Previously only required in 12 th grade Curriculum requires instruction about financial preparation for postsecondary education. HB 34 & 35 Enhanced high school financial education requirement Required instruction on paying for college in the 12 th grade economic course, and the FAFSA process HB 399 Financial literacy training at postsecondary institutions Required institutions to offer personal financial literacy training for adults to assist students

9 Financial Literacy and Education Curriculum Lessons Learned Target Required Courses: Tie new curriculum and instruction to required courses, and even better if those courses are part of required testing Go Beyond the State Legislature: Don t forget about your state board of education Build in Other Asset Building Initiatives: Advance college savings accounts in coordination with financial education curriculum.

10 Student Loan Default Prevention Pilot Program 2013: Student Loan Default Prevention Pilot Program Idea began as a what can we do? conversation at the capitol, that became legislation to authorize a pilot program without much guidance. Texas Student Loan Guarantee Agency (TG) is a central partner. Focus is on informing consumers while still in school, as opposed to default prevention after school.

11 Student Loan Default Prevention Pilot Program Eligible Institutions Student default rate that exceeds 20% Above-average growth in default rates 60% of all Texas Institutions are eligible by this criteria Participating Institutions 12 institutions representing all four sectors 6-year pilot program that began in 2014 Approximately $1.5 million cost Six Components: 1. Default Prevention Plan 2. Financial Literacy & Student Loan Counseling Training 3. Integrated Counseling Messages/Trainings 4. Financial and College-Going Articles/Tips 5. Financial Coaching 6. Reports and Assessment

12 Student Loan Default Prevention Pilot Program Lessons Learned The Solution Requires a Cultural Change: Shifting the emphasis to working with students while they are in school instead of waiting until they leave school is a MAJOR cultural paradigm shift for most institutions. There is Little Evidence for What is Working: This is largely uncharted territory in the field, without clear evidence for what works our guidelines for implementation. It is Difficult to Document Success: It takes a lot of effort to put new programs or systems in place that can also document what is changing. Showing behavioral change by students is even more difficult.

13 New State Higher Education Strategic Plan The First 15 Year Strategic Plan in 2000: Goal 1: Close the Gaps in PARTICIPATION (500,000 more students) Goal 2: Close the Gaps in SUCCESS (Increase credentials by 50 percent) Goal 3: Close the Gaps in EXCELLENCE Goal 4: Close the Gaps in RESEARCH

14 New State Higher Education Strategic Plan Overarching Goal: By 2030, at least 60 percent of Texans ages will have a certificate or degree Supporting Goals: Completion: At least 550,000 students will complete a credential in Marketable Skills: All public programs will have identified marketable job skills Student Debt: Loan debt does not exceed 60 percent of first year wages

15 New State Higher Education Strategic Plan Other Approaches Considered: Capping tuition or setting it at a portion of family income Covering tuition for all students: With Expected Family Contributions (EFC) below $4,000 Pursuing a particular attainment level Other Measures Considered: Number of degrees for $100,000 of expenditures Student default rates Debt levels at a percentage of median wage

16 New State Higher Education Strategic Plan

17 New State Higher Education Strategic Plan Early Lessons Learned: Authority: The Texas higher education agency is a coordinating authority, not a governing authority. Alignment: Including student debt in the statewide plan is already working to align overlapping and duplicative efforts. Only one part of a larger strategy: Student debt can only be effectively addressed as part of a larger comprehensive strategy (access, completion and marketable skills)

18 QUESTIONS? Garrett C. Groves Economic Opportunity Program Director Center for Public Policy Priorities Easy Wind Drive, Suite 200, Austin, TX 78752

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