University of Illinois at Chicago

Transcription

1 University of Illinois at Chicago Analysis of Dashboard Indicators TUITION AND FEES AND FINANCIAL AID UPDATES BY: University Office for Planning and Budgeting DECEMBER 10, 2014 REPORTED BY: INTERIM CHANCELLOR RICK GISLASON JANUARY 15, 2015

2 Accomplishments Largest undergraduate population in the Chicago-area and has grown at the fastest rate since 2006 Second largest graduate and professional enrollment in Chicago Grants more health-related degrees than its peers Students borrow less on average than students at peer institutions One-half of undergraduates pay less than $3,000 per semester for tuition Page 2

3 Areas of Strength in Select Strategic Areas of Excellence Diversity Ranked among top ten most diverse national universities by US News and World Reports Economic diversity is prevalent at UIC: as of AY 2013, 78% of undergraduates receive financial aid and 49% of undergraduates receive Pell Grants (AY2014, 51%) More than 8,000 of the 16,707 undergrads receive $31milion in MAP grants. More than one third of all MAP recipients are from underrepresented groups STEM Contribute to areas of national and state need, grants the largest number of STEM bachelor degrees among peer group Page 3

4 Areas of Improvement Increase percentage of out-of-state undergraduate students to broaden geographical diversity Foster post-graduation success through targeted mentorship and support initiatives Seek more merit scholarship funding to enhance recruitment of high achieving students Facilitate degree completion through enhanced academic advising, implementation of the recently developed Student Success Initiative, discipline-specific peer mentoring and undergraduate research opportunities, and purposeful cocurricular opportunities Page 4

5 Strategy to Address Areas for Improvement Implement the new scholarship management software, Academic Works Revise current system of awarding scholarships with new policies and deadlines to provide students with earlier and more accurate projection of academic costs Provide 48/60 month payment plan option at enrollment that extends 6 months after graduation Page 5

6 Areas to Watch Protect undergraduate access and affordability during times of fiscal constraint Use financial aid as a recruiting tool and to enhance retention and graduation rates Prioritize development efforts aimed at raising funds for scholarships Page 6

7 University of Illinois at Chicago Dashboard Indicators TUITION AND FEES AND FINANCIAL AID UPDATES BY: University Office for Planning and Budgeting DECEMBER 10, 2014 REPORTED BY: INTERIM CHANCELLOR RICK GISLASON JANUARY 15, 2015

8 Standard Peer Group University of Illinois at Chicago Florida State University Temple University* University of Alabama at Birmingham University of Arizona - Tucson University of California - Irvine University of Cincinnati University of Colorado Denver* University of New Mexico - Albuquerque University of South Florida - Tampa Virginia Commonwealth University Wayne State University * State-related research institution. Page 8

9 Chicago-area Comparison Group University of Illinois at Chicago Chicago State University Columbia College, Chicago* DePaul University* Illinois Institute of Technology* Loyola University, Chicago* North Park University Northeastern Illinois University Northwestern University Roosevelt University* Saint Xavier University* University of Chicago* * Private institution Page 9

10 Tuition and Financial Aid Page 10

11 UIC and Standard Peer Group Undergraduate In-State Tuition and Fees Per Academic Year, AY 2009 AY 2014 $16,000 $14,000 $12,000 $10,000 $8,000 12,034 12,056 12,656 13,122 13,410 13,634 UIC Peer 75th Percentile Peer Median Undergraduate tuition and fees at the University of Illinois at Chicago are higher than its peer median. $6,000 Peer 25th Percentile $4,000 $2,000 $ TASK: Evaluate the efficacy of financial aid award policies and recommend changes to save costs without impacting enrollment or access to low-income and underrepresented students. Page 11

12 UIC and Standard Peer Group Percent Undergraduate Students Receiving Federal, State, or Local Institutional or Other Sources of Need or Merit Grant Aid: AY 2008 AY % 70% 60% 50% 40% 30% 55% 59% 61% 62% 62% UIC Peer 75th Percentile Peer Median Peer 25th Percentile The percent of undergraduate students at the University of Illinois at Chicago receiving financial aid is lower than its peer median. 20% 10% 0% TASK: Evaluate the efficacy of financial aid award policies and recommend changes to save costs without impacting enrollment or access to low-income and underrepresented students Page 12

13 UIC and Standard Peer Group Percent Undergraduate Students Receiving Pell Grants AY 2008 AY % 50% 40% 30% 36% 42% 47% 50% 49% UIC Peer 75th Percentile Peer Median University of Illinois at Chicago has a higher percent of Pell grant recipients than its peer median. 20% Peer 25th Percentile 10% 0% TASK: Use financial aid as a recruiting tool and to enhance student retention and graduation rates. Page 13

14 UIC and Standard Peer Group Percent Full-Time Undergraduates Awarded Any Need-Based Scholarship/Grant Aid Where Need Was Fully Met: AY 2009 AY 2013 (excludes PLUS loans, unsubsidized, and private alternative loans) 14% 12% 12.8% 10% 8% 6% 4% 7.9% 4.6% 6.9% 5.4% UIC Peer Median Except for AY 2011, a higher percent of students at the University of Illinois at Chicago who received need-based aid had their needs fully met compared to other peer median. 2% 0% TASK: Protect undergraduate access and affordability during a time of fiscal constraint. Note: Excludes University of New Mexico-Albuquerque due to lack of available data. Page 14

15 UIC and Standard Peer Group Percent Need Met of Full-Time Undergraduates Awarded Any Need-Based Aid AY 2009 AY 2013 (excludes any aid awarded in excess of need as well as any that were awarded to replace EFC: PLUS, unsubsidized and private alternative loans) 80% 70% 60% 50% 40% 30% 73.0% 70.0% 70.0% 63.0% 61.0% UIC Peer Median The average percent of financial need met for University of Illinois at Chicago students has declined and now approaches the peer median. 20% 10% 0% TASK: Optimize the limited supplemental need budget without impacting access and student diversity. Note: Excludes University of New Mexico-Albuquerque due to lack of available data. Page 15

16 UIC and Standard Peer Group Average Per Undergraduate-Borrower Cumulative Principal Borrowed AY 2009 AY 2013 (excludes any aid awarded in excess of need as well as any that were awarded to replace EFC: PLUS, unsubsidized and private alternative loans) $25,000 $20,000 $15,000 $10,000 $17,276 $18,526 $20,196 $22,256 $22,503 UIC Peer Median University of Illinois at Chicago students borrow less on average than students at peer institutions. $5,000 $ TASK: Revise the current system of awarding scholarships, with new policies & deadlines to provide students with an earlier & more accurate projection of academic costs. Note: Excludes University of New Mexico-Albuquerque due to lack of available data. Page 16

17 Percent Full-Time Undergraduates Paying Less than $3,000 Per Semester Fall 2009 Fall 2013 (Includes all forms of financial aid and tuition waivers. Excludes loans and employment) 45% 40% 42% 35% 30% 25% 20% 38% 37% 29% 23% 22% 31% $0 $1 - $2,999 About one-half of undergraduates at the University of Illinois at Chicago pay less than $3,000 per semester for tuition. 15% 10% 5% 10% 10% 16% 0% TASK: Provide students with a 48/60 month payment plan option that begins at enrollment and extends 6 months after graduation. Page 17

18 Tuition and Financial Aid: Goals Protect undergraduate access and affordability during a time of fiscal constraint Optimize the limited supplemental need budget without impacting access and student diversity Use financial aid as a recruiting tool and to enhance student retention and graduation rates Streamline the scholarship award process Prioritize development efforts aimed at raising funds for student scholarship Page 18

19 Action Items Evaluate the efficacy of financial aid award policies and recommend changes to save costs without impacting enrollment or access to low-income and underrepresented students Utilize financial aid programs to increase positive student outcomes by identifying students in the near-graduation cohorts and providing incentive to attend summer school, or providing additional award amounts if more needed credit hours are completed. Revise the current system of awarding scholarships, with new policies and deadlines to provide students with an earlier and more accurate projection of academic costs Page 19

20 Action Items Implement the new scholarship management software, Academic Works Create more degree-related, engaging, employment opportunities and paid internships for students on campus Provide students with a 48/60 month payment plan option that begins at enrollment and extends 6 months after graduation Determine the relationship between financial aid, scholarships, and degree progress and completion time-frame (1-2 year) time-frame (3-5 year) Page 20

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