Montclair State University Board of Trustees Fiscal Year 2016 Tuition and Fees Hearing. April 2, 2015

Montclair State Board of Trustees Fiscal 2016 Tuition and Fees Hearing April 2, 2015

Montclair State Tuition and Fees Hearing Table of Contents Information Summary 1 Chart 1: Trend of Percent of Total Revenue Fiscal s 1999 - Budgeted 2015... 7 Table 1: New Jersey Institutions - Undergraduate In-State Tuition & Fees 8 Chart 2: New Jersey Institutions - Undergraduate In-State Tuition & Fees 9 Table 2: New Jersey Institutions - Graduate In-State Tuition & Fees 10 Chart 3: New Jersey Institutions - Graduate In-State Tuition & Fees 11 Table 3: New Jersey Institutions - Undergraduate Out-of-State Tuition & Fees 12 Table 4: New Jersey Institutions - Graduate Out-of-State Tuition & Fees 13 Table 5: Top Out-of-State Institutions Attended by New Jersey Students 14 Table 6: New Jersey, Benchmark, and Out-of-State Institutions Undergraduate Tuition 15 Table 7: Benchmark Institutions - Undergraduate In-State Tuition & Fees 16 Table 8: Benchmark Institutions - Undergraduate Out-of-State Tuition & Fees 17 Table 9: Benchmark Institutions - Graduate In-State Tuition & Fees 18 Table 10: Benchmark Institutions - Graduate Out-of-State Tuition & Fees 19 Table 11: New Jersey Institutions - MFA Program Tuition & Fees 20 Table 12: Comparable Institutions - MBA Program Tuition & Fees 21 Table 13: Comparable Institutions - Doctoral Program Tuition & Fees 22 Table 14: New Jersey Institutions - Three Default Rate On Federal Loans 23 Chart 4: New Jersey Institutions - Three Default Rate On Federal Loans 24 Table 15: New Jersey and Benchmark Institutions - Student Indebtedness 25 Table 16: New Jersey and Benchmark Institutions - Graduation Rates 26 The Office of Budget and Planning uses its best efforts to derive the data in this report about New Jersey and Benchmark institutions from reliable sources and to present it as accurately as possible, however, the methodologies used by various institutions to compile and present these data may be based on variables or elements of which we are unaware resulting in unintentional inaccuracies.

Information Summary Board of Trustees Tuition and Fees Hearing Fiscal 2016 April 2, 2015 General Background Montclair State has a century-long tradition of providing high-quality education to the citizens of New Jersey at affordable tuition and fee rates. As we prepare to set tuition rates for next Fiscal, the will again be faced with limited state operating support for higher education. Historically, tuition and fee rates have been significantly affected by changes in state appropriation, and, as is usually the case, final tuition and fee proposals will be presented to the Board of Trustees after the New Jersey State Legislature approves a spending plan and it is signed into law by the Governor, which in prior years has occurred at the end of June. The April tuition and fees hearing is intended to provide the Board of Trustees with the opportunity to hear the views of the community on this very important subject in order to inform their decision. The Board of Trustees will consider a number of factors in deciding whether to recommend changes to tuition rates, including: the availability of state funding for general and fringe benefit appropriations; the current level of student charges, including tuition and fees; comparative tuition and fee rates for undergraduate and graduate programs at State and benchmark institutions; the availability of financial aid programs; efforts to improve graduation rates and thereby reduce student debt; the s immediate and long-term strategic priorities; and changes resulting from state-negotiated collective bargaining agreements and other mandated programs. Several sources of revenue enable the to deliver its educational services and requisite support functions. The most important of these are revenues generated through student tuition and fees and appropriations from the State of New Jersey. For Fiscal 2015, 54.7 percent of the s total operating budget comes from tuition and fees, while total appropriations from the State of New Jersey yield only 20.8 percent of total revenues. Auxiliary enterprise revenues represent another 20.5 percent; however, this income is dedicated to expenditures related to auxiliary enterprise activities, including their debt service. All remaining revenue sources amount to only 4 percent. The proportion of revenues provided by State appropriations has been declining over the past decade, while the proportion generated through tuition and fees has been increasing (see Chart #1). This trend is expected to continue next Fiscal, as the Governor has proposed reducing operating appropriations to Montclair State by $2.7 million, or 7.1%. Page 1

Summary of Current Tuition and Fees Montclair State ranks below the State sector average for undergraduate and graduate tuition (see Table #1 and Table #2). With an annual undergraduate student tuition rate of $8,346 for Fiscal 2015, Montclair State is charging 36.4% less than the most expensive New Jersey senior public institution and 9.7% less than the average of New Jersey s senior public colleges and universities (see Table #1). At $13,280 for Fiscal 2015, Montclair State s graduate tuition is 26.5% less than the most expensive institution and 9% less than the average (see Table #2). Tuition for out-of-state undergraduate students is 36.2% less than the most expensive institution and 8.6% less than the average (see Table #3). Tuition for out-of-state graduate students at Montclair State is 24.8% less than the most expensive institution and 6.9% below the sector average (see Table #4). The average undergraduate tuition for New Jersey residents attending public institutions in New Jersey is significantly less than the out-of-state tuition rates for the most popular universities that import students from New Jersey (see Table #5). In addition, the difference between in-state and out-of-state tuition rates at New Jersey public institutions is, on average, significantly less than the difference at our benchmark institutions (see Table #6). The combined undergraduate in-state tuition and fee rates at Montclair State rank near the top compared to benchmark institutions in other states (see Tables #7) while the combined undergraduate out-of-state tuition and fee rates at Montclair State rank near the bottom compared to benchmark institutions in other states (see Table #8 ). The combined graduate in-state tuition and fee rates at Montclair State are higher than the rates for all benchmark institutions in other states (see Tables #9). The combined graduate out-of-state tuition and fee rates at Montclair State are higher than the rates for most benchmark institutions in other states (see Table #10). Montclair State s annual undergraduate student fees of $3,194 are 32.6% less than those charged by the institution with the highest fees in the sector, and 16.5% less than the average (see Table #1). Montclair State s graduate student fees of $2,127 for Fiscal 2015 are 50.3% less than the most expensive institution and 32.5% less than the average for the sector (see Table #2). For the MFA program, combined tuition and fee rates at Montclair State rank third among the four MFA programs offered by New Jersey public institutions (see Table #11). Tuition and fees for the MBA program are quite low compared to other similar programs offered by New Jersey public and private institutions (see Tables #12). Tuition and fees for the doctoral programs also are Page 2

quite low compared to other similar programs offered by public institutions in New Jersey and Pennsylvania, but are higher than similar programs offered in public institutions in New York (see Tables #13). Student Financial Aid The university's financial commitment to undergraduate students continues to grow. Anticipated expenditures for the coming academic year for need and merit-based grants and scholarships will represent a 14% increase in funding over academic year 2014-2015 and a 61% increase over funding levels from academic year 2011-2012. Need-based funds will make up 47% of university financial assistance in the next academic year compared with 20% in 2011-2012. This fall, the university will provide need and merit-based aid to approximately 590 incoming freshman, compared to 265 entering freshmen four years ago, a 122% increase. Forty-one percent of all undergraduate students enrolled at the university in academic year 2014-2015 received Federal Pell Grants, 6,600 recipients out of a total fall semester undergraduate enrollment of 15,885 students. By definition, students receiving Pell Grants are presumed to be capable of financing only a fraction of their educational costs. In total, for Fiscal 2015, $60.2 million was distributed in grant and scholarship aid to Montclair State undergraduates in addition to $70.5 million in student loans and $5.9 million in campus employment. Grant funds come from four sources Federal, State, and Foundation and awards were based on merit and/or need. The breakdown of resources for undergraduate students is as follows: Federal Grants $ 28,818,246 100% need-based 7,434 recipients State Grants $ 24,375,628 99.1% need-based;.9% merit-based 5,457 recipients Grants $ 5,268,022 49% merit-based; 51% need-based 1,755 recipients Foundation Grants $ 1,744,722 72% merit and need-based; 24% merit-based; 4% need-based 1,308 recipients Federal Loans $ 36,909,477 100% Need-Based (Subsidized Stafford and Perkins Loans) 9,349 recipients Federal Loans $ 33,611,717 100% Non-Need-Based (Unsubsidized Stafford Loans) 9,714 recipients Campus Employment $ 5,904,253 88.3% Non-Need Based; 11.7% Need-Based 2,414 recipients It is important to note that individual students often receive funding from multiple programs. In total, 12,428 discrete undergraduate students or 78.2% of all undergraduates received funding from one or more programs in academic year 2014-2015. Page 3

In the Federal Pell Grant Program, the maximum award for academic year 2015-2016 will be $5,775, a $45 increase over the prior academic year. In academic year 2014-2015, 3,075 Montclair State students received the maximum Pell Grant. The 6,600 total Pell Grant recipients received $1.98 million more in Pell Grant funding in academic year 2014-2015 than in the previous academic year. The university has been informed that it will be receiving an increase of $60,000 in Federal Campus-Based funding in the Federal Supplemental Educational Opportunity Grant and Federal Work-Study programs for academic year 2015-2016, a 6% increase in funding over the prior year. Governor Christie has requested a $19.6 million increase in funding for the Tuition Aid Grant (TAG) Program in his recently announced budget proposal for FY16. If enacted, this will result in an increase in TAG awards for Montclair State students of approximately $469,000 in academic year 2015-2016. Montclair State students received $2.22 million more in TAG Grants in academic year 2014-2015 than in the previous year. The U.S. Department of Education recently released three-year draft default rates for Fiscal 2012 for all colleges and universities. Montclair State s reported rate was 2.6%, down from 3.3% in the previous year and much lower than the national rate which was 13.7% in the most recent year for which data are available (see Table #14). The university's student loan indebtedness reported by the federal government in its most recent release of "College Scorecard" showed median debt for Montclair State students who have taken loans of $20,200 (see Table #15). It is important to note that indebtedness averages vary significantly depending on whether the student commuted or lived on-campus and on how long it took the students to complete their program. The Financial Aid Office continues to promote financial literacy education to students through a number of initiatives. Financial Aid Office staff have participated actively in the New Student Seminar courses, providing instruction on financial literacy as part of the course curriculum. The university has contracted with an organization to provide web-based financial literacy tools for personal finance and student loan repayment, and this tool is used in the New Student Seminar and made available to all students. The university is also actively exploring an initiative that would provide a comprehensive suite of services that would support financial literacy, student loan repayment, and the transition to loan repayment by graduating students. In addition, the student-run organization, Financial Literacy Leadership Program, is dedicated to providing financial literacy programming to their peers. This group operates with a staff adviser and they provide information to students on financial aid, insurance, credit scores, identity theft, real estate, investments, and contract and tenancies. There are plans to grow this program and to seek partnerships from the business community. Page 4

Graduation Rates Montclair State's IPEDS six-year graduation rate has increased each year over the last four years, reaching 63.8% for our 2008 full-time, firsttime freshman cohort (see Table #16 for comparable 1997-2007 cohort rates). The IPEDS rate is based on the percent of an entering cohort who earn their degrees within six years at the institution they first entered. However, mobility among students is greater now than it has been in past decades, and nationally a number of students transfer from one four-year college to another for a variety of personal and educational reasons. The National Student Clearinghouse tracks these data, and they show that if one also includes members of the cohort who completed their degree at another four-year college within the six-year period, Montclair State's six-year completion rate is 75.5%, considerably higher than the comparable rate of 63.5% for national four-year public institutions and higher than the 72.8% comparable rate for private institutions. Priorities for Fiscal 2016 In developing the operating budget for Fiscal 2016, Montclair State must consider not only immediate resource needs, but also its long-term budget needs. The following priorities have been identified for next fiscal year and beyond: Continued investment in the s most important resource a highly qualified faculty. Thirty-three new faculty joined the this year, and 25 new tenure-track faculty are being recruited to join the faculty in September 2015. Continued growth and development of high quality academic programs. New academic programs expected in Fall 2015 include a B.A. in Public Relations; an M.F.A. in Dance; an M.S. in Athletic Training; and an M.S. in Mathematical and Computational Modeling. Increased funding for institutional undergraduate financial aid. Continued investment in capital facilities. Two major new facilities supported through state grants and bonds issued by the will be completed this spring. The Center for Environmental and Life Sciences and the new School of Business will be fully occupied by the fall 2015 semester. These two buildings and their instructional and research programs will require operational funding. Two major new improvements to the s technology infrastructure are currently underway, including the replacement of campus networking equipment and systems that comprise the s wired and wireless networks. These infrastructure Page 5

State Support projects are supported by matching State grants. Construction will begin in 2015 on the second phase of a new School of Communication and Media, also funded through bonds, which will provide much needed space for high demand programs in Communication, Media, Broadcast and Film. Funding for state negotiated, unfunded annualized salary increments. Continued implementation of a multi-year program to replace the s legacy business systems with a new suite of business applications that constitutes a comprehensive computing, data, and information infrastructure to support the s rapidly expanding programs. The expects to go-live with a new financial system in July 2015 and a new human resources system in January 2016. New Jersey senior public institutions, including Montclair State, remain significantly underfunded. The proposed Fiscal 2016 appropriation budget for the ten traditional senior public institutions, which is being reduced by $37 million, is 1.2% lower than the comparable budget in Fiscal 2006. Over the same period, enrollment in these institutions has grown by approximately 28,000 students, or 20%. It is anticipated that enrollment will grow again in Fiscal 2016, and the consequence is a continuing and steady decline in state operating support per student in the senior public colleges and universities. In the proposed budget for the 2015-2016 academic year, operating support per FTE student at Montclair State drops to approximately $2,000. Declining state support continues to create economic pressures for New Jersey s institutions and their students. Page 6

Chart #1 Montclair State Trend of Percent of Total Revenues FY 1999 - FY 2015 Budget 33% Tuition and Fees 55% 48% State Appropriation 21% 19% Other 24% 1999 2001 2003 2005 2007 2009 2011 2013 2015 Budget Page 7

New Jersey's Senior Public Colleges and Universities Annual Undergraduate Tuition and Fees (N.J. Residents ) Fall 2014 and Spring 2015 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #1 Total In-State In-State In-State Undergraduate Undergraduate Undergraduate Tuition Fees Tuition & Fees New Jersey Institute of Technology $ 13,120 $ 2,528 $ 15,648 The College of New Jersey $ 10,562 $ 4,462 $ 15,024 Rutgers $ 10,954 $ 2,859 $ 13,813 Ramapo College $ 8,650 $ 4,738 $ 13,388 Stockton $ 8,107 $ 4,621 $ 12,729 Rowan $ 9,076 $ 3,540 $ 12,616 William Paterson $ 7,622 $ 4,622 $ 12,244 Kean $ 7,345 $ 3,899 $ 11,244 New Jersey City $ 7,705 $ 3,148 $ 10,853 Sector Average (excluding MSU) $ 9,238 $ 3,824 $ 13,062 Montclair State $ 8,346 $ 3,194 $ 11,540 MSU Dollar Variance From Sector Average $ (892) $ (630) $ (1,522) MSU Percent Variance from Sector Average (9.7%) (16.5%) (11.7%) Excluding Thomas Edison Source: Institutional web sites Page 8

Chart #2 New Jersey Senior Public Colleges and Universities Annual Undergraduate In-State Tuition and Fees Fiscal 2015 $18,000 $16,000 $14,000 $2,528 Sector Average $13,062 Undergraduate Tuition and Fees $12,000 $10,000 $8,000 $6,000 $4,000 $13,120 $4,462 $10,562 $2,859 $10,954 $4,738 $8,650 $4,621 $8,107 $3,540 $9,076 $4,622 $3,194 $7,622 $8,346 $3,899 $3,148 $7,345 $7,705 $2,000 $0 New Jersey Institute of Technology The College of New Jersey Rutgers Ramapo College Stockton Rowan William Paterson Montclair State Kean New Jersey City Tuition Fees Sector Average (excl. MSU) Page 9

New Jersey's Senior Public Colleges and Universities Annual Graduate Tuition and Fees (N.J. Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Graduate Tuition & Fees) Table #2 Total In-State In-State In-State Graduate Graduate Graduate Tuition Fees Tuition & Fees New Jersey Institute of Technology $ 18,066 $ 2,506 $ 20,572 The College of New Jersey $ 16,192 $ 4,009 $ 20,201 Rowan $ 15,552 $ 3,478 $ 19,030 Stockton $ 13,694 $ 4,278 $ 17,972 Rutgers $ 15,888 $ 2,034 $ 17,922 Ramapo College $ 13,979 $ 3,049 $ 17,028 William Paterson $ 12,560 $ 3,417 $ 15,977 Kean $ 12,461 $ 3,141 $ 15,602 New Jersey City $ 12,911 $ 2,461 $ 15,372 Senior Public College and Average (excluding MSU) $ 14,589 $ 3,152 $ 17,742 Montclair State $ 13,280 $ 2,127 $ 15,408 MSU Dollar Variance From Sector Average $ (1,309) $ (1,025) $ (2,334) MSU Percent Variance From Sector Average (9.0%) (32.5%) (13.2%) Excluding Thomas Edison Source: Institutional web sites Page 10

Chart #3 New Jersey Senior Public Colleges and Universities Annual Graduate In-State Tuition and Fees Fiscal 2015 $22,000 $20,000 $2,506 Sector Average $17,742 Undergraduate Tuition and Fees $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $18,066 $4,009 $16,192 $3,478 $15,552 $4,278 $13,694 $2,034 $15,888 $3,049 $13,979 $3,417 $3,141 $12,560 $12,461 $2,127 $2,461 $13,280 $12,911 $4,000 $2,000 $- New Jersey Institute of Technology The College of New Jersey Rowan Stockton Rutgers Ramapo College William Paterson Kean Montclair State New Jersey City Tuition Fees Sector Average (excl. MSU) Page 11

New Jersey's Senior Public Colleges and Universities Annual Undergraduate Tuition and Fees (Out-of-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #3 Total Out-of-State Out-of-State Out-of-State Undergraduate Undergraduate Undergraduate Tuition Fees Tuition & Fees New Jersey Institute of Technology $ 26,760 $ 2,528 $ 29,288 Rutgers $ 25,732 $ 2,859 $ 28,591 The College of New Jersey $ 21,175 $ 4,462 $ 25,638 Ramapo College $ 17,300 $ 4,738 $ 22,038 Rowan $ 17,030 $ 3,540 $ 20,570 William Paterson $ 15,298 $ 4,622 $ 19,920 New Jersey City $ 16,277 $ 3,148 $ 19,425 Stockton $ 14,628 $ 4,621 $ 19,249 Kean $ 13,754 $ 3,899 $ 17,653 Senior Public College & Average (excluding MSU) $ 18,662 $ 3,824 $ 22,486 Montclair State $ 17,060 $ 3,194 $ 20,255 MSU Dollar Variance From Sector Average $ (1,602) $ (630) $ (2,231) MSU Percent Variance from Sector Average (8.6%) (16.5%) (9.9%) Excluding Thomas Edison Source: Institutional web sites Page 12

New Jersey's Senior Public Colleges and Universities Annual Graduate Tuition and Fees (Out-of-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Graduate Tuition & Fees) Table #4 Total Out-of-State Out-of-State Out-of-State Graduate Graduate Graduate Tuition Fees Tuition & Fees The College of New Jersey $ 25,539 $ 4,009 $ 29,548 New Jersey Institute of Technology $ 26,458 $ 2,506 $ 28,964 Rutgers $ 26,736 $ 2,034 $ 28,770 Stockton $ 21,080 $ 4,278 $ 25,358 New Jersey City $ 22,746 $ 2,461 $ 25,207 William Paterson $ 21,368 $ 3,417 $ 24,785 Ramapo College $ 17,969 $ 3,049 $ 21,018 Kean $ 16,889 $ 3,141 $ 20,030 Rowan $ 15,552 $ 3,478 $ 19,030 Senior Public College and Average (excluding MSU) $ 21,593 $ 3,152 $ 24,746 Montclair State $ 20,098 $ 2,127 $ 22,225 MSU Dollar Variance From Sector Average $ (1,495) $ (1,025) $ (2,520) MSU Percent Variance from Sector Average (6.9%) (32.5%) (10.2%) Excluding Thomas Edison Source: Institutional web sites Page 13

Top Out-of-State Institutions Attended by New Jersey Students Comparison of Tuition Rates Fall 2014 and Spring 2015 Semesters (Sorted on # of New Jersey First Time Freshmen Students) Table #5 Top Ten Out-of-State Institutions Attended by New Jersey First Time Freshmen 1 Annual # of New Jersey Undergraduate Public or Students Out-of-State Private State Fall 2012 1 Tuition Pennsylvania State Public PA 817 $ 29,522 of Delaware Public DE 738 $ 29,250 Drexel Private PA 619 $ 44,646 New York Private NY 556 $ 39,450 Saint Joseph's Private PA 400 $ 40,420 West Virginia Public WV 383 $ 20,424 Villanova Private PA 377 $ 45,376 James Madison Public VA 366 $ 24,522 of Maryland - College Park Public MD 358 $ 27,905 Syracuse Private NY 345 $ 40,380 Total 4,959 Average Undergraduate Out-of-State Tuition Rate $ 34,190 Average Annual # of New Jersey Undergraduate Public or Students In-State Private State Fall 2012 1 Tuition NJ Senior Public Colleges & Universities Attended by New Jersey First Time Freshmen 1 Public NJ 17,741 $ 9,149 Sources: Institutional web sites 1 IPEDS - Fall 2012 Page 14

Comparison of Undergraduate In-State and Out-of-State Tuition Rates Fall 2014 and Spring 2015 Semesters (Sorted on Tuition Differential Percent) Table #6 NJ Senior Public Colleges & Universities Annual Annual Difference In-State Out-of-State Between In-State Undergraduate Undergraduate and Out-of-State Difference State Tuition Tuition Rates % Rutgers NJ $ 10,954 $ 25,732 $ 14,778 135% New Jersey City NJ $ 7,705 $ 16,277 $ 8,572 111% Montclair State NJ $ 8,346 $ 17,060 $ 8,714 104% New Jersey Institute of Technology NJ $ 13,120 $ 26,760 $ 13,640 104% William Paterson NJ $ 7,622 $ 15,298 $ 7,676 101% The College of New Jersey NJ $ 10,562 $ 21,175 $ 10,613 100% Ramapo College NJ $ 8,650 $ 17,300 $ 8,650 100% Rowan NJ $ 9,076 $ 17,030 $ 7,954 88% Kean NJ $ 7,345 $ 13,754 $ 6,409 87% Stockton NJ $ 8,107 $ 14,628 $ 6,521 80% Benchmark Institutions of Massachusetts - Boston MA $ 1,714 $ 9,758 $ 8,044 469% of North Carolina - Greensboro NC $ 3,932 $ 18,794 $ 14,862 378% of North Carolina - Charlotte NC $ 3,522 $ 16,693 $ 13,171 374% Towson MD $ 6,004 $ 17,682 $ 11,678 195% Bowling Green OH $ 9,096 $ 25,500 $ 16,404 180% Ball State IN $ 8,682 $ 23,948 $ 15,266 176% San Diego State CA $ 5,472 $ 9,936 $ 4,464 82% Illinois State IL $ 10,470 $ 18,060 $ 7,590 72% Top Out-of-State Public Institutions Attended by NJ First Time Freshmen 1 of Maryland - College Park MD $ 7,760 $ 27,905 $ 20,145 260% West Virginia WV $ 6,960 $ 20,424 $ 13,464 193% of Delaware DE $ 10,900 $ 29,250 $ 18,350 168% James Madison VA $ 9,662 $ 24,522 $ 14,860 154% Pennsylvania State PA $ 16,572 $ 29,522 $ 12,950 78% Sources: Institutional web sites 1 IPEDS - Fall 2010 Page 15

Benchmark Institutions Annual Undergraduate Tuition and Fees (In-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #7 Total In-State In-State In-State Undergraduate Undergraduate Undergraduate State Tuition Fees Tuition & Fees Illinois State IL $ 10,470 $ 2,360 $ 12,830 of Massachusetts - Boston MA $ 1,714 $ 10,252 $ 11,966 Bowling Green OH $ 9,096 $ 1,494 $ 10,590 Ball State IN $ 8,682 $ 782 $ 9,464 Towson MD $ 6,004 $ 2,586 $ 8,590 San Diego State CA $ 5,472 $ 1,394 $ 6,866 of North Carolina - Greensboro NC $ 3,932 $ 2,522 $ 6,454 of North Carolina - Charlotte NC $ 3,522 $ 2,755 $ 6,277 Montclair State NJ $ 8,346 $ 3,194 $ 11,540 Source: Institutional web sites Page 16

Benchmark Institutions Annual Undergraduate Tuition and Fees (Out-of-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Undergraduate Tuition & Fees) Table #8 Total Out-of-State Out-of-State Out-of-State Undergraduate Undergraduate Undergraduate State Tuition Fees Tuition & Fees of Massachusetts - Boston MA $ 9,758 $ 18,632 $ 28,390 Bowling Green OH $ 25,500 $ 1,494 $ 26,994 Ball State IN $ 23,948 $ 782 $ 24,730 of North Carolina - Greensboro NC $ 18,794 $ 2,522 $ 21,316 Illinois State IL $ 18,060 $ 2,360 $ 20,420 Towson MD $ 17,682 $ 2,586 $ 20,268 of North Carolina - Charlotte NC $ 16,693 $ 2,755 $ 19,448 San Diego State CA $ 9,936 $ 1,394 $ 11,330 Montclair State NJ $ 17,060 $ 3,194 $ 20,255 Source: Institutional web sites Page 17

Benchmark Institutions Annual General Graduate Tuition and Fees (In-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Graduate Tuition & Fees) Table #9 Total In-State In-State In-State Graduate Graduate Graduate State Public / Private Tuition Fees Tuition & Fees of Massachusetts - Boston MA Public $ 2,590 $ 12,428 $ 15,018 Bowling Green OH Public $ 10,168 $ 1,494 $ 11,662 Towson MD Public $ 8,760 $ 2,664 $ 11,424 Illinois State IL Public $ 8,640 $ 1,888 $ 10,528 Ball State IN Public $ 8,098 $ 782 $ 8,880 San Diego State CA Public $ 6,738 $ 1,394 $ 8,132 of North Carolina - Greensboro NC Public $ 4,641 $ 2,522 $ 7,163 of North Carolina - Charlotte NC Public $ 4,008 $ 2,755 $ 6,763 Montclair State $ 13,280 $ 2,127 $ 15,408 Page 18

Benchmark Institutions Annual Graduate Tuition and Fees (Out-of-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Graduate Tuition & Fees) Table #10 Total Out-of-State Out-of-State Out-of-State Graduate Graduate Graduate State Tuition Fees Tuition & Fees Bowling Green OH $ 27,644 $ 1,494 $ 29,138 of Massachusetts - Boston MA $ 9,758 $ 19,334 $ 29,092 Ball State IN $ 20,014 $ 782 $ 20,796 Towson MD $ 18,120 $ 2,664 $ 20,784 of North Carolina - Greensboro NC $ 18,090 $ 2,522 $ 20,612 Illinois State IL $ 17,928 $ 2,360 $ 20,288 of North Carolina - Charlotte NC $ 16,295 $ 2,755 $ 19,050 San Diego State CA $ 11,202 $ 1,394 $ 12,596 Montclair State NJ $ 20,098 $ 2,127 $ 22,225 Source: Institutional web sites Page 19

Peer and Comparable Institutions Annual MFA Program Tuition and Fees (In-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total MFA Tuition & Fees) Table #11 Total In-State In-State In-State MFA MFA MFA State Public / Private Tuition Fees Tuition & Fees New Jersey Public 4-year Colleges and Universities William Paterson NJ Public $ 15,701 $ 4,240 $ 19,940 Rutgers NJ Public $ 17,184 $ 2,646 $ 19,830 Montclair State NJ Public $ 16,648 $ 2,659 $ 19,307 New Jersey City NJ Public $ 16,139 $ 3,077 $ 19,215 Note: Assumes 15 credit hours per semester. Source: Institutional web sites Page 20

Peer and Comparable New Jersey Institutions MBA Program Tuition and Fees Fiscal 2015 Total Program Cost (Sorted on Total MBA Tuition & Fees) Table #12 Public or Private Rate Structure MBA In-State Tuition & Fees Executive MBA Programs: Rutgers Public Flat Rate $ 89,969 Fairleigh Dickinson Private Flat Rate $ 76,338 Stevens Institute of Technology Private Per Credit Hour $ 64,480 New Jersey Institute of Technology Public Flat Rate $ 57,500 Rider Private Flat Rate $ 55,000 Ramapo College Public Flat Rate $ 44,600 Montclair State Public Flat Rate $ 37,900 Kean Public Per Credit Hour $ 31,204 Traditional MBA Programs: Stevens Institute of Technology Private Per Credit Hour $ 70,170 Rutgers - Flex Program Public Per Credit Hour $ 67,903 Rider Private Per Credit Hour $ 57,200 Seton Hall Private Per Credit Hour $ 56,420 New Jersey Institute of Technology Public Per Credit Hour $ 54,192 Fairleigh Dickinson Private Per Credit Hour $ 53,130 Kean Public Per Credit Hour $ 45,000 Montclair State Public Flat Rate $ 35,900 Stockton Public Per Credit Hour $ 35,625 Caldwell Private Per Credit Hour $ 34,710 William Paterson Public Per Credit Hour $ 31,680 Rowan Public Per Credit Hour $ 30,416 New Jersey City Public Per Credit Hour $ 23,058 Notes: Executive Programs assume students are full time for 4 semesters. Traditional Programs vary by credit hour requirements, completion time, and tuition and fee structure. Page 21

Peer and Comparable Institutions Annual Doctoral Program Tuition and Fees (In-State Residents) Fall 2014 and Spring 2015 Semesters (Sorted on Total Doctoral Tuition & Fees) Table #13 Private: Total In-State In-State In-State Doctoral Doctoral Doctoral State Tuition 1 Fees Tuition & Fees 1 New York 2 Private NY $ 26,622 $ 1,962 $ 28,584 Columbia - Teachers College 2 Private NY $ 25,164 $ 836 $ 26,000 Drexel 2 Private PA $ 20,214 $ 1,120 $ 21,334 Public: New Jersey Institute of Technology Public NJ $ 17,676 $ 2,646 $ 20,322 Rowan Public NJ $ 15,462 $ 2,608 $ 18,070 Pennsylvania State 2 Public PA $ 14,112 $ 930 $ 15,042 William Paterson Public NJ $ 12,156 $ 2,594 $ 14,750 Stockton Public NJ $ 11,298 $ 3,249 $ 14,546 Rutgers 2 Public NJ $ 11,916 $ 2,224 $ 14,140 Kean Public NJ $ 11,376 $ 1,202 $ 12,578 Montclair State Public NJ $ 9,000 $ 1,595 $ 10,595 SUNY at Stony Brook Public NY $ 7,776 $ 1,391 $ 9,167 CUNY - Graduate Center 2,3 Public NY $ 8,630 $ 230 $ 8,860 Notes: 1 Assumes 9 credit hours per semester 2 Tuition rates for doctoral programs in education 3 CUNY Graduate Center - flat rate tuition for 7 or more credit hours Source: Institutional web sites Page 22

New Jersey's Colleges and Universities Three- Default Rates on Federal Student Loans Cohort 2011 (Sorted on Default Rate) Table #14 Three- Default Rate National Default Rate * 13.7% National Default Rate of Four- Public Institutions 8.9% Default Rate of All (126) New Jersey Institutions * 10.6% New Jersey Public Four- Colleges and Universities Kean 10.4% William Paterson 9.4% New Jersey City 6.5% Ramapo College of New Jersey 5.3% Rowan 5.2% Rutgers 5.2% Thomas Edison State College 4.9% New Jersey Institute of Technology 4.9% Stockton 4.4% Montclair State 3.3% The College of New Jersey 1.7% Default Rate of NJ Public Institutions (including MSU) 5.6% New Jersey Private Institutions Bloomfield College 10.0% College of Saint Elizabeth 8.3% Centenary College 6.9% Caldwell 6.8% St. Peter's 6.7% Rider 6.5% Monmouth 5.9% Felician College 5.8% Fairleigh Dickinson 4.3% Seton Hall 2.8% Stevens Institute of Technology 2.6% Georgian Court 2.6% Princeton 2.3% Drew 2.3% Default Rate of Select NJ Private Institutions 5.3% Source: IFAP Information for Financial Aid Professionals * Includes Public, Private and Proprietary Institutions Page 23

Chart #4 New Jersey Senior Public Colleges and Universities Three- Default Rates on Federal Student Loans Cohort 2011 16% 14% National Default Rate (All Institutions) 13.7% 12% NJ Default Rate (126 Institutions) 10.6% 10% National Default Rate Four- Public Institutions 8.9% 8% 6% NJ Sector Default Rate 5.6% NJ Default Rate Select Private Institutions 5.3% 4% 2% 0% Kean William Paterson New Jersey City Ramapo College of New Jersey Rowan Rutgers Thomas Edison State College New Jersey Institute of Technology Stockton Montclair State The College of New Jersey Page 24

New Jersey's Senior Public Colleges and Universities and Benchmark Universities Median Indebtedness - Federal Loan Borrowers (Sorted on Indebtedness) Table #15 New Jersey Public 4-year Colleges and Universities Median Indebtedness * The College of New Jersey $ 21,500 Ramapo College of New Jersey $ 21,401 Rowan $ 21,125 Rutgers $ 20,500 Montclair State $ 20,200 Stockton $ 18,750 William Paterson $ 18,750 Kean $ 18,500 New Jersey Institute of Technology $ 16,500 New Jersey City $ 13,625 Benchmark Institutions Average of NJ Publics (including MSU) $ 19,085 Ball State $ 20,642 Illinois State $ 20,500 Bowling Green State - Main Campus $ 19,159 Towson $ 18,500 of North Carolina - Greensboro $ 18,114 of Massachusetts - Boston $ 17,258 of North Carolina - Charlotte $ 16,144 San Diego State $ 14,998 Average of Benchmark Institutions $ 18,164 * Data represent only undergraduate federal loan borrowers, not all students, who graduated or withdrew from the institutions between July 1, 2011 and June 30, 2012. Approximately 65% of Montclair State undergraduate students were federal loan borrowers during the current fiscal year. Source: U.S. Department of Education College Scorecard 2013 Excluding Thomas Edison Page 25

Table # 16 Graduation Rate 2003-2013 (Cohorts 1997-2007) 4 1997 Cohort 1998 Cohort 1999 Cohort 2000 Cohort 2001 Cohort 2002 Cohort 2003 Cohort 2004 Cohort 2005 Cohort 5 6 4 5 6 4 5 6 4 5 6 Public Research Universities (very high research activity) Rutgers -New Brunswick 43% 65% 72% 46% 66% 71% 43% 63% 71% 47% 67% 73% 48% 67% 73% 49% 69% 75% 52% 71% 77% 53% 70% 77% 53% 71% 77% 57% 76% 79% 57% 76% 79% National Average-(73 Institutions in IPEDS 2013) 38% 62% 67% 38% 63% 68% 40% 64% 69% 42% 65% 70% 43% 66% 70% 44% 65% 70% 45% 67% 71% 42% 63% 68% 43% 63% 68% 44% 64% 69% 45% 65% 70% 4 5 6 4 5 6 4 5 6 4 5 6 4 5 6 4 2006 Cohort 2007 Cohort 5 6 4 5 6 Public Research Universities (high research activity) New Jersey Institute of Technology 15% 39% 49% 17% 44% 53% 18% 45% 54% 19% 47% 54% 14% 41% 51% 16% 45% 55% 17% 45% 55% 16% 44% 55% 17% 42% 54% 19% 45% 54% 23% 46% 58% Rutgers -Newark 20% 41% 51% 25% 48% 54% 22% 47% 58% 26% 48% 57% 25% 46% 57% 26% 48% 59% 34% 56% 65% 30% 53% 63% 36% 61% 68% 32% 56% 61% 32% 60% 67% National Average-(74 Institutions in IPEDS 2013) 25% 45% 52% 24% 45% 51% 25% 45% 52% 26% 46% 52% 26% 46% 53% 27% 47% 54% 28% 48% 54% 27% 45% 52% 27% 46% 52% 27% 46% 52% 28% 47% 53% Public Master's College & Universities (Larger Programs) Kean 15% 39% 47% 14% 38% 45% 16% 38% 45% 16% 36% 44% 17% 36% 42% 16% 37% 44% 19% 38% 45% 17% 39% 47% 21% 42% 49% 19% 43% 50% 19% 39% 46% Montclair State 20% 48% 56% 23% 50% 57% 23% 50% 58% 27% 53% 59% 27% 54% 61% 28% 54% 62% 30% 55% 62% 31% 56% 62% 34% 57% 62% 35% 58% 63% 34% 58% 63% New Jersey City 7% 24% 36% 7% 30% 37% 9% 28% 38% 7% 23% 32% 8% 23% 31% 6% 26% 34% 8% 26% 38% 8% 25% 37% 6% 24% 39% 7% 25% 34% 5% 19% 32% Rowan * 31% 54% 60% 37% 59% 63% 39% 59% 62% 42% 63% 67% 39% 59% 64% 43% 61% 65% 47% 65% 67% 42% 63% 68% 43% 62% 66% 49% 69% 72% 46% 65% 70% The College of New Jersey 62% 80% 82% 63% 79% 81% 64% 81% 83% 66% 83% 86% 68% 81% 83% 68% 83% 85% 73% 84% 86% 71% 84% 86% 74% 85% 87% 72% 85% 87% 72% 82% 84% William Paterson 15% 41% 48% 13% 41% 48% 16% 42% 48% 16% 44% 51% 15% 41% 47% 16% 41% 45% 21% 46% 52% 17% 42% 49% 18% 38% 46% 14% 40% 48% 16% 42% 50% National Average- (171 institutions in IPEDS 2013) 18% 37% 44% 19% 38% 45% 19% 39% 45% 20% 40% 46% 21% 40% 47% 21% 40% 47% 21% 40% 46% 22% 40% 46% 22% 39% 46% 22% 40% 46% 23% 40% 47% Public Master's College & Universities (Medium Programs) Rutgers -Camden 25% 49% 58% 22% 44% 54% 26% 52% 63% 25% 43% 52% 26% 56% 62% 29% 52% 58% 30% 52% 62% 32% 54% 64% 30% 50% 61% 32% 58% 63% 27% 48% 55% National Average- (61 institutions in IPEDS 2013) 20% 37% 43% 20% 38% 43% 20% 37% 43% 21% 38% 44% 21% 38% 44% 21% 38% 43% 19% 35% 40% 20% 36% 41% 20% 35% 41% 20% 36% 41% 21% 37% 42% Public Master's College & Universities (Smaller Programs) Ramapo College of New Jersey 28% 47% 52% 36% 56% 62% 38% 54% 57% 44% 63% 66% 48% 63% 65% 53% 67% 70% NA NA NA 65% 75% 76% 60% 69% 71% 60% 71% 73% 59% 71% 73% The Richard Stockton College of New Jersey 40% 60% 65% 43% 61% 64% 36% 57% 62% 41% 61% 63% 45% 64% 68% 43% 60% 65% 39% 58% 66% 40% 60% 64% 43% 61% 66% 40% 60% 64% 42% 61% 65% National Average-(39 institutions in IPEDS 2013) 21% 36% 40% 22% 37% 42% 23% 38% 43% 23% 38% 43% 23% 37% 42% 23% 38% 43% 22% 35% 40% 20% 34% 38% 20% 34% 38% 21% 34% 39% 21% 35% 39% *Rowan's rates for cohorts 2004, 2005 and 2006 are quoted from Rowan directly. Data Source: IPEDS GRS 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011,2012,2013 Page 26