NACAC National Conference Seattle, WA S l September 27, 2008 Financial Aid and Admission: Tuition Di T i i Discounting, Merit Aid, & Need-Aware Admission i M i Aid N dA Ad i i Donald E Heller ld ll Overview Existing grant aid The NACAC survey Comparisons by selectivity Comparisons with 1994 Implications of the survey results p y Questions and discussion © 2008, Donald E Heller Grant aid to undergraduate students 2006‐2007  (total $51.8 billion) Private & employer Institutional merit $7.3  $11.1  14% 22% State need $5.3  10% State merit $2.1  4% © 2008, Donald E Heller Federal $16.5  32% Institutional need $9.5  18% Author’s calculations from College Board, NPSAS, NASSGAP Changes in grant aid 1995-1996, $17.7B Private & employer $1.90 $1 90 11% 2006-2007, $51.8B 287% Institutional merit $2.40 14% 106% State need $2.60 15% State merit $0.20 1% Institutional need $4.50 25% Federal $6.10 34% 906% State merit $2.10 4% Private & employer $7.30 $7 30 14% State need $5.30 10% Institutional merit $11.10 22% 356% Institutional need $9.50 18% Federal $16.50 $16 50 32% 113% 170% © 2008, Donald E Heller Author’s calculations from College Board, NPSAS, NASSGAP The NACAC survey Distributed to all baccalaureate-grant institutions baccalaureate(n=1,916) 382 surveys returned, 20% response rate Representation: sample vs population More private Larger institutions (>10,000 undergraduates) New England and Midwest Higher SAT scores Lower yield © 2008, Donald E Heller Control over financial aid policy? Who has primary authority over financial aid policy? 11% 11% President or CEO 19% Other administrators Trustees/board 3% Faculty/faculty g p y/ y group 24% Public 3% Chief EM officer 0% 10% 1% Private 15% Chief FinAid officer State agency 0% 6% 14% 12% No response 0% © 2008, Donald E Heller 44% 28% 10% 20% 30% 40% 50% Need assessment in admissions Need blind admissions Need blind until May 81% 0% 6% 2% Need conscious Public 10% Private Review of policy? 2% 6% Currently under review 17% 21% Reviewed in last year 7% 9% Reviewed in last years Not reviewed recently 56% 0% © 2008, Donald E Heller 93% 20% 40% 60% 65% 80% 100% Aid packaging policies Packaging policy FM 81% 53% 0% 3% IM Public 14% Combination Meet 100% of need 18% 39% Private 32% 60% Meet