Download - Student Aid and Debt Presentation
Student Aid and Debt Presentation
November 12, 2020
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COVID–19 Student Relief
• In March 2020 - CARES Act suspended student loan payments and interest
for both current borrowers and outstanding federal loan balances through
September 30, 2020 as part of COVID-19 relief.
• In August 2020 –the Secretary of Education extended the relief through
December 31, 2020.
• Borrowers with income driven repayment plans, including the Public Service
Loan Forgiveness, are able to apply the suspended months towards on-time
payments under both actions as long as work requirements are met.
• $5 million from CU Foundation in FY 2020-21 (Fall 2020) resulted in 5,223
financial aid awards system wide with more than 9,000 applicants.
2
CU Foundation
Relief FundsBoulder UCCS Denver Anschutz Summary
Number of Applicants 2,114 1,400 3,237 2,270 9,021
Number of Awards 1,454 562 2,426 781 5,223
Average Award $1,786 $1,700 $450 $450 $957
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Facts About National Student Loan Debt, $1.67 Trillion
• Includes all outstanding balances for federal and private student loans
processed through financial aid, plus accrued interest.
• Forty percent of outstanding student loan debt is from graduate students.
• Only eight percent of outstanding debt comes from private loans.
• Non-completers are more likely to default on student loans than completers.
• Default rates are much lower for those who earn credentials.
• In spite of all of the concerns about student debt levels, the fact remains, a
college education pays off and is an investment worth making.
3
Source: U.S. Department of Education
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Average Annual Earnings High School vs. Bachelor’s Degree
4
Note: Does not include possible earnings while pursuing Bachelor's degree.
Source: Average Annual Earning for full-time year round workers by education, U.S. Census Bureau, Current Population Survey, 2019 Annual Social and Economic
Supplement.
On average, Bachelor’s degree
recipients earn $1.5 million more
than High School graduates over
the course of their career.
32
,78
7
37
,82
2
44
,17
3
49
,52
2
49
,78
8
50
,60
8
50
,49
4
56
,31
8
55
,67
6
55
,76
6
52
,13
3
62
,82
9
73
,38
0
89
,10
4
91
,38
6
97
,33
7
96
,99
4
10
0,5
92
97
,75
6
91
,54
2
-
20,000
40,000
60,000
80,000
100,000
120,000
18-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69
Avera
ge A
nnual E
arn
ings
Age Range
High School Bachelor's Degree
Colorado
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Colorado’s Affordability Roadmap
• The Colorado Department of Higher Education published an affordability
roadmap with steps for institutions of higher education to follow to contain
costs and support students.
• To illustrate areas of alignment at CU, the CDHE icon will be at the bottom
of the slide.
6
Link to full report: https://highered.colorado.gov/Publications/Reports/Roadmap-to-Containing-College-Costs-and-Making-College-Affordable.pdf
Page Title
Financial Aid History by Source (in millions)
7
$21.9 $20.5 $18.4 $18.0 $18.1 $26.7 $30.8 $31.7 $34.7 $40.7 $45.4
$51.9 $56.9 $68.0 $72.2 $77.0 $85.3
$96.5
$124.9 $135.7
$139.9 $148.7
$55.2 $50.9 $55.0
$60.2 $63.2
$65.6
$70.9
$58.9
$66.6
$76.6
$80.0
$40.3 $44.9 $44.3
$44.8 $46.4
$48.5
$48.4
$49.9
$57.0
$58.4
$57.7
$19.3 $23.0
$14.6 $14.7
$16.8
$16.6
$16.2
$16.5
$13.5
$16.2
$17.2
$18.2 $20.4 $23.3
$26.7 $31.4
$34.0
$38.4
$46.0
$44.7
$43.8
$48.0
$206.8 $216.6
$223.6 $236.7
$252.8
$276.8
$301.2
$327.9
$352.2
$375.7
$397.0
$0
$50
$100
$150
$200
$250
$300
$350
$400
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY2015 FY2016 FY2017 FY 2018 FY 2019 FY 2020
State Aid Institutional Aid- From Tuition Institutional Aid- From Other Sources
Federal Pell Other Federal Aid Other Scholarships
Source: CU Financial Aid
$228.7
Institutional
Aid
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Changes to Pell Eligible Populations (FY 2012 to FY 2019)
8
CCHE’s need based financial aid formula rewards retention and progress of Pell eligible students. Since the allocation was implemented
in FY 2012, CU has retained Pell eligible students at a greater rate than most colleges thru FY 2019.
-47.2%
-42.0%
-41.3%
-34.5%
-21.4%
-16.5%
-13.7%
-5.0%
-2.7%
14.9%
-60% -50% -40% -30% -20% -10% 0% 10% 20%
CCCS
FLC
Adams
MSU-Denver
CMU
Western
CSU System
Mines
UNC
CU System
Average Resident Undergraduate Student DebtBachelor’s Degree Recipients with Loans
Source: CDHE FY 2018-19, Resident Undergraduates Only
9
$31,7
60
$27,8
16
$26,9
56
$25,7
78
$25,4
14
$25,3
16
$25,2
15
$25,1
05
$24,6
46
$24,0
68
$23,9
65
$20,7
12
$31,5
02
$28,1
11
$28,3
74
$28,2
24
$24,9
52
$25,1
83
$25,9
56
$25,1
19
$25,0
79
$26,6
02
$23,9
62
$20,1
08
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
Mines CUDenver
CSU CUBoulder
CSU-P Mesa Adams Metro UCCS Western UNC Ft. Lewis
Residents All Students
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Average Undergraduate Debt Load Upon Graduation (FY 2019)(only 50.4% of completers took loans at CU*)
10
Source: Colorado Department of Higher Education; includes Federal Direct, Federal Perkins, Federal Other, and private loans.
*Varies by campus.
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Bachelor’s Degree Recipients Loan Amounts in Colorado, FY 2019
11
Source: 2019 Student Loan Data from SURDS from the Colorado Department of Higher Education, public institutions. FY 2019 graduates taking loans in prior 6
years.
2,3
95
3,1
98
4,1
19
2,1
01
1,1
96
83
2
29
1
17
2
12
2
75 1
66
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
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Student Loan Default Rates
12
Source: U.S. Department of Education
2.7%
2.8%3.8%
5.5%
6.9%
5.1%4.7%
5.0%
3.1% 3.3% 3.3% 3.4%3.0%
3.4%4.7%
2.7%3.1% 3.1% 3.1% 3.2% 3.0%
14.6%
12.4%
11.5% 11.3%11.6%
10.8%
9.9%
13.7%
11.8%11.3% 11.5%
10.8%
10.1%9.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2011 2012 2013 2014 2015 2016 2017
UCCS Denver|Anschutz Boulder Colorado National
Annual Earnings vs Annual Loan Payment (by Degree)
Sources: Average Annual Earnings based on CU System Alumni Survey FY 2009 - FY 2018, Based on full-time employment and excludes those pursuing additional
education; Annual Loan Payment based on average loan from CDHE SURDS (FY 2019) & standard 10 year repayment at 4.3%
$3,702
$3,278
$3,337
$3,156
$3,468
$3,184
$3,247
$3,497
$3,782
$3,497
$29,927
$26,496
$26,970
$25,511
$28,034
$25,734
$26,242
$28,268
$30,566
$28,264
$50,266
$50,508
$53,592
$54,202
$54,635
$61,663
$61,974
$75,716
$81,363
$93,400
$0 $20,000 $40,000 $60,000 $80,000 $100,000
Visual and Performing Arts.
English Language and Literature/Letters.
Psychology.
Biological and Biomedical Sciences.
Health Professions and Related Programs.
Social Sciences.
Communication, Journalism, and Related Programs.
Business, Management, Marketing, and Related Support Services.
Engineering.
Computer and Information Sciences and Support Services.
Average Annual Earnings 1 to 10 Years After Completion* Average Total Loans upon Earning a Degree** Estimated Annual Repayment***
13
Earnings of College Degree Over Time
14
Source: Consumer spending data, midyear tables,
www.bls.gov July 2018 - June 2019
Under 25 Years of Age
25-34 Years of Age
Living Expenses Student Loan Payment Other
82.8% 10.3%
65.5% 5.1%
6.9%
29.4%
1,409 775 940 708
1,170
75
108 212
207
375
1,422
803 859
626
1,880
2,906
1,686
2,011
1,541
3,425
6,413
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
<$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Did not apply foraid (no income data
avail)
Num
ber
of
Stu
dents
Number of students who did not take student loan Parent and student loan Student loans, no plus
35.7%
33 Percent with Student Loans
6 Percent with Parent Loans (PLUS)
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CU Boulder Resident Undergraduates, FY 2020
15
Source: CU Financial Aid; Does not include private loans; Excludes exclusive parent loans; Number of students not applying for aid based on fall headcount
compared to fiscal year financial aid.
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CU Boulder Resident Undergraduate Average Financial
Assistance, FY 2020 (new cohort)
16
$12,879 $13,908
$19,514
$23,144 $24,643
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$0-$32,499 $32.500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000 or more
Federal Aid State Aid Other Scholarships Inst. Need-Based Aid Inst. Merit-Based Aid Federal Student Loan Average Remaining COA
FY 20 Average Tuition and Fees $12,500
FY 20 Estimated Cost of Attendance $30,166
Source: CU Financial Aid; Does not include private loans; Estimated Cost of Attendance is the average Nine Month Cost of Attendance for selected population.
Average tuition applies to incoming cohort only.
Visit the appendix for
information on
previous cohorts
Page Title Here
CU Boulder Award Distribution by Amount, FY 2020
17
Source: CU Financial Aid; Resident, undergraduate students, with FAFSA on file. Includes all grants, scholarships and work-study awards. Excludes loans.
3,324
1,199
1,477
1,033 813
491
3,232
28.7% 10.4% 12.8% 8.9% 7.0% 4.2% 27.9% -
1,000
2,000
3,000
4,000
5,000
6,000
7,000
<$1 $1-$2,500 $2,501-$5,000 $5,001-$7,500 $7,501-$10,000 $10,001-$12,500 Greater than$12,500
Nu
mb
er
of S
tud
en
ts
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CU Denver Resident Undergraduates, FY 2020
18
1,525
682 606 349 327
49
73 181 148 178
1,706
953 650
323 462
3,280
1,708 1,437
820 967
1,243
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
<$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Did not apply for aid(no income data
avail)
Num
ber
of
Stu
dents
Number of students who did not take student loan Parent and student loan Student loans, no plus
13%
44 Percent with Student Loans
7 Percent with Parent Loans (PLUS)
Source: CU Financial Aid; Does not include private loans; Excludes exclusive parent loans; Number of students not applying for aid based on fall headcount
compared to fiscal year financial aid
$13,182
$15,540
$18,733 $20,739
$21,774
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$0-$32,499 $32.500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000 or more
Federal Aid State Aid Other Scholarships Inst. Need-Based Aid Inst. Merit-Based Aid Federal Student Loan Average Remaining COA
FY 20 Average Tuition and Fees $11,447
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CU Denver Resident Undergraduate Average Financial
Assistance, FY 2020
19
FY 20 Estimated Cost of Attendance $25,898
Source: CU Financial Aid; Does not include private loans; Estimated Cost of Attendance is the average Nine Month Cost of Attendance for selected population.
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CU Denver Award Distribution by Amount, FY 2020
20
Source: CU Financial Aid; Resident, undergraduate students, with FAFSA on file. Includes all grants, scholarships and work-study awards. Excludes loans.
1,904
1,535
1,025 867
701 773
1,407
23.2% 18.7% 12.5% 10.6% 8.5% 9.4% 17.1% -
1,000
2,000
3,000
4,000
5,000
6,000
<$1 $1-$2,500 $2,501-$5,000 $5,001-$7,500 $7,501-$10,000 $10,001-$12,500 Greater than$12,500
Nu
mb
er
of S
tude
nts
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UCCS Resident Undergraduate Financial Aid Applicants, FY 2020
21
1,346 663 680 440 476
50
51 146141 160
1,147
639 557 391 551
2,543
1,353 1,383
972 1,187
1,520
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
<$32,500 $32,500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000+ Did not apply foraid (no income data
avail)
Nu
mb
er
of S
tude
nts
Number of students who did not take student loan Parent and student loan Student loans, no plus
17%
46 Percent with Student Loans
7 Percent with Parent Loans (PLUS)
Source: CU Financial Aid; Does not include private loans; Excludes exclusive parent loans; Number of students not applying for aid based on fall headcount
compared to fiscal year financial aid
$14,512 $15,787
$19,434 $21,083 $21,531
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$0-$32,499 $32.500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000 or more
Federal Aid State Aid Other Scholarships Inst. Need-Based Aid Inst. Merit-Based Aid Federal Student Loan Average Remaining COA
FY 20 Average Tuition and Fees $10,463
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UCCS Resident Undergraduate Average Financial Assistance, FY
2020
22
FY 20 Estimated Cost of Attendance $26,673
Source: CU Financial Aid; Does not include private loans; Estimated Cost of Attendance is the average Nine Month Cost of Attendance for selected population.
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UCCS Award Distribution by Amount, FY 2020 (before loans)
23
Source: CU Financial Aid; Resident, undergraduate students, with FAFSA on file. Includes all grants, scholarships and work-study awards. Excludes loans.
2,019
1,436
1,015
725
538
784 921
27.1% 19.3% 13.6% 9.7% 7.2% 10.5% 12.4% -
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
<$1 $1-$2,500 $2,501-$5,000 $5,001-$7,500 $7,501-$10,000 $10,001-$12,500 Greater than$12,500
Num
ber
of
Stu
dents
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Closing the Cost Gap
Ways to Reduce Cost
• Apply for scholarships
• Boost credit load (more than 12 per term or summer school)
• Transfer credit (high school concurrent, competency testing, other college)
• Live with family or with multiple roommates
• Cut back on personal expenses (use alternative transport)
• Remain on parents’ health insurance plan
• Meet with advisors to track degree progress
24
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Closing the Cost Gap
Other Means
• Part-time work
• College savings plans
• Parent or private loans
• Credit cards
25
Page Title Here
Conclusions
• Out-of-pocket tuition and fee increases were mitigated for
many low and middle income students.
• Of all resident, undergraduate students system-wide:
o 39% took federal student loans in FY 2020.
o 7% had parent loans in FY 2020.
• On average, CU students have a loan default rate of 3.6%,
which is approximately six percentage points lower than the
national and statewide average.
26
Page Title Here
Additional Information
For more information about affordability and student financial
aid, including:
– Tuition and Fees
– Institutional Aid
– Student loans
– Out of Pocket Costs
– Average Cost of Attendance
– Alumni Earnings
– Links to other resources
Visit our website at: https://www.cu.edu/affordability
27
Appendix
Page Title Here
CU Boulder Resident Undergraduate Average Financial
Assistance, 2019 cohort
29
$12,601 $13,630
$19,236
$22,865 $24,364
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$0-$32,499 $32.500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000 or more
Federal Aid State Aid Other Scholarships Inst. Need-Based Aid Inst. Merit-Based Aid Federal Student Loan Average Remaining COA
FY 20 Average Tuition and Fees $12,532 (FY 19 cohort)
FY 20 Estimated Cost of Attendance $29,887 (FY 19 cohort)
Source: CU Financial Aid; Does not include private loans; Estimated Cost of Attendance is the average Nine Month Cost of Attendance for selected population.
Average tuition applies to incoming cohort only.
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Page Title Here
CU Boulder Resident Undergraduate Average Financial
Assistance, 2018 cohort
30
$11,993 $13,022
$18,628
$22,257 $23,756
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$0-$32,499 $32.500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000 or more
Federal Aid State Aid Other Scholarships Inst. Need-Based Aid Inst. Merit-Based Aid Federal Student Loan Average Remaining COA
FY 20 Average Tuition and Fees $12,086 FY (18 cohort)
FY 20 Estimated Cost of Attendance $29,279 (FY 18 cohort)
Source: CU Financial Aid; Does not include private loans; Estimated Cost of Attendance is the average Nine Month Cost of Attendance for selected population.
Average tuition applies to incoming cohort only.
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Page Title Here
CU Boulder Resident Undergraduate Average Financial
Assistance, 2017 cohort
31
$11,139 $12,168
$17,774
$21,403 $22,902
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$0-$32,499 $32.500-$59,999 $60,000-$99,999 $100,000-$139,999 $140,000 or more
Federal Aid State Aid Other Scholarships Inst. Need-Based Aid Inst. Merit-Based Aid Federal Student Loan Average Remaining COA
FY 20 Average Tuition and Fees $11,531 (FY 17 cohort)
FY 20 Estimated Cost of Attendance $28,425 (FY 17 cohort)
Source: CU Financial Aid; Does not include private loans; Estimated Cost of Attendance is the average Nine Month Cost of Attendance for selected population.
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