“yes, you borrowed that much!” graduate school financing trends. tony patterson office of...
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“YES, YOU BORROWED THAT MUCH!”
Graduate school financing trends.
Tony PattersonOffice of Scholarships and Student Aid
UNC-Chapel Hill
NCASFAA/SCASFAA Fall 2006 Conference
“YES, YOU BORROWED THAT MUCH!”
Today’s Session
A few facts…who’s going to grad school.
The Institution’s response.
The impact on students.
A few facts….
2003-2004 over 2.5 million students enrolled in Graduate and Professional
schools.
79% Graduate degree or certificate12% Professional degree
9% non-degree
A few facts….
In 2003-2004….
39% were enrolled full-time58% were women
32% were part of a racial/ethnic minority32.5 average age
A few facts….
In 2003-2004….
29% were not working for pay
25% “Students who work”
46% “Primarily employees”
The Institution’s response
Raise the price and raise it again!
Packaging strategies
How the funds are distributed
The Institution’s response
Raise the price and raise it again!
1998 Public costs 2003 Public costs
MA/MS $ 3,407 $ 5,863Law $ 8,124 $11,572Medical $10,485 $21,456
Tuition and fees only
The Institution’s response
Packaging strategies
66% of programs require applications in addition to the FAFSA.
98% of programs used some form of professional judgment.
The Institution’s response
How funds are distributed
In 2003 65% of students received some form of grant support.
However, loans represented 75% of total aid awarded.
The impact on students
The obvious….increased cumulative loan debt
Debt dictating career choice?
Debt burden
The impact on students
The obvious….
1998 Public debt 2003 Public debt
MS $28,809 $34,313Law $45,536 $51,230MBA* $26,884 $25,563
*Not so obvious
The impact on students
Debt dictating career choice?
The results are mixed.
The impact on students
Debt burden
“the proportion of post-college pre-tax employment earnings devoted to paying
off student loans.”
Reed, K.E. (2006). Financing graduate and professional education: 2003-2004. NASFAA Monograph(17) 1-28.
“Yes, you borrowed that much!”
WRAP-UP!&
QUESTIONS
REFERENCES
Reed, K.E. (2006). Financing graduate and professional education: 2003-2004. NASFAA Monograph(17) 1-28.
1998 NASFAA Financial aid policies and practices at graduate and professional programs.
2003 NASFAA Financial aid policies and practices at graduate and professional programs.