Analysis of Recent Higher Education Updates
Analyzing recent updates in higher education, including COVID flexibilities for 2022, changes in cost of attendance, student loans, communication statistics, and implications of the FAFSA Simplification Act on financial aid processes and requirements.
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Presentation Transcript
COVID Flexibilities and Relief Capitalized on COVID flexibilities for summer of 2022. All HEERF monies CARES, CRRSAA, ARP were spent entirely by the end of the 2021-2022 academic year. 2022-2023 Had ARP GEERF Funding for In-State Students.
Cost of Attendance Analyzed the Cost of Attendance for 2022-2023 Changes in COVID; Housing both on-and off-campus; Meals; Tuition and Fees Increase for 2022-2023 Resulted in change in In-State On-Campus moving from 28,280 to 32,274; Out-of-State On-Campus from 47,790 to 52,758. This will come into play in a few minutes
Loans Loan Type 2021-2022 Amt # of Students 2022-2023 Amt To Date $31,794,955 $34,924,415 # of Students Subsidized Loans $31,454,566 Unsubsidized Loans PLUS 7,337 9,130 7,453 9,653 $34,425,464 $45,119,098 2,043 $52,117,528 2,213 Obviously, the increase to the Cost of Attendance played a role in the increased borrowing; however, we also do not know if the possibility of loan forgiveness impacted borrowing.
Phone Calls and E-mails Phone calls 21,971 through March; last year took 30,935; typically will take ~11,000 in April, May and June. Through April 22 had answered 21,968; this year through the end of March we have answered 21,117
FAFSA Simplification Act NEW FEDERAL METHODOLOGY No more EFC; Welcome Student Aid Index (SAI) Number of Students in college no longer counted; Housing plans removed from FAFSA; Selective Service not a requirement ED announced FAFSA will not be ready until DECEMBER!!!!! We are building a strategy and are concerned.
FAFSA Simplification Act Cost of Attendance Must include cost of computer purchase Must accommodate 21 meals Room and Board now called Housing and Meals Pell Grant determined by ED; no more Pell Chart Appeals Cost of Attendance must be published wherever T&F published
