[Oasfaa] 2005-06 State Financial Aid Survey

[Fair, Bryce]

The results of the 2005-06 State Financial Aid Survey were provided to the State Regents at their meeting last week.  Attached is a copy of the agenda item which summarizes the data from the survey.  Following are a few of the highlights from the data:

	*	In 2005-06, students attending Oklahoma public and independent (private) colleges and universities received financial aid totaling $1.2 billion.  Students at state system institutions received $940 million while students at the independent institutions received $261 million.  Over half of the amount, some $656 million, was in the form of loans.  
*	The annual rate of growth in the total amount of state system financial aid slowed in 2005-06 compared to previous years.  The increase in 2005-06 was 5%, compared to annual increases of 16%, 11%, and 15% for the three previous years.
	*	For the first time, the total amount of loans taken out by students within the state system in a single academic year topped a half-billion dollars at $507 million.
	*	After four years of steady increases, the number of state system students receiving the federal Pell Grant actually declined by about 2,600 or 4%.  The total dollar amount of Pell Grants awarded to state system students declined even more, by $10.6 million or 7%.  This drop was due, at least in part, to a change in the federal formula that determines a student's eligibility for the Pell Grant.  The change, which modified a formula factor for state taxes paid, eliminated Pell Grant eligibility for some students and reduced the amount of the grant for others.
	*	The percentage of students receiving any form of financial aid in the state system increased to 60% from 57% in 2004-05.  Overall enrollment in the state system declined slightly from 238,000 in 2004-05 to 236,000 in 2005-06.



Bryce Fair 
Assoc. Vice Chancellor for Scholarships & Grants 
Oklahoma State Regents for Higher Education 
Phone:  (405) 225-9162 
Fax:  (405) 225-9230 
E-mail:  bfair at osrhe.edu 

Mailing Address: 
P.O. Box 108850 
Oklahoma City, OK  73101-8850 

Street Address: 
655 Research Parkway, Suite 200 
Oklahoma City, OK  73104


  <<Annual Fin Aid Rpt-2005-06.doc>> 
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