[Oasfaa] 2014-2015 Annual Financial Aid Report

[Magee, Irala]

Good Afternoon!



The 2014-2015 Annual Financial Aid Report for state system colleges and universities was presented to the Oklahoma State Regents for Higher Education at their meeting this morning.  You will find the complete report attached for your information.



Highlights and Trends

*         In each of the past three years, total financial aid for undergraduate and graduate/professional students at state system institutions has exceeded $1.3 billion. Undergraduate student aid, at $1.1 billion, accounts for 81 percent of total student aid.

*         While total undergraduate student aid has remained relatively steady over the past three years, undergraduate loan volume has declined by $40 million, from $501 million to $461 million. This decline is consistent with national trends.

*         Over the past three years, undergraduate loan volume has dropped significantly at the community colleges (-$25 million or -19 percent) and the regional universities (-$17 million or -10 percent) while increasing slightly at the research universities (+$2 million or +1 percent).

*         Also over the past three years, the percentage of undergraduate aid comprised of loans has declined from 44 percent in 2012-2013 to 42 percent in 2014-2015. Conversely, non-loan aid (grants, scholarships, work-study) has grown from 56 percent to 58 percent.

*         Nonresident students account for nearly 23 percent of the total undergraduate student loan volume ($106 million of $461 million). At the research universities, nonresident students account for nearly 40 percent of the undergraduate student loan volume.

*         Many low-income Pell Grant recipients also rely on student loans. Fifty-five percent of Pell Grant recipients also take out student loans. While Pell Grant recipients make up about one-third of overall undergraduate enrollment, they account for half of the total undergraduate loan volume ($233 million of $461 million).

*         Of the $262 million in graduate/professional student aid, over 70 percent was in the form of loans.



Our thanks to those of you who diligently work each year to report this data to us.  Please let me know if you have any questions or comments.



We are planning to post this report to the OKHighered.org web site under "Studies, Reports and Data".

Irala K. Magee
Director of Scholarship and Grant Administration
Oklahoma State Regents for Higher Education
P.O. Box 108850
Oklahoma City, OK  73101-8850
(405) 225-9378
Fax (405) 225-9392

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