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<p class="Default"><b><span style="font-size:11.0pt">Good Afternoon!<o:p></o:p></span></b></p>
<p class="Default"><b><span style="font-size:11.0pt"><o:p> </o:p></span></b></p>
<p class="Default"><b><span style="font-size:11.0pt">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.<o:p></o:p></span></b></p>
<p class="Default"><b><span style="font-size:11.0pt"><o:p> </o:p></span></b></p>
<p class="Default"><b><span style="font-size:11.0pt">Highlights and Trends </span>
</b><span style="font-size:11.0pt"><o:p></o:p></span></p>
<p class="Default" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:13.75pt;margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">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. <o:p></o:p></span></p>
<p class="Default" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:13.75pt;margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">While total undergraduate student aid has remained relatively steady over the past three years, undergraduate loan volume has
<i>declined </i>by $40 million, from $501 million to $461 million. This decline is consistent with national trends.
<o:p></o:p></span></p>
<p class="Default" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:13.75pt;margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">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).
<o:p></o:p></span></p>
<p class="Default" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:13.75pt;margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">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. <o:p></o:p></span></p>
<p class="Default" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:13.75pt;margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">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. <o:p></o:p></span></p>
<p class="Default" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:13.75pt;margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">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).
<o:p></o:p></span></p>
<p class="Default" style="margin-left:.5in;text-indent:-.25in;mso-list:l0 level1 lfo2">
<![if !supportLists]><span style="font-size:11.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt">Of the $262 million in graduate/professional student aid, over 70 percent was in the form of loans.
<o:p></o:p></span></p>
<p class="Default"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="Default"><b><span style="font-size:11.0pt">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.<o:p></o:p></span></b></p>
<p class="Default"><b><span style="font-size:11.0pt"><o:p> </o:p></span></b></p>
<p class="Default"><b><span style="font-size:11.0pt">We are planning to post this report to the OKHighered.org web site under “Studies, Reports and Data”.<o:p></o:p></span></b></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Irala K. Magee</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif""><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Director of Scholarship and Grant Administration</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Oklahoma State Regents for Higher Education</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">P.O. Box 108850</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Oklahoma City, OK 73101-8850</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">(405) 225-9378</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Fax (405) 225-9392</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif""><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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