Annual Update: Fall 2009
Stephen FarmerOffice of Undergraduate Admissions
Fall 2009 Admissions
Fourth straight record for applications—five-year increase of 21%
Record low admit rate
Yield up 1 point for OOS (to 30%) and 2 points for NC (to 69%)
Entering Class: Academics
2004 2008 2009
Top 10 percent 74.0% 79.1% 79.7%
Top 10 students 38.4% 42.9% 43.8%
Valedictorian/salutatorian 10.4% 13.3% 13.6%
SAT—average 1287 1301 1303
—middle 50% 1210–1380 1210–1390 1210-1410
—1400+ 744 876 955
Entering Class: Demographics
Gains in diversity parallel gains in academics
19% first-generation college, 7% fee waiver
2% international
97 NC counties, 44 states, 21 countries
Men/women still 40/60
Entering Class: Engagement
95 percent served the community
72 percent played a sport
68 percent founded an organization, captained a sport, or served as class, club, or student-body president
60 percent participated in the arts
57 percent traveled outside their home country
26 percent conducted original research
Market Share of Top North Carolinians
Competition for Top North Carolinians
Competition for Out-of-State Students
Competition with Other Flagships
Summary
Strong improvement in the face of intense competition
Economy helped us by highlighting our value
Top students still sought high quality
University-wide recruitment worked
Need- and merit-based aid was crucial
Annual Update: Fall 2009Office of Scholarships and Student Aid
Shirley Ort, Associate Provost and DirectorSeptember 2009
The role of the Office of Scholarships and Student Aid (OSSA) is to support the instructional mission of the University by . . .
Removing financial barriers for students
Recognizing and rewarding academic talent
Furthering mutual goals of “equity” and “excellence,” thereby
Contributing to Carolina’s “best value” ranking by Kiplinger’s (7th time)
During 2007‐2008 academic year, OSSA disbursed over$225 Million to 15,517 students…
50%50%
Total: $225.2 (In Millions)
Number of Students: 15,517
N=10,394Graduate and Professional: $113.2
Undergraduate: $112.0
N=5,123
Of this amount, the majority of all aid was provided by the federal government . . .
53%
10%
37%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Federal State Institutional & Private
$119.4
$22.6
$83.2
Total Aid Distributed to All Students, by Source 2007‐2008, In Millions
A weakening economy
Rising unemployment
Changing demographics
More lenient eligibility criteria for Federalstudent aid
Exclusion of veterans’ benefits as “resources” in the equation of need
“Where are we now?”
The student aid operating environment has changed dramatically this year, attributable to…
As a result, Carolina experienced a 17% increase in applications for need‐based aid this year…a trend that is likely to continue…
0
5,000
10,000
15,000
20,000
25,000
2007-08 2008-09 2009-10 2010-11
Applications
Academic Year 2007‐08 2008‐09 2009‐10 2010‐2011Projected
Number of applications received for need‐based aid
14,612 15,836 18,521 21,670
The number of students who qualified for need‐based aid in 2009‐10 rose dramatically over the prior year . . .
23% increase in number of students with need
26% increase in freshmen with need
28% increase in Carolina Covenant Scholars
34% increase in Federal Pell Grant recipients
More students than ever applied on time, March 1
These trends place a significant strain on the University to meet the full need of students . . .
Started with a $2.5 million carry‐forward in Trademark revenue (savings from last year)
State EARN grant funds, then cut by $800,000
Acceptance rate on money offered, higher than expected
All available funds spent by the start of school
Many non‐aided late applicants remain in queue
The University has responded thus far by…
providing $465,000 in supplemental money from new tuition receipts (increasing “hold harmless” funding)
authorizing OSSA to borrow against student aid reserves (merit aid payments) if necessary to continue to award aid in 2009‐10
engaging in comprehensive student aid budget planning for the upcoming academic year, 2010‐11
“What lies ahead?”
Looking forward, we expect students and families to exhibit even greater need next year . . .
“Need” is the difference between what college costs and what families must pay (federal calculation)
Tuition will likely increase in 2010‐11 and health insurance will be added to the cost of attendance
More families are unemployed in 2009 than were in 2008 (eligibility is based on the prior tax year’s income), which means that more will need assistance
These factors will likely put even greater financial pressure on the University going forward . . .
Economy, not expected to recover quickly
Growth in applications for need‐based aid are expected to continue at least at this year’s level
There will be no “carry forward” funds
State likely to retain tuition revenues, eliminating “hold harmless” grants ($3.3 million or more)
State need‐based aid will be further reduced (total elimination of EARN program, $1.7 million)
Many more students received institutional grants this year, as Carolina tried to meet the full need of students with no less than 65% in grants and scholarships . . . and the numbers will likely grow . . .
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2007-08 2008-09 2009-10 2010-11
Institutional Grants
Academic Year 2007‐08 2008‐09 2009‐10 2010‐2011Projected
Number of Students 4,762 4,901 5,577 6,358
The University has set a high standard in the past, by meeting full need of on‐time applicants with generous grant and scholarship support . . .
Trends in Type of Aid Distributed to Undergraduate Students With Need
Year Grants & Scholarships Loans Work‐Study
1999‐00 54% 45% 1%
2000‐01 57% 42% 1%
2001‐02 63% 34% 3%
2002‐03 63% 35% 2%
2003‐04 62% 35% 3%
2004‐05 63% 35% 2%
2005‐06 64% 34% 2%
2006‐07 68% 30% 2%
2007‐08 70% 27% 3%
Typical Financial Aid Package for Aid‐Eligible Undergraduates Applying On‐Time, 2007‐2008
Loans (27%)
Work-Study (3%)
Grants & Scholarships
(70%)
As a result, over time, fewer students have borrowed and have borrowed less (after adjusting for inflation), even with tuition increases. . .
Average Cumulative Loan Indebtedness For Graduating Seniors Who Borrowed
Academic Year
% Who Borrowed
Current Dollar Amount Borrowed
What $13,687 in 1999‐2000 is worth this year
1999‐2000 24% $13,687 $13,6872000‐2001 24% $11,156 $14,0762001‐2002 23% $12,314 $14,2992002‐2003 31% $13,291 $14,6252003‐2004 34% $13,579 $15,0142004‐2005 34% $13,801 $15,5232005‐2006 32% $14,487 $16,0242006‐2007 34% $14,912 $16,4802007‐2008 31.5% $14,936 $17,113
*Note: Debt includes only loans from Federal Title IV loan programs.
Looking ahead, the University must consider various policy options for awarding aid, with the goal of meeting full need while treating similarly‐situated students similarly . . .Options include. . .
Reducing the percentage of need met with grants and scholarships in an effort to serve more students (a “lever” in “packaging” aid)
Asking students to borrow more
Generating new revenues from institutional and private sources for grants and scholarships
Trying to restore state grant funding for students
Conclusion and Discussion:
Maintaining Carolina’s favorable need‐based aid patterns of the past, within this period of economic downturn, will remain an enormous challenge.
3/23 4/24 5/29 6/29 7/25 8/11 EQY
2010 1,604 4,966 10,305 11,861 12,513 12,910
2009 0 2,726 7,325 9,909 10,957 11,502 12,765
2008 0 2,726 8,186 9,983 10,590 10,954 12,004
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Date
Packaged
2010
2009
2008
How Financially Aided Families of NeedyUndergraduates Pay for College at Carolina
Summary, 2007-08
Shirley A. Ort, Associate Provost andDirector of Scholarships and Student Aid
Charges to Undergraduate Students2007- 08
Tuition/FeesTotal Student
Costs
In-State $5,340 $15, 796
Out-of State $20,988 $32,004
(Source: 2007-08 UNC Standard Student Budgets)
Income Data for Parents of Enrolled FreshmenUniversity of North Carolina at Chapel Hill
2007- 08
Income Range Percentage
$200,000+ 17.4
$150,000+ 28.6
$100,000+ 53.9
$75,000+ 69.1
$60,000+ 78.3
$50,000+ 84.2
$40,000+ 89.0
Source: Chapel Hill, Office of Institutional Research and Assessment (CIRP Data)
Family IncomeAmong Aided Needy Dependent Undergraduates
2007- 08
High11% Low
21%
Low-Middle15%
Middle18%
Upper Middle 35%
NumberIncome Expressed as % of
Federal Poverty RateIncome Range for Family
of FourLow 1,044 Up to 150% Less than $30,000 Low-Middle 734 151-220% $ 30,001 to $44,000 Middle 867 221-300% $ 44,001 to $60,000 Upper-Middle 1,689 301-500% $ 60,001 to $100,000 High 516 Greater than 500% $100,001 or more
Note: Dependent Students are those who remain financially dependent on their parents. Family income is parental adjusted gross income.
$7,020
$6,290
$8,860
$7,230
$12,610
$9,620
$14,620
$11,760
$17,030
$14,150
$6,170
$4,220
$3,210
$2,220
$1,590
$30
$130
$380
$660
$810
Grants Loans Work
Average Total AidAmong Aided Needy Dependent Undergraduates
by Family Income Level2007- 08
Average Disbursement
Total Aid Grant Loan Work
$16,550 85% 10% 5%
14,640 80 15 5
13,210 73 24 3
11,580 62 37 1
12,490 51 49 0
Average Need
Carolina met or exceeded the documented need of all aided students within each income range, though sources and types of aid varied.
Need
Need
Need
ow-Middle n=734)
Middle N=867)
Upper-Middle N=1,689)
High N=516)
Low n=1,044)
Need
Need
$800
$2,250
$4,150
$2,890
$3,090
$6,020
$5,960
$5,930
$6,420
$7,330
$140
$180
$2,670
$1,090
$130
High
Upper-Middle
Middle
Low-Middle
Low
Federal State Institutional/Private
Average Grants and Scholarships to Aided Needy Dependent Undergraduates,
by Family Income Level 2007- 08
UNC-Chapel Hill
AverageGrant
Grant As% of
All Aid
$14,150 85%
11,760 80
9,620 73
7,230 62
6,290 51
(n= 1,041)
(n=734)
(n= 866)
(n= 1,667)
(n= 502)
Average Loans to Aided Needy Dependent Undergraduates,
by Family Income Level2007- 08
UNC-Chapel Hill
$950
$1,260
$1,890
$1,600
$1,340
$2,020
$1,700
$870
$340
$2,590
$800
$610
$460
$100
$190
$90
$20
$260
$130
$190
High
Upper-Middle
Middle
Low-Middle
Low
Federal Need Based Federal Non-Need Based Federal Parent Loans Other Loans AverageLoan
Loan As% of
All Aid
$1,590 10%
2,220 15
3,210 24
4,220 36
6,170 49
(n=388)
(n= 359)
(n= 528)
(n= 1,065)
(n= 332)
How Financially Aided Families of Non-Needy Undergraduates Pay for College at Carolina
Summary, 2007- 08
Shirley A. Ort, Associate Provost andDirector of Scholarships and Student Aid
Charges to Undergraduate Students2007- 08
Tuition/FeesTotal Student
Costs
In-State $5,340 $15, 796
Out-of State $20,988 $32,004
(Source: 2007-08 UNC Standard Student Budgets)
Income Data for Parents of Enrolled FreshmenUniversity of North Carolina at Chapel Hill
2007- 08
Income Range Percentage
$200,000+ 17.4
$150,000+ 28.6
$100,000+ 53.9
$75,000+ 69.1
$60,000+ 78.3
$50,000+ 84.2
$40,000+ 89.0
Source: Chapel Hill, Office of Institutional Research and Assessment (CIRP Data)
Family IncomeAmong Aided Non-Needy Dependent Undergraduates
2007- 08
High72%
Low1%
Low-Middle1%
Middle2%
Upper Middle 24%
NumberIncome Expressed as % of
Federal Poverty RateIncome Range for Family
of FourLow 19 Up to 150% Less than $30,000 Low-Middle 13 151-220% $ 30,001 to $44,000 Middle 40 221-300% $ 44,001 to $60,000 Upper-Middle 506 301-500% $ 60,001 to $100,000 High 1,525 Greater than 500% $100,001 or more
Note: Dependent Students are those who remain financially dependent on their parents. Family income is parental adjusted gross income.
$2,000
$2,120
$2,810
$3,480
$5,020
$6,000
$5,330
$3,040
$5,640
$3,070
$0
$0
$0
$0
$0
Grants Loans Work
Average Total AidAmong Aided Non-Needy Dependent Undergraduates
by Family Income Level2007- 08
Average Disbursement
Total Aid Grant Loan Work
$8,090 62% 38% 0%
9,120 38 62 0
5,850 48 52 0
7,450 28 72 0
8,000 25 75 0
ow-Middle n=13)
Middle N=40)
Upper-Middle N=506)
High N=1,525)
Low n=19)
$1,770
$1,700
$2,290
$4,550
$1,000
$480
$440
$150
$260
$30
$0
$40
$160
$80
$2,480
High
Upper-Middle
Middle
Low-Middle
Low
Federal State Institutional/Private
Average Grants and Scholarships to Aided Non-Needy Dependent Undergraduates,
by Family Income Level 2007- 08
UNC-Chapel Hill
AverageGrant
Grant As% of
All Aid
$5,020 62%
3,480 38
2,810 48
2,120 28
2,000 25
(n= 14)
(n=8)
(n= 25)
(n= 268)
(n= 707)
Average Loans to Aided Non-Needy Dependent Undergraduates,
by Family Income Level2007- 08
UNC-Chapel Hill
$150
$210
$3,080
$2,970
$2,090
$1,190
$2,080
$1,440
$690
$710
$160
$150
$810
$2,320 $600
$2,850
$590
$790
$0
$200
High
Upper-Middle
Middle
Low-Middle
Low
Federal Need Based Federal Non-Need Based Federal Parent Loans Other Loans AverageLoan
Loan As% of
All Aid
$3,070 38%
5,640 62
3,040 52
5,330 72
6,000 75
(n=10)
(n= 7)
(n=20)
(n= 366)
(n=1,111)
33
Growth in Number of Recruitment/MeritScholarships Awarded to Freshmen 2000‐01 to 2009‐10
62 60
0
18
33
43
0
31
64 58
0
80
104
132
0
20
40
60
80
100
120
140
Morehead Robertson Carolina Scholars Colonel RobinsonScholars
OtherEndowed/University
Supported
Trademark RevenueSupported
College‐SponsoredNational Merit
2000‐2001 Total 263 2009‐2010 Total 424
34
Comparative Yield Rates:Merit Scholarship Offers (2008‐09 to 2009‐10)
49%51%
63%
86%
31%
57%
38%
45%
32%
43%
73%73%70%
60%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
CarolinaScholars
Pogue Scholars ColonelRobinsonScholars
Other Academic TrademarkDistinguished
Morehead Robertson2008‐20092009‐2010