The median salary increase for financial aid directors since 1997 was 7 percent (adjusted for inflation) compared to a 29.2 percent increase in the urban Consumer Price Index during the same time, according to the 2007-08 NASFAA Research Committee Salary Survey.
The median salary of financial aid directors at all institutional types in 2007 was $62,800, according to the results of the 2007 NASFAA Salary Survey. However, salary compensation varies by type of institution and by position level. At four-year public colleges and universities directors of financial aid had a median salary of $74,110 in 2007, roughly $13,000 higher than the median income at four-year private non-profit and two-year public colleges ($60,710 and $61,000, respectively). Aid counselors at four-year public institutions had a median salary of $35,000 in 2007, very close to that at public two-year colleges ($35,254) and about $4,000 more than that at private two-year colleges ($30,993).
Aid director salaries also varied by region. Those in the EASFAA region had the highest median salary ($70,000) while directors in RMASFAA had the lowest ($52,363).
"I am excited that for the first time financial aid administrators will have specific bench-marking salary data at the 25th, 50th and 75th percentiles by region, job title and years of experience in financial aid," said Ken Grugel, director of financial aid at Clarion River University of PA and chair of NASFAA's Research Committee.
The salary survey also provides some demographic information on people working in the financial aid profession. On average, aid personnel in all job categories had nearly 12 years of professional experience. This finding was the same as that found in the 2003 survey. Aid administrators are also highly educated. Roughly 73 percent of aid professionals have a bachelor's degree or higher, according to the 2007 survey. The majority of aid personnel (80 percent) were women; however, 40 percent of those in the "dean/vice president" position were men.
The 2007 Salary Survey results are based on valid responses received from 3,179 aid personnel employed at 1,074 postsecondary education institutions. The survey was conducted among NASFAA members only. The salary statistics are based on 2007-08 Fiscal Year full-time employee salary compensation. They are descriptive rather than normative - they tell what the salary averages were for the survey year, NOT what they should be. The salary survey was a project of the 2007-08 NASFAA's Research Committee and was funded as part of NASFAA's Sponsored Research Grant Program. NASFAA receives a generous contribution from Lumina Foundation for Education to support the Sponsored Research Grant Program.
The survey findings are posted on the NASFAA Web site in PDF format and are available at no charge to NASFAA members. A NASFAA username and password are required to access the survey.
By Meihua Zhai
NASFAA Director of Research and Policy Analysis
Posted 07/03/08 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.
