FOR IMMEDIATE RELEASE
Contact: Haley Chitty
Director of Communications
NASFAA President Justin Draeger offers context around College Board financial aid and college cost data
Oct. 24, 2012 -- This morning, the College Board released its annual Trends in Student Aid and Trends in College Pricing reports. The reports offer comprehensive annual data on all types, amounts, and trends in financial aid distributed to students and families including loans, grants, work study, tax benefits and veterans/military benefits. They also provide detailed information about tuition and fees, room and board at institutions of higher education from all sectors of higher education, and geographical region—and what students actually pay after financial aid is taken into account.
In addition, for the second year in a row NASFAA surveyed members at financial aid offices at campuses across the nation to help the College Board gather data on institutional loans. The institutional loan survey found a 1% increase in institutional loan volume (to graduate students and undergrads) over the last year.
The following is a statement by NASFAA President Justin Draeger in response to the reports’ release:
“Overcoming financial barriers to higher education remains a significant challenge for the nation’s low- and moderate- income families, but the College Board’s latest Trends in Student Aid report highlights some positive indicators,” says NASFAA President Justin Draeger. “While it is too early to know the exact significance or cause of the slight dip in student loan borrowing, additional data in the College Board report suggests that the vast majority of students borrow a reasonable amount. This suggests that efforts to relieve student indebtedness should be narrowly targeted to the outlier students who are at risk of borrowing too much.
“The Trends report confirms that state higher education cuts have shifted a greater burden to students, their families, higher education institutions and the federal government. Fortunately, a significant increase in student aid spending by institutions and the federal government has helped mitigate cost increases for students and their families. In addition to state cuts, higher education institutions have had to deal with record enrollment numbers causing student aid dollars to be distributed to an ever-growing number of students. As state economies recover and enrollment declines, it could provide some relief to institutions with dwindling institutional funds.
“The report highlights the importance of net-price (tuition and fees minus non-loan student aid) over published tuition and fees. Increasing investments by the federal government and institutions have helped keep the net-price down despite significant increases in published tuition and fees.”
To schedule an interview with a NASFAA spokesperson, please contact firstname.lastname@example.org. Check out NASFAA's summary of the Trends in Student Aid report and stay tuned to our Press Room for more information from NASFAA.
The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents nearly 20,000 financial aid professionals at 2,800 colleges, universities, and career schools across the country. Each year, financial aid professionals help more than 16 million students receive funding for post secondary education. Based in Washington, D.C., NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators. For more information, visit www.nasfaa.org.
Publication Date: 10/24/2012