During this presentation, Kristen Power discusses trends in financial aid and affordability. She examines who is currently receiving financial aid, noting that applicants come from a wider range of incomes than in the past. She also analyzes how tuition growth has outpaced income growth, challenging affordability. Finally, she considers strategies like diversifying financial aid funding sources and articulating a school's broader benefits to address affordability issues.
This document discusses income inequality and how the economic pie is divided between different classes. It shows that under high inequality, the top 1% can earn over 20% of total income while the middle class earns only 30%. It also outlines two fundamental laws of capitalism regarding capital income ratios and savings rates. Finally, it proposes policies like a less regressive tax system, more progressive government spending, and minimum wage guidelines to address inequality.
A Place for Us Presentation (June 22, 2007)Andy Carswell
This slide show describes some of the challenges facing Athens, GA and some of the surrounding areas in terms of housing. It was presented in mid-2007.
Southern California Housing Outlook Kevin Gillen On Economic TrendsMeyers Research LLC
Kevin Gillen, Chief Economist at Meyers Research, shared key trends in the national economy at the Southern California Housing Outlook in Costa Mesa, CA.
To learn more visit http://www.meyersresearchllc.com/
Get our newsletter http://bit.ly/1orLKQ7
Contact Kevin http://bit.ly/14Bssyr
- Most Metro areas have not yet fully recovered their prices from the downturn
California’s GDP is closely correlated with real estate activities (17% of GDP comes from real estate)
- California has a four month supply of unsold resale homes, significantly below the equilibrium point of 6 months
- California’s restrictive land use and environmental regulations force significant variations in cycle lengths and swings
- The housing recovery will continue in the US and California but California is limited by affordability
The document discusses challenges and opportunities in agriculture in Nova Scotia. It notes that food production in NS has declined from 60% self-sufficiency to 15% today, with farms decreasing from over 12,000 to under 4,000 currently. However, it sees opportunities to strengthen local food systems and reverse these trends. It highlights the Community Economic Development Investment Fund (CEDIF) program that helps match local investors with agricultural businesses, and discusses the FarmWorks Investment Co-operative, a CEDIF focused on sustainable agriculture in NS.
The document discusses the potential economic effects of President Obama's tax plan in West Virginia. It finds that from 2011 to 2020, West Virginia would lose an average of 3,712 jobs annually, see household disposable income reduced by $1,187 on average each year, and individual income taxes increased by $1.61 billion in total over that period. The tax hikes proposed in the plan would significantly impact the state's economy, particularly in terms of job losses and changes to personal income levels.
This is a great presentation of the choices before New Yorkers. Westchester for Change will be hosting a budget briefing in early February. We will have more details soon. We welcome you to join us for the briefing and follow up actions.
This document discusses income inequality and how the economic pie is divided between different classes. It shows that under high inequality, the top 1% can earn over 20% of total income while the middle class earns only 30%. It also outlines two fundamental laws of capitalism regarding capital income ratios and savings rates. Finally, it proposes policies like a less regressive tax system, more progressive government spending, and minimum wage guidelines to address inequality.
A Place for Us Presentation (June 22, 2007)Andy Carswell
This slide show describes some of the challenges facing Athens, GA and some of the surrounding areas in terms of housing. It was presented in mid-2007.
Southern California Housing Outlook Kevin Gillen On Economic TrendsMeyers Research LLC
Kevin Gillen, Chief Economist at Meyers Research, shared key trends in the national economy at the Southern California Housing Outlook in Costa Mesa, CA.
To learn more visit http://www.meyersresearchllc.com/
Get our newsletter http://bit.ly/1orLKQ7
Contact Kevin http://bit.ly/14Bssyr
- Most Metro areas have not yet fully recovered their prices from the downturn
California’s GDP is closely correlated with real estate activities (17% of GDP comes from real estate)
- California has a four month supply of unsold resale homes, significantly below the equilibrium point of 6 months
- California’s restrictive land use and environmental regulations force significant variations in cycle lengths and swings
- The housing recovery will continue in the US and California but California is limited by affordability
The document discusses challenges and opportunities in agriculture in Nova Scotia. It notes that food production in NS has declined from 60% self-sufficiency to 15% today, with farms decreasing from over 12,000 to under 4,000 currently. However, it sees opportunities to strengthen local food systems and reverse these trends. It highlights the Community Economic Development Investment Fund (CEDIF) program that helps match local investors with agricultural businesses, and discusses the FarmWorks Investment Co-operative, a CEDIF focused on sustainable agriculture in NS.
The document discusses the potential economic effects of President Obama's tax plan in West Virginia. It finds that from 2011 to 2020, West Virginia would lose an average of 3,712 jobs annually, see household disposable income reduced by $1,187 on average each year, and individual income taxes increased by $1.61 billion in total over that period. The tax hikes proposed in the plan would significantly impact the state's economy, particularly in terms of job losses and changes to personal income levels.
This is a great presentation of the choices before New Yorkers. Westchester for Change will be hosting a budget briefing in early February. We will have more details soon. We welcome you to join us for the briefing and follow up actions.
The document discusses the rising costs of both college and retirement and how the burden of paying for both is creating financial challenges for many families. It provides strategies for families to better plan and pay for both college and retirement by focusing on reducing taxes, leveraging home equity, and hedging retirement funds against market and tax risks to help free up money that can be used for college costs. The case study examines one family's original college funding plan and provides an analysis of projected costs and cash flows to identify ways to improve their financial position.
This document provides a summary of the 2021 housing market forecast from the California Association of Realtors. It predicts that while home sales declined sharply in 2020 due to the pandemic, sales have rebounded strongly in recent months with existing home sales in August 2020 being the highest in over 10 years. Home prices have also risen, increasing over 14% year-over-year in August. Inventory remains low with months of supply at 2.1 months in August, down significantly from the prior year. The recovery in the housing market has been aided by historically low interest rates and continued buyer demand despite job losses during the pandemic.
This document provides a market forecast and overview of the 2021 housing market. It summarizes that in 2020, the US economy contracted sharply due to the pandemic, unemployment claims surged, and California lost many jobs, especially in lower-wage industries. However, housing demand has remained strong with record low mortgage rates, and existing home sales in California rebounded in August with sales up 14.6% year-over-year and prices up 14.5% despite limited inventory. The forecast expects continued sales momentum in the housing market but uncertainty remains due to the potential course of the pandemic.
This document contains information about the Childhood Saved nonprofit organization including its mission, finances, fundraising strategies, operations, and future plans. It provides financial forecasts, details on revenue sources such as donations and grants, expenses including advertising and therapy costs. It also outlines the organization's strengths, weaknesses, opportunities, and threats. Future plans discussed include starting a housing project, implementing support groups, and organizing a bike ride fundraiser.
Manitowoc Public School District Referendum Presentaiton 10-6-2014TheChamber
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Tools of the Trade: Financial Aid and the RecessionMarissa Lowman
Mark Mitchell, Vice President of the School Information Services Team at the National Association of Independent Schools (NAIS), discussed the impact of the recession on schools and their ability to continue to provide support to families in the independent school enrollment process.
RESPs Helping Parents Save for their Children's Post-Secondary EducationHeba El Tawil, BA
The document summarizes Canada's education savings program called the Canada Education Savings Program (CESP). It offers incentives like the Canada Learning Bond and Canada Education Savings Grant to help parents save for their children's post-secondary education. The Registered Education Savings Plan (RESP) is a popular education savings vehicle in Canada, with over $47 billion and 5.4 million beneficiaries. RESPs allow tax-free growth of contributions and grants to save for a child's future education. Examples are provided showing how savings can grow over time through regular contributions to an RESP.
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The document summarizes Canada's Canada Education Savings Program (CESP) which helps parents save for their children's post-secondary education. It offers post-secondary education savings incentives like the Canada Learning Bond and Canada Education Savings Grant. The Registered Education Savings Plan (RESP) is a popular education savings vehicle in Canada, with over $47 billion and 5.4 million beneficiaries. RESPs allow tax-free growth of contributions and grants. Examples show how monthly or annual contributions over time can lead to significant savings to fund a child's education.
Presentation from Robert Allen, Deputy Superintendent For Operations, Ann Arbor Public Schools, on the financial overview of the school system and its budget
The document discusses challenges facing the North Carolina K-12 education system, including relatively low per-pupil funding, declining teacher salaries, high teacher turnover rates, and a generally uncompetitive environment for teachers. It notes North Carolina ranks among the lowest funded states nationally and has seen a 10% decline in real per-pupil funding over time, more than double the national average. The document provides national and state-level data on factors like funding, staffing, salaries, and turnover to establish context and illustrate areas in need of improvement.
Over 200 people attended the 5th Annual Petoskey Regional Chamber of Commerce State of the Community Luncheon held today in Ovation Hall of Odawa Casino Resort. This event was sponsored by Chase. We send special thanks to our speakers; Dr. John Scholten, Chris Etienne, Reezie DeVet and Carlin Smith. We also thank Dan Ledingham, who serves as Chairman of the State of the Community Luncheon
SCSEP: Goodwill Industries International 2019 Spring Conference; Fort Worth, ...J. Michael Daniels II
The Senior Community Service Employment Program (SCSEP) is a community service and work-based job training program for Older Americans. Authorized by the Older Americans Act, the program provides training for low income, job seekers aged 55 and older.
Author/Presenter: J. Michael Daniels II
SCSEP -- Goodwill Industries International 2019 Spring Conference; Fort Worth...J. Michael Daniels II
The Senior Community Service Employment Program (SCSEP) is a community service and work-based job training program for Older Americans. Authorized by the Older Americans Act, the program provides training for low income, job seekers aged 55 and older.
Author/Presenter: J. Michael Daniels II
The document summarizes the Board of Higher Education's proposed FY2016 budget recommendation. It reviews the FY2015 budget and outlines key initiatives and funding levels for FY2016. The recommendation calls for a total increase of $96.3 million, including $48.9 million more for community colleges and state universities, $42 million additional for need-based financial aid, and increases for programs around dual enrollment, workforce development and strategic initiatives. The goal is to move Massachusetts toward becoming a top 10 public higher education system by 2020 in areas of excellence, access and affordability.
8 Things Big Nonprofits Don't Know That Smaller Nonprofits UnderstandAvalon Consulting
The document discusses how larger nonprofits can benefit from practices used by smaller nonprofits, such as breaking down silos between departments, integrating databases, and coordinating communications strategies. It provides examples from organizations like the National Museum of the American Indian and the National Breast Cancer Coalition of how integrating systems and improving data sharing across departments can improve the donor experience and organizational effectiveness.
The document outlines an opportunity to become an independent consultant with Ambit Energy, an electricity and gas provider, by recruiting customers and building a team to earn bonuses. It describes Ambit's leadership, growth, marketing model compared to traditional models, compensation plan including bonuses and potential monthly residual income, and next steps to get started. The opportunity allows individuals to operate their own business with low startup costs and earn unlimited income by helping others switch energy providers and building a network of customers and consultants.
Trade Made Easy in Indian Market PPT.pptSameer63064
The document discusses key principles and trends in local economic development. It covers topics such as:
- The definition of economic development and what constitutes its success.
- Major trends impacting communities including globalization, slowing economic growth, the rise of the knowledge/new economy and service sector, and the need to retool the workforce.
- Strategies for economic development including business recruitment, retention and expansion programs, supporting entrepreneurs and startups, and focusing on quality of life factors to attract skilled workers.
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The document discusses the rising costs of both college and retirement and how the burden of paying for both is creating financial challenges for many families. It provides strategies for families to better plan and pay for both college and retirement by focusing on reducing taxes, leveraging home equity, and hedging retirement funds against market and tax risks to help free up money that can be used for college costs. The case study examines one family's original college funding plan and provides an analysis of projected costs and cash flows to identify ways to improve their financial position.
This document provides a summary of the 2021 housing market forecast from the California Association of Realtors. It predicts that while home sales declined sharply in 2020 due to the pandemic, sales have rebounded strongly in recent months with existing home sales in August 2020 being the highest in over 10 years. Home prices have also risen, increasing over 14% year-over-year in August. Inventory remains low with months of supply at 2.1 months in August, down significantly from the prior year. The recovery in the housing market has been aided by historically low interest rates and continued buyer demand despite job losses during the pandemic.
This document provides a market forecast and overview of the 2021 housing market. It summarizes that in 2020, the US economy contracted sharply due to the pandemic, unemployment claims surged, and California lost many jobs, especially in lower-wage industries. However, housing demand has remained strong with record low mortgage rates, and existing home sales in California rebounded in August with sales up 14.6% year-over-year and prices up 14.5% despite limited inventory. The forecast expects continued sales momentum in the housing market but uncertainty remains due to the potential course of the pandemic.
This document contains information about the Childhood Saved nonprofit organization including its mission, finances, fundraising strategies, operations, and future plans. It provides financial forecasts, details on revenue sources such as donations and grants, expenses including advertising and therapy costs. It also outlines the organization's strengths, weaknesses, opportunities, and threats. Future plans discussed include starting a housing project, implementing support groups, and organizing a bike ride fundraiser.
Manitowoc Public School District Referendum Presentaiton 10-6-2014TheChamber
The Manitowoc Public School District is facing budget cuts of over $6 million in the last 3 years due to reductions in state aid and increases in employee benefit costs. This has resulted in the elimination of over 40 staff positions and cuts to programs. The district is proposing a referendum to exceed its revenue limit by $1 million to maintain current programs, $600,000 for maintenance and security needs, and $400,000 for technology updates. The measures would cost the average taxpayer $1.48 more per week but help address a projected $1 million budget shortfall each of the next 5 years.
Tools of the Trade: Financial Aid and the RecessionMarissa Lowman
Mark Mitchell, Vice President of the School Information Services Team at the National Association of Independent Schools (NAIS), discussed the impact of the recession on schools and their ability to continue to provide support to families in the independent school enrollment process.
RESPs Helping Parents Save for their Children's Post-Secondary EducationHeba El Tawil, BA
The document summarizes Canada's education savings program called the Canada Education Savings Program (CESP). It offers incentives like the Canada Learning Bond and Canada Education Savings Grant to help parents save for their children's post-secondary education. The Registered Education Savings Plan (RESP) is a popular education savings vehicle in Canada, with over $47 billion and 5.4 million beneficiaries. RESPs allow tax-free growth of contributions and grants to save for a child's future education. Examples are provided showing how savings can grow over time through regular contributions to an RESP.
RESPs Helping Parents Save for their Children's Post-Secondary EducationHeba El Tawil, BA
The document summarizes Canada's Canada Education Savings Program (CESP) which helps parents save for their children's post-secondary education. It offers post-secondary education savings incentives like the Canada Learning Bond and Canada Education Savings Grant. The Registered Education Savings Plan (RESP) is a popular education savings vehicle in Canada, with over $47 billion and 5.4 million beneficiaries. RESPs allow tax-free growth of contributions and grants. Examples show how monthly or annual contributions over time can lead to significant savings to fund a child's education.
Presentation from Robert Allen, Deputy Superintendent For Operations, Ann Arbor Public Schools, on the financial overview of the school system and its budget
The document discusses challenges facing the North Carolina K-12 education system, including relatively low per-pupil funding, declining teacher salaries, high teacher turnover rates, and a generally uncompetitive environment for teachers. It notes North Carolina ranks among the lowest funded states nationally and has seen a 10% decline in real per-pupil funding over time, more than double the national average. The document provides national and state-level data on factors like funding, staffing, salaries, and turnover to establish context and illustrate areas in need of improvement.
Over 200 people attended the 5th Annual Petoskey Regional Chamber of Commerce State of the Community Luncheon held today in Ovation Hall of Odawa Casino Resort. This event was sponsored by Chase. We send special thanks to our speakers; Dr. John Scholten, Chris Etienne, Reezie DeVet and Carlin Smith. We also thank Dan Ledingham, who serves as Chairman of the State of the Community Luncheon
SCSEP: Goodwill Industries International 2019 Spring Conference; Fort Worth, ...J. Michael Daniels II
The Senior Community Service Employment Program (SCSEP) is a community service and work-based job training program for Older Americans. Authorized by the Older Americans Act, the program provides training for low income, job seekers aged 55 and older.
Author/Presenter: J. Michael Daniels II
SCSEP -- Goodwill Industries International 2019 Spring Conference; Fort Worth...J. Michael Daniels II
The Senior Community Service Employment Program (SCSEP) is a community service and work-based job training program for Older Americans. Authorized by the Older Americans Act, the program provides training for low income, job seekers aged 55 and older.
Author/Presenter: J. Michael Daniels II
The document summarizes the Board of Higher Education's proposed FY2016 budget recommendation. It reviews the FY2015 budget and outlines key initiatives and funding levels for FY2016. The recommendation calls for a total increase of $96.3 million, including $48.9 million more for community colleges and state universities, $42 million additional for need-based financial aid, and increases for programs around dual enrollment, workforce development and strategic initiatives. The goal is to move Massachusetts toward becoming a top 10 public higher education system by 2020 in areas of excellence, access and affordability.
8 Things Big Nonprofits Don't Know That Smaller Nonprofits UnderstandAvalon Consulting
The document discusses how larger nonprofits can benefit from practices used by smaller nonprofits, such as breaking down silos between departments, integrating databases, and coordinating communications strategies. It provides examples from organizations like the National Museum of the American Indian and the National Breast Cancer Coalition of how integrating systems and improving data sharing across departments can improve the donor experience and organizational effectiveness.
The document outlines an opportunity to become an independent consultant with Ambit Energy, an electricity and gas provider, by recruiting customers and building a team to earn bonuses. It describes Ambit's leadership, growth, marketing model compared to traditional models, compensation plan including bonuses and potential monthly residual income, and next steps to get started. The opportunity allows individuals to operate their own business with low startup costs and earn unlimited income by helping others switch energy providers and building a network of customers and consultants.
Trade Made Easy in Indian Market PPT.pptSameer63064
The document discusses key principles and trends in local economic development. It covers topics such as:
- The definition of economic development and what constitutes its success.
- Major trends impacting communities including globalization, slowing economic growth, the rise of the knowledge/new economy and service sector, and the need to retool the workforce.
- Strategies for economic development including business recruitment, retention and expansion programs, supporting entrepreneurs and startups, and focusing on quality of life factors to attract skilled workers.
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2. TRENDS IN AFFORDABILITY AND DEMAND
KRISTEN C. POWER
NATIONAL DIRECTOR, BUSINESS DEVELOPMENT
JULY 9TH, 2015
3. During this session, we will:
• Explore how we got here. What are the
current trends in financial aid?
• Examine the trends impacting today’s
financial aid landscape. Who is receiving
financial aid?
• Discuss the affordability landscape. What
does it mean to be “affordable?”
#BBK12UC
5. Today’s Aid Applicant
Who’s seeking financial aid?
#BBK12UC
PFS Filer Medians
2013-14 2014-15
Income $88,651 $92,688
Net Worth $18,500 $27,475
Home Equity $5,000 $14,893
Family Size 4 4
Children in TCS 2 2
Parent
Contribution
$8,047 $8,335
6. Today’s Aid Applicant
Who’s seeking financial aid?
#BBK12UC
Quintile US Families PFS Filers, 2014-15
Lowest $0 - $27,794 10.1%
Second $27,795 - $49,788 13.2%
Third $49,789 - $76,538 17.0%
Fourth $76,539 - $119,001 23.6%
Highest $119,002 + 36.2%
Top 5% $210,000 and greater 10.5%
7. Dynamics of the Evolving Applicant Pool
Who’s seeking financial aid?
#BBK12UC
10.2
18.7
20.3
17.2
12.5
8.1
6.5
6.4
6.6
12.8
14.8
14
12.4
9.9
10.7
18.8
6.4
10.9
12.6
12.4
11.8
10.1
11.8
23.9
0
5
10
15
20
25
0-20K 20-40K 40-60K 60-80K 80-100K 100-120K 120-150K 150K+
02-03 09-10
14-15
Range of Total Family Income
Source: SSS By NAIS PFS Filer Pool. Reflects total income from all sources, before taxes or allowances, as
reported by families on the PFS submitted.
8. #BBK12UC
1980 1985 1990 1995 2000 2005 2010
CPI--Urban Mean Fam Inc Top 20% Fam Inc
Top 5% Fam Inc Mean Bdg Tuition Mean Day Tuition
Pace of Tuition Change
10. Dynamics of the Evolving Applicant Pool
-Why the dramatic demand shift? Income growth fell
dramatically
#BBK12UC
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
Lowest
Fifth
Second
Fifth
Third
Fifth
Fourth
Fifth
Highest
Fifth
Top 5
Percent
1960s
1970s
1980s
1990s
2000s
11. #BBK12UC
Family Income
Quintiles, 2013
(US Census Bureau)
Sample
Academy
% of Financial
Aid Applicants
Sample
Academy
% of Financial
Aid Recipients
Sample
Academy Avg
Grant
$0 - $27,794 10.6% 2.6% $26,150
$27,795 - $49788 14.3% 8.6% $23,242
$49,789 - $76,538 14.3% 12.9% $24,030
$76,539 - $119,001 14.7% 23.2% $16,794
Over $119,001 46.1% 52.9% $14,159
Dynamics of the Evolving Applicant Pool
-Why the dramatic demand shift? Income growth fell
dramatically
12. Dynamics of the Evolving Applicant Pool
#BBK12UC
What are these new applicants like?
Characteristics of the “New Financial Aid
Family”
Higher income, higher net worth
More assertive, less of a sense of “shame”
More entrepreneurial, savvy investors
Access to better choices or alternatives
More accustomed to having influence over
decisions
13. The Affordability Conversation
• Key Question: How does our price impact our
ability to enroll the students we want?
• External shifts are promising
– Income growth and school-age population projections
– Next five years projected gains over past five years
• Recently, less selective among declining number
of applicants, tougher to yield an accepted
student?
• Slow down in financial aid investment impacting
enrollment and net revenue?
• Examine relationships between these factors
– Population problem, quality of pool problem, or
willingness/ability to help problem?
#BBK12UC
14. The Affordability Landscape
#BBK12UC
Median Tuition
(All Grades)
Full-Pay Income*
$27,500
(middle school)
$171,000
$32,950
(high school)
$190,000
What’s your Affordability Range?
Tuition prices reflect ‘15-’16 tuition at Sample School
Assumptions: Family of four, two parents, two children, one in a tuition-charging
school, parents age 47, both work, one earns $20K, Maine residents, COLA = 1.000
15. The Affordability Landscape
#BBK12UC
Median Tuition
(All Grades)
Full-Pay Income*
$27,500
(middle school)
$273,000
$32,950
(high school)
$317,000
What’s your Affordability Range?
Tuition prices reflect ‘15-’16 tuition at Sample School
Assumptions: Family of four, two parents, two children, two in a tuition-charging
school, parents age 47, both work, one earns $20K, Maine residents, COLA = 1.000
16. Where Are the Full Pay Families?
Current top towns (draws)
*Data from NAIS Demographic Center
**Assumption: tuition increase 5% each year
#BBK12UC
Towns
Average
household income
in ’14*
Projected
household income
in ’19*
Projected upper
school tuition in
’19**
Dover $80,511 $90,853 (12.9%) $40,050 (21.55%)
Exeter $105,976 $118,333 (11.7%) $40,050 (21.55%)
Kittery $79,947 $89,421 (11.6%) $40,050 (21.55%)
Portsmouth $92,398 $103,022 (11.5%) $40,050 (21.55%)
York $97,234 $108,205 (11.3%) $40,050 (21.55%)
17. The Affordability Conversation
• Zero in on what it means to invest in affordability
– Aspirational: Establish or affirm the primary purpose and goals
of the aid investment
– Financial: Clarify and diversify sources of financial aid funding
– Professional: Ensure staff training for tactical and leadership
skills development
– Societal: Articulate the community-wide benefits of the
investment; understand the impact of external trends and
realities
• Set benchmarks and measure progress
• Leverage the admission and financial aid voice ‘at the table’
• Encourage school-wide ownership and accountability
#BBK12UC
Evaluating over 150,000 applicants who filed a PFS for the last two academic years, we can see a picture of the typical family who applies for financial aid at SSS subscriber schools. This snapshot confirms that the commonly held stereotypes of the financial aid recipient as a poor family no longer hold. This family is earning on the low upper income side of the economic scale, though with fairly modest net worth. Income rich, but asset poor, they struggle to find a way to be able to have a couple of children in private schools and perhaps college.
How does the distribution of aid applicants compare to the nation at large? It’s wealthier…families seeking financial aid are far from the “low income, high need, inner-city kid who needs a way out” stereotype that may come to mind. Low income and middle income families are underrepresented in seeking financial aid while high-income families are over-represented. In fact, trends and snapshots that we have seen among schools are suggesting that the “traditional” financial aid family is actually becoming less and less likely to get the help they need, as the higher income families tip the scales in increasing ways.
Evaluating over 150,000 applicants who filed a PFS for the last two academic years, we can see a picture of the typical family who applies for financial aid at SSS subscriber schools. This snapshot confirms that the commonly held stereotypes of the financial aid recipient as a poor family no longer hold. This family is earning on the low upper income side of the economic scale, though with fairly modest net worth. Income rich, but asset poor, they struggle to find a way to be able to have a couple of children in private schools and perhaps college.
Incomes don’t grow like they used to, at all levels. But tuition growth has been pretty steady, creating a long-term pressure that peaked in the 2008 recession. This chart shows the average annual change in average income for each decade, for each income quintile. In the 1960’s, the dark blue column, average income for each quintile group typically grew about 8% per year. In the 2000’s, however, the light blue column shows that only the top 20 percent saw an average income growth over 2% per year. These slowdowns, in conjunction with steady tuition growth rates of 5 to 6%, until recently, have helped to create greater demand for aid. Families can’t keep up with tuition change like they used to, so more will seek help with it. So far, these data suggest a new financial aid applicant. It’s important to know whether there’s a noticeable shift in who’s actually receiving financial aid.
The best analysis of who receives aid starts with the school. SSS has a lot of data on who applies and NAIS has a lot of data on what is spent on aid, but we don’t have much data on the families who end up getting aid at your schools since that is your final decision. This exercise, though, can help illustrate who is receiving financial aid at your school. This is especially useful if your purpose with aid is to help create economic diversity. Using US Census Bureau quintiles as a starting point, determine the percentage of families in your aid recipient pool that fall into each band. Also, include the average award that those families received. This chart is actual data from a day school that revealed a counterintuitive reality about their “financial aid family.” The higher your income, the more likely you are to receive aid. What if you saw something like this with your own data? What questions or observations would you raise?
This is unlikely to be an outlier example. The income pressures on families, and the retention/revenue pressures on schools, is creating this kind of shift to a new type of financial aid family all across the country.
So, with higher-earning families in the applicant pool and in the recipient pool, it’s important to explore what families think about the aid process, how they choose to pay their share of tuition, and what implications there are for schools to handle the shifting dynamics.