MPACT Montana Partnering for Affordable College Tuition The
MPACT - Montana Partnering for Affordable College Tuition
The Situation • Nearly half of Montana high school graduates do not go on to higher education, and 15% go to college out of state. • Net cost of attendance at MUS campuses can lead to challenging debt loads for many Montana families (at or below median household income). • The annual number of Montana high school graduates will decline by at least 1, 000 students over the next decade. MPACT - Montana Partnering for Affordable College Tuition
The Situation Direct Cost of Attendance at the University of Montana – Missoula (Mountain Campus) * • Tuition & Fees - $4, 894 • Room & Board - 5, 646 • Books & Supplies - 800 $11, 340 * Based on current costs. Excludes financial aid allowance for personal expenses. MPACT - Montana Partnering for Affordable College Tuition
The Situation Current Aid available for MT students with highest need • Pell Grant - $ 4, 050 • Federal SEOG - $ 800 • College Work Study - $ 2, 000 $ 6, 850 MPACT - Montana Partnering for Affordable College Tuition
The Situation Net Direct Cost of Attendance • Direct Cost - $11, 340 • Less gift aid - ($6, 850) $4, 490 MPACT - Montana Partnering for Affordable College Tuition
The Challenge • Create a program to provide a more affordable college education opportunity to modest income level Montana high school graduates. • Evaluate the “Illinois Promise” and similar programs in North Carolina, Georgia, and other states. • But, tailor the program to better fit the goals and resources of The University of Montana, and the demographic and financial profiles of students and families in Montana. MPACT - Montana Partnering for Affordable College Tuition
The Proposal • Montana • Partnering • for Affordable • College • Tuition MPACT - Montana Partnering for Affordable College Tuition
The Proposal MPACT • For new high school graduates • Dependent students with Pell Grant eligibility (most Montana families up to median income) • Academically prepared students (High school GPA ≥ 3. 0 and ACT ≥ 25 - mountain campus) (High school GPA ≥ 2. 5 - COT) MPACT - Montana Partnering for Affordable College Tuition
EFC=Expected Family contribution · Federal computation determined from information provided on the Free Application for Federal Student Aid (FAFSA) Major factors affecting EFC # Dependents In college # in Household Student Income Parent Income Student Assets Parent Assets MPACT - Montana Partnering for Affordable College Tuition
EFC Examples Parent’s Income $20, 675 $27, 131 $39, 790 $500 $100, 858 $38, 000 Number in Household 4 4 4 Number in College 1 1 1 Student’s Income 0 0 0 Student’s Assets 0 $3, 300 $19 $0 $2, 213 $2471 Parent’s Assets EFC MPACT - Montana Partnering for Affordable College Tuition
MPACT * Expected Family Contribution – as defined by Federal financial aid guidelines MPACT - Montana Partnering for Affordable College Tuition
MPACT Net Direct Cost (after Pell, SEOG, work study) – Less MPACT award Student Obligation * A student’s obligation can be financed with guaranteed student loans or reduced by external funding. $4, 490 ($2, 000) $2, 490 * * $1, 350 at the COT MPACT - Montana Partnering for Affordable College Tuition
MPACT Methodology for Projecting Incremental Students MPACT - Montana Partnering for Affordable College Tuition
MPACT 4 Year Projected Awards – Mountain Campus MPACT - Montana Partnering for Affordable College Tuition
MPACT 4 Year Projected Awards – COT Campus MPACT - Montana Partnering for Affordable College Tuition
MPACT Projection of 4 Year Cost – UM-Missoula MPACT - Montana Partnering for Affordable College Tuition
MPACT Benefits • Addresses “tuition gap” for Montana families ≤ median income. • Mitigates declining pool of resident high school graduates. • Improves yield of students at upper range of academic profile. • Improves retention - preparedness and financial assistance. • Provides long-term incentive for academic achievement in K-12. MPACT - Montana Partnering for Affordable College Tuition
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