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That's why it's disturbing that the price of higher education seems to be climbing out of reach for many Texans. At present, though, the cost of college is increasing rapidly, rising about three times as fast as inflation. Multiple factors are driving the enormous increase in tuition, including the growth in spending on activities other than instruction and a decline in state support for education. Particularly worrying is the fact that rising tuition rates are driving an equally steep increase in college loan debt. Section two explains the factors driving the increase in tuition costs that have contributed to rising student loan debt burdens. Section four takes a look at some possibilities for slowing the growth of higher education costs. Section five provides a series of recommendations that would help Texas students better understand the expense and likely returns of higher education, and assist our colleges and universities in taking control of the surging costs that threaten their basic missions.
Texas tuition costs are rising faster than inflation, forcing increasing numbers of students to turn to loans from a variety of sources.
About 14 percent of student borrowers are in default within three years of leaving school, according to the U.S. While it is reasonable to expect recent graduates to make financial sacrifices while starting their careers, the average amount of such debt has climbed, meaning that these sacrifices are deeper than they were for previous generations. Researchers and policymakers are concerned that rising debt levels are affecting the broader economy. The outstanding student loan balance is now the nation's second-largest form of household debt after mortgage debt, surpassing the total credit card balance ($683 billion) and total auto loan balance ($863 billion). Use the scroll bar to see the public university tuition costs and student loan debt you or your children may face.
Note: Forecasts are 2013 dollars (all years were adjusted for inflation) and were obtained by applying the compound annual growth rate (CAGR) from available historical tuition and student loan debt data to future years.
Some students find their debt burden too great to repay, despite the fact that delinquency can cause long-term damage to credit. The Consumer Financial Protection Bureau estimates that about half of all outstanding student loan debt in the U.S.
Note: The uptick in delinquency rates seen in 2012 can be partially explained by delayed reporting of previously defaulted student loan debt during 2012 Q3. Obviously, student debt can weigh particularly heavily on those who fail to complete college and thus miss out on its economic benefits. Students with some college but no degree have significantly lower earnings than graduates, making it more difficult for them to cover their student loan payments.
The rapid growth of student loan debt has spurred financial experts to examine its impact on the broader economy.
Student loan debt represents a large share of college graduates' salaries, requiring them to delay or forgo other financial opportunities.
A national survey of student loan borrowers and their parents conducted by the American Institute of CPAs reports that 41 percent of those surveyed have delayed contributions to retirement accounts because of monthly student loan payments; 40 percent have delayed auto purchases. Federal law requires that lenders disclose key loan terms to students before they take out loans. Terms such as the principal amount, stated interest on the loan, and details on whether interest will accrue while the student is enrolled must be presented for both private and federal loans. The federal requirements, however, do not explicitly require universities to provide information on the total lifetime cost of loans. Creditors for other types of loans, such as auto loans, must present the total lifetime cost a€“ that is, the total amount paid including all scheduled payments. The federal government already has three IBR programs a€“ income-based repayment, income-contingent repayment and Pay as You Earn, all of which also offer forgiveness of remaining balances after a set number of years. In June 2014, President Obama took executive action to expand eligibility for Pay as You Earn, the smallest but most quickly growing of the existing federal programs. Some researchers are concerned that such programs encourage students to take out more debt and may provide incentives for universities to raise tuition costs. Staffing and salary spending in administrative and other non-instructional sectors have grown.
But some new trends, such as competency-based courses and massive open online courses (MOOCs), could help control the expense of higher education.
Despite the positive returns that come with a college degree, the required investment has increased dramatically, with average undergraduate public tuition and fees rising faster than inflation. Texas' in-state tuition and fees have risen faster than those of other populous states, increasing by 344 percent from 1990 to 2010.
In 2003, the Texas Legislature deregulated tuition, allowing universities to set tuition rates themselves. Despite this high growth, at $8,522, Texas tuition and fees for the 2013-14 school year were about 4 percent below the U.S.
It should be noted that the published tuition and fees stated above reflect the prices charged by universities before taking financial aid into consideration.
Net price reflects what students actually pay after accounting for financial aid such as scholarships, grants and federal tax credits and deductions.
A growth-rate comparison for public versus private colleges yields differing trends on the national and Texas levels. Texas private university tuition and fees, in contrast, have grown more quickly than public university tuition and fees in the last few years.
Texas public four-year university tuition and fees grew from $6,259 to $8,522 from 2004-05 to 2013-14, while private non-profit tuition and fees rose from $20,440 to $29,750. With tuition rising faster than other expenses, it's becoming all the more important for students to have the tools they need to estimate college costs. Note: Sample output created by custom query to Texas Higher Education Coordinating Board's statewide net price calculator. Visit the Texas Higher Education Coordinating Board's statewide net price calculator to estimate your college costs. Since fall 2011, all colleges that enroll first-time, full-time undergraduates and offer federal financial aid have been required to provide net price calculators on their websites. Our review of public Texas university websites found that universities do place the net price calculators within the financial aid sections of their websites, but they are often near the bottom of a list or grouping of other links. In addition to how much they are paying, students should know what their tuition and fees are going toward. Public universities and colleges in Texas have broad authority to set designated tuition levels and to budget and spend tuition revenues as they see fit. In Texas, some often-cited data suggest that administrative costs have not risen significantly in recent years. Note: Decrease in spending on capital outlay from current fund sources may be partially due to data collection system change in 2003. Common definitions for administrative costs, however, typically exclude functions such as student services, which are clearly not instruction or research activities — and include some activities, such as student aid administration and student records, which many would regard as administrative.
Spending in such categories rose more quickly than instruction, research and public service spending from 1994 to 2013.
Under state law, Texas public universities and colleges have broad authority to budget and spend tuition revenues as they see fit. According to the Texas Higher Education Coordinating Board (THECB), Texas public universities' operational spending per full-time student equivalent (FTSE) rose by an inflation-adjusted 20.8 percent from fiscal 1994 through 2013. The largest growth occurred in student services (137 percent) and academic support (99.4 percent).
The student services category includes admissions and registrar offices but can also include activities such as cultural events and intramural athletics.
Student services and academic support represent relatively small shares of total operating use spending per FTSE.

Though student services and academic support are the fastest-growing spending categories, currently there are no standardized measures in place to compare the benefits of these activities to their costs. Universities could compare students' academic performance before and after implementation of certain student services, for example. Staffing for various employee categories provides another way to examine how higher education resources are allocated. Examination of university employee salary spending also reflects faster growth in categories that include some administrative-type positions, such as student services and academic support. Note: Calculations for salary spending categories created from matched dataset for 1990 to 2010. Salary spending for student services and academic support rose the fastest, at 142 percent and 93 percent, respectively.
Salary spending for instructional positions, such as full-time and part-time faculty, saw the least growth, at 29 percent, suggesting that faculty salaries are not a primary driver of tuition costs.
Though the increases in compensation spending are partly due to staffing increases, salary growth likely accounts for at least some of the uptick.
Salaries for academic deans, for example, have outpaced inflation in the past several years, according to national data from the College and University Professional Association for Human Resources.
The rise in tuition costs during the past few decades coincided with declines in state appropriations. While state appropriations fell, the cost burden to students and families increased via higher tuition and fees.
Despite the decline in state appropriations, total revenues including all funding sources increased during those years. It should be noted that student tuition and fees do not cover the full cost of instruction in any state. In addition to direct state appropriations, institutions of higher education in Texas are also eligible to receive funding from other sources such as constitutional endowment funds. The Available University Fund (AUF) consists of the "surface income and investment proceeds" from the Permanent University Fund, a permanent state endowment comprising more than 2 million acres of land. Two-thirds of the AUF is appropriated to the University of Texas System and the other one-third to the Texas A&M University System. Each system board of regents makes decisions about how AUF funds are allocated among campuses. In August 2014, the University of Texas System Board of Regents voted to exercise its ability to increase AUF distributions in an effort to keep student tuition at UT-System campuses flat.
The Board plans to increase AUF distributions to system campuses while consolidating some services in the System, thereby freeing up other revenue to help cover tuition costs.
The Higher Education Fund (HEF) is supported by general revenue appropriations and benefits higher education institutions that are not eligible to receive AUF funding. The National Research University Fund (NRUF) is a dedicated HEF fund targeting emerging research institutions.
Institutions must meet two mandatory criteria and at least four out of six optional criteria in order to be eligible for NRUF funding.
Despite rising tuition costs and loan debt burdens, the share of the population enrolling in college continues to grow. One reason students may be willing to take on more debt is that college is generally a good investment. There's a significant earning difference between individuals who graduate with science, technology, engineering or math (STEM) degrees and their peers who graduate with other degrees. Data reflect earnings, educational attainment and student debt for a 2002 cohort of Texas public graduates from state universities, state two-year institutions and state health-related institutions. STEM degrees were identified based on a list of majors provided by the Texas Workforce Commission.
Some entities have begun making salary information available to students in the form of online tools.
In January of 2014, the UT System launched a web tool containing earnings information of recent graduates from various degree programs.
In Spring 2014, the Texas Higher Education Coordinating Board (THECB) launched an online tool, Texas Consumer Resource for Education and Workforce Statistics (Texas CREWS), incorporating both college cost and salary information. New delivery models such as competency-based courses a€“ which give college credit based on demonstration of knowledge on a given set of content a€“ are one growing trend that could help to drive down tuition costs. Funding for Texas' public higher education institutions is largely based on enrollment and course time; the Instruction and Operations Formula, for example, uses semester credit hours to determine the level of funding a university receives. Currently, there is no process in place that would allow higher education institutions to seek formula funding for competency-based courses, since completion for such courses is typically measured by successfully passing an assessment rather than semester credit hours completed.
Likewise, other innovative delivery models such as credit by exam and correspondence courses do not generate semester credit hours, making it difficult for institutions to seek funding for these types of courses. One example of competency-based funding is Western Governors University (WGU), a unique, 100 percent online institution of higher education serving more than 50,000 students across the country. For example, rather than following a strict semester or trimester schedule, WGU offers classes to cohorts beginning on the first day of every month. Additionally, WGU offers flat-rate tuition for six-month terms a€“ meaning that if students work hard, they can maximize their tuition dollars and ultimately save money by shortening their time to degree. Another newly created program, the Texas Workforce Innovation Needs Program, encourages school districts and public institutions of higher education to incorporate competency-based learning and to offer dual credit for career and technical courses. One possible answer to spiraling college costs: massive open online courses (MOOCs), a form of distance education that can accommodate large numbers of students.
MOOCs allow for student interaction through online user forums and often use a combination of reading, video and interactive coursework to allow students to digest information in different formats. In May 2012, Harvard and the Massachusetts Institute of Technology created the nonprofit site EdX, through which more than 30 universities now offer courses in business, science, engineering and other subjects. A company called Coursera, founded by Stanford University professors in 2012, now has more than 100 partner universities offering coursework. Udacity, a private company founded in January 2012, specializes in online math, science and technology courses. Another new concept in distance learning called synchronous massive online courses (SMOCs) could also help to mitigate rising tuition costs. Due to upfront development costs, tuition rates for many online courses are higher than those for traditional courses.53 Some universities, however, are beginning to offer MOOC and SMOC tuition rates that are lower than their in-person equivalents. Note: Rates above are fall 2013 costs for UT-Austin's Psychology SMOC and traditional three-credit-hour courses in the College of Liberal Arts. A recent Columbia University study found that 32 percent of students sampled in one state either failed or withdrew from for-credit online courses, compared with 19 percent for equivalent in-person courses; in another state, these shares were 18 percent and 10 percent, respectively. Another opportunity to reduce college costs involves beginning a degree at a community college and transferring to a four-year institution to complete it.
In fall 2013, 36 percent of all Texas public college and university graduates had completed 30 or more semester hours at a two-year college before transferring. Students also can get a head start on their four-year degree through advanced placement (AP) exams and credit by examination.
AP exam participation in Texas more than doubled in the past decade: 207,321 high school students took exams in fall 2012, compared to 90,880 students in fall 2003.
The Texas Legislature should ask the state's Congressional delegation to introduce legislation that would harmonize disclosure requirements for federal and non-federal student loans. New federal legislation should ensure that federal loan requirements include the same disclosures as private requirements.
Net price calculators are intended to help students estimate the costs of a degree, but often they are difficult to find and use. The Texas Legislature should require public colleges and universities to develop performance measures for student services and academic support activities that compare the benefits of these activities to their costs.
The Texas Legislature should improve the availability of potential salary information by degree and area of study.
The Texas Legislature should require universities to publish this information on their websites or to provide a link to THECB's newly created salary web tool, Texas Consumer Resource for Education and Workforce Statistics (Texas CREWS), that became available in Spring 2014. The Texas Legislature should create funding rules that apply to competency-based courses and other innovative education delivery models. The existing higher education funding process does not provide a defined framework for delivery methods not based on semester credit hours to receive formula funding. The Legislature should adapt current formula funding rules to provide funding for these types of courses based on course completion rather than semester credit hours.

The Texas Higher Education Coordinating Board's College for All Texans website provides parents and future students with tips for controlling college costs, choosing among financial aid options and making a college-readiness plan beginning as early as middle school. The Consumer Financial Protection Bureau (CFPB) offers an online tool that allows students to compare financial aid offers, provides them with steps on how to get the right loan, offers advice on how to manage college money, and walks students through how to pay off their student loans as efficiently as possible. The Texas Guaranteed Student Loan Corporation offers online tools that allow students to compare salaries based on different schools and majors and also provides helpful advice about planning for college, paying for college, finding a career and managing your money. Created by the American Institutes for Research, this online tool provides information about the earnings of graduates based on the school attended.
Compare College TX is an interactive website for parents, students, and high school advisors aimed at answering questions that matter most to prospective students like: how much will this college cost, what percentage of students does this college accept and how likely will I graduate on time from this college? In Spring 2014, the THECB also launched an online tool, Texas Consumer Resource for Education (Texas CREWS), incorporating both college cost and salary information. Tools and resources for college and career readiness, targeted to parents and grandparents, students, counselors, employers, and financial professionals.
Contains a list of Texas colleges and universities in the State of Texas, admission requirements, total expenses for an academic year, financial aid data and related information, helpful hints to the college bound and a calendar of various scholarship deadlines arranged by month. Encourages families to save for college by offering matching scholarships and tuition grants to participants in the Texas Tuition Promise Fund,® the state's prepaid college tuition plan.
Explore our October 2012 "Texas, It's Your Money" report, Your Money and Education Debt, to learn how community colleges and other public providers of higher education in Texas have built and renovated facilities and added enrollment while more than tripling their outstanding debt. Explore community college debt by looking at a map of outstanding Texas community and junior college debt.
Explore public university and college debt by looking at a map of outstanding Texas public university and college debt. The repayment estimator allows you to understand which repayment plans you may be eligible for and see estimates for how much you would pay monthly and overall under each plan for your federal loans. Understand the various repayment plans and choose the right plan for you by exploring the information provided by Federal Student Aid, an office of the U.S. The CFPB Ombudsman's Office is an independent, impartial, confidential and free resource to help students resolve process issues from CFPB activities. Unless you provide instructions, your student loan servicer will generally decide how to allocate any payments you make in excess of your amount due. Federal Reserve Bank of New York, "Student Debt Overview," by Meta Brown, August 14, 2013, slide 15. Texas Higher Education Coordinating Board, Federal Reserve Bank of New York, Bureau of Labor Statistics, Texas Comptroller of Public Accounts.
What I want to know though is that even if I've filed bankruptcy, is it possible for me to obtain a personal loan? While I personally don't handle loan modifications, I do file bankruptcy cases for clients after a modification approval.
If college becomes possible only for the few, our young people and our nation will suffer for it. Federal law requires universities to provide some key loan terms to students, but it does not explicitly require them to provide information on the total lifetime cost of loans. Future tuition costs and student loan debt amounts will depend on many factors and may differ from the figures shown.
One concept, income-based repayment (IBR), has led researchers to estimate its potential cost to taxpayers.
In Texas, average in-state public university tuition and fees rose by 90 percent between 2003 and 2012. Net price calculators are online tools that can help students and their parents get a full picture of what a degree will cost, based on factors such as family income, household size and dependency status, to estimate tuition and fees, room and board and net price after grants and scholarships. In addition, the Texas Higher Education Coordinating Board offers a statewide net price calculator that draws on financial data submitted by Texas colleges. Some universities, such as UT-Austin, are starting to present categorical cost breakdowns for students, but this is uncommon.
At any rate, it is clear that the fastest-growing categories of spending are non-instructional. Student services rose from 3 percent to 6 percent, while academic support went from 6 percent to 10 percent. Instruction salaries and wages include compensation paid for instructional positions, including faculty, part- time and full- time employees and student employees of the colleges, schools, departments and other instructional divisions of the institution, and for departmental research and public service that are not separately budgeted.
Federal sources other than Pell grants, however, are generally used for research purposes rather than student instruction.
Constitutional funds benefit particular groups of institutions depending on the specific fund purpose or constitutional authority. Institutions are required to use HEF funds for capital purposes, either for debt service on HEF bonds or as cash. On average, college graduates can expect to earn significantly higher wages than those with only a high school diploma. Graduates with degrees in fields such as science, technology, engineering or math in particular will see a significant advantage in salaries compared to their peers who graduate with other degrees. College graduates can expect, on average, to earn more than their peers holding only a high school diploma.
The list includes areas of study such as computer science, medicine, chemistry, industrial engineering and statistics, among others. However, Texas' current higher education funding mechanisms may be impeding innovation in this area. In spring 2014, the Texas Higher Education Coordinating Board partnered with South Texas College and Texas A&M University-Commerce to offer a new competency-based program, the Texas Affordable Baccalaureate Program, using grants from Next Generation Learning Challenges, an organization that supports educational innovation. The company recently announced that it would focus on corporate education after a pilot program at San Jose State University yielded disappointing results. Most, however, do not offer credit for completion — and the issue of how to grant credit for such courses is a significant challenge.
In spring 2014, for instance, Georgia Tech began offering its first online master's program using MOOC technology, in partnership with Udacity. Early research shows that the lack of classroom interaction can leave some students feeling isolated, affecting their performance and their will to complete the course. This could be achieved by limiting the number of questions students must answer, and by omitting questions that require searches through financial records. Newly developed measures should weigh the returns from student services and academic support programs against their costs.
Because the formulas are based on credit hours, they do not account for competency-based courses, for example, the completion of which is often measured by assessment rather than hours.
The TTPF allows families to start saving for college early by purchasing Tuition Units that can be exchanged later for a fixed amount of undergraduate tuition and fees. Provided to Texans through the office of the Comptroller, Every Chance Every Texan can serve as a one-stop hub for critical college and career information.
The CFPB has published a sample letter borrowers can send to their servicer instructing them how to apply overpayments on student loans. Calculations for enrollment-weighted, inflation-adjusted tuition & fees created from matched dataset for 1990-2010. Our kids will find themselves squeezed out of their best chance for financial success, and America will miss out on the productivity and innovation of many of our best minds. Graphic assumes students start college in the fall at age 18 and graduate in 5.12 years, the average time to graduation for a sampling of 2011 public university graduates provided by the Texas Higher Education Coordinating Board. Public service salaries and wages include compensation for employees who provide non-instructional services beneficial to individuals and groups external to the institution, such as conferences, institutes, general advisory services and reference bureaus. 441 created the Fast Start Program, which provides grants to public two- and four-year institutions to develop and expand competency-based models.
Unlike MOOCs, however, SMOCs are taught live, allowing students to interact with both the professor and one another in real time. Gross, Osman Cekic, Don Hossler, and Nick Hillman, "What Matters in Student Loan Default: A Review of the Research Literature," p. All Spreadsheet123 trade marks and copyright notices were moved outside the printing areas.

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