This report includes information about the programs we administer and the number of students we serve. This information is intended to provide a summary of how the financial aid office supports the University’s strategic plan for student recruitment, access and retention.
Prairie View A&M University
Financial Aid FY 22 Annual Report
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Dear Colleagues, Alumni, Students, and Campus Community,
Mission Statement The Office of Student Financial Aid & Scholarships provides access to student aid programs and advising services for the campus community to facilitate the student recruitment, enrollment, and retention efforts at Prairie View A&M University. We are committed to providing a high level of customer service to support our diverse population of students in achieving their academic goals by helping to remove the financial barriers to college attendance. We continue to establish ourselves as a leader when measured against peer institutions by utilizing technology to efficiently streamline the delivery of financial aid. We seek to model campus-wide communication and collaboration while respecting the needs, values, and diversity of our students, parents, and colleagues. ____________________________________
As a result of the unfortunate COVID-19 pandemic, the 2019-2020 and 2020-2021 academic years were very “different” and unlike any other, reshaping how we service our students and families. With the many challenges we experienced, we’ve managed to stay afloat and find creative ways to keep our students engaged, all while doing our best to still provide the support needed in all areas, including financially. As I have completed my first academic year as Director, I am pleased to share additional financial aid data that spans the 2021-22 academic year, which includes the fall 2021, spring 2022, and summer 2022 semesters. This data will be used to assess ongoing trends so that we are able to strategically implement ways to make continuous improvement in the areas of financial aid. The financial aid programs at PVAMU are utilize to attract and retain students through need-based financial aid, recruit academically talented students through merit-based scholarships, and support the institution’s recruitment and retention efforts. The Office of Financial Aid & Scholarships currently employs 13 staff members. More than $123 million in aid was awarded to over 7,900 students. The annual report is available online at www.pvamu.edu/faid. Feel free to contact me regarding any information or details within this report. Thank you!
3 Student Financial Aid Programs
4 FY 22 By the Numbers
___________________________________
7 FAFSA Completion Status
9 2021-22 Award Data
11 2021-22 Changes,
Joy D. Thomas, Ed.D., Director Office of Student Financial Aid & Scholarships
Updates, and Outreach
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STUDENT FINANCIAL AID PROGRAMS 2021-2022
Number of Awards*
Amount Disbursed Average Award Amount
TOTAL Institutional Aid Undergraduate Designated Tuition Grant
2251
$
3,822,339.32 489,457.00 370,653.39 1,543,035.79 172,044.21 3,449,741.57 126,132.00 93,999.49 709,983.92 2,926,172.00 8,572,944.00 28,279,464.84 2,219,245.69
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,125.00 2,245.00 1,835.00 1,620.00 1,774.00 2,966.00 1,617.00 2,293.00 2,630.00 6,200.00 6,190.00 4,994.00 1,936.00 3,159.00 4,658.00 3,159.00 7,796.00 2,493.00 2,157.00
Panther Pride
218 202
$ $
Regents Grant Initiative Grant
Need Based Grant
58
$
Texas Public Education Grant (In-State) Texas Public Education Grant (Out-of-State)
870
$
58
$
Panther Success Grant
2133
$
Graduate Designated Tuition
52
$ $
PV Be-On-Time
270
State Grants Texas Grant (Initial Recipient) Texas Grant (Renewal Recipient)
472
$ $ $ $
1385
Federal Grants Pell Grant
5663 1146
Supplemental Education Opportunity Grant
TEACH Grant
10
$
31,591.00
Loans Federal Direct Loan
7475
$
57,582,860.00
CAL Loan
46
$
551,427.00
Private Loans
322
Student Employment Federal Work Study Texas College Work Study
331
$
825,319.31 69,037.00
$ $
32
$
*Head Count of Unduplicated Recipients
Total Disbursed by Award Category:
TOTAL AID DISBURSED
Non FAFSA - $366,389 HB1402 - $112,020 Leveling Students - $73,149 New Freshman - $14,488,654 Graduate - $4,514,772 Transfer - $2,620,407 Undergraduate - $41,696,833.73
$123,863,951.53 given to 7,908 Recipients
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FY 22 B Y THE N UMBERS
________________________________________________________________
Several offices within the Division of Enrollment Management play a role in awarding scholarships, such as the Offices of Financial Aid, Scholarship Services, Admissions and Recruitment. Students are required to complete the general scholarship application to be considered for university scholarships.
Grants are considered “gift aid” and therefore, do not need to be repaid. They are intended to assist students who have not yet earned or met the requirements for a 1 st bachelor’s degree (with the exception of the TEACH grant) and who are attending school at least part-time. Amounts disbursed for the 2021-22 academic year:
5,522 general scholarship applications submitted
Federal Pell Grant………………………$28,270,884 SEOG ……………………………………$2,219,246 University Grants ……………………….$10,777,387 Federal TEACH Grant …………………$31,591 State Grants …………………………….$11,499,116
1,384 general scholarships awarded
Over $3.7 million in endowed scholarships disbursed
_____________________________________________
In 2020, the University received a $10,000,000 gift to establish an initiative to assist juniors and seniors impacted by the COVID crisis to remain enrolled and graduate timely. The Panther Success Grant are unrestricted funds awarded by financial aid to those whose personal finances or financial aid is insufficient to satisfy their remaining college costs. Students were eligible for up to $2,000 per semester ($4,000 per year). Total Amounts Disbursed In 2020-21, there was 80% persistence
2020-21 ……………………………. $5,298,720 2021-22 ……………………………. $3,449,742
In 2021-22, there was 75% persistence
**The Office of Financial Aid will continue to award Panther Success Grants until the full $10,000,000 has been expended.
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____________________________________________
Federal and State Work Study provides students with the opportunity for employment arranged around class schedules. PVAMU participates in the federal (FWS) and state (TWS) work study programs Work study is awarded as a part of the financial aid package and is based on financial need and available funding. Students find work study positions through job postings by the Student Employment Office. Wages are set at the federal minimum wage and a student is not allowed to work more than 20 hours per week.
Federal Work Study Employment …………………………… $825,319.31 Texas College Work Study Employment …………………… $104,020.00 $929,340 million earned by
363 students
___________________________________________________________________________
Percent of Undergraduates Graduating With debt …………………………………. 79% Without debt ……………………………... 21%
7,475 awards totaling $57,580,220
5292 unduplicated Federal Subsidized loans 5851 unduplicated Federal Unsubsidized loans 1060 unduplicated Federal Parent PLUS loans
Total Loans Disbursed - 5 Year Trend
$52,000,000.00 $54,000,000.00 $56,000,000.00 $58,000,000.00 $60,000,000.00 $62,000,000.00 $64,000,000.00 $66,000,000.00
$64,208,608.00
$64,027,761.00
$59,996,482.00
$57,580,220.00
$56,106,970.00
AY 2017-18
AY 2018-19
AY 2019-20
AY 2020-21
AY 2021-22
**Source: U.S. Department of Education- Common Origination and Disbursement
Total Loans Disbursed
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Direct loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. Student’s must complete a FAFSA application before applying for loans. State and private loans are additional options to help pay for college. Approximately 68% percent of PVAMU students take out some form of loans (federal, state, or private). ** Default prevention initiatives are discussed later in this report. Student Loan Borrowing by Classification
Total Loans Borrowed 2021-22 by Classification
Doctoral
Doctoral, $782,025.00
Masters
Masters, $7,476,467.00
Post- Bac
Post- Bac, $132,432.00
Senior
Senior, $14,833,533.00
Junior
Sophomore, $11,937,091.00 Junior, $12,855,519.00
Sophomore
1st Time Freshman
1st Time Freshman, $15,660,591.00
Total Borrowed 2021-22
______________________________________________________________________________________________
Cohort Default Rates (CDR) The U.S. Department of Education publishes cohort default rates (CDR) based on the percentage of a school’s borrowers who enter repayment on Direct Loan program loans during a federal fiscal year.
FY 2018 3-YEAR DEFAULT RATE
7.8% 10.6%
10.0% 15.0%
7.3%
7%
0.0% 5.0%
NATIONAL
TEXAS
PVAMU PUBLIC 4 YEAR
FY 2018 3-Year Default Rate 7.3%
7.8%
10.6%
7%
FY 2018 3-Year Default Rate
**The FY2019 national CDR have plummeted amid the pandemic payment pause, falling to 2.3% from 7.3%. PVAMU experienced a significant decrease from 10.6% to 2.2%
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FAFSA C OMPLETION S TATS
________________________________
For the 2021-22 award year, the Office of Financial Aid began loading Institutional Student Information Records (ISIR)/(FAFSA) on November 9, 2021 and as of June 30, 2022, received 28,390 unduplicated ISIR records. 9,053 (32%) were selected for verification. 19,602 (69%) students were flagged a Pell eligible. Registered Student Data For those students who registered during the fall 2021, spring 2022, and summer 2022 semesters, 8,915 filed a FAFSA. 2,864 (32%) were selected for verification . 5,886 (66%) students were flagged as Pell eligible. Verification is broken down into three groups:
of the students enrolled were Pell Grant Recipients
V1 is the Standard Verification Group V4 is the Custom Verification Group V5 is the Aggregate Verification Group
# OF STUDENTS VERIFIED (MONTHLY)
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
3
5
Selected Vs. Performed
3
1000 1500 2000 2500 3000 3500
8
24
2864
16
30
1668
126
891
0 500
190
336
Selected
Performed Waived
259
Selected Vs. Performed
434
324
299
274
56
*** Verification was performed on 1,668 of those selected. **Note: Due to the COVID/HEERF flexibilities, the verification process was waived. Over 40% of those selected were not required to complete the verification process. Verification was waived for 891 students for 2021-22.
136
0
100
200
300
400
500
# of Students Verified (Monthly)
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Total # of FAFSA’s Competed by Priority Deadline by Academic College & School
____________________________
Priority Deadline To be considered for federal student aid for the 2021-22 award year, students must have completed a Free Application for Federal Student Aid (FAFSA) from between October 1, 2020 – June 30, 2022. The Texas priority deadline was January 15, 2021 . Completing the FAFSA by the priority deadline ensures that students have a chance of receiving a better financial aid award package.
At least 50% of the total enrolled students for Fall 2021 completed the FAFSA application by the January 15 th priority deadline.
FAFSA'S COMPLETED BY PRIORITY DEADLINES (BY COLLEGE/SCHOOL
1000 1200 1400 1600 1800 2000
1845
1504
1480
1328
1248
1147
921
836
798
770
200 400 600 800
487
441
420
248
212
195
63 81 48.1% 53.9% 21.2% 55.6% 62.2% 33.7% 50.9% 58.0% 77.8% 0
# Completed by Priority
Total Enrolled Fall 2021
Percentage Enrolled Completed by Priority
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2021-22 A WARD DATA
________________________________________________
PVAMU Average Cost of Attendance 2021-2022 At Home On-Campus Off-Campus Undergraduate Student Resident $ 18,929.00 $ 26,011.00 $ 24,849.00 Undergraduate Student Non-Resident $ 34,504.00 $ 41,586.00 $ 40,424.00
Graduate Student Resident Graduate Student Non-Resident
$ 15,761.00 $ 25,148.00
$ 22,843.00 $ 32,229.00
$ $
21,681.00 31,068.00
What is Cost of Attendance? The yearly cost of attendance helps students budget and better plan the financing of their education. The cost is an average for an academic year (fall/spring) and have been approved by the Texas Higher Education Coordinating Board. The official cost of attendance is based on the following expenses: Tuition & Fees (based on 15 credit hours for undergraduates/9 credit hours for graduates Room & Board Books & Supplies Travel Miscellaneous Expenses *Amounts vary based on living arrangement (on-campus, off- campus, or at home)
COST OF ATTENANCE COMPARISON - TAMUS SCHOOLS
West Texas
$24,202.00
$38,880.00
Tarleton
$27,402.00
$39,217.00
TAMU - Central TX
$22,099.00
$31,891.00
TAMU - Corpus Christi
$24,487.00
$40,292.00
TAMU - Kingsville
$24,882.00
$40,736.00
TAMU - Commerce
$27,740.00
$39,980.00
PVAMU
$26,011.00
$41,586.00
Texas A&M
$30,592.00
$58,478.00
Resident
Non-Resident
**Information is based on average costs for undergraduate, dependent students living on campus who enroll in 15 credit hours in both fall and spring .
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Financial Aid Awarding Timelines Upon successful completion of the FAFSA application and financial aid requirement, the Office of Financial Aid is committed to sending award letters by April 1 st each year for the upcoming academic year. Student Award Detail _____________________________________________________________
1 st Time Freshmen Awarding ……………… …………………………………………January 15 th Transfer, Continuing, and Graduate Student Awarding …………………………… February 15 th
*** Financial aid is awarded based “package group”, which allows funding that is allocated for specific populations to be awarded adequately and accurately across the board. Currently, there are 6 package groups: 1 st time freshmen, transfer, undergraduate, HB1403, leveling (post-bac) and graduate.
AVERAGE AWARD PACKAGE
1st Time Freshman Transfer Leveling (post-bac) HB1403
Undergraduate
Graduates
$15,026.00
$20,902.00
Financial Aid Award Packages
A student’s financial aid award package is inclusive of all grants, loans, scholarships and any other 3 rd party or external resources.
$9,449.00
$22,089.00
$17,875.00
$13,915
1st Time Freshmen, 89% ______________________________________________________________________________________________ Early Application + Student Repsonsivenss + Outreach = Early Awarding Transfer, 86% HB1403, 67% Graduates, 79% % OF STUDENTS AWARDED PRIOR TO 1ST CLASS DAY
Leveling (post- bac), 50%
Undergraduate, 89%
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2021-22 C HANGES , UPDATES , & OUTREACH
Course Program of Study (CPOS) ________________________________________________
What is CPOS? The U.S. Department of Education (ED) regulations require that a student must be enrolled in a degree seeking program to receive federal aid (grants, loans, and work-study) Funds will only be disbursed for the courses needed to fulfill the program of study requirements. Effective Spring 2022, students enrolled in courses that are not required to complete their officially declared major and/or minor will have their financial aid prorated and/or cancelled as required by the Department of Education.
______________________________________________________________________________________________
Online Student Forms (CampusLogic)
Electronic Offer (Award) Letters (Campus Logic) The Office of Financial Aid & Scholarships now sends all financial aid offer letter electronically utilizing Campus Communicator, a Campus Logic product, that provides clear communication to students as it relates to the financial aid process. Using Campus Communicator has: Resulted in the reduction in student questions. Enhanced the student experience, giving a clear picture of their aid opportunities. Allowed personalized communications
Campus Logic is live! The Office of Financial Aid & Scholarships has introduced a new easy way to allow student to view and complete their financial aid forms electronically. We are proud to day that all PVAMU students will be able to: Complete forms on their phones, tablets, or computers. Securely upload from any device E-sign documents – both student and parent Manage financial aid tasks online Receive automated reminders about outstanding tasks and next steps. **All students will be able to use Campus Logic electronic form beginning with the 2023-24 award year.
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Default Prevention ___________________________________________________________________
What is student loan default? If a student loan borrower fails to make payments on a federal student loan and the account becomes 270 days delinquent, the loan becomes defaulted. When a loan has been placed in a default status, the entire balance is due to the guaranty agency. There are several consequences to having a defaulted student loan. The institution is also impacted by the calculation of the cohort default rate (CDR). Schools can lose eligibility for federal financial aid if they have a default rate of 30% or higher for three years in a row. Default Prevention and Managment The Office of Financial Aid offers several default prevention tools that provides guidance and assistance to our student loan borrowers, such as financial literacy courses/modules through iGrad, in-person loan exit counseling, financial coaching, and various outreach programs and events throughout the school year.
Students are required to complete exit counseling when they: 1) Drop below ½ time status 2) Graduate 3) Stopped Out (ceased attendance) 4) Withdraw from University
# OF STUDENTS WHO COMPLETED EXIT COUNSELING 2021-22
Financial Literacy + Student Loan Counseling + Outreach + Default Prevention = LOWER DEBT
Dropped Below Half Time, 55
Withdrew, 647
Graduated, 13
Stopped Out, 1393
Dropped Below Half Time Graduated Stopped Out
Withdrew
*** The exit counseling completion figures above is inclusive of those who may have been required to complete exit counseling in prior academic years.
2,108 students completed exit counseling during the 2021-22
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Financial Literacy ___________________________________________________________________
PVAMU is committed to ensure our students have the financial knowledge needed to be successful during and after their college careers. We have partnered with Trellis, formerly Texas Guaranteed (TG), to provide financial literacy to help
students build toward financial wellness at every stage of life though iGrad. iGrad helps students with money management and covers topics, such as: Paying for school Saving and investing Budgeting Credit cards and credit scores Finding a career Repaying student loans successfully
Required Courses Financial Literacy Courses:
Financial Literacy for New Freshen Financial Literacy Master’s and Doctoral
• •
# OF STUDENTS WHO COMPLETED A FINANCIAL LITERACY COURSE IN 2021-22
Master's & Doctoral, 291
New Freshmen, 1421
Student Success Efforts ________________________________________________________________________________________________ • Held very first Satisfactory Academic Progress (SAP) Workshop • 101 students were on continued SAP probation for 2021- 22, allowing them to maintain eligibility for financial aid while requiring students to improve academically. • Held successful CPoS Question and Answer Session with students, faculty, and staff. 2022-23 Goals/Initiatives • Reduce Student Loan Debt by 25% by encouraging alternative options. • Continue to enhance our electronic communications and form submission processes by way of CampusLogic. • Continue to institute early awarding of financial aid and scholarships, resulting in competitive award packages. • Continued to review financial aid awarding processes and new initiatives to reduce student loan borrowing. • Continue to work with various academic and student support areas to encourage early FAFSA completion.
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Resources:
• https://www.nasfaa.org/news- item/28091/National_Cohort_Default_Rate_Plummets_Amid_Pandemic_Payment_Pause • https://www.trelliscompany.org/state-of-student-aid-2022/section-12-repayment-and-default/#DefaultRatesDecrease • https://nces.ed.gov/ipeds/find-your-college • http://www.collegeforalltexans.com/apps/collegecosts.cfm?Type=1&Level=1 • https://public.tableau.com/views/DT_EnrollmentSnapshots_FA15/EnrollmentbyCollege?:embed=y&:display_count=y es&%2B:showTabs=y&:showVizHome=no
• https://cod.ed.gov/cod/LoginPage • https://pvamu.academicworks.com • ARGO Reporting:
o FINAID Award Packaging Summary o FINAID Award Summary by Term o FINAID Verification & ISIR Information Dashboard
• Institutional Research Data:
o Panther Success Grant Persistence Rate o Student Loan Graduation Debt
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Financial Aid & Scholarships Staff ___________________________________________ ___________________ Associate Director Dekeith Living Administrators
Swaytha Ramakrishnan Systems Administrator II Tracy Manning
Administrative Associate III Program Coordinators II Ruth Vega Program Coordinator II – Verification Latoya Hall Program Coordinator II – Loans DiKendra Mathis Program Coordinator II – Work Study Kaysa Mayes Program Coordinator II – Default Prevention and Outreach Advisors
Melanie Prud'homme Financial Aid Advisor II Victoria Huezo Financial Aid Advisor II Scholarships Kelly Garrett Associate Director Brittney Scott Scholarship Coordinator Nicole Thomas Scholarship Advisor
Prairie View A&M University Office of Student Financial Aid & Scholarship Services Willie A. Tempton, Sr. Memorial Student Center, 3 rd Floor Prairie View, TX 77446 (936) 261-1000 https://www.pvamu.edu/faid/
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