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The Effect of College and University Endowments on Financial Aid, Admissions, and Student Composition

Author: George Bulman

Publisher:

Published: 2022

Total Pages: 0

ISBN-13:

This paper examines how private college and university endowments affect financial aid, admissions selectivity, and the economic and racial composition of incoming students. Because endowment levels are a function of expenditures and alumni giving, which are endogenous to the outcomes of interest, the design exploits changes in endowments stemming from variation in investment returns over time and across peer institutions. Estimates reveal that growing endowments generate large and persistent increases in spending overall and for instruction, student services, and administration in particular. However, wealthier colleges and universities do not increase the number of students they serve or the fraction of students receiving aid, and only modestly increase the generosity of aid packages. Instead, these institutions offset higher freshman yield rates by becoming more selective and enrolling fewer low-income students and students of color. Overall, colleges and universities appear to use greater endowment wealth to increase spending and to become more selective, resulting in higher institutional rankings, but do not increase the size or diversity of their student bodies. The results are important in light of the preferential tax treatment of endowments and interest in increasing access to elite postsecondary education for underserved populations.

The Effect of College and University Endowments on Financial Aid, Admissions, and Student Composition

Author: George Bulman

Publisher:

Published: 2022

Total Pages: 0

ISBN-13:

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The Effect of Financial Aid Policies on Admission and Enrollment

Author: James J. Scannell

Publisher:

Published: 1992

Total Pages: 88

ISBN-13:

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This study looks at the evolution of the financial aid process as a function of higher education administration and its impact on the recruitment and retention of college students. It illustrates the effects on enrollment of differing financial aid strategies and recommends possible directions for meeting the challenges of the 21st century. Discussions focus on the following topics: (1) the institutional need for financial aid; (2) the relationship of aid and costs; (3) programs that work in reverse; and (4) targeting of financial aid to enrollment goals. The following financial aid packages are also examined: uniform self-help; self-help varied by ability to borrow; self-help varied by desirability; self-help varied by ability to borrow and desirability; admit/deny; aid-conscious admission; merit awards; renewals; equity packaging; and differential and preferential packaging. Contains 48 references. (GLR)

Studying the Impact of Student Aid on Institutions

Author: Robert H. Fenske

Publisher:

Published: 1989

Total Pages: 108

ISBN-13:

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Does Financial Aid Policy Influence Who Attends College? The Effects of Merit and Need Aid on the College Attendance of Racially Minoritized Students

Author: Erin Sylvester Philpot

Publisher:

Published: 2020

Total Pages: 0

ISBN-13:

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This study explores the influence of state-level financial aid policy on the college attendance of racially minoritized, specifically Black and Hispanic, students. Informed by student price response theory, this study compares the racial/ethnic composition of enrolled students in a state in the years preceding and following major financial aid policy reform-the primarily need-based Cal Grant in California, and the merit-based Bright Futures in Florida. Using quantitative analysis, multivariate linear regression, the researcher estimated the influence that reform of state-level financial aid policy had on the racial/ethnic composition of student enrollment at public two- and four-year institutions of both California and Florida. The unit of analysis was all public two- and four-year institutions of both states. A series of three models was used to control for other influences on enrollment beyond a change in policy and differences in the influence of each policy reform on sector of attendance was also explored. The results did not produce evidence of policy reform having a statistically significant influence on the racial/ethnic composition of college enrollment in either state. This suggests that factors beyond price may be more influential in the college-going decisions of Black and Hispanic students.

Disability and Equity in Higher Education Accessibility

Author: Alphin, Jr., Henry C.

Publisher: IGI Global

Published: 2017-03-24

Total Pages: 349

ISBN-13: 1522526668

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Education is the foundation to almost all successful lives. It is vital that learning opportunities are available on a global scale, regardless of individual disabilities or differences, and to create more inclusive educational practices. Disability and Equity in Higher Education Accessibility is a comprehensive reference source for the latest scholarly material on emerging methods and trends in disseminating knowledge in higher education, despite traditional hindrances. Featuring extensive coverage on relevant topics such as higher education policies, electronic resources, and inclusion barriers, this publication is ideally designed for educators, academics, students, and researchers interested in expanding their knowledge of disability-inclusive global education.

Crossing the Finish Line

Author: William G. Bowen

Publisher: Princeton University Press

Published: 2009-09-08

Total Pages: 414

ISBN-13: 1400831466

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Why so many of America's public university students are not graduating—and what to do about it The United States has long been a model for accessible, affordable education, as exemplified by the country's public universities. And yet less than 60 percent of the students entering American universities today are graduating. Why is this happening, and what can be done? Crossing the Finish Line provides the most detailed exploration ever of college completion at America's public universities. This groundbreaking book sheds light on such serious issues as dropout rates linked to race, gender, and socioeconomic status. Probing graduation rates at twenty-one flagship public universities and four statewide systems of public higher education, the authors focus on the progress of students in the entering class of 1999—from entry to graduation, transfer, or withdrawal. They examine the effects of parental education, family income, race and gender, high school grades, test scores, financial aid, and characteristics of universities attended (especially their selectivity). The conclusions are compelling: minority students and students from poor families have markedly lower graduation rates—and take longer to earn degrees—even when other variables are taken into account. Noting the strong performance of transfer students and the effects of financial constraints on student retention, the authors call for improved transfer and financial aid policies, and suggest ways of improving the sorting processes that match students to institutions. An outstanding combination of evidence and analysis, Crossing the Finish Line should be read by everyone who cares about the nation's higher education system.

Optimal Financial Aid Policies for a Selective University

Author: Daniel R. Sherman

Publisher:

Published: 1984

Total Pages:

ISBN-13:

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Recent federal cut-backs of financial support for undergraduates have worsened the financial position of colleges and universities and required them to debate how they will allocate their scarce financial aid resources.Our paper contributes to the debate by providing a model of optimal financial aid policies for a selective university-one that has a sufficient number of qualified applicants that it can select which ones to accept and the type of financial aid package to offer each admitted applicant.The university is assumed to derive utility from "quality-units" of different categories (race, sex, ethnic status, income class, alumni relatives, etc.) of enrolled students. Average quality in a category declines with the number of applicants admitted and the fraction of admitted applicants who enroll increases with the financial aid package offered the category.The university maximizes utility subject to the constraint that its total subsidy of students (net tuition revenue less costs including financial aid)is just offset by a predetermined income flow from nonstudent sources (e.g., endowment). The model implies that the financial aid package to be offered to each category of admitted applicants depends on the elasticity of the fraction who accept offers of admission with respect to the financial aid package offered them, the propensity of the category to enroll, the elasticity of the categorys average quality with respect to the number admitted, and the relative weight the university assigns in the utility function to applicants in the category.While the latter must be subjectively determined by university administrators, the former parameters are subject to empirical estimation.The paper concludes with a case study of one selective institution's dataand illustrates how they may be estimated. Based upon data from the university's admissions and financial aid files, as well as questionnaire data which ascertained what alternative college most admitted freshman applicants were considering and thnancial aid packages at the alternative, probit probability of enrollment equations are estimated as are equations that determine how average quality varies with the number admitted for each category. These estimates are then applied to illustrate what the"optimal" financial aid policy would be for the university

Running on the "Status Treadmill"?

Author: Erin Beth Ciarimboli

Publisher:

Published: 2017

Total Pages: 338

ISBN-13:

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Despite efforts to combat rising college costs via significant federal, state, and institutional investments in student financial aid, enrollment in higher education remains woefully stratified by family income. In recent years, critics have decried the most wealthy and selective colleges for failing to utilize their abundant endowment wealth to recruit, enroll, and retain a greater number of low-income students, particularly as sticker prices continue to rise at rates higher than inflation. Many of the wealthiest private institutions0́4with endowments well over $500 million0́4have Pell Grant enrollments below 20%, compared to the 35% of students nationally receiving Pell. In response to these concerns of access, affordability, and the practice of so-called "endowment hoarding," Congress launched two inquiries targeting wealthy colleges in 2008 and 2016. The present study explores the nexus of these two requests, focusing on the role of institutional endowments in promoting access to wealthy, private colleges and universities. Two specific research questions framed this analysis. First, how do endowment spending, priorities, and policies differ among private colleges with over $1 billion in institutional assets, given multiple missions and institutional types? Second, how do these schools' endowments contribute to institutional financial aid policy and spending, and ultimately, low-income student access? Using content analysis, I systematically analyzed a sample of 30 universities' responses to the Congressional inquiries in both 2008 and 2016. Findings suggest significant heterogeneity in institutional spending and priorities, multiple definitions of student financial need and subsequent approaches to distributing financial aid, and consequently, differential roles of endowments in supporting institutional needs. While many argue for a governmental role in imposing greater regulatory controls over endowment spending, advocates must be aware of the risks of imposing one-size-fits-all policy solutions in attempts to compel rich private institutions to spend more of their endowment resources. I conclude by offering several implications for policymakers seeking to contain college costs and encourage greater endowment spending, as well as for practitioners attempting to increase low-income student enrollment while also ensuring long-term endowment sustainability.

Where Does the Money Go?

Author: Phuong Anh Vu

Publisher:

Published: 2019

Total Pages: 51

ISBN-13:

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In 2017, Congress passed the Tax Cuts and Jobs Act, which imposes a tax of 1.4 percent on the investment returns of highly endowed colleges and universities. One motivation for the law was that these colleges have not sufficiently used their extensive resources to reduce the high prices students pay. My thesis examines the relationship between changes in endowment values and colleges’ overall spending and spending by category, with a particular focus on financial aid. I take advantage of the exogenous variation in endowment values generated by the 2008 financial crisis to establish a causal relationship. I find that changes in endowment values consistently result in changes in non-financial aid expenditures in the same direction. In the context of the 2008 financial crisis, falling endowments caused colleges to cut overall spending and spending in each category. However, colleges continued to support low-income students by providing financial aid to even more of them. My results imply that the tax is unlikely to be effective, since the income loss it generates is unlikely to prompt colleges to increase endowment spending, or spending on financial aid without an increase in students’ financial need.