REGENTS REPORT

Student Financial Aid

Resources for Students at South Dakota's State-Supported Universities

Preserving access to higher education opportunities is a concern of educators and policymakers in South Dakota, and maintaining financial access to higher education is a special concern of students and their families. Many students attend our state's universities with the help of financial aid, in the form of grants, scholarships, loans, or work study. Student financial aid is a part of the current federal budget debate, as Congress considers future funding for education-related programs such as the Perkins Loan and the State Student Incentive Grant. How much outside financial assistance do students at South Dakota's public universities receive? What types of assistance is offered?

Student Financial Aid--How Many Students Receive Aid? What Sort of Aid Do They Receive?

In Fiscal Year 1995, 79.2% of students in the state university system received some form of financial aid (headcount enrollment, unduplicated recipients).

The average financial aid award per student in the university system, adjusted for inflation, has increased 19% over the past five years. In nominal dollars, student financial aid has increased 35% over the same period.

Loans, either subsidized or unsubsidized, are becoming an increasing part of the overall financial aid picture. In FY95, student loans comprised 68.7% of the total financial aid funding in the university system, significantly above their 50.8% share in FY91. In addition, the average financial aid recipient had a loan debt load of $3,191 in FY95, which translates to a 4 year debt load of $12,762.

Maintaining financial opportunities for students to pursue higher education is an area of concern for the Board of Regents. Given the importance of financial aid in the university system and the increasing prominence of student loans, the result of current federal debates may have a significant impact on access to higher education in South Dakota.