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National 3-Year Cohort Default Rate Drops For Third Consecutive Year: 91探花Continues to Excel

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The Department of Education recently released their detailing the 3-year cohort default rate (CDR)鈥攁 metric that measures what percentage of postsecondary students default on their loan payments within the first three years of entering repayment鈥攁nd the data are encouraging: the 3-year CDR for FY 2012 is 11.8 percent, almost two percent lower than the previous year and three percent lower than FY 2010.

While reasons for the drop are uncertain, administration officials have credited the increased enrollment in income-based repayment plans as partially responsible. Secretary of Education Arne Duncan has cheered the lower default rate but cautions that there is more work to do. 鈥淭here鈥檚 no real reason why we can鈥檛 significantly reduce default rates even further,鈥� he told reporters in a statement . 鈥淲e鈥檙e going to keep working to hold schools accountable.鈥�

The report also breaks down the CDR by . Below is a breakdown of the most salient statistics.

National statistics:

  • Public four year institutions saw their 3-year CDR drop to 7.6 percent, down from 8.9 percent last year.
  • Private non-profit four year institutions鈥� default rate also dropped, to 6.3 percent from 7 percent.
  • Private for-profit four year institutions鈥� CDR dropped to 14.7 percent, down from 18.6 percent last year.

State statistics:

  • Schools in Washington state have an average 3-year default rate of 10.1 percent, slightly听below the national average.
  • The 91探花 performed exceptionally well by this measure: the 3-year CDR for 91探花dropped to 2.7 percent, almost 5 percent lower than the national average for public four year universities and听down from 4.3 percent last year.

As previously stated, the declining CDR average nationwide is a hopeful sign for the future of student loan repayment. Nevertheless, loans remain a massive strain on millions of college students and graduates and more must be done to alleviate the student debt burden. The CDR itself has come under fire as a flawed metric; it only measures those students who default on payments and does not take into account the who make payments but cannot make any progress on paying down their debt or the share of students at a given institution who borrow.听Some in the education policy world have called for using loan repayment rates, rather than default rates, as听the primary metric for gauging an institution鈥檚 ability to prepare its students for repayment.

 

Greetings!

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My name is Andrew Orlebeke and I am the Legislative Analysis Intern for the Office of Planning and Budgeting and a Master in Public Administration student at the Evans School of Public Policy and Governance. I鈥檒l be updating this blog periodically with posts on all things higher education, from federal and state legislative issues to the release of higher education reports to UW-specific policy initiatives. Feedback is more than welcome and thank you so much for reading!

91探花is Most Innovative Public University in the World and 鈥淏est Bang for the Buck鈥� Among Western Schools

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recently ranked the 91探花as the fourth most innovative university in the world among public and private institutions, surpassed only by Stanford, MIT and Harvard.听 When looking at public institutions alone, however, the 91探花topped the list.

As the noted, 鈥淭he ranking takes into account academic papers, which indicate basic research performed at a university, and patent filings and successes, which point to an institution鈥檚 interest in protecting and commercializing its discoveries.鈥�

In addition to the innovation ranking, recently ranked 91探花Seattle as the #1 鈥淏est Bang for the Buck鈥� among Western institutions.听 Institutions are scored on 鈥溾�橬et鈥� (not sticker) price, how well they do graduating the students they admit, and whether those students go on to earn at least enough to pay off their loans.鈥澨� For more information about the 鈥淏est Bang for the Buck鈥� rankings, please see the .

91探花Profiles Receives Industry鈥檚 Most Prestigious Honor

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91探花Profiles听鈥� a听set of dynamic, web-based data dashboards 鈥� recently received听The Data Warehousing Institute (TDWI)听. 听This award听is widely considered to be the business intelligence industry鈥檚 most prestigious honor.

OPB’s Institutional Data & Analysis team听developed 91探花Profiles, in collaboration with 91探花IT鈥檚听听team, and听formally launched the site in听fall 2013. 听 91探花Profiles听allows听users to explore core 91探花data through 21 visual dashboards that display summary, comparison and trend data.

听also honored 91探花Profiles, calling it “an intuitive, user-friendly portal that provides a single point of access to data and visualizations for faculty and staff.鈥�

Congratulations to Institutional Analysis and to all those who worked hard to make 91探花Profiles a reality!

2015 Bill Summary Now Available

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Under the “Briefs” tab of the OPB website, you will find the , which provides a list of all the bills we tracked during the 2015 legislative session that passed into law. 听Links to veto messages are displayed for any bills that were partially vetoed by the Governor.

Of the 538 bills that OPB tracked during the 2015 session, 74 passed into law.

As a reminder, any bill that did听not pass into law during the regular session will be reintroduced at the beginning of the supplemental session, next year.

2015-17 Final State Operating and Capital Budgets

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Leadership in both House and Senate passed a compromise operating budget in the form of听听.

All of higher education including financial aid would receive $3.5 billion of Near General Fund (NGF) for the biennium which is 9.2 percent of the overall NGF appropriation of $38.2 billion.

The compromise budget adopts the provisions in , which reduces the operating fee portion of resident undergrad tuition at all public higher education institutions. In 2015-16, resident undergraduate operating fees at all public institutions are to be 5 percent below the 2014-15 rates. In 2016-17, resident undergraduate operating fees at the state universities (the 91探花and WSU) are to be 15 percent below the 2014-15 rates; at the regional universities, they are to be 20 percent below the 2014-15 rates; and at the community and technical colleges, they are to be held at 5 percent of the 2014-15 rates.

This budget provides $27 million to partially fund听compensation increases of 3% in听FY16 and 1.8% in听FY17. This budget also partially funds听collective bargaining agreements with WFSE and SEIU.

Listed below are some of the Key funding鈥檚 provided by this budget:

Computer Science – $6 million over the biennium to increase bachelor鈥檚 degrees awarded in Computer Science.

WWAMI – $9 million over the biennium to continue operations in Spokane.

Family Practice Medicine Residency Network – $8 million over the biennium to fund additional medical residencies.

O&M Funding – $1.76 million over the biennium to cover maintenance costs for 91探花Bothell鈥檚 Discovery Hall.

The legislature also passed the final capital budget. For more details on the operating and capital budgets, please refer our .

Third House Committee Operating Budget Released Today

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Leadership in the House Appropriations Committee released a third operating budget proposal today in the form of and . This proposal still differs from the Senate budget proposal and varies from the previous House operating budget .

All of higher education (including financial aid) would receive nearly $3.348 billion (8.8 percent of near general fund appropriations). Under this proposal, the 91探花receives a total appropriation of $650.5 million, of which $598.19 million is from Near General Fund account.

Here are some of the key points from the House Budget () released today :

  • Tuition 鈥� This budget assumes tuition rates remain at the levels charged in 2012-2013. Funding is provided to freeze resident undergrad tuition in the first year; however, funding in the second year is provided in HB 2269 (see below).
  • Compensation Increase 鈥� This budget proposal is similar to prior proposals, authorizing a 3% and 1.8% for FY16 and 17 respectively; in addition, this budget provides limited funds for the UW鈥檚 contracts with SEIU and WFSE.
  • WWAMI 鈥� This budget contains a proviso to transfer $4.68 million a year from WSU to the 91探花to maintain WWAMI and support expansion of this program to 60 students.
  • O&M Funding – $1.762 million over the biennium to cover the Operating and maintenance cost of 91探花Bothell Discovery Hall which is the same as the House budget, but slightly higher than the Governors funding.

was introduced alongside the primary appropriations bill and would fund the following activities:

  • Medical Residencies 鈥� HB 2269 appropriates $8 million over the biennium for medical residencies.
  • Computer Science 鈥� This budget provides $8 million over the biennium to increase bachelor鈥檚 degrees awarded in computer science.
  • Computer Science Building 鈥� This budget appropriates $32 million over the biennium from State building construction account.

We anticipate significant activity this week and will post additional updates to the blog.

Special Session 2015-17 House 鈥淥ffer鈥� Operating Budget Proposal

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Leadership in the House Committee released a new Operating budget proposal in the form of as a counter offer to the Senate budget released last week. This proposal still differs from the Senate budget and varies slightly from the engrossed House operating budget, ESHB 1106.

All of higher education (including financial aid) would receive nearly $3.49 billion or 9 percent. 91探花receives a total appropriation of $612.3 million of which $591.39 million is from Near General Fund account.

Here are some of the key points from the House 鈥淥ffer 鈥淏udget proposal:

  • Tuition 鈥� This budget freezes tuition to all higher education institutions at the levels charged in 2012-2013. Funding is provided to freeze resident undergrad tuition.
  • Compensation Increase 鈥� This budget proposal is similar to prior proposals in authorizing a 3% and 1.8% for FY16 and 17, however this budget would only partially fund the cost of increase. This budget provides limited funds for the UW鈥檚 contracts with SEIU and WFSE.
  • WWAMI 鈥� This budget contains a proviso to transfer $4.68 million a year from WSU to the 91探花to maintain WWAMI and also a contains a requirement to support 60 first year medical students and 60 second medical students through WWAMI program in Spokane.
  • O&M Funding – $1.762 million over the biennium to cover the Operating and maintenance cost of 91探花Bothell Discovery Hall which is the same as the House budget, but slightly higher than the Governors funding.
  • Computer Science 鈥� This budget provides $4.25 million over the biennium to increase bachelor鈥檚 degrees awarded in computer science.

Please refer to our for more information about the special session House 鈥淥ffer鈥� budget.

Special Session 2015-17 Senate Chair Operating Budget

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Leadership in the Senate Ways and Means Committee released a new Operating budget proposal on May 28th 2015 in the form of . This proposal makes significant changes to the engrossed Senate operating budget, ESSB 5077 and continues to differ from the engrossed House operating budget, ESHB 1106.

Though the 2015 legislature is scheduled to adjourn today, no compromise operating or capital budget exists. Thus a second special session will be required.

All of higher education (including financial aid) would receive nearly $3.6 billion or 9.2 percent increase from the Governor and House budgets. 91探花receives a total appropriation of $685.7 million of which $666.36 million is from Near General Fund account.

Here are some of the key points from the Senate 鈥淥ffer 鈥淲ays & Means Budget proposal:

  • Tuition affordability program– This budget reduces the operating fee portion of resident undergrad tuition to 14 percent of the State鈥檚 average annual wage in FY16 and FY17. It provides $107 million to offset the reduction in operating fees and an additional funding to backfill the foregone tuition revenue. In spite of the above funding, 91探花anticipates a shortfall of $3.7 million over the biennium.
  • WWAMI 鈥� Senate budget provides $9 million over the biennium for continued operations of the WWAMI medical school program, and the bill requires that the state cost per student per year not exceed $45,000 in Spokane.
  • O&M Funding – $1.762 million over the biennium to cover the Operating and maintenance cost of 91探花Bothell Discovery Hall which is the same as the House budget, but slightly higher than the Governors funding.
  • Compensation Increase 鈥� “Like the House proposal, this budget authorizes 3% and 1.8 % increases for FY16 and FY17, respectively. However, this budget would only partially fund the cost of those increases”.

Please refer to our for more information about the special session senate chair budget.听Special session house budget is expected to be released Monday.

June State Revenue Forecast 鈥� Early Release:

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罢辞诲补测鈥檚 was released a month ahead of schedule to help lawmakers reach agreement on the 2015鈥�17 operating, capital and transportation budgets.

General Fund-State (GF-S) revenue forecast has been increased by $106 million for the 2013-2015 biennium and by $309 million for 2015-2017.

  • GF-S revenue for the 2013-2015 biennium is now $33.653 billion (9.8% higher than collections in the 2011-13 biennium), and
  • The forecasted GF-S revenue for the 2015-2017 biennium is now $36.758 billion (9.2% higher than collections in the 2013-15 biennium).

Revenue collections through May 10th were $61 M (1.8%) higher than forecasted. The surplus was entirely due to a $69 M surplus in real estate excise tax collections (large sale of commercial property). The surplus was offset by a $21 M shortfall in property tax collections.

A few additional highlights from the update:

  • Oil Prices are higher, and 2015 and 2016 GDP growth are weaker than in the February forecast.
  • Receipts from Revenue Act sources are $12 M (0.4%) higher than forecasted.
  • 17,200 new jobs have been added in the three months since the February forecast.