Financial Aid Recommendations Focus on Lowering Student Debt and Providing More Need-based Financial Aid
Education Policy Committee to discuss financial aid report at Nov. 16 meeting
ADELPHI, Md. (November 11, 2004) — The Education Policy Committee of the University System of Maryland (USM) Board of Regents will consider recommendations to address students' rising debt from higher education loans and the need for more need-based financial aid. The committee will discuss the recommendations at its meeting scheduled to begin at 9:30 am Tuesday, November 16. The meeting will be in the Multipurpose Room of the University of Maryland Biotechnology Institute's Christopher Columbus Center, 701 East Pratt Street, in Baltimore. USM Chancellor William E. Kirwan appointed the USM Task Force on Financial Aid four months ago to develop the recommendations as part of the system's continuing efforts to provide qualified students affordable access to excellent programs. Chaired by Nancy Kopp, State of Maryland Treasurer, the task force included regents; presidents, other administrators, and students from USM institutions; Maryland Higher Education staff members; and two state legislators, Sen. P.J. Hogan and Del. James E. Proctor, Jr. The task force recommendations center on maximizing cost savings through more effective and efficient administrative processes, increasing fund-raising efforts to attract more need- based financial aid, and fostering the development of policies and practices to lower student debt. The task force report also notes that realizing these goals depends on identifying new or increased federal, state, and system funding sources. Among the task force recommendations is establishing a goal to decrease the debt burden for undergraduate students, particularly those in the highest need range, by increasing institutional grants. The task force report also calls for directing USM institutions to increase the proportion of institutional aid allocated to need-based programs. While the percentage of funds allocated to need-based institutional aid has increased system-wide (8 percent, from $13.7 million in FY 2003 to $14.8 million in FY 2003), a much greater amount of non-need- based institutional aid has been awarded ($41.2 million in FY 2002 and $42.8 million in FY 2003). Other recommendations include increasing financial aid access for community college students who transfer to USM institutions, and helping all students gain wider understanding of debt management and alternative funding sources. Copies of the USM Financial Aid Task Force report will be available at Tuesday's meeting. In other business, the Education Policy Committee will consider proposals for the following programs. · University of Baltimore/Towson University Joint MBA Program; · Master of Engineering and Public Policy Program at the University of Maryland, College Park; · Global MBA, a collaboration between University of Maryland University College (UMUC) and other universities around the world; · Master of Science in Financial Management and Information Systems at UMUC. Committee members also will consider a proposal to create a School for Health Professions at the University of Maryland Eastern Shore to train health professionals through an integrated approach. The new school would include four UMES departments: Exercise Science, Physical Therapy, Physician Assistant, and Rehabilitation Services. In addition, the committee will receive reports on academic advising, academic program reviews, and USM faculty instructional workload. Full agendas and background information will be available at the meeting. Sign language interpreters and/or other appropriate accommodations for eligible individuals with disabilities will be provided upon request. Please call 301.445.2756 (voice) or 301.314.7683 (TTY/ITT) to make special arrangements.
Contact: Anne Moultrie
Phone: 301/445-2722
E-mail: amoultrie@usmd.edu