Paper series funded by Lumina Foundation explores new models of student financial support
Affordability, State Policy & Passive Repayment Covered by 15 Authors in Papers Released Today
WASHINGTON, DC – Today Lumina Foundation releases a group of 15 expert papers that explore new models of student financial support. These papers are all aimed at addressing one of the biggest barriers to college completion: the amount of money students are required to pay to complete a postsecondary degree or certificate. Considerable research suggests that students are price-sensitive and that financial resources are a necessary tool to help students meet the cost of tuition and fees, as well as transportation, child care, and other indirect expenses, particularly among low-income students. These studies show that the structures currently in place to help students pay these costs are not set up to efficiently provide both access and support completion.
The papers, commissioned by the Foundation, are intended to stimulate greater discussion and evaluation around several key topics in student finance, including affordability of higher education, student loan repayment, and federal-state-institutional partnerships. The papers are aimed at addressing solutions that can be implemented at the institutional, state and federal levels.
“We believe it is time to fundamentally rethink our national approach to student financing,” said Jamie Merisotis, president & CEO of Lumina Foundation. “Only through substantive redesign can we assure that tuition and financial aid resources are used to support the success of the much larger number of students needed to reach Goal 2025. This launch of the comprehensive policy papers is an early step in that redesign effort.”
Last year, Lumina Foundation developed and released a set of design principles to guide the Foundation’s work in this area. The principles were unveiled this past May in a Huffington Post blog authored by Merisotis.
Using the design principles as a guide, Lumina Foundation invited nationally recognized experts as well as up-and-coming analysts to author the papers that will be discussed during today’s Ideas Summit at the Newseum in Washington, DC. The papers can be found online at http://luminafoundation.org/news-and-events/ideas-summit. The titles and authors of the papers are as follows:
- A College Considerator: Robert Shireman, California Competes, Lande Ajose, California Competes
- A Student Level Analysis of Financial Aid: Richard Rhoda, Tennessee Higher Education Commission, Russ Deaton, Tennessee Higher Education Commission, David Wright, Tennessee Higher Education Commission, Doug Mennen, Tennessee Higher Education Commission
- States in the Driver’s Seat: Leveraging State Aid to Align Policies and Promote Access, Success, and Affordability: Brian T. Prescott, WICHE, David A. Longanecker, WICHE
- Applying the Lessons of Behavioral Economics to Improve the Federal Student Loan Programs: Six Policy Recommendations: Angela Boatman, Vanderbilt University, Brent Evans, Vanderbilt University, Adela Soliz, Harvard University
- Can Income-Driven Repayment Policies be Efficient, Effective, and Equitable? Nicholas Hillman, University of Wisconsin-Madison, Jacob Gross, University of Louisville
- College Affordability for Low Income Adults: Improving Returns on Investment for Families and Society: Barbara Gault, Institute for Women’s Policy Research, Lindsey Reichlin, Institute for Women’s Policy Research, Meghan Froehner, Institute for Women’s Policy Research, Stephanie Roman, Institute for Women’s Policy Research
- College Affordability: What Is It and How Can We Measure It? Sandy Baum, George Washington University and The Urban Institute Jennifer Ma, The College Board
- College Costs: Students Can’t Afford Not to Know: Brad Hershbein, W.E. Upjohn Institute for Employment Research, Kevin Hollenbeck, W.E. Upjohn Institute for Employment Research
- Estimating the Costs and Benefits of Income-Based Student Loan Repayment Systems: Beth Akers, Brookings Institution, Matthew Chingos, Brookings Institution
- From Income-based Repayment Plans to an Income-based Loan System: Robert G. Sheets, George Washington Institute for Public Policy, George Washington University, Stephen Crawford, George Washington Institute for Public Policy, George Washington University
- Moving the Needle: How Financial Aid Policies Can Help States Meet Student Completion Goals: Andy Carlson, SHEEO, Katie Zaback, SHEEO
- Piecing Together the College Affordability Puzzle: Student Characteristics and Patterns of (Un)Affordability: Rashida Welbeck, MDRC, John Diamond, MDRC, Alexander Mayer, MDRC, Lashawn Richburg-Hayes, MDRC with Melvin Gutierrez, MDRC & Jessica Gingrich, MDRC
- Putting Colleges on Notice: Crafting Smarter Strategies to Improve Affordability through Curbing Cost Increases: Alisa Hicklin Fryar, University of Oklahoma, Deven Carlson, University of Oklahoma
- Securing America’s Future with a Free Two Year College Option Sara Goldrick-Rab, Education Optimists and University of Wisconsin-Madison, Nancy Kendall, University of Wisconsin-Madison
- Should All Student Loan Payments Be Income-Driven? Benefits, Trade-offs, and Challenges: Lauren Asher, The Institute for College Access & Success (TICAS), Diane Cheng, The Institute for College Access & Success (TICAS), Jessica Thompson, The Institute for College Access & Success (TICAS)
“Our goal in this series is not to prescribe a particular solution or choose one course of action,” said Merisotis. “Rather, we seek to generate innovative ideas for improving the ways in which postsecondary education is paid for in this country and to stimulate further discussion on that vital topic.”
Each paper reflects the views and recommendations of its authors, not those of Lumina Foundation.
Lumina’s Strategy Director, Zakiya Smith, oversees the Foundation’s work in student financial support and will head up the paper launch event at the Newseum today.
About Lumina Foundation: Lumina Foundation is an independent, private foundation committed to increasing the proportion of Americans with degrees, certificates and other high-quality credentials to 60 percent by 2025. Lumina’s outcomes-based approach focuses on helping to design and build an equitable, accessible, responsive and accountable higher education system while fostering a national sense of urgency for action to achieve Goal 2025.