Coe College offers ‘regent price match’ amid FAFSA fiasco

CEDAR RAPIDS — Taking matters into its own hands — following the U.S. Department of Education’s tumultuous and confused rollout of its new FAFSA — Coe College on Tuesday announced a “regent price match” aimed at providing “immediate help to Iowa students entering college for the first time in the fall.”

Coe’s “Iowa Ready“ initiative offers additional scholarships and grants for Iowans entering college for the first time in fall 2024 to ”ensure a direct cost equal to or less than the current average direct cost of Iowa’s three regent universities“ — which Coe reported at $21,060.

Coe is defining “direct cost” as including tuition, fees, housing, and meal plans — but excluding things like books, supplies, transportation, and other expenses.

“Many students will see an out-of-pocket cost less than the regent average of $21,060 as additional scholarships, grants, work-study and loans are applied,” according to the Coe announcement, citing the flawed federal rollout of a new Free Application for Federal Student Aid in its need to take drastic action.

“In my 30 years in higher education, this is one of the most significant barriers I’ve seen for Iowa families to make a college decision,” Coe Director of Financial Aid Barb Hoffman said.

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With FAFSA filing rates in Iowa down 32 percent from last year — and the national filing rate down 38 percent, according to a federal tracker — Coe in announcing its offer said, “It’s clear Iowa families are unable to pursue their college choice due to the lack of information associated with the delayed FAFSA rollout and the subsequent setbacks caused by the implementation of the FAFSA Simplification Act.”

Plus, officials said, changes in FAFSA calculations have especially challenged aid eligibility for farmers and small business owners.

“All first-time college students need to understand the financial aid they will receive in order to make a decision, and I’m pleased Iowa Ready will accomplish that,” Hoffman said. “Knowing your cost to attend Coe will be $21,060 or less is valuable information because now it’s clear you have college options.”

Regent comparison

Although Coe didn’t provide specific details on its FAFSA applications for next fall, its admissions and financial team told The Gazette, “Overall, the rate at which these are being submitted is significantly lower throughout the State of Iowa.”

"At Coe, we are also seeing a decrease in FAFSA results,” the team said. "Some of this is due to incorrect data from the U.S. Department of Education and some is due to the same circumstances the entire state is experiencing — frustration and confusion on the part of the families working through this process.

“Some may simply walk away from college altogether rather than dealing with the hassles.”

Coe’s hope to prevent that is behind its regents-match offer — although, given Coe is helping students attain that price through grants and scholarships — the figures are not an apples-to-apples comparison.

When the Board of Regents approved rates last summer for the current academic year — averaging to a total combined cost for tuition, fees, room and board at $20,772 — that didn’t include the grants and scholarships that many students receive.

In the 2022-23 academic year, the net cost of attendance for Iowa resident undergraduates across the regent universities — factoring in the average amount of grants and scholarships per student — was $17,802, according to regent documents.

When looking across different student-family income levels, the cost varied — given more aid goes to those in lower income brackets. For the lowest earners, with gross income between $0 and $30,000 a year, the regents’ average net price was $11,905. For those in the highest bracket, making $110,001 or more, the net price was $20,934.

Looking at the individual regent universities, the University of Northern Iowa reported the lowest net price at $15,782; the University of Iowa reported the highest at $19,587.

'Exceptionally stressful and challenging’

While a majority of UNI students are Iowa residents — with 90 percent of its new fall 2023 freshmen cohort coming from the state — UI has been reporting an increase in its out-of-state enrollment, reaching 11,653 this year, up from 10,943 in 2021.

Coe reports half its student body hails from Iowa.

“The delays in the FAFSA pipeline may produce fewer college-going students and, in turn, a smaller college-educated workforce four years from now,” said Coe Vice President for Advancement Chantel Olufsen.

To be eligible for the Iowa Ready initiative, applicants must be current Iowa residents looking to attend college for the first time in the fall of 2024. They must apply for admission to be considered for the initiative — and could obtain additional scholarships, grants, work-study offers or loans.

“We are dedicated to ensuring Kohawks have the best in education, resources and opportunities, regardless of FAFSA processing timelines,” Coe President David Hayes said. “Those delays should not inhibit their ability to have options.”

The Iowa Ready initiative will be available to eligible students through June 1, 2024.

“As a parent, an Iowan, and a higher education professional, I feel deeply the frustration and uneasiness surrounding this situation,” Senior Vice President for Enrollment, Marketing & Institutional Effectiveness Julie Staker said. “It is exceptionally stressful and challenging for students who have never gone through the college search and financial aid process. Everyone should still file the FAFSA, but Iowa Ready jump-starts the decision-making process.”

Vanessa Miller covers higher education for The Gazette.

Comments: (319) 339-3158; vanessa.miller@thegazette.com