c ost of a ttendance part 1. coa c omponents and a llowances set by statute apply to all title iv...
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COST OF ATTENDANCE
Part 1
COA COMPONENTS AND ALLOWANCES
Set by statute
Apply to all Title IV programs
Three basic components
Six additional allowances, as applicable
May use average or actual costs
PURPOSES OF STUDENT BUDGET CONSTRUCTION
Develop realistic budgets
Accurate cost projections
Equity
Not intended to be an enrollment management tool
Budgets for different categories of students
SETTING COSTS
Institutional costs
Fixed and set by school (e.g., tuition and fees)
Non-institutional costs
Not set by school
Reflect local market conditions
SETTING COST
Institutional Costs Tuition Fees On Campus Room and Board
Non Institutional Costs Books and Supplies Transportation Miscellaneous Personal Expenses Off Campus Room and Board Dependent care Study Abroad Expenses Disability Expenses Loan Fees
BASIC COA COMPONENT ALLOWANCES
Tuition and fees
Amounts normally assessed students carrying same academic workload, as determined by institution
May include costs for rental or purchase of equipment, materials, or supplies required of all students in same program of study
BASIC COA COMPONENT ALLOWANCES
Books and supplies costs
Transportation costs
Miscellaneous personal expenses
Personal computer rental or purchase
BASIC COA COMPONENT ALLOWANCES
Room and Board Students without dependents living at home
with parent(s) Students without dependents living in
institutionally-owned or operated housing Students living in on-base military housing
or in off-base housing for which a military basic housing allowance is provided
All other students
ADDITIONAL COA ALLOWANCES
Dependent care
Disability-related
Cooperative education
Study abroad
First professional credential
Educational loan fees
COA RESTRICTIONS
Less Than Half Time Students Tuition, fees, books and supplies, transportation
and a limited amount for room and board and dependent care
Correspondence Study Tuition, fees and books and supplies
Incarcerated Students Tuition, fees and books and supplies
Professional Judgment Adjustments can be made on a case by case
basis
NON-TITLE IV AID AND COA
Prepaid tuition plans have no effect on COA
State-provided non-Title IV aid designated to cover a specific COA component may be excluded from estimated financial assistance (EFA), if also excluded from COA, and vice versa
BASIC NEED EQUATION
Cost of attendance (COA)
– Expected family contribution (EFC)
___________________________________
= Unmet Need
AWARDING
All ‘Gift Aid’ must be taken into account prior to awarding subsidized funding
Examples of ‘Gift Aid’ Pell FSEOG CAP KTG KEES Scholarships Company Reimbursement
GIFT AID – PELL GRANT
Pell Grant Unlike a loan, does not have to be repaid Provides need-based grants to low-income
undergraduate Amounts are dependent on the student's expected
family contribution (EFC) Amount depends on financial need, cost to attend
school, enrollment status (full-time, part-time, less than part-time), and attending a full academic year or less
Maximum amount for 2014/2015 award year is $5,730
600% maximum Lifetime Eligibility Used (LEU) Students may not receive Federal Pell Grant funds
from more than one school at a time
GIFT AID – FEDERAL SUPPLEMENTAL OPPORTUNITY GRANT (FSEOG)
Federal Supplement Opportunity Grant (FSEOG) Provides assistance to exceptionally needy
undergraduate students Students are exceptionally needy if they have the
lowest EFCs Priority must be given to Pell Grant recipients Does not have to be repaid Student must have financial need Student must meet the general eli gibility requirements Must be enrolled or accepted for enrollment as an
undergraduate student Must not have previously earned a bachelor’s or first
professional degree Sullivan University System Award Policy
$100 per quarter/$300 maximum for award year
GIFT AID – KENTUCKY GRANTS
College Access Grant (CAP) - helps Kentucky’s financially needy undergraduate students attend eligible public and private colleges and universities, proprietary schools, and technical colleges Student must:
Be a Kentucky resident Have financial need Attend an eligible college Have no past due financial obligations to KHEAA or to
any Title IV program Be enrolled at least half-time in a program at least two
years in length Award:
Up to $1,900 for the 2014/2015 award year
GIFT AID – KENTUCKY GRANTS
Kentucky Tuition Grant (KTG) - provide need-based aid to help Kentucky residents attend eligible Kentucky private colleges Student must:
Be a Kentucky resident Have financial need Attend an eligible college Be enrolled full-time in an associate’s or bachelor’s
degree program Have no past due financial obligations to KHEAA or to
any Title IV program Award:
Up to $2970 for 2014/2015 award year
GIFT AID – KENTUCKY GRANTS
Kentucky Educational Excellence Scholarship (KEES) - provides scholarships to students who earn at least a 2.5 GPA each year they attend a certified Kentucky high school
GIFT AID – KENTUCKY GRANTS
KEES – Early Graduate Award Fourth-year equivalent award to students who
graduate from a KY high school in three years Award amount is an average of the student’s GPA/base
awards Awarding begins Spring 2014 Disbursement begins Fall 2014
GIFT AID – KENTUCKY GRANTS
GIFT AID – KENTUCKY GRANTS
KEES – Early Graduate Scholarship New Scholarship program Limited to public high school students that graduate in
less than four years. One-time scholarship for use at an eligible KY
postsecondary institution the year immediately follow graduation. Two and four-year public institutions Four-year non-profit, independent institutions
Award amount will vary, estimated near $2,000. Awarding begins with spring 2015 graduates. Disbursement begins fall 2015.
GIFT AID - SCHOLARSHIPS
Internal – Valid only at Sullivan and may not be transferred to
another person or institution Maintaining a specific GPA may be required Must remain continuously enrolled If taking less than 12 cr/hrs, only half of the amount will
be awarded for that quarter Will extend the distribution period as long as all other
requirements of the scholarship are being met Combined amounts of Sullivan scholarships cannot
exceed $1,000 per quarter Exceptions: Presidential, Dean and Senior Academic or
Competition Scholarship
External – Ensure read all requirements outlined before awarding
GIFT AID – COMPANY REIMBURSEMENT
Paid directly to the school or to the student Must be included in students packaging Examples of Company Reimbursement:
UPS Humana GE Ford
AWARDING
Once all ‘Gift Aid’ factored, can award subsidized up to the amount of remaining need Example
$12,500 COA - 2,500 EFC $10,000 Unmet Need
- 3,280 Pell Grant - 1,400 Scholarship $ 5,320 Remaining Need
AWARDING
Example $22,550 COA - 2,500 EFC $20,050 Unmet Need
- 3,280 Pell Grant - 1,400 Scholarship - 2,000 Company Reimbursement
What is the student’s remaining need?
AWARDING
Example $31,905 COA - 0 EFC What is the Unmet Need?
- 5,730 Pell Grant - 300 FSEOG - 1,900 CAP - 2.970 KTG - 500 Scholarship - 1,883 Company Reimbursement
What is the student’s remaining need?
REFERENCES Cost of Attendance – Module 5 – NASFAA Core 2013-14 KHEAA – Kentucky Higher Education Assistance Authority. 2013.
https://www.kheaa.com/website/kheaa/home
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