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