Download - Awarding Financial Aid Jerry Alan Donna Director of Financial Aid Salem College Winston-Salem, NC
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FALL 2007
Awarding Financial Aid
Jerry Alan DonnaDirector of Financial AidSalem CollegeWinston-Salem, NC
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FALL 2007
A few more acronyms!
• ACG – Academic Competitiveness Grant• COA – Cost-of-Attendance• EFA – Estimated Financial Assistance• EFC – Expected Family Contribution• FWS – Federal Work-Study• ISIR – Institutional Student Information Report• SMART – National SMART Grant
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FALL 2007
What Is Packaging?(And how is awarding different…or is it???)
• Finding the best combination of aid programs to meet the
student’s financial need, using:
– Statutory/regulatory limits
– Available resources at the school
– Institutional policies
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FALL 2007
Prior to Packaging
• A school must:
– Have developed Packaging Policies
– Defined their Academic Year
– Defined their Payment Periods
– Developed a Cost of Attendance (Budget)
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FALL 2007
Prior to Packaging Federal & Need Based Aid
• ISIR with official EFC
– To determine need
• Understanding of available EFA (resources available)
• Determine individual student’s COA
• Types of federal aid available at your institution
– Pell
– ACG/SMART
– Campus-Based Funds (Perkins Loan, FSEOG, FWS)
– Loans
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FALL 2007
What Is Need?
• COA – EFC = Need
– COA varies by school and program
– EFC is taken from ISIR
– Need is filled with available aid programs and other
resources when possible (not all schools can meet need).
COA $20,000- EFC 0= Need $20,000
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FALL 2007
Cost of Attendance/Budget• Tuition and Fees
– In-state/out-of-state
• Books and Supplies
• Transportation
• Personal Expenses
• Room and Board
• Dependent Care
• Loan Fees
• Miscellaneous– Disability related expenses
– Study-abroad expenses
– Computer
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FALL 2007
What Is EFA?
• Estimated financial assistance includes
– Pell Grants
– Educational Loans
– Grants (including ACG/National SMART Grants)
– Net earnings from need-based employment
– Scholarships
– Tuition and fee waivers
– Fellowship and assistantships (unless compensation is via payroll)
– VA educational benefits
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FALL 2007
Estimated Financial Assistance
• Basic Need
COA - EFC = Need
• $14,000 - 1000 = $13,000
• Need Based
COA - EFC - EFA = Need-Based Eligibility
• $14,000 - 1000 - 13,000 = 0
• Non-Need Based
COA - EFA = Non-Need Based Eligibility
• Unsubsidized or Plus Loan
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FALL 2007
Estimated Financial Assistance
• Combination of student aid and EFC must not exceed
student’s COA.
• If financial aid from another source becomes available after
packaging, financial aid awards must be reduced so total
amount does not exceed COA
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FALL 2007
Federal Programs
• Pell• ACG• SMART• Campus Based
– Work-Study
– SEOG
– Perkins Loan
• Loans
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FALL 2007
Foundation of Aid PackagePell Grant
– Goes only to undergraduate students who have not received a bachelor’s or first professional degree
– Determined using student’s COA, EFC and the U.S. Department of Education’s Pell payment/disbursement schedules
– No other aid is considered in determining Pell eligibility
– Goes only to undergraduate students who have not received a bachelor’s or first professional degree– Determined using student’s COA and EFC and ED’s Pell payment/disbursement schedules– No other aid is considered in determining Pell eligibility
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FALL 2007
Beyond the Foundation
After calculating any Pell eligibility, use your packaging policy
to take into account other sources of assistance available to the
student.
COA $20,000- EFC 0- Pell 4,310= Remaining Need $15,690
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FALL 2007
Academic Competitiveness Grant - ACG
• U.S. Citizen (does not include Title IV eligible non-citizens)
• Federal Pell Grant recipient
• First or second academic year student in a two or four-year
degree program
• Full-time enrollment
• No specific major required
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FALL 2007
ACG continued…
• 1st year students
– Must not have been previously enrolled in a program of undergraduate study
– Must have graduated from a rigorous secondary high school program after 1/1/06
• 2nd year students
– Must have graduated from a rigorous program of study after 1/1/05
– Must have at least a 3.0 GPA in an eligible program
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FALL 2007
Student Eligibility Criteria Specific to the National SMART Grant
• U.S. citizen (does not include Title IV eligible non-citizens)
• Federal Pell Grant recipient
• Third or fourth academic year student in an eligible program
• Full-time enrollment
• Majoring in an eligible major (based on approved USDOE CIP
CODE list)
• Cumulative GPA of at least 3.0 on a 4.0 scale
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FALL 2007
Campus-Based Aid
• Must make funds reasonably available to all students
• No minimum enrollment status is required
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FALL 2007
FSEOG – Federal Supplemental Educational Opportunity Grant
• Only to undergraduate students who have not received a
bachelor’s or first professional degree
• Need based
• Give to students with lowest EFC who will also receive Pell
Grant in that award year
• Minimum award is $100
• Maximum award is $4,000
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FALL 2007
Federal Work-Study
• Undergraduate and graduate students
• Need based
• No minimum or maximum award
• May look at willingness to work
• Must pay at least minimum wage ($5.85 as of July 24, 2007)
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FALL 2007
Federal Perkins Loan
• Undergraduate and graduate students
• Need based
• Give priority to students with exceptional need, as defined by
school
• May look at student’s willingness to repay
• Has annual ($4000) and aggregate ($20,000) loan limits
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FALL 2007
FFEL – Federal Family Education LoanDL – Federal Direct Loan
• Undergraduate and graduate students
• Requires at least half-time enrollment
• Requires determination of Pell eligibility
• Requires awarding of subsidized funds before unsubsidized
funds
• Has annual ($3,500, $4,500, $5,500) and aggregate limits
($23,000, $46,000, $138,500)
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FALL 2007
Available Institutional Aid
• Funds both within Financial Aid Office’s control and those not in the control of the
Financial Aid Office.
– Athletics, academic departments, performance based scholarships (i.e. music,
dance), Admissions, bookstore, etc
• Internal criteria and packaging policies
– Grants
– Loans
– Assistantships and fellowships
– Tuition and fee waivers
– Need-based employment
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FALL 2007
Outside Aid Student May Receive
• State aid
• Scholarships (organizations, merit, etc.)
• VA educational benefits
• Employer tuition assistance
• Alternative educational loans
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FALL 2007
Exceptions for Montgomery GI Bill and AmeriCorps Benefits
• Must exclude Chapter 30 VA benefits and AmeriCorps
benefits as EFA when determining Subsidized Loan eligibility
• Must include Chapter 30 VA benefits and AmeriCorps
benefits as EFA for Campus-based aid, ACG, National
SMART, and Unsubsidized Loans
– But, may exclude from EFA any portion of Subsidized Loan
amount amount of Chapter 30 or AmeriCorps benefits for
Campus-based, ACG, and National SMART Grants
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FALL 2007
Complete Aid Package
COA
- EFC
- Pell
- EFA
= Remaining Need
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FALL 2007
Sample Aid Package
COA $20,000
- EFC 0
= Need $20,000- Pell $4,310- Stafford $3,500- FSEOG $500- Perkins $4,000- FWS $1,500- Scholarship $5,000
= Unmet Need $1,190
Estimated
Financial
Assistance (EFA)
$18,810
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FALL 2007
Packaging Case Studies
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FALL 2007
Edgar and Art & Design Community College
• Edgar is a dependent student who graduated from high school in June 2006. He originally wanted to be a doctor but has decided to follow his heart and major in graphic design. He has decided to attend Art & Design Community College to get his AA prior to going on to a 4-year college.
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FALL 2007
Art & Design Community College
COA
EFC
Project Design Scholarship
Pell
ACG
Institutional Grant
FWS
Sub loan
Unsub loan
Plus
Package Award Balance
15,000 15,000
0 15,000
1,000 14,000
4,310 9,690
750 8,940
500 8,440
2,500 5,940
3,500 2,440
0 2,440
2,440 0
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FALL 2007
George and XYZ State University
• After serving his country as a medic in the military, George
has decided to return to college. His career goal is to be a
physical therapist. He has been volunteering at a local
hospital since his discharge and is really excited about school.
George has $9,600 in Chapter 30, Montgomery GI Bill VA
benefits to use for school.
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FALL 2007
George and XYZ State University
COA
EFC
Pell
Chapter 30 VA
Need
Sub loan
Remaining Need
$14,900 $14,900
1,800 1,800
2,000 2,000
9,600 xxxx
1,500 11,100
1,500 3,500
0 7,600
Package #1 Package #2
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FALL 2007
George and XYZ State University
Package #2 Package #3
COA $14,900 $14,900
EFC 1,800 1,800
Pell 2,000 2,000
Chapter 30 VA 9,600 9,600
Sub loan 3,500 -------
Remaining Need (2,000) 1,500
No overaward
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FALL 2007
Scarlett and the Univ. of Aeronautical Studies
• A high achiever since she won her state spelling bee as a 4th grader, Scarlett is determined to become an aeronautical engineer. She is a dependent, US Citizen, with a 3.98 GPA and is a junior this year. She is living at home with her parents & nine brothers.
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FALL 2007
University of Aeronautical StudiesPackage Award Balance Optional Balance
COA $25,000 $25,000 $25,000 $25,000EFC 0 25,000 0 25,000Scholarship – SWA 700 24,300 700 24,300Scholarship – Gates 8,500 15,800 0 24,300Pell 4,310 11,490 4,310 19,990SMART 4,000 7,490 4,000 15,990SEOG 500 6,990 500 15,490FWS 2,500 4,490 2,500 12,990Sub loan 4,490 0 5,500 7,490Unsub loan 0 0 0 7,490Plus 0 0 7,490 0
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FALL 2007
Questions?
Jerry Alan DonnaSalem College, Winston-Salem, NC
PH 336-917-5577EMAIL [email protected]