session 35 awarding aid devin croft jamie malone
TRANSCRIPT
Session 35
Awarding Aid
Devin Croft
Jamie Malone
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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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Prior to Packaging
• School must:
– Have developed Packaging policies
– Defined their Academic Year
– Defined their Payment Periods
– Developed a Cost of Attendance (Budget)
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Prior to Packaging
• ISIR with official EFC
– To determine need
• Understanding of available EFA
• Determine individual student’s COA
• Types of federal aid available at your institution
– Pell
– ACG/SMART
– Campus Based
– Loans
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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
COA $20,000- EFC 0= Need $20,000
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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
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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
– VA educational benefits• (Note: exceptions for Chapter 30 benefits)
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Estimated Financial Assistance
• Basic Need
– COA - EFC = Need• $14,000 - 1000 = $13,000
• Need Based
– COA - EFC - EFA = Need• $14,000 - 1000 - 13,000 = 0
• Non-Need Based
– COA - EFA = Need• Unsubsidized or Plus Loan
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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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Federal Programs
• Pell
• ACG
• SMART
• Campus Based
– Work-Study
– SEOG
– Perkins
• Loans
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Foundation of Aid Package
• Pell Grant
– 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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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 4,050= Remaining Need $15,950
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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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ACG continued…
• 1st year students
– May not have been previously enrolled in a program of undergraduate study
– Have graduated from a rigorous secondary high school program after 1/1/06
• 2nd year students
– Have graduated from a rigorous program of study after 1/1/05
– Have at least a 3.0 GPA in an eligible program
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Student Eligibility Criteria Specific to National SMART
• 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
• Cumulative GPA of at least 3.0 on a 4.0 scale in student’s
eligible program
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Campus-Based Aid
• Must make funds reasonably available to all
students
• No minimum enrollment status is required
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FSEOG
• 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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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
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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 and aggregate loan limits
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FFEL/DL
• 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 and aggregate limits
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Available Institutional Aid
• Both within aid office’s control and not
• Internal criteria and packaging policies
– Grants
– Loans
– Assistantships and fellowships
– Tuition and fee waivers
– Need-based employment
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Outside Aid Student May Receive
• State aid
• Scholarships (organizations, merit, etc.)
• VA educational benefits
• Employer tuition assistance
• Alternative educational loans
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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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Complete Aid Package
COA
- EFC
- Pell
- EFA
= Remaining Need
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Sample Aid Package
COA $20,000- EFC 0= Need $20,000
- Pell $4,050- Stafford $3,500- FSEOG $500- Perkins $4,000- FWS $1,500- Scholarship $5,000
= Unmet Need $1,450
Estimated Financial Assistance (EFA)
$18,550
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Packaging Case Studies
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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 fashion 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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Art & Design Community College
COA
EFC
Project Runway Scholarship
Pell
ACG
Institutional Grant
FWS
Sub loan
Unsub loan
Plus
Package award balance
2625 3575
0 15000
1000 14000
4050 9950
750 9200
500 8700
2500 6200
15000 15000
0 3575
3575 0
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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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George and XYZ State University
COA
EFC
Pell
Chapter 30 VA
Need
Sub loan
Remaining Need
Package #1 #2
1800 1800
2000 2000
14900 14900
0 8475
9600 -------
1500 11100
1500 2625
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George and XYZ State UniversityPackage
COA
EFC
Pell
Chapter 30 VA
Sub loan
Remaining Need
# 2 # 3
14900 14900
1800 1800
2000 2000
9600
2625 ------
9600
( 1125) 1500
No overaward Could be FWS
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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 & 9 brothers.
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University of Aeronautical Studies
COA
EFC
Scholarship – SWA
Scholarship - Gates
Pell
SMART
SEOG
FWS
Sub loan
Unsub loan
Plus
Package award balance optional pkg.
25000 25000
0 25000
700 24300
8500 15800
4050 11750
4000 7750
500 7250
2500 4750
4750 0
0 0
0 0
25000
0
700
0
4050
4000
500
2500
5500
0
7750
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Additional Beginner’s Track Sessions
• Session #35 - Awarding Aid
• Session #36 - Disbursing Aid
• Session #37 - IFAP, NSLDS, COD, FAA Accessto CPS On -Line
• Session #38 - Financial Aid Professionals (FAP) Portal and Beyond - How We Communicate With You?
• Session #39 - Uncover the Mysteries of How a Law Becomes Operational
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We appreciate your feedback and comments.We can be reached at:
Devin Croft
303-844-3677x125
Jamie Malone
312-886-8731