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TASFAA NAOW Workshop 2010. Packaging Financial Aid Martin R. Hernandez Director of Financial Aid Paul Quinn College. What is Packaging? .

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tasfaa naow workshop 2010

TASFAANAOW Workshop 2010

Packaging Financial Aid

Martin R. Hernandez

Director of Financial Aid

Paul Quinn College

what is packaging
What is Packaging?
  • Packaging is a process by which the financial aid office awards a combination of aid from several sources to meet part or all of a student’s financial need.
packaging goals of financial aid administrator
Packaging Goals of Financial Aid Administrator
  • Provide as many students as possible with resources to meet their financial need
  • Distribute resources in an equitable manner
  • Provide assistance that will be the most beneficial
  • Attract students to the school
resources
Resources
  • Resources include (but are not limited to):
    • Pell Grant (first source of aid)
    • Scholarships
    • Other Federal, State and Institutional Grants
    • Subsidized Stafford and Perkins Loans
    • Need-based employment
    • Waivers of tuition and fees
    • Fellowships or assistantships

Source: FSA Handbook 2009-10, Vol. 3, Pages 79 - 147

resources1
Resources
  • Resources include (but are not limited to):
    • VA Benefits
    • Americorps Funds
    • Unsubsidized Stafford Loans*
    • PLUS Loans*
    • Private Loans*

*indicates resources that may exceed need, but may not exceed COA.

Source: FSA Handbook 2009-10, Vol. 3, Pages 79 - 147

additional guidelines
Additional Guidelines
  • Enrollment criteria
  • Classification
  • Annual and Aggregate Maximums
  • Annual Minimums
  • Need Based vs. Non-Need Based
  • Academic Criteria
  • Residency Criteria
steps in packaging
Steps in Packaging
  • Determine the cost of attendance (COA).
  • Calculate financial need
  • Determine eligibility for individual funds
  • Develop package using funds for which student qualifies
  • Refer to supplemental sources of assistance as needed
step 1 determining the student s cost of attendance coa
Step 1- Determining the Student’s Cost of Attendance (COA)
  • Tuition & Fees
  • Books & Supplies
  • Room & Board
  • Transportation
  • Miscellaneous/Personal
  • Dependent Care
  • Loan Fees
  • Cost of approved study-abroad program

Source: FSA Handbook 2009-10, Vol. 3, Chapter 2

step 3 determine eligibility for individual resources
Step 3 – Determine Eligibility for Individual Resources
  • Determine Pell Grant eligibility first
  • FSEOG
    • Generally awarded to neediest students (Pell Grant recipients)
  • State Grants
    • Examples: Texas Grant, TEG
    • Criteria set by the state
  • Institutional Grants & Scholarships - criteria set by the institution
step 3 determine eligibility for individual resources1
Step 3 – Determine Eligibility for Individual Resources
  • Work-Study
    • Examples: FWS, TCWSP
    • Awarded within need and according to institutional policy
  • Perkins Loan
    • Generally awarded to neediest students and according to institutional policies
  • Subsidized Stafford Loan
    • Awarded within need, maximums determined by federal regulations
step 4 develop package
Step 4 – Develop Package
  • Develop package using funds for which the student qualifies
  • Institution’s award packaging policy can influence the resulting package
  • Total of package cannot exceed COA
step 5 other supplemental assistance
Step 5 – Other Supplemental Assistance
  • Unsubsidized Stafford
  • PLUS Loan
  • Private Loans
five basic packaging techniques
Five Basic Packaging Techniques
  • First-Come, First-Served
  • Special Targeted Groups
  • Self-Help Concept
  • Equity Concept
    • Absolute Dollar Equity
    • Fixed Percentage Equity
  • Packaging to Cost of Attendance
packaging techniques
Packaging Techniques
  • First-Come, First-Served
    • Based on the order in which completed applications are received by the aid office until funds are exhausted.
packaging techniques1
Packaging Techniques
  • Targeted Groups
    • Separate packaging criteria for specific groups of students in addition to specific criteria required by law or regulation. (Good for institutional scholarships)
packaging techniques2
Packaging Techniques
  • Self-Help
    • Self-help assistance awarded after the family contribution and before any consideration for gift aid.
packaging techniques3
Packaging Techniques
  • Equity Concept
    • Absolute Equity
      • Students funded up to an institutional maximum fixed dollar amount with gift aid before their remaining need is filled with self-help.
    • Fixed Percentage Equity
      • An institutional maximum percentage of NEED or COST for all gift aid is used.
packaging techniques4
Packaging Techniques
  • Packaging to Cost of Attendance
    • Student’s FA need is met as much as possible according one or a combination of the previous techniques
    • Unmet COA is filled using remaining unsubsidized Stafford loan eligibility, PLUS and/or Private Loans.
packaging techniques5
Packaging Techniques
  • Many institutions do not use a specific model by itself. Variations of the models can be used to best fit the institutional objectives.
award notification
Award Notification
  • Institutions are required to inform the student of:
    • the amounts
    • terms and conditions of his/her award
    • manner and timing of payments
  • Signature of acceptance by the student is no longer required. However, many institutions continue this practice.
packaging example
Packaging Example

Holly B. Needy

  • Incoming first-year student, AY 10/11
  • COA = $20,000 EFC = $500
  • Qualifies for state residency
  • Has PTA scholarship of $2000
  • Eligible for Pell Grant of $5500
  • Maximum awards: State Grant - $2500,

Stafford Loan - $3500, Work Study - $2500,

  • Institutional grant to fill remaining gap in gift aid.

Package this student with the “FIXED PERCENTAGE OF NEED” equity model with a maximum of 70% gift aid (scholarship considered part of gift aid).

packaging example1
Packaging Example
  • Determine need

COA – EFC = Financial Need

$20,000 - $500 = $19,500 Financial Need

  • Determine gift aid

Financial Need * Gift Pct = Max gift aid

$19,500 * 70% = $13,650

packaging example2
Packaging Example
  • Need 19,500
  • Max Gift Aid 13,650
  • Pell Grant 5,000
  • PTA Scholarship 2,000
  • State Grant 2,500
  • Institutional Grant 4,150
  • Gift Aid Awarded 13,650
  • Remaining FA Need 5,850
  • Work Study 2,500
  • Sub Stafford Loan 3,350
  • Total Self-Help 5,850
  • Unmet FA Need 0
  • Total Package 19,500
  • Can Holly get anything else?
thank you for your attention
Thank you for your attention!

Questions?

Martin R. Hernandez

214-379-5530

[email protected]

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