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WASFAA 2011 Awarding and Packaging

WASFAA 2011 Awarding and Packaging. Presented by: Kathleen Clark, Chapman University School of Law and Wendy Olson, Whitworth University. 2011 WASFAA Annual Conference. Agenda: Budget Awarding Components Awarding Goals Communicating Award Information. 2011 WASFAA Annual Conference.

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WASFAA 2011 Awarding and Packaging

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  1. WASFAA 2011Awarding and Packaging Presented by: Kathleen Clark, Chapman University School of Law and Wendy Olson, Whitworth University 2011 WASFAA Annual Conference

  2. Agenda:BudgetAwarding ComponentsAwarding GoalsCommunicating Award Information 2011 WASFAA Annual Conference

  3. Agenda:What would you like to discuss today? 2011 WASFAA Annual Conference

  4. Building The Budget 2011 WASFAA Annual Conference

  5. Cost of Attendance/Student Expense Budget “The cost of attendance is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive.” FSA Handbook, 2010 2011 WASFAA Annual Conference

  6. Allowable Costs Determined by school, taking into account: ➔ Tuition and fees ➔ Books, supplies, transportation, personal, misc. ➔ Room and board ➔ Loan Fees ➔ ➔ Dependent care ➔ ➔ Study abroad expenses ➔ ➔ Disability expenses ➔ ➔ Employment expenses for co-op study 2011 WASFAA Annual Conference

  7. Determining Budget Amounts • Survey Students • Survey Landlords in Surrounding Area • Update Previous Year’s with Consumer Price Index (CPI) • Use Information from Statewide Survey • Other Ideas? 2011 WASFAA Annual Conference

  8. Determining Federal Need Budget $37,823 EFC - $7,823 Need $30,000 2011 WASFAA Annual Conference This clip art was actually titled “Calculating Need.”

  9. Award Components InstitutionalAcademic/MeritTalentSports Need-Based Gift Aid Endowed & Restricted Institutional Loan Institutional Work Federal/StatePell GrantFSEOGStafford LoanPerkins LoanFederal Work StudyPLUS LoanState Grant Other Items? 2011 WASFAA Annual Conference

  10. Components’ Rules Institutional(% or flat rate)Academic/MeritTalentSports Need-Based Gift Aid Endowed & Restricted Federal/StatePell GrantFSEOGStafford LoanPerkins LoanFederal Work StudyPLUS LoanState Grant Other Items? 2011 WASFAA Annual Conference

  11. Awarding Goals • Increase Enrollment Overall • Increase Enrollment for Certain Populations • Disadvantaged Students • Athletes • Specific Majors • Specific Talents • Other? • Increase Net Tuition Revenue • Increase statistics-SAT/GPA • Other Goals? 2011 WASFAA Annual Conference

  12. Gift Aid $14,000/ Tuition $21,180 Discount 66% Financial Aid vs. Business Affairs Discount Rate – The revenue the school is willing to lose in order to sculpt their student enrollment. The basic equation is: gift assistance/tuition. What should gift aid include/exclude? 2011 WASFAA Annual Conference

  13. Conflicting Needs • Low Discount Rate • High Quality Students • Number of Students Desired 2011 WASFAA Annual Conference

  14. Plans to Meet Goals • % of Need Met with Gift Aid • % of Tuition Met with Gift Aid • Flat Dollar Maximum in Gift Aid • % of Need Beyond Federal/State Met with Intuitional Gift Aid • Needy Students Only • Scholarship Awards Only • Other? 2011 WASFAA Annual Conference

  15. Leveraging Model Example – Includes factors that go into awarding gift assistance in order to optimize revenue and enrollment. 2011 WASFAA Annual Conference

  16. Merit Merit $14,000 $14,000 Stafford Stafford $3500 $3500 FWS FWS $2500 $2500 Perkins Perkins $2500 $1180 Total Total $22,500 $21,180 Unsub Unsub $2000 $2000 PLUS PLUS $4000 $4000 Total Total $27,180 $28,500 Packaging Plans- Federal Need vs. Direct Costs Federal Need Total$30,000 Bill-Tuition, Fees, Room & Board$21,182 2011 WASFAA Annual Conference

  17. Communicating the Award Electronic vs. Paper Advantages Disadvantages 2011 WASFAA Annual Conference

  18. Communicating the Award What Must Be Included: Cost of Attendance? Expected Family Contribution? Types of Aid and Amounts Requirements to Continue to Receive Aid? Consumer Information? Active vs. Passive Acceptance. Other? 2011 WASFAA Annual Conference

  19. Listing the Cost of Attendance &EFCon the Award Letter • Shows the family what was used when determining the financial aid package. • Gives them an idea of what it will cost to go to that college – outside of the bill. • Lets them know how much they can borrow in additional PLUS. • Gives the false impression that this is the true “out of pocket” expenses. • With the inclusion of the EFC there can come confusion thinking this is what is directly owed. 2011 WASFAA Annual Conference

  20. The Award Letter as a Recruitment Tool Timing Comparison Tool Loans vs. Gift Aid Enhance Other Recruiting Activities 2011 WASFAA Annual Conference

  21. Discussion and Questions 2011 WASFAA Annual Conference

  22. More Information: NASFAA FSA Handbook Other? Kathleen Clark katclark@chapman.edu Wendy Olson wolson@whitworth.edu 2011 WASFAA Annual Conference

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