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Packaging Financial Assistance

Packaging Financial Assistance.

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Packaging Financial Assistance

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  1. Packaging Financial Assistance “To give away money is an easy matter and in any man’s power. However, to decide to whom to give it , and how large and when, and for what purpose and how, is neither in every man’s power – nor an easy matter. Hence it is that such excellence is rare, praiseworthy and noble.” Aristotle RMASFAA 2012

  2. Today’s Discussion • Factors impacting Decision to select a Method • Review of Historical Packaging Methods and Today’s Environment • Issues that Arise which impact Packaging • Discussion of what Works for you and on What you would like help • Open Give and Take Discussion RMASFAA 2012

  3. Factors that Impact Packaging Method • Cost of Attendance • Student Demographics • Funds Available • Institutional Mission • Academic Programs Provided RMASFAA 2012

  4. TRADITIONAL PACKAGING METHODOLOGIES • Gift Aid First • COA • EFC • Pell • = Remaining Need • Scholarship/Grants • - Loans/Employment RMASFAA 2012

  5. TRADITIONAL PACKAGING METHODOLOGIES • Self-Help First • COA • EFC • PELL • - Scholarship(s) [n-n based] • = Remaining Need • Self-Help (Loan(s) and Empl • Grant RMASFAA 2012

  6. TRADITIONAL PACKAGING METHODOLOGIES • Equity Packaging • All students receive a certain level of gift aid regardless of source (sum of federal/state, private, school) • Assures all students start with a level playing field before self-help is awarded • Absolute equity – minimum value • Fixed percent equity - % of free money vs. COA RMASFAA 2012

  7. ABSOLUTE EQUITY • AE = $5,000 $10,000 $20,000 • COA = 10,000 20,000 40,000 • EFC - 5,500 5,500 5,500 • Pell - 0 0 0 • Schol - 0 2,000 12,000 • Remain Need 4,500 12,500 22,500 • Equity Grant 0 2,500 2,500 • Self-Help 4,500 10,000 10,000 • Unmet 0 0 10,000 RMASFAA 2012

  8. FIXED PERCENTAGE EQUITY • PE 50% 60% 70% • COA $10,000 $20,000 $40,000 • EFC 5,500 5,500 5,500 • Schol 0 2,000 12,000 • Rem Need 4,500 12,500 22,500 • Equity Grnt 0 4,500 10,500 • Self-Help 4,500 8,000 10,000 • Unmet 0 0 2,000 RMASFAA 2012

  9. Enrollment Management • Takes Fixed Percentage idea to another level by adding • in student characteristics beside financial need; • Impacts only institutional aid • Possible Characteristics • Academic Achievement Legacy Student • Geography Penetration Area • Ethnicity Academic Major • Gender RMASFAA 2012

  10. EM VARIABLE PERCENTAGE • EM % 50% 60% 65% • COA $25,000 $25,000 $25,000 • EFC 5,000 5,000 5,000 • Need 20,000 20,000 20,000 • Total Free 10,000 12,000 13,000 • Self-Help 10,000 8,000 7,000 RMASFAA 2012

  11. Packaging Issues • Large External Resources - GMS VA benefits • after awarded but prior to or after disbursement • Change in family situation - divorce medical • Change in major (EM model) • Massive EFC change due to verification RMASFAA 2012

  12. OPEN DISCUSSION • What model do you use & why • What would make it better (no more money) • Is Financial Need still relevant • What does the future hold RMASFAA 2012

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