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Awarding Financial Aid Jerry Alan Donna Director of Financial Aid Salem College Winston-Salem, NC

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Awarding Financial Aid Jerry Alan Donna Director of Financial Aid Salem College Winston-Salem, NC. A few more acronyms!. ACG – Academic Competitiveness Grant COA – Cost-of-Attendance EFA – Estimated Financial Assistance EFC – Expected Family Contribution FWS – Federal Work-Study

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Presentation Transcript
slide1
Awarding

Financial Aid

Jerry Alan Donna

Director of Financial Aid

Salem College

Winston-Salem, NC

a few more acronyms
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
what is packaging and how is awarding different or is it
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
prior to packaging
Prior to Packaging
  • A school must:
    • Have developed Packaging Policies
    • Defined their Academic Year
    • Defined their Payment Periods
    • Developed a Cost of Attendance (Budget)
prior to packaging federal need based aid
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
what is need
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

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

Cost of Attendance/Budget
what is efa
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
estimated financial assistance
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
estimated financial assistance1
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
federal programs
Pell

ACG

SMART

Campus Based

Work-Study

SEOG

Perkins Loan

Loans

Federal Programs
foundation of aid package
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, 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
beyond the foundation
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

academic competitiveness grant acg
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
acg continued
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
student eligibility criteria specific to the national smart grant
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
campus based aid
Campus-Based Aid
  • Must make funds reasonably available to all students
  • No minimum enrollment status is required
fseog federal supplemental educational opportunity grant
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
federal work study
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)
federal perkins loan
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
ffel federal family education loan dl federal direct loan
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)
available institutional aid
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
outside aid student may receive
Outside Aid Student May Receive
  • State aid
  • Scholarships (organizations, merit, etc.)
  • VA educational benefits
  • Employer tuition assistance
  • Alternative educational loans
exceptions for montgomery gi bill and americorps benefits
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
complete aid package
Complete Aid Package

COA

- EFC

- Pell

- EFA

= Remaining Need

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

Sample Aid Package
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.Edgar and Art & Design Community College
art design community college
COA

EFC

Project Design Scholarship

Pell

ACG

Institutional Grant

FWS

Sub loan

Unsub loan

Plus

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

Art & Design Community College

Package Award Balance

george and xyz state university
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.
george and xyz state university1
COA

EFC

Pell

Chapter 30 VA

Need

Sub loan

Remaining Need

$14,900 $14,900

1,800 1,800

2,000 2,000

9,600xxxx

1,500 11,100

1,5003,500

0 7,600

George and XYZ State University

Package #1 Package #2

george and xyz state university2

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

scarlett and the univ of aeronautical studies
Ahigh 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.Scarlett and the Univ. of Aeronautical Studies
university of aeronautical studies
University of Aeronautical Studies

COA $25,000 $25,000$25,000 $25,000

EFC 0 25,0000 25,000

Scholarship – SWA 700 24,300700 24,300

Scholarship – Gates 8,500 15,8000 24,300

Pell 4,310 11,4904,310 19,990

SMART 4,000 7,4904,000 15,990

SEOG 500 6,990500 15,490

FWS 2,500 4,4902,500 12,990

Sub loan 4,490 05,500 7,490

Unsub loan 0 00 7,490

Plus 0 07,490 0

Package Award Balance Optional Balance

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