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


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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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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

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- EFC0= 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- EFC0- Pell4,310= 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


    Packaging case studies

    Packaging Case Studies


    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


    Questions jerry alan donna salem college winston salem nc ph 336 917 5577 email donna@salem edu

    Questions?Jerry Alan DonnaSalem College, Winston-Salem, NCPH 336-917-5577EMAIL [email protected]


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