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An Overview of Student Financial Aid

An Overview of Student Financial Aid. Presented at the West Virginia GEAR UP Fall Planning Workshop September 15, 2009. West Virginia Higher Education Policy Commission. Types of Financial Aid. Scholarships Institutional External Grants Federal State Loans

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An Overview of Student Financial Aid

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  1. An Overview of Student Financial Aid Presented at the West Virginia GEAR UP Fall Planning Workshop September 15, 2009

  2. West Virginia Higher Education Policy Commission Types of Financial Aid • Scholarships • Institutional • External • Grants • Federal • State • Loans • Federally Sponsored Student Loans • Private or Alternative Student Loans • Employment • College Work-Study • Off-Campus Employment

  3. West Virginia Higher Education Policy Commission Primary Sources of Student Financial Aid • Institutional • Private • State • Federal

  4. West Virginia Higher Education Policy Commission Two Primary Categories of Aid • Merit-Based Aid • Need-Based Aid • Gift Aid • Self-Help Aid

  5. West Virginia Higher Education Policy Commission State Student FinancialAssistance Goals • Access • Make college accessible for all qualified and interested West Virginians • Cost and Affordability • Protect and promote affordability for all West Virginians

  6. West Virginia Higher Education Policy Commission Primary Sources of Student Financial Assistance • Institutional • Private • State • Federal

  7. West Virginia Higher Education Policy Commission Two Primary Categories of Aid • Merit-Based Aid • Need-Based Aid • Types of Need-Based Aid • Gift Aid • Self-Help Aid

  8. West Virginia Higher Education Policy Commission State Financial Aid Programs2009-10 Funding Levels

  9. West Virginia Higher Education Policy Commission Funding for Student Aid Source: NASSGAP 2007-08 West Virginia ranks 7th nationally with respect to grant aid per FTE as a result of significant investments in the PROMISE Scholarship Program.

  10. West Virginia Higher Education Policy Commission PROMISE Scholarship Program

  11. West Virginia Higher Education Policy Commission PROMISE Scholarship Program Changes and Updates 2010 High School Graduates • Senate Bill 373 adopted during the 2009 legislative session created an award floor of $4,750 • Stabilized program funding; thus, academic eligibility standards will not change for the 2010 graduating class • 22 ACT Composite with a minimum 20 in each subject area • 1020 SAT Combined Score with a minimum score of 490 in Critical Reading and 480 in Mathematics • Final test dates to establish eligibility will be extended to June 12 for the ACT and June 5 for the SAT • 2009-2010 Free Application for Federal Student Aid (FAFSA) must be filed by March 1, 2010 • Application for State-Level Financial Aid must be completed on-line by March 1, 2010. The www.wvapply.com website will be closed beginning with the 2009-2010 PROMISE Scholarship application. Students will apply on the College Foundation of West Virginia website,www.cfwv.com

  12. West Virginia Higher Education Policy Commission Higher Education Grant Program

  13. West Virginia Higher Education Policy Commission Highlights of Program Rule ChangesAdopted During the 2009 Legislative Session • Eliminates the Application for State Level Financial Aid. Provides that the filing of the FAFSA by an individual indicating West Virginia as their state of legal residence will be considered an application for the Higher Education Grant. • Eliminates the points formula (GPA x 12.5 + ACT composite or SAT equivalent = 45 or higher) for high school graduates within five years of enrollment and replaces it with requirements that a student meet institutional admission standards and have a cumulative high school GPA of 2.0 or higher. • Eliminates the March 1 priority date for awards. This will provide greater flexibility to adjust priority dates and deadlines and to make awards based on the amount of funds available and state policy priorities, while ensuring accountability through commission and council review.

  14. West Virginia Higher Education Policy Commission Highlights of Program Rule ChangesAdopted During the 2009 Legislative Session • Eliminates the provision that awards at non-for-profit private institutions and for-profit private institutions shall not exceed the prior year average award at comparable institutions. This will allow for flat awards across all types of institutions for students with the same amount of financial need.

  15. West Virginia Higher Education Policy Commission Higher Education Grant Award Schedule 2009-10 Award Year

  16. West Virginia Higher Education Policy Commission Higher Education Adult Part-Time Student (HEAPS) Grant

  17. West Virginia Higher Education Policy Commission Higher Education Adult Part-Time Student (HEAPS) Grant • Need-based grant • Decentralized administration • Two programs components • Traditional part-time enrollment • Workforce Development • FAFSA required for determination of traditional part-time enrollment, but application deadlines will vary among institutions • Maximum award cannot exceed part-time tuition and fee charges

  18. West Virginia Higher Education Policy Commission Engineering, Science and Technology Scholarship Underwood-Smith Teacher Scholarship Robert C. Byrd Honors Scholarship

  19. West Virginia Higher Education Policy Commission Engineering, Science and Technology Scholarship • Merit-based scholarship/forgivable loan • March 1 application deadline • 3.0 overall GPA • Enrolled or accepted for enrollment full-time in an engineering, science or technology program (4-yr, 2-yr or certificate) • Maximum annual award amount is $3,000

  20. West Virginia Higher Education Policy Commission Underwood-Smith Teacher Scholarship • Merit-based scholarship/forgivable loan • March 1 application deadline • Must be enrolled as a full-time student in a course leading to a certification as a teacher at the pre-k, elementary, middle or secondary level • Must have a 3.25 GPA after completing 2 years of course work (due to limited funding, high school applicants are not eligible) • Maximum annual award amount is $5,000

  21. West Virginia Higher Education Policy Commission Robert C. Byrd Honors Scholarship • Merit-based scholarship • Maximum annual award amount is $1,500 • Must be nominated by high school counselor or principal, limited applications • 2009-10 average GPA for new recipients was 3.87 and average ACT was a composite of 33

  22. West Virginia Higher Education Policy Commission Efforts to Breakdown Barriers to Postsecondary Education • School Counselor Resources • College Access Campaign and Educational Portal • College Goal Sunday Program • Program Rule Changes to Enhance Access to Need-Based Financial Aid Programs

  23. West Virginia Higher Education Policy Commission School Counselor Resources • Financial Aid Administrators available to present financial aid workshops • Printed and electronic information • Financial Aid Management System (FAMS) website • Statewide Education Portal

  24. West Virginia Higher Education Policy Commission The College Foundation of West Virginia(CFWV) • A partnership between the 21st Century Jobs Cabinet, the West Virginia Higher Education Policy Commission, the West Virginia Council for Community and Technical College Education and a host of individual college access entities; such as GEAR UP, who have broad experience in helping students prepare, apply and pay for college • The CFWV is modeled after broadly acclaimed college access efforts in North Carolina, Kentucky and Oklahoma

  25. Outreach and Marketing West Virginia Higher Education Policy Commission • Through the creation of a unified outreach and marketing campaign (Learn More. Earn More.) students and their families will be provided with a single source of information to help them prepare for and finance their college education • The centerpiece of the outreach and marketing campaign will be the creation of a web portal (www.cfwv.com), an integrated system designed to assist students in the college search, selection and application process • Equally as important as the web portal (www.cfwv.com) is an outreach campaign (Learn More. Earn More.) aimed at stressing the importance and benefits of postsecondary training. While these resources will be available for all West Virginians, the outreach campaign (Learn More. Earn More.) will especially target at-risk student groups such as low income, first generation and other underserved populations

  26. West Virginia Higher Education Policy Commission Overview of the Web Portal • The web portal, (www.cfwv.com), consists of five modules: • Career Planning • High School Planning • College Planning • Financial Aid Planning • Portfolio

  27. West Virginia Higher Education Policy Commission College Goal Sunday Program • Planning Grant was awarded to the HEPC in February, 2009 • An all volunteer effort to provide information about the availability of financial aid and assistance in filling out the paperwork (FAFSA) to apply for aid • 16 potential sites have been identified for the first program on February 21, 2010. The tentative sites are as follows: • Marshall Community and Technical College (Huntington) • Marshall University, Mid-Ohio Valley Center (Pt. Pleasant) • Potomac State College (Keyser) • Shepherd University (Shepherdstown) • Southern WV Community & Technical College (Logan Campus) • WV Northern Community College (Wheeling Campus)

  28. West Virginia Higher Education Policy Commission College Goal Sunday Program • High schools and other locations: • Braxton County High School (Flatwoods) • Capital High School (Charleston) • Lincoln County High School (Hamlin) • Monongalia County Technical Center (Morgantown) • Ripley High School (Jackson County) • Site to be determined: • Mercer, Raleigh, Harrison, and Greenbrier counties

  29. West Virginia Higher Education Policy Commission Contact Information Jack Toney Director, State Financial Aid Programs WV Higher Education Policy Commission 1018 Kanawha Boulevard, East Charleston, West Virginia 25301 toney@hepc.wvnet.edu 304-558-4417 or 888-825-5707

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