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Financial Aid Overview Dr. Dan Cohen-Vogel January 28, 2011 flbog

Financial Aid Overview Dr. Dan Cohen-Vogel January 28, 2011 www.flbog.edu. State Financial Aid Programs, 2009-10. Source: Office of Student Financial Assistance, Florida Department of Education. Sources of SUS Financial Aid. Institutional aid funded from : Tuition differential fee

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Financial Aid Overview Dr. Dan Cohen-Vogel January 28, 2011 flbog

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  1. Financial Aid OverviewDr. Dan Cohen-Vogel January 28, 2011 www.flbog.edu

  2. State Financial Aid Programs, 2009-10 Source: Office of Student Financial Assistance, Florida Department of Education

  3. Sources of SUS Financial Aid Institutional aid funded from: Tuition differential fee Financial aid fee Direct appropriation Private/DSOs Other institutional funds Source: State University Data System

  4. Sources of Institutional Aid Tuition differential fee Financial aid fee Direct Appropriation Private/DSO funds Changing Conditions • Federal and State Aid Programs • Pell changes • SMART, ACG funding • Changing federal formula • Bright Futures changes

  5. Typical Cost of Attendance for Full-Time, Resident Undergraduate (2010-11) Sources: State University Data System; College Board

  6. The federal aid application (FAFSA) is used to calculate expected family contribution (EFC), which represents the family’s ability to pay. The EFC is then used to determine financial need eligibility for federal and state need-based programs Determining Ability to Pay

  7. Financial Aid Need: • Cost of Attendance less Expected Family Contribution (EFC) Ex: Cost of Attendance $18,000 • less EFC 3,000 • = Need $15,000 • Need is addressed through various financial aid sources at each institution. How Is Need Determined? 7

  8. Financial Need: Gap Between Cost and Ability to Pay

  9. State Grants and Scholarships

  10. Institutional Grants and Scholarships

  11. Considerations in Institutional Aid Strategies • Institutional mission, goals and aspirations • Student demographic • How much/what types of aid are available • What are "acceptable" self help levels? (work + loans) • What are "acceptable" debt levels at graduation?

  12. Students Receiving Need-Based Aid Sources: State University Data System; Florida Department of Education

  13. How Is SUS Institutional Aid Distributed Among Students of Different Income Levels? Source: State University Data System

  14. Student and Family Resources Are Part of the Equation

  15. Average Debt of Bachelor’s Graduates Source: Project on Student Debt compilation of Common Data Set submissions

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