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Affordability And Access

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  1. Affordability And Access Susan Swisher Director of Financial Aid

  2. Agenda Understanding GAP, Cost of Attendance and Unmet Need Understanding the Award Letter Affordability Differences between public and private colleges and universities Additional Resources including Parent Loans, Alternative Loans and Federal Work Study Special Circumstances

  3. Understanding Cost of Attendance Direct costs Indirect costs Direct and Indirect cost combine into cost of attendance Varies widely from college to college

  4. Cost of Attendance Components • Direct Costs • Tuition • Fees • Room and Board • Indirect Costs • Books and Supplies • Transportation • Personal Expenses

  5. Understanding Unmet Need Cost of Attendance (COA) -Expected Family Contribution (EFC) = Unmet Need

  6. Understanding GAP Unmet Need - Financial Aid = GAP

  7. Examples of Unmet Need and GAP Calculations Unmet Need Calculation GAP Calculation

  8. Affordability – Differences between Public and Private Institutions

  9. Understanding the Award Letter • Varies by institution and may display the following: • Cost of Attendance • Expected Family Contribution (EFC) • Financial Aid Eligibility for gift and self help • Net price after gift aid • Net price after loans • Out of pocket costs

  10. Saint Xavier University Award Letter

  11. Understanding the Shopping Sheet Information is presented in a standardized format that is designed to simplify the information that prospective students receive about costs and financial aid so that they can easily compare institutions and make informed decisions about where to attend 1607 institutions have voluntarily adopted the Shopping Sheet as of September 2013

  12. Shopping Sheet Layout Section 1 – Student Information Section 2 – Institutional Metrics Section 3 - Institution Contact Information

  13. Shopping Sheet

  14. Additional Resources Federal Work Study Parent Loans Alternative Loans

  15. Federal Work Study • Must demonstrate financial need • Allows a student to earn money to help pay educational costs • A paycheck; or • Nonmonetary compensation, such as room and board • Student may opt to work or number of hours to work • Earnings may be applied directly toward tuition balance

  16. Parent Loans Federal Program Parent is the borrower Limited to Cost of Attendance less financial aid Credit-based application Fixed interest rate of 7.9% Repayment begins after disbursement Option to defer until student graduates Student can borrow additional unsubsidized Stafford loan if the parent is not credit-qualified

  17. Alternative Loan Student is borrower Limited to cost of attendance less financial aid Credit-based application Private bank or lender Co-signer encouraged, often required Rate, fees and repayment terms vary

  18. Special Circumstances • Federal law allows for changes to data if circumstances change • Common reasons: • Change in employment status • Unusual medical expenses not covered by insurance • Change in parent marital status • Private elementary/secondary tuition • Unusual dependent care expenses • Student cannot obtain parental information

  19. Special Circumstances Can’t be documented using the FAFSA Send written explanation and documentation to the financial aid office at each college College will review and request additional information if necessary Decisions are final and cannot be appealed to the U.S. Department of Education

  20. Questions