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  1. The UK Student Funding Portfolio Presented by UK’s Enrollment Management Offices of Student Financial Aid Academic Scholarships Student Account Services The Graduate School Funding Office

  2. Today’s Presenters Carl Rollins ------- KY State Representative, District 56 and Chair of the Education Committee Lynda George ---- Director, Office of Student Financial Aid Sandy Copher --- Director, Academic Scholarship Office JoLynn Noe ------- Associate Financial Aid Director and Senior Coordinator of Undergraduate Scholarships Tom Hanna ------- Director, Graduate Funding, The Graduate School Mary Marcum -- Financial Ombud, Student Account Services

  3. Today’s Topics • Federal / state perspective on student funding for higher education • Financial Aid 101: Understanding student eligibility for need-based assistance • Undergraduate scholarships • Graduate student funding • Financial Ombud Services and retention efforts • Recent innovative services • Questions

  4. Federal / State Perspective on Student Funding For Postsecondary Education Carl Rollins KY State Representative, District 56 and Chair of the Education Committee

  5. Financial Aid 101: Understanding Student Eligibility for Need-Based Assistance Lynda George Office of Student Financial Aid

  6. What Are the Relevant Numbers?2010-2011 • 30,899 enrolled and prospective students submitted the Free Application for Federal Student Aid (FAFSA) • 17% increase over 2009-10 • 31% increase over 2007-08 • 58% of enrolled students submitted the FAFSA • 62% -- of enrolled undergrads • 49% -- of enrolled graduate or professional students • 45% of enrolled students had need > = $100 • 50% -- of enrolled undergrads • 32% -- of enrolled grad/professional students

  7. What Are the Relevant Numbers?2010-2011 • 90% of undergraduate students receive assistance • 89% of graduate students receive assistance • 79,371 individual awards received by all enrolled students • 58,531 undergrad awards (74%) • 20,840 grad/prof awards (26%) • $324.7 million in financial aid credited to students’ accounts • $195.3 million received by undergraduate students (60%) • $129.4 million received by graduate students (40%)

  8. What Are the Relevant Numbers?2010-2011 • Federal Pell Grants -- $20.2 million • 5,059 undergraduate recipients • 25.9% of enrolled undergrads • $3,990 -- average Pell Grant (max grant is $5,550) • Federal & Private Student Loans -- $158 million • 49% of enrolledundergrad borrowed $90.5 million • 84% of enrolled grad/professional borrowed $67.5 million • Federal Work-Study • 828 students -- $1.48 million in earnings

  9. Role of the Office of Student Financial Aid • Provide financial aid to students who would be unable to attend without such assistance. • Administer all need-based federal and state financial aid programs. • Coordinate all other funding the student receives from institutional or private (external) sources with any need-based federal or state assistance received by the student. • Ensure that no student receives more funding than the student’s cost of attendance. • Authorize payment of scholarships, grants and loans to students’ accounts and process the Federal Work-Study Program payroll.

  10. How Do Students Apply for Financial Aid? 1. Apply for a personal identification number -- PIN 2. Submit the Free Application for Federal Student Aid (FAFSA) • Use IRS Data Retrieval Tool to import parental/student tax information 3. If selected for ‘verification’ process, submit required documentation of household size, # in college, various taxable and non-taxable income items. • 2012-2013: IRS Transcript required when IRS Data Retrieval Tool not used or if changes made after use of tool.

  11. What Are the Application Deadlines? FAFSA Application Priority Deadlines: • February 15: Incoming Freshmen • March 15: Returning & Transfer Students • March 15: Graduate students *** KY Resident Undergrads As soon as possible after January 1 for state need-based grant

  12. When Are Student’s Notified About Their Aid? Financial Aid Package Notification: • Incoming freshmen awards letters mailed mid-March. Awards packages are also on myUK portal. • Returning undergraduate and graduate student award packages available on myUK portal the end of May.

  13. What is the Undergraduate Cost of Attendance?

  14. What is the Cost of Attendance?

  15. What is the Expected Family Contribution (EFC)? Federally mandated formula used to analyze information on the FAFSA to determine how much the student and parents canreasonably be expected to contribute towards educational expenses. Formula takes into consideration: • Number in Household • Number n College • Parental / student annual taxable & non-taxable income • Parental / student assets • Allowances for: taxes paid, employment costs, standard living costs, parental retirement needs

  16. What is Financial Need? Cost of Attendance - Expected Family Contribution = Financial Need

  17. What is the Financial Aid Package?Scholarships – Grants -- Loans – WorkFederal – State – Institution – Private/External

  18. What Are the Requirements to Continue to Receive Need-Based Aid? • File the Free Application for Federal Aid (FAFSA) each year. • Continue to show financial need • Make satisfactory/reasonable academic progress (RAP) towards the degree

  19. What is Satisfactory (Reasonable) Academic Progress (RAP)? • Federally mandated standards student must meet for continued eligibility for federal/state need-based aid. 1. Earn at least two-thirds (67%) of all hours attempted during attendance at UK and 2012-2013: Will include transfer hours accepted for degree 2. Earn minimum of a 2.0 cumulative GPA and 3. Total attempted hours cannot exceed 150% of the normal hours required for the degree. • These standards are for financial aid purposes only and neither replace nor override University of Kentucky academic policies. • Annual evaluation at the end of each spring term .

  20. What If the Student Isn’t Progressing Toward Her Degree – Does Not Meet RAP Standards? • Students who do not meet the RAP standards are immediately ineligible for any federal or state need-based aid. • Students are notified shortly after all spring grades are recorded in the student records system. • Students have the right to appeal if have extenuating circumstances that impacted academic performance.

  21. What are the RAP Appeal Procedures? • Submit RAP Appeal Form and documentation • Provide explanation of extenuating circumstances • Explain how circumstances have changed so they will not impact future academic performance • If requested, submit an academic plan from academic advisor demonstrating how the student will be able to meet the RAP standards within a reasonable period of time.

  22. What Are the Possible Outcomes of a RAP Appeal? • Approved • Placed on RAP probation with specific academic performance requirements , such as . . . • Must enroll in a minimum of 12 credit hours and • Must earn at least a 2.0 GPA for the term aid is granted and • Must earn all passing grades – no E grades, no incompletes and no withdrawals • Denied • Deferred for additional information Academic Advisors are notified of all RAP probation approvals and the requirements the student must meet to be eligible to continue to receive need-based assistance.

  23. Who Is UK’s Financial Aid Reasonable Academic Progress Administrator? Janet G. Jones Assistant Director of Financial Aid 257-3808

  24. Who Should Students See About Financial Aid Issues? • Every student has an assigned counselor • Counselor assignments are made according to student’s last name • Appointments are available but not necessary – students/parents are seen on a walk-in basis between 8:00 am and 4:30 pm, Monday through Friday • Listing of counselor assignments available at:

  25. Student Financial Aid Office Funkhouser Building, Room 127 257-3172 Senior Management Staff Lynda George, Director David Prater, Assoc. Director – Student Services, Athletics Nimmi Wiggins, Assoc. Director – ProSAM System, Regulatory Compliance

  26. Undergraduate Scholarships Sandy Copher Academic Scholarship Office

  27. Sources for Financial Assistance • Need-based - Financial Aid Office • Merit based - Academic Scholarship Office • Departmental

  28. Academic Scholarships Automatic Scholarships - based on Admission credentials. Deadline: March 1, 2012 Competitive Scholarships – requires scholarship application. Deadline: January 13, 2012

  29. Academic Scholarships Automatic Scholarships – March 1, 2012 Flagship – 26-27 ACT and 3.30 unweighted GPA $1500 KY resident; nonrenewable $3000 Non-resident; nonrenewable Provost – 28+ ACT and 3.30 unweighted GPA $1500 KY resident; renewable $3000 Non-resident; renewable

  30. Academic Scholarships Competitive Scholarships – January 13, 2012 postmark 31+ ACT and 3.75 unweighted GPA Singletary Scholarship Presidential Scholarship National Excellence Scholarship Commonwealth Scholarship Awards mailed by mid-March and accepted by May 1, 2012

  31. Academic Scholarships • Special Scholarships • National Merit Finalists – Patterson Scholarship • KY Governor’s Scholars/School for the Arts – Presidential and Provost (part of automatic awards) • Legacy – nonresident students of UK alumni Three tiers based on ACT and GPA

  32. Academic Scholarship Office100-H Funkhouser • Tammy Foote – Academic Scholarships • Crystal Shepherd – Legacy Tuition Program • Joyce Beatty – William C Parker Diversity Program

  33. UK’s New Searchable Scholarship Site and Database Tool JoLynn Noe Office of Enrollment Management

  34. Searchable Scholarship Website

  35. Graduate Student Funding Tom Hanna The Graduate School

  36. The Graduate School • Assistantships • Fellowships • Student Travel Support • External Funding • Student Health Insurance • For more information:

  37. Financial Ombud University of Kentucky Mary Marcum

  38. How we vision UK Students

  39. Reality of Some UK Students

  40. Reasons Parents deceased—1 or both Parent Incarcerated Parents refuse financial support— not approve of boyfriend, girlfriend, major, etc. Unemployment- Job Loss, Stock Market, Current Economic Times – Parent, Student, not enough resources Medical Issues – Parent, Student

  41. Reasons Parents refuse to file income taxes-No financial Aid Parents with Bad Credit – Not qualify Parent Loans or Alternative Loans– Good credit a thing of the past? Parents that DO NOT CARE…preferthe student get a job Students that are single Moms or Single Dads – No one to help Students on RAP (Reasonable Academic Progress) No Financial Aid

  42. Ombud Services • Identify and resolve specific Financial Problems • Research financial grievances. Works closely with other offices, administrators on campus. • Special Payment Plans • Counsel and make recommendations and referrals.

  43. Most Importantly • LISTEN and Give Emotional Support • HUGGER • LAUGH with • CRY with • Be HARSH and FIRM with when necessary • Celebrate accomplishments!

  44. Why Students Drop out of College 1. Financial (Number one ?) 2. Grades /Academics 3. Distance from Home 4. Health Problems and or Mental/Emotional 5. Family Support 6. Social life/lack of friends

  45. Financial Holds Financial Hold– Beginning downturn spiral of student success….. What Happens? No Registration

  46. Early Alert Initiative TEAM Effort: Financial Aid, Undergrad Education, Technical Support, Ombud, Registrar Prior to Fall and Spring Pre-registration: Personal Email from Ombud to all students with delinquencies in excess of $500 having Financial Holds preventing class registration. NOT: Delinquent message but one encouraging students to contact Ombud for help with financial issues in order for holds to be lifted and they can register.

  47. Early Alert Initiative STUDENTS POSITIVE FEEDBACK Spring 2011 data: 1405 personal emails sent 1075 REGISTERED

  48. UNIVERSITY IS FAMILY • University continue to work together as a team to help these students become University of KY Graduates!

  49. Financial Ombud Mary Marcum Student Account Services 257-3406ext. 262

  50. Recent and Future Innovative Services • On-line book voucher • Direct deposit of student refunds • Searchable scholarship tool • Net price calculator On the horizon . . . . . • Online guest access to make payments and view student account information • Web-based submission of college/department scholarship – will replace SAG forms