Financial Aid Packaging Panel Presenters: Kristi Maze – Albion College Sue Forbes – Gogebic...
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Transcript of Financial Aid Packaging Panel Presenters: Kristi Maze – Albion College Sue Forbes – Gogebic...
Financial Aid Packaging Financial Aid Packaging PanelPanel
Presenters:Presenters:Kristi Maze – Albion CollegeKristi Maze – Albion College
Sue Forbes – Gogebic Community CollegeSue Forbes – Gogebic Community CollegeDiane Lambart Fleming – Central Michigan Diane Lambart Fleming – Central Michigan
UniversityUniversity
MSFAA 2005 Winter Conference
Albion CollegePackaging Policies
Kristi MazeAssociate Vice President of Enrollment
& Financial Aid
MSFAA 2005 Winter Conference
Albion College at a Glance
• 1,850 Student enrollment1,850 Student enrollment• $30,970 Financial aid budget$30,970 Financial aid budget• $29,454 Tuition, Room & Board$29,454 Tuition, Room & Board• 98% of students seek assistance from our 98% of students seek assistance from our
officeoffice• 2/3 of students file for FAFSA and demonstrate 2/3 of students file for FAFSA and demonstrate
needneed• $21 million Institutional Scholarship & Grant $21 million Institutional Scholarship & Grant
budgetbudget
MSFAA 2005 Winter Conference
Albion College at a Glance
• $19,000 is average financial aid $19,000 is average financial aid packagepackage
• Very traditional studentsVery traditional students» Majority are Full-TimeMajority are Full-Time» Graduate in Four YearsGraduate in Four Years» Limit Financial Aid to 8 SemestersLimit Financial Aid to 8 Semesters» Limited Summer schoolLimited Summer school
MSFAA 2005 Winter Conference
Challenges in Packaging
STICKER SHOCK» Academic ScholarshipsAcademic Scholarships» Early EstimatorEarly Estimator» Making $30,000 affordableMaking $30,000 affordable» Maximizing $21 million institutional Maximizing $21 million institutional
budgetbudget• Meeting enrollment goalsMeeting enrollment goals• Enrolling quality studentsEnrolling quality students• Meeting students needMeeting students need
MSFAA 2005 Winter Conference
Packaging
Leveraging Analysis Leveraging Analysis » Academic performance and financial need as Academic performance and financial need as
criteriacriteria» 90 Cell Matrix90 Cell Matrix» Three populations: in state, out of state & Three populations: in state, out of state &
transferstransfers» Package all students by handPackage all students by hand» The Pell Grant is the only award that is The Pell Grant is the only award that is
automatedautomated
MSFAA 2005 Winter Conference
Gift Packaging
• Pell GrantsPell Grants
• Institutional ScholarshipsInstitutional Scholarships
• State Grants: MTG, MCS and MMAState Grants: MTG, MCS and MMA
• SEOGSEOG
• Institutional GrantsInstitutional Grants
MSFAA 2005 Winter Conference
Self-Help Packaging
• $1500 FWS Award included in package$1500 FWS Award included in package
• Subsidized, Unsubsidized and Perkins Subsidized, Unsubsidized and Perkins Loans are included in packageLoans are included in package
• PLUS Loans & Alternative Loans are PLUS Loans & Alternative Loans are not included in packagenot included in package
» Loan brochure sent with initial award letterLoan brochure sent with initial award letter
MSFAA 2005 Winter Conference
Packaging
• Award Michigan Merit based on ACT Award Michigan Merit based on ACT Score or notification from student prior Score or notification from student prior to first rosterto first roster
• Outside resources such as MET, local Outside resources such as MET, local scholarships and employer benefits are scholarships and employer benefits are used to reduce self-help money firstused to reduce self-help money first
MSFAA 2005 Winter Conference
Deadlines
• Awards are made in order that forms Awards are made in order that forms are receivedare received
• February 1February 1stst Deadline for Scholarship Deadline for Scholarship ApplicationsApplications
• State of Michigan Scholarship Program State of Michigan Scholarship Program March 1stMarch 1st
• Freshmen are packaged in springFreshmen are packaged in spring• Upperclassmen in MayUpperclassmen in May
MSFAA 2005 Winter Conference
Special Circumstances
• No deadline dateNo deadline date
• Reviewed on a case by case basisReviewed on a case by case basis
• Most revisions involve increasing our Most revisions involve increasing our own fundsown funds
MSFAA 2005 Winter Conference
Negotiating
• Go out with best package up frontGo out with best package up front
• Albion College does not negotiate Albion College does not negotiate financial aid packagesfinancial aid packages
MSFAA 2005 Winter Conference
Contact Information
Kristi MazeKristi Maze
Associate V.P for Enrollment & Financial AidAssociate V.P for Enrollment & Financial Aid
Albion CollegeAlbion College
611 E. Porter St.611 E. Porter St.
Albion, MI 49224Albion, MI 49224
517-629-0440 work517-629-0440 work
517-629-0581 fax517-629-0581 fax
Gogebic Community Gogebic Community CollegeCollege
Packaging ModelPackaging Model
Packaging ObjectivesPackaging Objectives
Provide as many eligible students as Provide as many eligible students as possible with sufficient resources to possible with sufficient resources to realistically allow them to enrollrealistically allow them to enroll
Require students to provide a Require students to provide a reasonable amount of self-help (EFC, reasonable amount of self-help (EFC, loans, employment) toward the COAloans, employment) toward the COA
Provide work experience Provide work experience opportunities related to the students’ opportunities related to the students’ academic programsacademic programs
Packaging ConsiderationsPackaging Considerations
Amount of resources availableAmount of resources available Loan debtLoan debt Cost of attendanceCost of attendance Type of institutionType of institution Student bodyStudent body Academic programsAcademic programs
Ladder ConceptLadder Concept
All applicants are treated in the same All applicants are treated in the same mannermanner
The EFC, Federal Pell Grant and any The EFC, Federal Pell Grant and any outside resources are subtracted from the outside resources are subtracted from the COA to determine remaining needCOA to determine remaining need
Packaging orderPackaging order State grant/scholarshipsState grant/scholarships FSEOG/MEOGFSEOG/MEOG Work-studyWork-study FFELPFFELP
Categories of StudentsCategories of Students
Date of applicationDate of application May 1May 1 December 1December 1 April 1 April 1
Late applicantsLate applicants July 1July 1
Academic programsAcademic programs Nursing Nursing
Program Specific CriteriaProgram Specific Criteria Nontraditional studentsNontraditional students
Set aside a percentage of total campus-based allocationSet aside a percentage of total campus-based allocation for independent and less-than-full-time students, including for independent and less-than-full-time students, including less-than-half-timeless-than-half-time No priority order within this category of less-than-full-time No priority order within this category of less-than-full-time
Exceptional needExceptional need Applicant pool – all eligible students who applied before the Applicant pool – all eligible students who applied before the
deadline datedeadline date Federal Pell Grant recipientsFederal Pell Grant recipients Award FSEOG in order of lowest EFC and proceed to the Award FSEOG in order of lowest EFC and proceed to the
highest until all funds have been exhaustedhighest until all funds have been exhausted Award to eligible students who will not receive a Federal Pell Award to eligible students who will not receive a Federal Pell
Grant beginning with the lowest EFC, if funds remainGrant beginning with the lowest EFC, if funds remain No distinction is made between full-time and part-time No distinction is made between full-time and part-time
studentsstudents
Summer SchoolSummer School Direct costsDirect costs
Tuition/feesTuition/fees Minimum and maximum awardsMinimum and maximum awards
Minimum - $100Minimum - $100 Maximum - $750Maximum - $750
Outside resourcesOutside resources Reduce FSEOG to minimumReduce FSEOG to minimum
FFELPFFELP Not included in packaging parametersNot included in packaging parameters
CategoriesCategories April 1April 1 Nursing Nursing
Notice to studentsNotice to students
Additional Packaging ParametersAdditional Packaging Parameters
Enrollment StatusEnrollment Status Prorate packageProrate package
College Work-StudyCollege Work-Study Student requestStudent request
Adult Part-Time Grant & Carl Perkins GrantAdult Part-Time Grant & Carl Perkins Grant Priority is given to students who are not receiving gift Priority is given to students who are not receiving gift
assistanceassistance One term studentsOne term students Nonstandard termsNonstandard terms RevisionsRevisions
Reduce self-helpReduce self-help Review COAReview COA New award letterNew award letter
Central Michigan Central Michigan UniversityUniversity
Packaging ModelPackaging Model
CMU Demographic CMU Demographic ProfileProfile
Four-year publicFour-year public 2004-2005 fall enrollment – 27,9362004-2005 fall enrollment – 27,936
– 19,792 On-campus enrollment19,792 On-campus enrollment– 8,144 Off-Campus Programs (CEL) 8,144 Off-Campus Programs (CEL)
enrollmentenrollment
Packaging ObjectivesPackaging Objectives
• Support institutional enrollment and Support institutional enrollment and retention goalsretention goals
• Award need-based and non-need based Award need-based and non-need based aid up to the COAaid up to the COA
• Require students to provide a reasonable Require students to provide a reasonable amount of self-help (EFC, loans, amount of self-help (EFC, loans, employment) toward the COAemployment) toward the COA
• Provide work experience opportunities Provide work experience opportunities related to the students’ academic related to the students’ academic programsprograms
Packaging Packaging ConsiderationsConsiderations
Limited resourcesLimited resources Cost of attendance (COA)Cost of attendance (COA) Academic programsAcademic programs On-campus studentsOn-campus students Off-Campus Programs studentOff-Campus Programs student Need-based aidNeed-based aid Merit-based aidMerit-based aid
Packaging ConsiderationsPackaging Considerations(continued)(continued)
Federal, state and institutional grant Federal, state and institutional grant and funds are considered “gift and funds are considered “gift assistance”. Institutional funding assistance”. Institutional funding includes all CMU scholarships, includes all CMU scholarships, regardless of funding source.regardless of funding source.
Outside agency scholarships and Outside agency scholarships and Michigan Merit Awards are not counted Michigan Merit Awards are not counted as gift assistance when awarding as gift assistance when awarding need-based grants and scholarships.need-based grants and scholarships.
Ladder ConceptLadder Concept All applicants treated in the same mannerAll applicants treated in the same manner EFC, Federal Pell Grant and /internal/external EFC, Federal Pell Grant and /internal/external
resources are considered before determining resources are considered before determining remaining needremaining need
Packaging order:Packaging order: Federal Pell GrantsFederal Pell Grants SEOGSEOG MEOGMEOG Institutional grants/scholarships/tuition benefitsInstitutional grants/scholarships/tuition benefits Federal/State Work Study programsFederal/State Work Study programs Federal Perkins LoansFederal Perkins Loans Federal Direct Student Loans (Subsidized & Unsubsidized)Federal Direct Student Loans (Subsidized & Unsubsidized) Student EmploymentStudent Employment Federal Direct Parent LoansFederal Direct Parent Loans
CATEGORIES OF CATEGORIES OF STUDENTSSTUDENTS
• First-year studentsFirst-year students• Second-year studentsSecond-year students• Transfer studentsTransfer students• Upper division (junior/senior)Upper division (junior/senior)• Graduate studentsGraduate students• On-campus enrollmentOn-campus enrollment• Off-campus enrollment (CEL)Off-campus enrollment (CEL)
CATEGORY-SPECIFIC CATEGORY-SPECIFIC CRITERIACRITERIA
• On-campus 1On-campus 1stst & 2 & 2ndnd year Pell-eligible student: year Pell-eligible student: % of need-based grant/gift assistance (no % of need-based grant/gift assistance (no deadline); self-help based on fund-availability deadline); self-help based on fund-availability
• On-campus transfer students: % of need-On-campus transfer students: % of need-based grant/gift assistance, self-help based based grant/gift assistance, self-help based on fund availability, on-time fileron fund availability, on-time filer
• On-campus upper-division Pell-eligible On-campus upper-division Pell-eligible student: % of need-based grant/gift student: % of need-based grant/gift assistance, self-help based on fund assistance, self-help based on fund availability; on-time fileravailability; on-time filer
CATEGORY-SPECIFIC CATEGORY-SPECIFIC CRITERIA (continued)CRITERIA (continued)
On-campus graduate students: Federal On-campus graduate students: Federal work-study, Federal Direct Loanswork-study, Federal Direct Loans
Off-campus Programs undergraduate Off-campus Programs undergraduate students: Federal Pell Grant; Federal students: Federal Pell Grant; Federal Direct LoansDirect Loans
Off-campus Programs graduate Off-campus Programs graduate students: Federal Direct Loansstudents: Federal Direct Loans
SUMMER SCHOOLSUMMER SCHOOL
Summer is a trailer: no additional Summer is a trailer: no additional institutional aid availableinstitutional aid available
Remaining Pell eligibilityRemaining Pell eligibility Remaining Direct Loan eligibilityRemaining Direct Loan eligibility PLUSPLUS Alternative loansAlternative loans
MERIT-BASED AIDMERIT-BASED AID
11stst year students: Renewable scholarships year students: Renewable scholarships (8 semesters) based on high school (8 semesters) based on high school GPA/ACT, leadershipGPA/ACT, leadership
11stst year students: Non-renewable year students: Non-renewable scholarships based on GPAscholarships based on GPA
Transfer students: Renewable scholarships Transfer students: Renewable scholarships (4 semesters) based on transfer (4 semesters) based on transfer credits/GPAcredits/GPA
22ndnd-4-4thth year students: year students: Departmental/endowed scholarshipsDepartmental/endowed scholarships
Talent scholarships available to all studentsTalent scholarships available to all students
Questions/CommentsQuestions/Comments