Session 35 AWARDING AID Linda Coffey Jamie Malone.

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Session 35 AWARDING AID Linda Coffey Jamie Malone

Transcript of Session 35 AWARDING AID Linda Coffey Jamie Malone.

Session 35

AWARDING AID

Linda CoffeyJamie Malone

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What Is Packaging?

• Finding the best combination of aid programs to meet the student’s financial need, usingStatutory/regulatory limitsAvailable resources at the school Institutional policies

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Prior to Packaging• School must:

Have developed packaging policies Defined Title IV academic year Defined payment periods Developed cost(s) of attendance Have ISIR with official EFC

•To determine Pell Grant eligibility and need

Understanding of available EFA Determine individual student’s COA Available aid resources at your school

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What Is Need?• COA – EFC = Need

COA varies by school and programEFC is taken from ISIRNeed is filled with available aid

programs and other resources

COA $20,000- EFC 1000= Need $19,000

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Cost of Attendance/Budget• Tuition and Fees

In state/out of state

• Books and Supplies

• Transportation• Room and Board• Personal

Expenses

• Loan Fees• Dependent Care• Disability

Related Expenses

• Study-Abroad Expenses

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Estimated Financial Assistance (EFA)

• Pell Grants• All other grants• Educational Loans• Scholarships• Net earnings from

need-based employment

• VA educational benefits (Exception for

Chapter 30)

• Employer tuition reimbursement

• Tuition and fee waivers

• Fellowship and assistantships

• Any educational benefit paid because of postsecondary enrollment

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Packaging• Basic Need

COA - EFC = Need•$14,000 - 1000 = $13,000

• Need Based COA - EFC - EFA = Need

•$14,000 - 1000 - 13,000 = 0• Non-Need Based (Unsubsidized or Plus Loan)

COA - EFA = Need•$14,000 - $13,000 = $1,000

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Packaging• Combination of student aid and EFC

must not exceed student’s COA• If financial aid from any source

becomes available after packaging, awards must be reduced until total package does not exceed COA

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Title IV Aid Programs• Pell Grant• ACG• National SMART Grant• Campus-Based Aid

FSEOGFederal Work-StudyPerkins Loan

• FFEL/DL

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Foundation of Aid Package• Pell Grant

Goes only to undergraduate students who have not received a bachelor’s or first professional degree

Determined using student’s COA, EFC, and ED’s Pell payment/disbursement schedules

No other aid is considered in determining Pell eligibility

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Beyond the Foundation

COA $20,000-EFC 1,000-Pell 3,360=Remaining Need

$15,640

• After calculating any Pell eligibility, use your packaging policy to take into account other sources of assistance available to the student

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Academic Competitiveness Grant – ACG

• High school graduate, from rigorous high school curriculum

• U.S. Citizen • Federal Pell Grant recipient in same

award year• First or second academic year student

in a two or four year degree program• Full-time enrollment• Cumulative G.P.A. of at least 3.0 for

second academic year

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National SMART Grant• U.S. citizen• Federal Pell Grant recipient in same

award year• Third or fourth academic year

student in an eligible bachelor’s degree program

• Full-time enrollment• Majoring in an eligible major• Cumulative GPA of at least 3.0

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FFEL/DL• Undergraduate and graduate students• Requires at least half-time enrollment• Requires determination of Pell Grant

eligibility• Requires determination of subsidized

eligibility prior to awarding unsubsidized funds

• Has annual and aggregate limits

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Campus-Based Aid• FSEOG, FWS, and Perkins Loans

Must make funds reasonably available to all students

No minimum enrollment status is required

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FSEOG• Only to undergraduate students who

have not received a bachelor’s or first professional degree

• Need-based• Must award to students with lowest

EFC who will also receive Pell Grant in that award year

• Minimum award is $100• Maximum award is $4,000

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Federal Work-Study• Undergraduate and graduate

students• Need-based part-time employment• No minimum or maximum award• May look at willingness to work• Must pay at least federal minimum

wage

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Perkins Loan• Undergraduate and graduate students• Need-based• Give priority to students with

exceptional need, as defined by school

• May look at student’s willingness to repay

• Has annual and aggregate loan limits

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Available Institutional Aid• Both within aid office’s control and

not• Internal criteria and packaging

policiesGrantsLoansAssistantships and fellowshipsTuition and fee waiversNeed-based employment

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Outside Aid Student May Receive

• State aid• Scholarships (organizations, merit,

etc.)• VA educational benefits• Employer tuition assistance• Alternative education loans

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Exceptions for Montgomery GI Bill and AmeriCorps Benefits• Must exclude Chapter 30 VA benefits

and AmeriCorps benefits as EFA when determining subsidized loan eligibility

• Must include Chapter 30 VA benefits and AmeriCorps benefits as EFA for all other Title IV aid But, may exclude from EFA any

portion of subsidized loan amount amount of Chapter 30 or AmeriCorps benefits for campus-based, ACG, and National SMART Grant

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Complete Aid Package

COA- EFC- Pell- EFA= Remaining Need

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Sample Aid Package

COA $20,000- EFC 2,205= Need $17,795

- Pell $2,060- Stafford $3,500- FSEOG $1,500- Perkins $1,000- FWS $2,500- Scholarship $5,000

= Unmet Need $2,235

Estimated Financial Assistance (EFA)

$15,560

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Packaging Case Studies

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Thomas at Art & Design Community College• Thomas is a dependent

student who graduated from high school in June 2006. He originally wanted to be a doctor, but has decided to follow his heart and major in fashion design. He has decided to attend Art & Design Community College to get his AA prior to going on to a 4-year college.

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Thomas at ADCC#1 #2

COA 15,000 15,000EFC 1,000 1,000Pell Grant 3,360 3,360ACG 750 750FSEOG 1,000 1,000Art Scholarship 1,000 1,000FWS 2,500 0Subsidized Loan 3,500 3,500Merit Scholarship 0 2,000Remaining Need 1,890 2,390

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George at XYZ State University

• After serving his country as a medic in the military, George has decided to return to college. His career goal is to be a physical therapist. He has been volunteering at a local hospital since his discharge and is really excited about school. George has $9,600 in Chapter 30, Montgomery GI Bill VA benefits to use for school.

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George at XYZ State University #1 #2

COA 14,900 14,900EFC 1,800 1,800Pell Grant 2,560 2,560Chapter 30 VA 9,600 0Need 940 10,540

Subsidized Loan 940 3,500Remaining Need 0 7,040

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George at XYZ State University #2 #3

COA 14,900 14,900EFC 1,800 1,800Pell Grant 2,560 2,560Chapter 30 VA 9,600 9600Subsidized Loan 3500 0Remaining Need -2,560 940Campus-based Aid 940

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Scarlett at University of Aeronautical Studies

• A high achiever since she won her state spelling bee as a 4th grader, Scarlett is determined to become an aeronautical engineer. She is a dependent US citizen, with a 3.98 GPA and in her third academic year. She is living at home with her parents & 9 brothers.

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Scarlett at UAS#1 #2

COA 25,000 25,000EFC 0 0Pell Grant 4,310 4,310FSEOG 500 500National SMART 4,000 4,000Subsidized Loan 3,500 3,500FWS 2,000 0Eng. Academic Award 1,500 1,500NASA Scholarship 4,500 4,500Remaining Need 4,690 6,690

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Contacts

Jamie Malone• Phone: (312) 730-1528• Email: [email protected]

We appreciate your feedback and comments.

We can be reached at:

Linda Coffey• Phone: (816) 268-0431 • Email: [email protected]

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Please provide any comments regarding this training or the trainers

to:

Jo Ann BorelTitle IV Training Supervisor

[email protected]