Tulane UniversityTulane UniversityFinancial AidFinancial Aid

Information Information For For Prospective Students And Prospective Students And

Their FamiliesTheir Families

Types of Financial AidTypes of Financial Aid Scholarships/Grants:Scholarships/Grants: MeritMerit

ServiceServiceNeed-Based Need-Based

Student & Parent Loans:Student & Parent Loans: SubsidizedSubsidizedUnsubsidizedUnsubsidized

Employment:Employment: Federal Work Federal Work StudyStudy

Installment payment plansInstallment payment plans

Tulane ScholarshipsTulane ScholarshipsMerit:Merit: NEW for 2014-2015!NEW for 2014-2015! Tulane/Stamps Scholarship Tulane/Stamps Scholarship Full Cost of AttendanceFull Cost of Attendance

Dean’s Honor Scholarship Dean’s Honor Scholarship Full Tuition Full Tuition & Fees& Fees

Paul Tulane AwardPaul Tulane Award Full Tuition Full Tuition & Fees & Fees

Presidential Scholar AwardPresidential Scholar Award $30,000$30,000

Distinguished Scholar AwardDistinguished Scholar Award $25,000$25,000

Founders’ Scholar AwardFounders’ Scholar Award $22,000$22,000

Academic Achievement AwardAcademic Achievement Award $20,000$20,000

Leadership AwardLeadership Award $10,000$10,000

Service-Based:Service-Based: Community Service ScholarshipCommunity Service Scholarship$5,000 to $15,000$5,000 to $15,000

Athletic Scholarship Varies Athletic Scholarship Varies

ROTC Room & Board Supplement ROTC Room & Board Supplement Varies Varies

Tulane ScholarshipsTulane ScholarshipsFocus on LouisianaFocus on Louisiana

John Hainkel Louisiana Scholars AwardJohn Hainkel Louisiana Scholars Award

tuition, fees, room, board, & $1,200 book stipendtuition, fees, room, board, & $1,200 book stipend

Legislative ScholarshipsLegislative Scholarships Full TuitionFull Tuition

Mayoral ScholarshipsMayoral Scholarships Full TuitionFull Tuition

Valedictorian ScholarshipValedictorian Scholarship $5,000$5,000

Tulane ScholarshipsTulane Scholarships

Need-Based:Need-Based:

Tulane Need-Based ScholarshipTulane Need-Based Scholarship VariesVaries

No Loan Assistance ScholarshipNo Loan Assistance Scholarship (for (for

Middle-Income FamiliesMiddle-Income Families: AGI <= $75,000): AGI <= $75,000)

Cost of Tuition, Fees, Transportation, Cost of Tuition, Fees, Transportation, & Books& Books less Expected family Contribution & Other Gift less Expected family Contribution & Other Gift Aid Aid == No Loan Assistance Scholarship No Loan Assistance Scholarship

Renewal of Renewal of ScholarshipsScholarships

MERITMERIT Renewable for 4 years (5 years for Architecture) Renewable for 4 years (5 years for Architecture) maintain a minimum cumulative grade point averagemaintain a minimum cumulative grade point average

of 2.70 OR 3.00 of 2.70 OR 3.00 (refer to details of scholarship) (refer to details of scholarship)

NEED-BASEDNEED-BASED continue to demonstrate “need”continue to demonstrate “need”

re-apply every yearre-apply every year

Renewable for 4 years (5 years for Architecture) Renewable for 4 years (5 years for Architecture) maintain a minimum cumulative grade point average maintain a minimum cumulative grade point average

of 2.30of 2.30

Federal & State Federal & State Grant ProgramsGrant Programs

Federal:Federal: Federal Pell GrantFederal Pell Grant

2013-14 Pell Grant range = $605 - $5,645 2013-14 Pell Grant range = $605 - $5,645

Federal Supplemental Educational Opportunity GrantsFederal Supplemental Educational Opportunity Grants2013-14 2013-14

Tulane average = $1,000Tulane average = $1,000

State:State: Louisiana “TOPS” AwardsLouisiana “TOPS” Awards

2013-14 Tuition Award = $4,086 2013-14 Tuition Award = $4,086

Louisiana “GO” GrantLouisiana “GO” Grant

2013-14 Tulane average = $1,0002013-14 Tulane average = $1,000

Employment: Employment: Federal Work Study Federal Work Study

Must demonstrate Federal Financial NeedMust demonstrate Federal Financial NeedAwarded to most Students receiving “need-based” aid Awarded to most Students receiving “need-based” aid

Employment Opportunities are available : Employment Opportunities are available : on-campuson-campusoff-campusoff-campuscommunity service jobscommunity service jobs

Flexible ProgramFlexible Program Students paid bi-Students paid bi-

weekly based on actual hours workedweekly based on actual hours worked Total annual amount available varies each year Total annual amount available varies each year

2013-14 Tulane average = $2,500 2013-14 Tulane average = $2,500

Educational Loan OptionsEducational Loan Options Subsidized:Subsidized:

Federal Perkins Loan Federal Perkins Loan 5% 5% Federal Federal

Direct Subsidized Stafford LoanDirect Subsidized Stafford Loan 3.86%* 3.86%*

Unsubsidized:Unsubsidized:

Federal Direct Unsubsidized Stafford Loan 3.86%* Federal Direct Unsubsidized Stafford Loan 3.86%* Federal Federal

Direct Parent PLUS Loan Direct Parent PLUS Loan 6.41%* 6.41%* Non-Non-

Federal Loan ProgramsFederal Loan Programs varies varies

*Reflects current interest rates for 2013 - 2014 *Reflects current interest rates for 2013 - 2014 Stafford Stafford

Interest Rate Cap = 8.25%Interest Rate Cap = 8.25%PLUS Interest PLUS Interest

Rate Cap = 10.5% Rate Cap = 10.5%

What Is Financial Need?What Is Financial Need?

Financial NeedFinancial Need is defined as: is defined as:

The difference between the cost of The difference between the cost of attendance attendance and a family’s calculated and a family’s calculated ability to payability to pay..

Formula:Formula:

Cost of AttendanceCost of Attendance COA COA - Expected family contribution - - Expected family contribution - EFC EFC = financial need = financial need NEED NEED

Cost of AttendanceCost of AttendanceFixed Costs:Fixed Costs: Tuition and FeesTuition and Fees

Variable Costs (Allowances):Variable Costs (Allowances): Room and BoardRoom and Board

(based on whether student lives at home or away from home)(based on whether student lives at home or away from home)

Books and SuppliesBooks and Supplies

transportation transportation (variable for students who do not live in the New Orleans metropolitan (variable for students who do not live in the New Orleans metropolitan area)area)

personal expensespersonal expenses

2013-20142013-2014Cost of AttendanceCost of Attendance

Tuition & FeesTuition & Fees $ 46,930$ 46,930

Room & Board Room & Board $ 12,000$ 12,000

Books & Supplies Books & Supplies $ 1,200$ 1,200

Transportation Transportation $ varies $ varies

Miscellaneous Miscellaneous $ 1,036$ 1,036 TOTAL TOTAL $ 61,166$ 61,166

Expected Family Expected Family Contribution (EFC)Contribution (EFC)

Expected Family ContributionExpected Family Contribution is defined as: is defined as:

The amount of money, The amount of money, based on a based on a standardized standardized formulaformula, , that a family is expected to contribute that a family is expected to contribute towards towards educational costs in a given year.educational costs in a given year.

Standardized Formulas:Standardized Formulas:

Federal MethodologyFederal Methodology

Institutional MethodologyInstitutional Methodology

Calculating Expected Calculating Expected Family Contribution (EFC)Family Contribution (EFC)

Parents prior year income Parents prior year income (2013)(2013)

Students prior year incomeStudents prior year income

Value of parents assetsValue of parents assets

Value of student assets Value of student assets

Number of household membersNumber of household members

NUMBER IN COLLEGENUMBER IN COLLEGE

Age of older parentAge of older parent

Need-Based Aid Need-Based Aid

CalculationsCalculations

Total Cost of AttendanceTotal Cost of Attendance- - Expected Parental ContributionExpected Parental Contribution- - Expected Student ContributionExpected Student Contribution______________________________________________________________________________________= Eligibility for “need based assistance”= Eligibility for “need based assistance” COA – EFC = NeedCOA – EFC = Need

Need-Based Aid Need-Based Aid Sample Sample

CalculationsCalculations Tulane:Tulane: COA:COA: $61,166$61,166

-- EFC:EFC: $12,000$12,000== Need:Need:$49,166$49,166

Lower Cost School:Lower Cost School: COA:COA:$30,583$30,583 -- EFC:EFC: $12,000$12,000

== Need:Need: $18,583$18,583

Tulane Financial Aid Tulane Financial Aid

AwardsAwardsTypically include:Typically include: Scholarship and Grant AidScholarship and Grant Aid Federal Work Study CertificationFederal Work Study Certification LoansLoans

Students do not have to accept all of the aid Students do not have to accept all of the aid offered (example: accept scholarship, but offered (example: accept scholarship, but decline loans)decline loans)

however, however, additional grant aid will not be offered to additional grant aid will not be offered to students who decline loans or work-studystudents who decline loans or work-study..

Financial Aid Financial Aid Application ProcessApplication Process

All Federal Aid Sources:All Federal Aid Sources:

Free Application For Federal Student Aid (2014-2015 FAFSA) Free Application For Federal Student Aid (2014-2015 FAFSA)

www.fafsa.ed.govTulane’s Federal school code:Tulane’s Federal school code: 002029002029

Tulane Need-Based Scholarships:Tulane Need-Based Scholarships:

College Scholarship Service (CSS) Profile Form for 2014-2015College Scholarship Service (CSS) Profile Form for 2014-2015

www.collegeboard.com

Tulane’s CSS school code:Tulane’s CSS school code: 68326832

Suggested Deadline:Suggested Deadline: February 15, 2014February 15, 2014

First Time Awarding ofFirst Time Awarding ofNeed-Based ScholarshipsNeed-Based Scholarships

Awarded only after student has been offered admission Awarded only after student has been offered admission AND AND Tulane has received and reviewed the Tulane has received and reviewed the CSS CSS Profile Profile

Incoming freshmen should complete the CSS Incoming freshmen should complete the CSS Profile Profile no later than February 15no later than February 15thth

Available beginning in the fall (Late October) Available beginning in the fall (Late October) Use estimates if tax forms are Use estimates if tax forms are not completed not completed

Filing the FAFSA is also required (Available January 1Filing the FAFSA is also required (Available January 1stst))

Tulane’s Tulane’s Net Price CalculatorNet Price Calculator

Ability to view an estimated financial aid awardAbility to view an estimated financial aid award

Access the calculator via the Tulane admissions or Access the calculator via the Tulane admissions or Tulane financial aid websiteTulane financial aid website

Enter academic credentials and financial details to Enter academic credentials and financial details to receive an estimated award of possible merit and receive an estimated award of possible merit and need-based scholarship (includes funds offered by need-based scholarship (includes funds offered by Tulane, Federal & State sources); also loans and Tulane, Federal & State sources); also loans and work-studywork-study

Current calculations based on assumptions used Current calculations based on assumptions used for awarding the 2013 Fall incoming class.for awarding the 2013 Fall incoming class.

Final ThoughtsFinal Thoughts

Monthly Installment Payment Plan through Tuition Management Monthly Installment Payment Plan through Tuition Management

Services (“TMS”)Services (“TMS”) afford.comafford.com

Outside Scholarships Outside Scholarships

free scholarship search engine: free scholarship search engine: finaid.orgfinaid.org

Private Non-Federal Loan Programs Private Non-Federal Loan Programs

Information at: Information at: tulane.edu/financialaidtulane.edu/financialaid

Final ThoughtsFinal Thoughts

Professional Financial Aid Professional Financial Aid CounselorCounselor

(504) 865-5723(504) 865-5723OROR

(800) 335-3210(800) 335-3210

Apply early!!!!!!Apply early!!!!!!

Questions?Questions?

Thank you!Thank you!