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!!!!!!
Top Related