presented by uk’s enrollment management offices of student financial aid academic scholarships...
TRANSCRIPT
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
Today’s PresentersCarl Rollins ------- KY State Representative, District 56 and
Chair of the Education Committee Lynda George ---- Director, Office of Student Financial AidSandy Copher --- Director, Academic Scholarship OfficeJoLynn Noe ------- Associate Financial Aid Director and Senior Coordinator of Undergraduate ScholarshipsTom Hanna ------- Director, Graduate Funding, The Graduate SchoolMary Marcum -- Financial Ombud, Student Account Services
Today’s TopicsFederal / state perspective on student funding for
higher education Financial Aid 101: Understanding student eligibility for
need-based assistanceUndergraduate scholarshipsGraduate student fundingFinancial Ombud Services and retention effortsRecent innovative services Questions
Federal / State Perspective on Student Funding For
Postsecondary Education
Carl RollinsKY State Representative, District 56 and
Chair of the Education Committee
Financial Aid 101: Understanding Student Eligibility
for Need-Based Assistance
Lynda GeorgeOffice of Student Financial Aid
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
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%)
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 million49% of enrolled undergrad borrowed $90.5 million84% of enrolled grad/professional borrowed $67.5 million
Federal Work-Study 828 students -- $1.48 million in earnings
What Are the Relevant Numbers?2010-2011
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.
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.
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
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.
What is the Undergraduate Cost of Attendance?
What is the Cost of Attendance?
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 can reasonably 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
What is Financial Need?
Cost of Attendance - Expected Family Contribution = Financial Need
What is the Financial Aid Package?Scholarships – Grants -- Loans – Work
Federal – State – Institution – Private/External
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 needMake satisfactory/reasonable academic
progress (RAP) towards the degree
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 degree2. 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
.
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.
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.
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.
Who Is UK’s Financial Aid Reasonable Academic Progress Administrator?
Janet G. JonesAssistant Director of Financial Aid
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: http://www.uky.edu/FinancialAid/contactus.htm
Student Financial Aid Office Funkhouser Building, Room 127
257-3172www.uky.edu/financialaid
Senior Management StaffLynda George, Director
David Prater, Assoc. Director – Student Services, AthleticsNimmi Wiggins, Assoc. Director – ProSAM System, Regulatory Compliance
Undergraduate Scholarships
Sandy CopherAcademic Scholarship Office
Sources for Financial Assistance
Need-based - Financial Aid Office Merit based - Academic Scholarship Office Departmental
Automatic Scholarships - based on Admission credentials.
Deadline: March 1, 2012
Competitive Scholarships – requires scholarship application.
Deadline: January 13, 2012
•
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
Academic Scholarships
Academic Scholarships Competitive Scholarships – January 13, 2012 postmark
31+ ACT and 3.75 unweighted GPA
Singletary ScholarshipPresidential ScholarshipNational Excellence ScholarshipCommonwealth Scholarship
Awards mailed by mid-March and accepted by May 1, 2012
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
Academic Scholarship Office100-H Funkhouser Building
257-4198www.uky.edu/AcademicScholarships/
Tammy Foote – Academic Scholarships Crystal Shepherd – Legacy Tuition Program Joyce Beatty – William C Parker Diversity Program
UK’s New Searchable Scholarship Site and Database Tool
JoLynn NoeOffice of Enrollment Management
Graduate Student Funding
Tom HannaThe Graduate School
The Graduate School Assistantships Fellowships Student Travel Support External Funding Student Health Insurance
For more information:
www.gradschool.uky.edu
Financial Ombud
University of Kentucky Mary Marcum
How we vision UK Students
Reality of Some UK Students
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
ReasonsParents 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…prefer the 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
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.
Most Importantly LISTEN and Give Emotional Support
HUGGER
LAUGH with
CRY with
Be HARSH and FIRM with when necessary
Celebrate accomplishments!
Why Students Drop out of College
1. Financial (Number one ?)2. Grades /Academics3. Distance from Home4. Health Problems and or Mental/Emotional5. Family Support6. Social life/lack of friends
Financial Holds
Financial Hold– Beginning downturn spiral of
student success…..
What Happens? No Registration
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.
Early Alert Initiative STUDENTS POSITIVE FEEDBACK
Spring 2011 data:
1405 personal emails sent 1075 REGISTERED
UNIVERSITY IS FAMILY
University continue to work together as a team to help these students become University of KY Graduates!
Financial Ombud
Mary MarcumStudent Account Services
257-3406 ext. 262
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
Questions?