session 35 awarding aid linda coffey jamie malone
TRANSCRIPT
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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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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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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