Presentation on theme: "Working with Financial Aid Offices Financial Aid Packaging Financial Aid and TRiO Working Together Lucy Jones Coordinator of TRIO Programs Rich Mountain."— Presentation transcript:
Working with Financial Aid Offices Financial Aid Packaging Financial Aid and TRiO Working Together Lucy Jones Coordinator of TRIO Programs Rich Mountain Community College Mena, Arkansas PRIORITY #4 Financial Aid
Financial Aid Packages When creating a financial aid package for a student, the Financial Aid Office first looks at the student's budget for the academic year. A budget consists of tuition, room and board, books and supplies, estimated transportation and estimated personal expenses. A typical budget for a full-time student living on a college campus would include (sample figures only): Tuition $19,300 Room $ 3,450 Board $ 3,000 Books and supplies $ 800 Estimated transportation $ 450 Estimated personal expenses $ 1,100 Total $28,100
Financial Aid Packages Financial need is determined by the student's cost of attendance minus the Expected Family Contribution (EFC) that was determined by the information from the FAFSA. The Financial Aid office attempts to meet this need figure with aid from various sources. However, based on eligibility and fund availability financial need is NOT guaranteed to be met 100 percent.
Financial Aid Packages Once a budget has been determined, the process of creating a financial aid package begins. The following four areas of financial aid are considered: (1) academic/merit scholarships (2) achievement awards (3) financial need (4) all other sources of aid (including church aid, endowed scholarships, grants, loans and work-study) Each student's award package is evaluated within each area to determine if the student is eligible for an award.
Financial Aid Packages Financial aid may be adjusted at any time as required by the federal and state laws or institutional policies. A student’s financial aid package is based upon either full-time (12-18 hours), three-quarter time (9-11 hours), half time (6-8 hours), or less than half-time (1-5 hours) enrollment. Most federal programs require enrollment of a minimum of six (6) hours each semester, but in some cases a Pell Grant may be offered for less than half-time attendance. The Financial Aid award is subject to revision if any of the conditions upon which the award was made changes: –A student receives financial assistance from other sources after receiving this award –A student’s family’s circumstances have changed substantially since filing the FAFSA –A student fails to maintain satisfactory academic progress. If a student drops credit hours during the refund period and it changes enrollment status, the student must notify the Financial Aid Office at that time. A student must also contact the Financial Aid Office when withdrawing from the institution. Changing enrollment status before the end of the refund period or withdrawal after the refund period will necessitate changes to the aid package.
Sample FA Packages State College Private University Cost to Attend: $9,870 $21,580 Expected Family Contribution (EFC): $ 0 $ 0 Total Aid Needed: $9,870 $21,580 Aid Package Pell Grant: $4,050 $4,050 State Scholarship: $1,500 $1,500 College Grant: $2,000 $7,245 ACG $ 750 $ 750 Work-study: $1,500 $2,220 Perkins Loan: $ 0 $2,000 PLUS Loan $ 0 $2,000 Stafford Loan: $ 0 $1,625 Total Financial Aid $9,800 $21,390 Amount Not Covered (by aid or EFC) $ 70 $ 190
Financial Aid Stacking Arkansas Department of Higher Education Scholarship Stacking Policy “No postsecondary institution shall use public funds in a student aid package, which exceeds the recognized cost of attendance at the institution where the student enrolls. Public funds are defined to include Arkansas Department of Higher Education (ADHE) scholarships and grants, state general revenues, tuition, or local tax revenue. All postsecondary institutions shall report to ADHE the total amount of financial aid from all sources for any student who receives an award from an ADHE program. When a student receives a total aid package that includes public funds and exceeds the cost of attendance, the institution shall repay public funds in the amount exceeding total cost of attendance. Such funds repaid shall be credited to the Higher Education Grants Fund Account (Section 14, Act 1180 of 1999). “For purposes of this policy, Federal Pell Grants shall not be counted in the computation of a student’s total financial aid package.”
Financial Aid Stacking Each institution handles stacking differently according to each state’s and local regulations. If a student receives more aid than their COA requires, some options might be: –Talk to scholarship providers and see if the scholarship money can be deferred to use at a later time –Talk to scholarship providers and see if the scholarship check can be made out to the student upon proof of enrollment instead of to the institution to be awarded to the student. If the COA is exceeded, institutional aid is usually reduced first.
Financial Aid Packages Students must maintain satisfactory academic progress, both quantitatively and qualitatively, to be eligible to continue to receive financial aid. Institutional policy establishes the criteria for satisfactory progress for financial aid recipients. Qualitative standards of progress are based on the grade point average. The standards for GPA qualitative standards used in regard to warning, probation, and dismissal are printed in the institution’s catalog or student handbook. Quantitative standards of progress are based on completion of credit hours. These standards are also published in the institution’s catalog or student handbook.
Why Teamwork? We all want the best financial aid package for our students. Working together, we can do this. Who is in charge of FA at any institution? THE FA OFFICER/DIRECTOR – not the TRIO employee. We are not the people responsible for FA – even if we think we know more than the FA director. When we realize where we fit in this equation, then we can start to work toward getting our students the best package possible.
What Can We Do for Each Other? High School Juniors & Seniors – FAFSA Completion and ACT Registration High School 9-10 grades – General Financial Aid Information - Career Education – Scholarships - Admissions Middle School – Scholastic Achievement, taking the right courses -How to Finance Your Education Community – Parent Education Night – “Going Back to School” – even though we don’t recruit for specific institutions, we can influence parents to see out post secondary information Loan Agencies – Financial Management Classes for students and parents
What Can We Do for Each Other? Touring Colleges – Financial Aid Presentations from someone in FA office Reports from Financial Aid Conferences at TRIO program meetings - updates Staff Trainings – NASFAA Regulation Training, ACT Training, TRIO training Student Tracking – National Student Clearinghouse – NSLDS (National Student Loan Database System)
What Can We Do for Each Other? FINANCIAL PLANNING WORKSHOPS Parents Planning for college How to handle finances Buying a home Long-term financial planning Students Planning for college How to save money How to handle your finances Credit card management Debt Management
What Can We Do for Each Other? Reciprocal Relationship – Defer to the Financial Aid Officer’s Expertise! Tape and make DVD’s of Financial Aid Officer presentations – Step by Step completion of FAFSA. General financial aid information. Copy DVD and disburse to TRIO parents and participants.
How Can We Enhance Communication between TRIO and FA? Have one person be primary contact – it’s not time or labor efficient for several people to ask the same questions Be knowledgeable yourself but don’t make yourself the expert – know your role as student advocate and as ancillary to the FA process Ask questions – don’t demand, don’t do the FA Officer’s job, don’t insult Facilitate a working relation with the FA Office – talk to them when you don’t have a problem; work on project together
How Can We Enhance Communication between TRIO and FA? Be positive Offer to help – not take over What does the student need – not what do YOU need Don’t go over the FA Officer’s head to a supervisor unless you absolutely have to – try everything else first.
Focus on Student Success Our students are the prime beneficiaries. TRIO benefits because our students get the best FA packages and have the opportunity to get the best post secondary experience. The FA Office benefits because the institution where our students go have the best preparation and are very committed to getting a degree EVERYONE WINS!!!