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Financial Aid Workshop Tuesday, July 22, 2014 Tuition Waiver Scholarships Overview.

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Presentation on theme: "Financial Aid Workshop Tuesday, July 22, 2014 Tuition Waiver Scholarships Overview."— Presentation transcript:

1 Financial Aid Workshop Tuesday, July 22, 2014 Tuition Waiver Scholarships Overview

2 2 Total FY15 Budgeted Waivers Resident Waivers Within 3.5% limitation: $78.4 million authorized for waivers $56.8 million budgeted for waivers, an increase of $2.6 million from FY2014 budgeted (4.8%) Resident Waivers Outside 3.5% limitation: $15.7 million budgeted Nonresident Waivers: $107.9 million budgeted for nonresident students An increase of $7.4 million from FY2014 budgeted (7.3%) Total Waivers: $180.4 million in budgeted waivers An increase of $12.4 million, or 5.7%. Represents 8.1% of total budgets

3 State Regents’ Tuition Waiver Key Policy Provisions Tuition and fees may neither be assessed nor waived unless authorized by general policy or specific authorization of the State Regents (4.18.4A, and ) Intent of the resident waiver is to provide assistance to Oklahoma students with demonstrated need and to promote excellence of scholarship throughout all academic levels and professional fields of study. (4.18.5A) 3

4 4 Basis of Award – 3.5% Requirement Resident students only Increased from 3% in FY04 to comply with legislative intent to increase financial aid proportionate to tuition increases Four categories: Financial Need, Scholarship and Student Achievement, Benefits for Eligible Employees, and Concurrently Enrolled Students (first six credit hours for seniors excluded, all others subject this limitation) 50% of these scholarships must be awarded to students with financial need

5 5 Utilization of FY2015 Budgeted Award Amounts Authorized Within 3.5% Cap

6 6 Basis of Award – Other Scholarships not Subject to 3.5% Requirement Senior Citizens – Audit Prisoners of War/Missing in Action Dependents: OK Peace Officers/Firefighters/EMTs Graduate Teaching & Research Assistants Exchange Students on Reciprocal Basis Academic Scholars Program OK National Guard Regional University Baccalaureate Students Called to Active Duty and Families- (nonresident portion) Students in Custody of DHS Concurrently Enrolled High School Seniors (first six credit hours for seniors only)

7 7 Nonresident Tuition Waiver Awards Budgeted for FY2015 $107.9 Million Total


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