Presentation is loading. Please wait.

Presentation is loading. Please wait.

New Aid Officer Training Cathy Crawley Georgia College & State University.

Similar presentations


Presentation on theme: "New Aid Officer Training Cathy Crawley Georgia College & State University."— Presentation transcript:

1 New Aid Officer Training Cathy Crawley Georgia College & State University

2 New Aid Officer Training Cost of Attendance & Needs Analysis Basic Cost of Attendance Components Apply to all Title IV programs Three basic components 1)Tuition and Fees 2)Books, supplies, transportation, miscellaneous personal expenses, including a reasonable allowance for the rental or purchase of a personal computer 3)Room and Board 2

3 New Aid Officer Training Cost of Attendance & Needs Analysis 3 Additional Components  Dependent care  Disability-related expenses  Study Abroad expenses  Cooperative education program expenses  Loan Fees

4 New Aid Officer Training Cost of Attendance & Needs Analysis 4 General Concepts for Developing Budgets  Once costs are established, they must be applied consistently  If the school’s COA policy permits exceptions, the school must clearly document any exception made to its policy  The Federal Pell Grant Program COA always is based on full-time attendance for a full academic year

5 New Aid Officer Training Cost of Attendance & Needs Analysis General Concepts (Continued) 5  For the other Title IV programs, COA calculations:  Typically are based on expenses for a full- time student for a full academic year  Appropriate adjustments should be made for students who are: Enrolled less than full time, or Are attending or receiving aid for less than a full academic year

6 New Aid Officer Training Cost of Attendance & Needs Analysis Allowable Costs 6  Tuition and Fees:  May use actual or average tuition charges  May establish separate averages for separate categories  If one average tuition charge is used, it must be a weighted average

7 New Aid Officer Training Cost of Attendance & Needs Analysis Example: Weighted Average Tuition Charge 7  In-state tuition = $2,000; out-of-state = $4,000  9,000 in-state students; 1,000 OOS students  Weighted Average $2,000 x 9,000 = $18,000,000 $4,000 x 1,000 = $ 4,000,000 $22,000,000 $22,000,000 / 10,000 = $2,200

8 New Aid Officer Training Cost of Attendance & Needs Analysis  A school may establish a single allowance for books and supplies or allowances for different categories  Transportation allowances must be reasonable  Miscellaneous personal allowance should enable a reasonable standard of living  Reasonable costs for rental or purchase of computer equipment are allowed if:  The student is enrolled at least half time  The computer may be purchased in the summer for use during the following fall enrollment period  The school’s polices and procedures should include the conditions under which the allowance is permitted, the amount permitted, and what documentation is required  The computer does not have to be required by major Books, Supplies, Transportation, Misc. 8

9 New Aid Officer Training Cost of Attendance & Needs Analysis Allowable Costs (continued) 9  Room and Board (Three Categories) 1)Students without dependents living at home with parent(s) 2)Students without dependents living in institutionally-owned or operated housing 3)All other students

10 New Aid Officer Training Cost of Attendance & Needs Analysis Other Expenses 10  Dependent Care Allowance:  Dependent may be the student’s child or other person  May not exceed reasonable cost in the community for the kind of care provided  Includes class time, study time, field work, internships, and commuting time

11 New Aid Officer Training Cost of Attendance & Needs Analysis Other Expenses (continued) 11  Disability-Related Expense Allowance  Student’s disability-related expenses not provided for by another agency or program  Must be determined and documented on an individual basis  Cooperative Education Expenses  Costs associated with employment such as commuting or transportation costs, meals away from home, and any other costs the student incurs as a result of the work experience

12 New Aid Officer Training Cost of Attendance & Needs Analysis  Study Abroad  Reasonable costs associated with study abroad  The study abroad program need not be a requirement of the student’s degree program, but must be approved for credit by the institution  If under consortium or contractual agreement, the student’s home institution must accept for credit the coursework the student completes while enrolled in the study abroad program Other Expenses (continued) 12

13 New Aid Officer Training Cost of Attendance & Needs Analysis Other Expenses (continued) 13  Education Loan Fees  Must be included in COA if the student has borrowed a FFEL or Direct Loan  May use actual or average fee amount for FFEL or Direct Loan  May use actual fees for all other types of educational loans (private)  If the loan is declined or lower amounts requested, must ensure no over-award

14 New Aid Officer Training Cost of Attendance & Needs Analysis Cost of Attendance Components: Category Restrictions 14  Costs are more restrictive for students who are:  Enrolled less than half time  Enrolled in correspondence courses  Incarcerated  Less-than-half time students  Tuition and fees  Books, supplies, and transportation  Dependent care expenses  NO room and board

15 New Aid Officer Training Cost of Attendance & Needs Analysis COA Restrictions (continued) 15  Correspondence study:  Tuition and fees  Books and supplies, if required  Room, board, and transportation if incurred specifically for required residential training  Incarcerated Students:  Tuition and fees  Books and supplies, if required

16 New Aid Officer Training Cost of Attendance & Needs Analysis  Flexibility in developing budgets for students with documented exceptional circumstances  Cannot include post-enrollment costs  Cannot create new COA components Cost of Attendance Professional Judgment 16

17 New Aid Officer Training Cost of Attendance & Needs Analysis  Recalculation of Pell COA is not required for cost changes unless the school’s policy is to recalculate for a change in costs  When recalculation of a Pell award is required, any changes to the Federal Pell Grant COA must be taken into account Recalculation of COA: Federal Pell Grant 17

18 New Aid Officer Training Cost of Attendance & Needs Analysis  Review of COA is required to determine whether or not a student is over- awarded if the student receives an additional resource not included in the calculation of the student’s campus- based eligibility Recalculation of COA and Need: Campus Based Programs 18

19 New Aid Officer Training Cost of Attendance & Needs Analysis  Realistic  Adequate  Moderate  Non-manipulative  Documented Purpose and Principles of Student Budget Construction 19

20 New Aid Officer Training Cost of Attendance & Needs Analysis Basic Need Equation: Cost of Attendance – Expected Family Contribution = Financial Need 20

21 New Aid Officer Training Cost of Attendance & Needs Analysis Expected Family Contribution 21  All data used to calculate the EFC comes from the information the student and parent(s) provides on the FAFSA  The law provides three different formulas to calculate the EFC: one for dependent students, one for independent students without dependents other than a spouse, and one for independent students with dependents other than a spouse

22 New Aid Officer Training Cost of Attendance & Needs Analysis Further information available from Federal Student Aid Handbook Federal Student Aid Handbook Volume 3 – Calculating Awards and Packaging Chapter 2 Cost of Attendance (Budget) Available online at Questions??? 22


Download ppt "New Aid Officer Training Cathy Crawley Georgia College & State University."

Similar presentations


Ads by Google