Presentation on theme: "Cost of Attendance Student: ‘Show me the money’ Uni: Is the student Eligible for money?"— Presentation transcript:
Cost of Attendance Student: ‘Show me the money’ Uni: Is the student Eligible for money?
Student Requirements Entrance Counselling MPN Statement in relation to other aid SAR (print summary / SAR) Institutional FA Application form (?)
Institutional Decisions COA EFA EFC Professional Judgement Loan Amounts Disbursement and Delivery
Cost of Attendance Basic Components Room and board Tuition and Fees Books and supplies OSHC Transportation Miscellaneous personal expenses If Applicable: Personal Computer Costs Dependent Care Costs Study Abroad Costs Educational Loan fees Disability-related costs
COA Does NOT cover Tuition from previous years Penthouse Apartments Cars Holidays
Exceptions COA for correspondence / distance study is restricted to tuition and fees, books and supplies Travel, room and board costs incurred while fulfilling a required period of residential training. Veteran’s
EFA The Expected Financial Assistance is the amount of all other: awards, scholarships, sponsorships etc that a student (or the parents on behalf of the student) may be in receipt of
EFC The Expected Family Contribution is the amount that a student and family (if required) are expected to contribute toward the Cost of Attendance (COA). This amount is based on the students or the family’s income and assets.
Loan Amounts Cannot EVER go over COA Must fall within annual loan amounts Must fall under aggregate loan amounts COA – EFA - EFC = Need (Sub) COA - EFA = Non-need (Unsub)
Things to keep in mind A student ’ s COA includes only his or her costs (dependant children are the only exception) Principles to follow — be realistic, adequate, non-manipulative Review and update cost items annually Costs must be applied consistently Be conscientious of potential over-awarding Document everything!
Professional Judgment What is Professional Judgement? …….. a discretionary action on the part of the financial aid office to address unusual circumstances that affect a student’s/parent’s ability to pay for educational expenses.
Professional Judgement DOCUMENT! DOCUMENT! DOCUMENT! You must document all professional judgement decisions in the student’s file Institution Policy Your institution’s policy and procedures manual should contain guidance on professional judgement to ensure consistency “Consistency” is the key word!
Professional Judgement Other Unusual Circumstances Dependency Override May make an dependent student independent – section 480(d) of HEA May not make an independent student dependent May not base decision on Parent’s refusal to contribute to education Parent’s refusal to provide information Parent’s not claiming student as dependent for income tax purposes Student’s demonstration of self-sufficiency
Professional Judgement Other Unusual Circumstances cont. May grant exceptions to satisfactory academic progress (SAP) based on appeal 484c of HEA and 34 CFR 668.34 May decline to certify a student loan application or certify it for a lesser amount Must provide denial to student in writing Note: Additional unsubsidized loans for dependent students whose parents are denied PLUS must have appropriate documentation.
R2T4 Applicability When a student leaves an approved academic study program early (formally or informally) “the institution to make a timely refund of unearned tuition, fees, room and board, and other charges” assessed to the student by the University.
When Calculation must be completed regardless if student paid school 60% loan period completion = full loan eligibility School must return unearned portion of loan attributed to institutional charges Even if student did not pay school!! School must follow Title IV refund policies even if they differ from school refund policies
When Funds must be returned within 45 days of the date of determination Clock starts Date student withdraws or Date student notified school of withdrawal or Date the school became aware the student was no longer attending or eligible
Withdrawal Date Formal Process Documented in the University process Identified on website, policy, enrolment forms etc Date begins official withdrawal process; or Provided official notification to designated office Informal Process (no notification) No later than 30 days after the end of the earlier of: The payment period (or period of enrolment) The academic year The student’s educational program If required to take attendance, determined no later than 14 days after the student’s last date of attendance.
How long was the student here for? The calculation is made as follows: Number of calendar days completed in the period Total number of calendar days in the period Scheduled breaks of at least five (5) consecutive days (and approved LOA) are excluded from the calculation. s668.22(f)(1)(i) and (2) The date of withdrawal counts as a completed day
What about the next disbursement? Turn the disbursements and loans back to zero for the withdrawn student. Draw from G5 the value of disbursements MINUS the value reduced for the withdrawn student. The next round of disbursements will then be correct as G5 and COD balance each other out.
Where do you send the money? COD School Relations Center at: Regular Mail/No Signature Required U.S. Department of Education Attention: Direct Loan Refunds of Cash P.O. Box 9001 Niagara Falls, NY 14302 Overnight Address/Requiring Signature U.S. Department of Education Attention: Direct Loan Refunds of Cash 2429 Military Rd, Suite 200 Niagara Falls, NY 14304 (Phone number for tracking form only: 716/284-2225)”
Your consent to our cookies if you continue to use this website.