C OST OF A TTENDANCE Part 1

COA C OMPONENTS AND A LLOWANCES Set by statute Apply to all Title IV programs Three basic components Six additional allowances, as applicable May use average or actual costs

P URPOSES OF S TUDENT B UDGET C ONSTRUCTION Develop realistic budgets Accurate cost projections Equity Not intended to be an enrollment management tool Budgets for different categories of students

S ETTING C OSTS Institutional costs Fixed and set by school (e.g., tuition and fees) Non-institutional costs Not set by school Reflect local market conditions

S ETTING C OST Institutional Costs Tuition Fees On Campus Room and Board Non Institutional Costs Books and Supplies Transportation Miscellaneous Personal Expenses Off Campus Room and Board Dependent care Study Abroad Expenses Disability Expenses Loan Fees

B ASIC COA C OMPONENT A LLOWANCES Tuition and fees Amounts normally assessed students carrying same academic workload, as determined by institution May include costs for rental or purchase of equipment, materials, or supplies required of all students in same program of study

B ASIC COA C OMPONENT A LLOWANCES Books and supplies costs Transportation costs Miscellaneous personal expenses Personal computer rental or purchase

B ASIC COA C OMPONENT A LLOWANCES Room and Board Students without dependents living at home with parent(s) Students without dependents living in institutionally-owned or operated housing Students living in on-base military housing or in off-base housing for which a military basic housing allowance is provided All other students

A DDITIONAL COA A LLOWANCES Dependent care Disability-related Cooperative education Study abroad First professional credential Educational loan fees

COA R ESTRICTIONS Less Than Half Time Students Tuition, fees, books and supplies, transportation and a limited amount for room and board and dependent care Correspondence Study Tuition, fees and books and supplies Incarcerated Students Tuition, fees and books and supplies Professional Judgment Adjustments can be made on a case by case basis

N ON -T ITLE IV A ID AND COA Prepaid tuition plans have no effect on COA State-provided non-Title IV aid designated to cover a specific COA component may be excluded from estimated financial assistance (EFA), if also excluded from COA, and vice versa

B ASIC N EED E QUATION Cost of attendance (COA) –Expected family contribution (EFC) ___________________________________ = Unmet Need

A WARDING All ‘Gift Aid’ must be taken into account prior to awarding subsidized funding Examples of ‘Gift Aid’ Pell FSEOG CAP KTG KEES Scholarships Company Reimbursement

G IFT A ID – P ELL G RANT Pell Grant Unlike a loan, does not have to be repaid Provides need-based grants to low-income undergraduate Amounts are dependent on the student's expected family contribution (EFC) Amount depends on financial need, cost to attend school, enrollment status (full-time, part-time, less than part- time), and attending a full academic year or less Maximum amount for 2014/2015 award year is $5, % maximum Lifetime Eligibility Used (LEU) Students may not receive Federal Pell Grant funds from more than one school at a time

G IFT A ID – F EDERAL S UPPLEMENTAL O PPORTUNITY G RANT (FSEOG) Federal Supplement Opportunity Grant (FSEOG) Provides assistance to exceptionally needy undergraduate students Students are exceptionally needy if they have the lowest EFCs Priority must be given to Pell Grant recipients Does not have to be repaid Student must have financial need Student must meet the general eli­gibility requirements Must be enrolled or accepted for enrollment as an undergraduate student Must not have previously earned a bachelor’s or first professional degree Sullivan University System Award Policy $100 per quarter/$300 maximum for award year

G IFT A ID – K ENTUCKY G RANTS College Access Grant (CAP) - helps Kentucky’s financially needy undergraduate students attend eligible public and private colleges and universities, proprietary schools, and technical colleges Student must: Be a Kentucky resident Have financial need Attend an eligible college Have no past due financial obligations to KHEAA or to any Title IV program Be enrolled at least half-time in a program at least two years in length Award: Up to $1,900 for the 2014/2015 award year

G IFT A ID – K ENTUCKY G RANTS Kentucky Tuition Grant (KTG) - provide need-based aid to help Kentucky residents attend eligible Kentucky private colleges Student must: Be a Kentucky resident Have financial need Attend an eligible college Be enrolled full-time in an associate’s or bachelor’s degree program Have no past due financial obligations to KHEAA or to any Title IV program Award: Up to $2970 for 2014/2015 award year

G IFT A ID – K ENTUCKY G RANTS Kentucky Educational Excellence Scholarship (KEES) - provides scholarships to students who earn at least a 2.5 GPA each year they attend a certified Kentucky high school

G IFT A ID – K ENTUCKY G RANTS KEES – Early Graduate Award Fourth-year equivalent award to students who graduate from a KY high school in three years Award amount is an average of the student’s GPA/base awards Awarding begins Spring 2014 Disbursement begins Fall 2014

G IFT A ID – K ENTUCKY G RANTS

KEES – Early Graduate Scholarship New Scholarship program Limited to public high school students that graduate in less than four years. One-time scholarship for use at an eligible KY postsecondary institution the year immediately follow graduation. Two and four-year public institutions Four-year non-profit, independent institutions Award amount will vary, estimated near $2,000. Awarding begins with spring 2015 graduates. Disbursement begins fall 2015.

G IFT A ID - S CHOLARSHIPS Internal – Valid only at Sullivan and may not be transferred to another person or institution Maintaining a specific GPA may be required Must remain continuously enrolled If taking less than 12 cr/hrs, only half of the amount will be awarded for that quarter Will extend the distribution period as long as all other requirements of the scholarship are being met Combined amounts of Sullivan scholarships cannot exceed $1,000 per quarter Exceptions: Presidential, Dean and Senior Academic or Competition Scholarship External – Ensure read all requirements outlined before awarding

G IFT A ID – C OMPANY R EIMBURSEMENT Paid directly to the school or to the student Must be included in students packaging Examples of Company Reimbursement: UPS Humana GE Ford

A WARDING Once all ‘Gift Aid’ factored, can award subsidized up to the amount of remaining need Example $12,500 COA - 2,500 EFC $10,000 Unmet Need - 3,280 Pell Grant - 1,400 Scholarship $ 5,320 Remaining Need

A WARDING Example $22,550 COA - 2,500 EFC $20,050 Unmet Need - 3,280 Pell Grant - 1,400 Scholarship - 2,000 Company Reimbursement What is the student’s remaining need?

A WARDING Example $31,905 COA - 0 EFC What is the Unmet Need? - 5,730 Pell Grant FSEOG - 1,900 CAP KTG Scholarship - 1,883 Company Reimbursement What is the student’s remaining need?

R EFERENCES Cost of Attendance – Module 5 – NASFAA Core KHEAA – Kentucky Higher Education Assistance Authority