Download - WASFAA 2011 Awarding and Packaging
![Page 1: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/1.jpg)
WASFAA 2011
Awarding and
PackagingPresented by: Kathleen Clark,
Chapman University School of Law and Wendy Olson,
Whitworth University2011 WASFAA Annual Conference
![Page 2: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/2.jpg)
Agenda:Budget
Awarding Components
Awarding GoalsCommunicating
Award Information2011 WASFAA
Annual Conference
![Page 3: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/3.jpg)
Agenda:What would you like to discuss
today?
2011 WASFAA Annual Conference
![Page 4: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/4.jpg)
Building The Budget
2011 WASFAA Annual Conference
![Page 5: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/5.jpg)
Cost of Attendance/Student Expense
Budget
2011 WASFAA Annual Conference
“The cost of attendance is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive.”
FSA Handbook, 2010
![Page 6: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/6.jpg)
2011 WASFAA Annual Conference
Allowable CostsDetermined by school, taking into account:
➔ Tuition and fees ➔ Books, supplies, transportation,
personal, misc. ➔ Room and board ➔ Loan Fees ➔ ➔ Dependent care ➔ ➔ Study abroad expenses ➔ ➔ Disability expenses ➔ ➔ Employment expenses for co-op
study
![Page 7: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/7.jpg)
2011 WASFAA Annual Conference
Determining Budget Amounts
•Survey Students•Survey Landlords in Surrounding Area•Update Previous Year’s with Consumer Price Index (CPI)•Use Information from Statewide Survey•Other Ideas?
![Page 8: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/8.jpg)
2011 WASFAA Annual Conference
Determining
Federal Need $37,8
23Budg
etEFC
- $7,82
3Need
$30,000
This clip art was actually titled “Calculating Need.”
![Page 9: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/9.jpg)
2011 WASFAA Annual Conference
Award ComponentsFederal/StatePell GrantFSEOGStafford LoanPerkins LoanFederal Work StudyPLUS LoanState GrantOther Items?
InstitutionalAcademic/Merit
TalentSports
Need-Based Gift AidEndowed & Restricted
Institutional LoanInstitutional Work
![Page 10: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/10.jpg)
2011 WASFAA Annual Conference
Components’ RulesFederal/StatePell GrantFSEOGStafford LoanPerkins LoanFederal Work StudyPLUS LoanState GrantOther Items?
Institutional(% or flat rate)
Academic/MeritTalentSports
Need-Based Gift AidEndowed & Restricted
![Page 11: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/11.jpg)
2011 WASFAA Annual Conference
Awarding Goals•Increase Enrollment Overall•Increase Enrollment for Certain Populations
•Disadvantaged Students•Athletes•Specific Majors•Specific Talents•Other?
•Increase Net Tuition Revenue•Increase statistics-SAT/GPA•Other Goals?
![Page 12: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/12.jpg)
2011 WASFAA Annual Conference
Financial Aid vs. Business Affairs
Discount Rate – The revenue the school is willing to lose in order to sculpt their student enrollment. The basic equation is: gift assistance/tuition.
Gift Aid
$14,000/Tuitio
n$21,1
80Discount
66%
What should gift aid include/exclude?
![Page 13: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/13.jpg)
2011 WASFAA Annual Conference
Conflicting Needs
•Low Discount Rate•High Quality Students•Number of Students Desired
![Page 14: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/14.jpg)
2011 WASFAA Annual Conference
Plans to Meet Goals
• % of Need Met with Gift Aid•% of Tuition Met with Gift Aid•Flat Dollar Maximum in Gift Aid•% of Need Beyond Federal/State Met with Intuitional Gift Aid•Needy Students Only•Scholarship Awards Only•Other?
![Page 15: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/15.jpg)
2011 WASFAA Annual Conference
4.0+ – 3.50
3.49 – 3.00
2.99 – 2.50
2.49 – 2.00
0 – $2000
45% 40% 20% 15%
$2001 - $4000
30% 35% 15% 10%
$4001 - $6000
30% 30% 15% 10%
$6001 - $8000
30% 25% 10% 5%
$8001 – $10,000
25% 25% 10% 0%Leveraging Model Example – Includes factors that go into awarding gift assistance in order to optimize revenue and enrollment.
![Page 16: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/16.jpg)
2011 WASFAA Annual Conference
Packaging Plans- Federal Need vs. Direct
CostsFederal NeedTotal
$30,000
Bill-Tuition, Fees, Room
& Board$21,182
Merit$14,0
00Stafford
$3500
FWS$250
0Perkins
$2500
Total$22,5
00Unsub $2000PLUS $4000Total
$28,500
Merit$14,0
00Stafford
$3500
FWS$250
0Perkins
$1180
Total$21,1
80Unsub $2000PLUS $4000Total
$27,180
![Page 17: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/17.jpg)
2011 WASFAA Annual Conference
Communicating the Award
Electronic vs. Paper
Advantages
Disadvantages
![Page 18: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/18.jpg)
2011 WASFAA Annual Conference
Communicating the Award
What Must Be Included:Cost of Attendance?Expected Family Contribution?Types of Aid and AmountsRequirements to Continue to Receive Aid?Consumer Information?Active vs. Passive Acceptance.Other?
![Page 19: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/19.jpg)
2011 WASFAA Annual Conference
Listing the Cost of
Attendance &EFC
on the Award Letter
• Shows the family what was used when determining the financial aid package.• Gives them an idea of what it will cost to go to that college – outside of the bill.• Lets them know how much they can borrow in additional PLUS.
• Gives the false impression that this is the true “out of pocket” expenses.• With the inclusion of the EFC there can come confusion thinking this is what is directly owed.
![Page 20: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/20.jpg)
2011 WASFAA Annual Conference
Timing
The Award Letter as a
Recruitment Tool
Loans vs. Gift Aid
Comparison Tool
Enhance Other Recruiting Activities
![Page 21: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/21.jpg)
2011 WASFAA Annual Conference
Discussion and
Questions
![Page 22: WASFAA 2011 Awarding and Packaging](https://reader036.vdocument.in/reader036/viewer/2022062422/568130f8550346895d9721ac/html5/thumbnails/22.jpg)
2011 WASFAA Annual Conference
More Information:NASFAA
FSA Handbook
Other?
Kathleen [email protected] [email protected]