www.flbog.edu financial aid overview dan cohen-vogel january 19, 2011
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www.flbog.edu
Financial Aid OverviewDan Cohen-Vogel January 19, 2011
www.flbog.edu
www.flbog.edu
Regulations Related to Financial Aid
3.009 – Student Financial Aid• BOT to establish regulations relating to the administration,
distribution and use of student financial aid.
7.001 – Tuition and Associated Fees (Tuition Differential Fee)• At least 30% of tuition differential fee to undergraduate need-based
aid.• Reporting requirements and supplanting restrictions delineated.
7.003 – Fees, Fines, and Penalties (Financial Aid Fee)• Fee up to 5% of tuition. At least 75% of financial aid fee to need-
based aid.• Reporting requirements delineated.
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Where Does Financial Aid Come From?
Federal Grants and
Scholarships$399M
State$370M Private
$66M
Institutional$153
Loans$767M
Work-Study$12M
SUS Undergraduate Financial Aid (2009-10)
Institutional aid funded from:Tuition differential feeFinancial aid feeDirect appropriationPrivate/DSOsOther institutional funds
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Changing Conditions
Sources of Institutional Aid
• Tuition differential fee• Financial aid fee• Direct Appropriation• Private/DSO funds
Federal and State Aid Programs
• Pell changes• SMART, ACG funding• Changing federal formula• Bright Futures changes
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Tuition and Fees for Full-Time, Resident Undergraduate (2010-11)
Tuition and Fees ($4,900)
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
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Tuition and Fees ($4,900)
Tuition and Fees ($7,600)
Room and Board ($8,500)
Room and Board ($8,500)
Books and Supplies
Books and Supplies Transportation,
Insurance, Clothes ($3,000)
Transportation, Insurance, Clothes
($3,000)
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
$21,000
Approximate SUS Cost National Average Cost
Typical Cost of Attendance for Full-Time, Resident Undergraduate (2010-11)
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Determining Ability to Pay
• The federal aid application (FAFSA) is used to calculate expected family contribution (EFC), which represents the family’s ability to pay.
• The EFC is then used to determine– financial need– eligibility for federal and state need-
based programs
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How Is Need Determined?
8
• Financial Aid Need:
Cost of Attendance less Expected Family Contribution (EFC)
Ex: Cost of Attendance $18,000
less EFC 3,000 = Need $15,000
• Need is addressed through various financial aid sources at each institution.
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Expected Family Contribution
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Typical Resident Undergrad Cost Example SUS Aid Package
Financial Need: Gap Between Cost and Ability to Pay
Tuition and
Fees
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Expected Family Contribution
Federal
State
Institutional
Remainder =self-help +
"unmet need"
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Typical Resident Undergrad Cost Example SUS Aid Package
The Financial Aid Package Building Blocks
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Expected Family Contribution
Federal
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Typical Resident Undergrad Cost Example SUS Aid Package
Federal Grants and Scholarships
www.flbog.edu
Expected Family Contribution
Federal
State
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Typical Resident Undergrad Cost Example SUS Aid Package
State Grants and Scholarships
www.flbog.edu
Expected Family Contribution
Federal
State
Institutional
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Typical Resident Undergrad Cost Example SUS Aid Package
Institutional Grants and Scholarships
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How Is Institutional Aid Distributed Among Students of Different Income Levels?
Up to $25K
30%
$25K to $50K
21%
$50K to $100K
20%
$100K andUp
12%
Did Not Apply for Aid
18%
Percentage of Institutional Aid Awarded, by Family Income (2009-10)
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Expected Family Contribution
Federal
State
Institutional
Remainder =self-help +
"unmet need"
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Typical Resident Undergrad Cost Example SUS Aid Package
Student and Family Resources Are Part of the Equation