Embed Size (px)
DESCRIPTION
Affordability And Access. Susan Swisher Director of Financial Aid. Agenda. Understanding GAP, Cost of Attendance and Unmet Need Understanding the Award Letter Affordability Differences between public and private colleges and universities - PowerPoint PPT Presentation
Citation preview
SUSAN SWISHERDIRECTOR OF FINANCIAL AID
Affordability And Access
Agenda
Understanding GAP, Cost of Attendance and Unmet Need
Understanding the Award LetterAffordability Differences between public
and private colleges and universitiesAdditional Resources including Parent
Loans, Alternative Loans and Federal Work Study
Special Circumstances
Understanding Cost of Attendance
Direct costsIndirect costsDirect and Indirect cost combine
into cost of attendanceVaries widely from college to
college
Cost of Attendance Components
Direct CostsTuitionFeesRoom and Board
Indirect CostsBooks and Supplies Transportation Personal Expenses
Understanding Unmet Need
Cost of Attendance (COA)
-Expected Family Contribution (EFC)
= Unmet Need
Understanding GAP
Unmet Need
- Financial Aid
= GAP
Unmet Need Calculation GAP Calculation
Cost of Attendance (COA)
Tuition and fees $28,000.00
Books and supplies $1,200.00
Room and board $10,000.00
Transportation $500.00
Personal Expenses $1,000.00
Total Cost of Attendance - $40,700.00
Expected Family Contribution (EFC) = $12,000.00
Need $28,700.00
Need - $28,700.00
Financial Aid
Scholarships $15,000.00
Grants $2,000.00
Work Study $3,000.00
Student Loans $5,500.00
Total Financial Aid = $25,500.00
GAP $3,200.00
Examples of Unmet Need and GAP Calculations
Affordability – Differences between Public and Private Institutions
Expenses Community College
State University Private College
Tuition and fees $3,800.00 $13,500.00 $28,000.00
Books and supplies $1,200.00 $1,200.00 $1,200.00
Room and board $0.00 $10,000.00 $10,000.00
Total $5,000.00 $24,700.00 $39,200.00
Funds Available
Grants $3,000.00 $11,000.00 $15,000.00
Scholarships $0 $5,000.00 $12,000.00
Work-study $0 $1,500.00 $3,500.00
Loans $2,000 $5,500.00 $5,500.00
Total $5,000.00 $23,000.00 $36,000.00
Out of Pocket Balance
$0.00 $1,700.00 $3,200.00
Understanding the Award Letter
Varies by institution and may display the following:Cost of AttendanceExpected Family Contribution (EFC)Financial Aid Eligibility for gift and self
helpNet price after gift aidNet price after loansOut of pocket costs
Saint Xavier University
Award Letter
Understanding the Shopping Sheet
Information is presented in a standardized format that is designed to simplify the information that prospective students receive about costs and financial aid so that they can easily compare institutions and make informed decisions about where to attend
1607 institutions have voluntarily adopted the Shopping Sheet as of September 2013
Shopping Sheet Layout
Section 1 – Student InformationSection 2 – Institutional MetricsSection 3 - Institution Contact
Information
Shopping Sheet
Additional Resources
Federal Work StudyParent LoansAlternative Loans
Federal Work Study
Must demonstrate financial needAllows a student to earn money to help pay
educational costs A paycheck; or Nonmonetary compensation, such as room and board
Student may opt to work or number of hours to work
Earnings may be applied directly toward tuition balance
Parent Loans
Federal ProgramParent is the borrowerLimited to Cost of Attendance less financial aidCredit-based applicationFixed interest rate of 7.9%Repayment begins after disbursementOption to defer until student graduatesStudent can borrow additional unsubsidized
Stafford loan if the parent is not credit-qualified
Alternative Loan
Student is borrowerLimited to cost of attendance less financial
aidCredit-based applicationPrivate bank or lenderCo-signer encouraged, often requiredRate, fees and repayment terms vary
Special Circumstances
Federal law allows for changes to data if circumstances change
Common reasons: Change in employment status Unusual medical expenses not covered by insurance Change in parent marital status Private elementary/secondary tuition Unusual dependent care expenses Student cannot obtain parental information
Special Circumstances
Can’t be documented using the FAFSASend written explanation and
documentation to the financial aid office at each college
College will review and request additional information if necessary
Decisions are final and cannot be appealed to the U.S. Department of Education
Questions
