Pell Pledge and Priority Financial Aid Packaging for ... · The Ghost of Packaging Past Division of Financial Aid. The Basics 3 A Look at Packaging The Big Picture Division of Financial

Division of Financial Aid

Boiler Affordability Grant

November 17, 2017

Ted Malone

Executive Director,


A New Policy

New

Transparency

Where We’ve

BeenThe Ghost of Packaging Past


The Basics

3

A Look at Packaging

The Big Picture


In a perfect world we would only have a single page telling a student how much financial aid they received. Kind of like a Scholarship Letter.

However, in the real world financial aid comes from many sources and comes with different conditions and eligibility.

Financial Aid Award Letter for Kris

School Bill 12000

Financial Aid 10000Amount you cover 2000

The Basics

4

A Look at Packaging

The Big Picture


Students receive Financial Aid form:

Federal GovernmentState GovernmentThe UniversityPrivate AgenciesEtc.

They come in Scholarships,Grants, Loans and Work

Financial aid Award Letter for KrisSchool Bill 12000Pell Grant 3000FSEOG 400State Grant 3500Student Loan 2000University Grant 1100Amount you cover 2000

The Basics

5

A Look at Packaging

The Big Picture


Unfortunate Fact:Students need more money than we have to give.

We must Determine to whom we give money. The choices we make are based on a Philosophy

They way we do it is our Packaging Policy.

The Basics

6

A Look at Packaging

The Big Picture


We actually have multiple distinct Packaging Policies• Resident Undergrad• Non-Resident Undergrad• Vet Med• Pharm D• Grad Students

The Basics

7

A Look at Packaging

The Big Picture


In the past we have based all of our packaging decisions on results of the Free Application for Federal Student Aid (FAFSA) • Policies that are strictly

derived from complex Formulae

• Using an Expected Family Contribution

• The problem is you have no idea what that is until after you do the form.

The Basics

8

A Look at Packaging

The Big Picture


Five years ago, we broke our Undergrad Resident and Non-Resident policies apart. They had been very similar. We changed the Non-resident, but have only tweaked the Resident.

The Resident had levels of awards based on EFC. This made it very difficult for a family to understand or predict

Resident - NEW AND RETURNING

EQ

BAND

EFC

RANGE Category

9 or more

hours6-8 hours EQ

BAND

0 0 All Class Lev $1,500 $750 0

1 1-500 All Class Lev $2,000 $1,000 1

2 501-1000 All Class Lev $3,100 $1,550 2

3 1001-1500 All Class Lev $4,150 $2,075 3

4 1501-2000 All Class Lev $5,250 $2,625 4

5 2001-2500 All Class Lev $6,300 $3,150 5

6 2501-3000 All Class Lev $5,250 $2,625 6

7 3001-4000 All Class Lev $5,050 $2,525 7

8 4001-5000 All Class Lev $5,000 $2,500 8

9 5001-6000 All Class Lev $6,000 $3,000 9

10 6001-7000 All Class Lev $5,000 $2,500 10

11 7001-8000 All Class Lev $4,000 $2,000 11

12 8001-9000 All Class Lev $3,000 $1,500 12

13 9001-10000 All Class Lev $2,000 $1,000 13

Where We’re

GoingThe Ghost of Packaging Future


The Evolution

10

The Journey to Today

For Resident Packaging


1. 16-171. All Pell eligible students were awarded at least

full cost of base tuition2. 17-18

1. Increased award for Pell Eligible students to include differential fees

2. Increased maximum EFC for award from 10K to 15K

3. Awarded all Marquis scholars up to full base tuition

The Evolution

11

A Journey to Today

The Money


How did we start giving more money?

Well the key to this lies in a concerted effort to raise funding for student aid.

One of the biggest factors is the Purdue Day of Giving

Giving to the Purdue Affordability Fund.

And you may ask yourselfHow do I work this?And you may ask yourselfWhere is that large pot of money?And you may tell yourselfDid come from the Purdue Day of Giving!And you may tell yourselfHow can I count on this!

The Arrival

12

A Journey to Today

The Program


Since sometime in the summer Brad Bessenbacher and Ellen Barbour have been working on an assignment.

Create a new policy that allows us to award full tuition and fees up to financial need for all Indiana families that fall below a certain Adjusted Gross Income.

The Plan

13

A Journey to Today

The Program


Beginning with the 2018-19 School Year all Purdue West Lafayette Students who are Indiana Residents and are Pell Eligible or have an Adjusted Gross Income of $70K or less will receive enough gift aid to cover the either their full cost of Tuition, General Fees, Differential Fees and Books up to their demonstrated Financial Need.

The Boiler affordability Grant

14Division of Financial Aid

Who is it for?The Boiler Affordability Grant is for Undergraduate, Indiana residents at the Purdue West Lafayette campus pursuing their first bachelors degree. Students must be Federal Pell Grant eligible or show a parent Adjusted Gross Income (AGI) of $70,000 or less on the Free Application for Federal Student Aid (FAFSA). Independent student's eligibility will be based on their Federal Pell Grant eligibility and AGI (and spouse if applicable). All students must complete the FAFSA no later than Purdue's March 1st Priority Filing Deadline.



What Does it Cover?The Boiler Affordability Grant will cover the cost of tuition, fees and estimated book expenses or the amount of financial need; whichever is less. While differential fees are included, individual course fees associated with courses such as labs, music and aviation would not be covered in this program.



How are tuition and Fees Calculated?Purdue University bills at a flat rate for all undergraduate resident students enrolled in 8+ hours each semester. The amount of the flat rate is $4,996 per semester or $9,992 per year. Some programs have additional fees; those differential fees are included in the Boiler Affordability Grant as follows (these are annual amounts based on 2017-18 fees):Computer Science - $2,050Data Science - $2,050Engineering - $2,050Management - $1,436Purdue Polytechnic - $572Honors College - $200



How Does it Work?Example 1Family of 3, 1 in College, Parent AGI $15,925

Science

Cost of Attendance (COA) $22,852

Estimated Family Contribution (EFC)

$0

Total Need (COA-EFC) $22,852

Merit Scholarship $4,000

Remaining Unmet Need $18,852

Tuition, Fees & Books (TFB) $11,152

Lesser of TFB or Total Need $11,152

Federal Pell Grant $5,920

State Grant $3,500

Boiler Affordability Grant (unmet TFB)

$1,732



How Does it Work?

Family of 3, 1 in College, Parent AGI $43,326 Engineering



$6,095






Federal Pell Grant $0

State Grant $0

Boiler Affordability Grant (unmet TFB)

$13,302



How Does it Work?

Family of 4, 1 in College, Parent AGI $69,507

Polytech



$15,006






Federal Pell Grant $0

State Grant $0

Boiler Affordability Grant (remaining unmet need)

$2,418



What about Current Students?

Current students with Federal Pell Grants or parent AGI of $70,000 or less will receive aid under the new Boiler Affordability Grant policy. Students with a parent AGI above $70,000 will be awarded under the old policy based on EFC bands.

Documents

Pell Pledge and Priority Financial Aid Packaging for ... · The Ghost of Packaging Past Division of Financial Aid. The Basics 3 A Look at Packaging The Big Picture Division of Financial