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Packaging Financial Aid

Packaging Financial Aid. F. Duane Quinn Financial Aid Specialist duane201@charter.net. Review. Cost $24,000 F.C $ 8,000 Need $16,000. Review. $24,000. cost. Review. cost. Need = $16,000. $24,000. $ 8,000. F. C. Review. Total aid = $16,000. cost. $24,000.

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Packaging Financial Aid

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  1. Packaging Financial Aid F. Duane Quinn Financial Aid Specialist duane201@charter.net

  2. Review Cost $24,000 F.C $ 8,000 Need $16,000

  3. Review $24,000. cost

  4. Review cost Need = $16,000 $24,000 $ 8,000. F. C.

  5. Review Total aid = $16,000 cost $24,000 grant = $11,000 meet full need $ 2,000 work $3,000 loan $ 8,000. F. C.

  6. Three General Categories of Aid • Merit Aid: • Based upon a “quality” • Colleges • Web Searches • Need Based Aid • Family economic circumstances • Most College Aid (Grants) • Most Federal /State Aid (Grants , work, subsidized loans)

  7. Three General Categories of Aid • Non-need based aid • Family / Student notshow economic eligibility- but not require a “quality”. Entitlement aid. • PLUS loans • Unsubsidized student loans • Vet. / Military benefits • Tax credits

  8. Absolute Merit Award Merit Awards / Merit with NeedGoal: Attract Students; Influence Choice Cost: $24,000 EFC: $28,000 Need $ 0

  9. Merit Awards / Merit with NeedGoal: Attract Students; Influence Choice $24,000. cost FC = 28,000

  10. Merit Awards / Merit with NeedGoal: Attract Students; Influence Choice $24,000. cost Merit Grant $18,000

  11. Merit Awards / Merit with NeedGoal: Attract Students; Influence Choice $24,000. cost Unsubsidized Loan Up to $6,000. Merit Grant $18,000

  12. Merit Awards / Merit with NeedGoal: Attract Students; Influence Choice “It is hypocritical to advocate of more federal funding for needy students when we have funds available for students without need” George AllanNo Need for No NeedJournal of Student Financial AidFall, 1988 Riggs, Henry E. (1994). Are Merit Scholarships Threatening the Future of Private Colleges? Trusteeship, Vol. 2, No. 3, pp. 6-10.

  13. Example Cost $24,000 F.C $ 8,000 need $16,000

  14. Meet Full NeedGoal: Provide Access and Choice cost $24,000 need = $16,000 $ 8,000. F. C.

  15. Meet Full NeedGoal: Provide Access and Choice cost $24,000 need = 13,000 $3,000 loan $ 8,000. F. C.

  16. Meet Full NeedGoal: Provide Access and Choice cost $24,000 need = $11,000 $ 2,000 work $3,000 loan $ 8,000. F. C.

  17. Meet Full NeedGoal: Provide Access and Choice Total aid = $16,000 cost $24,000 Grant $11,000 $ 2,000 work $3,000 loan $ 8,000. F. C.

  18. Meet % of NeedGoal: Maximize Awards and Resources Total Aid = $13,000 cost $24,000 Gap = 3000 Grant $8,000 $ 2,000 work $3,000 loan $ 8,000. F. C.

  19. Preferential / DifferentialGoal: Institutional Goals are Primary Influence Enrollment Decisions • PreferentialThe interest of the student is above the institutional interest.e.g.: Lower loans to students majoring in public service fields or low income • DifferentialThe interest of the Institution is above the interest of the studente.g.: Higher grants to high SAT scores

  20. Leveraging:Merit within need FA Rank 4 FA Rank 10 $24,000 Need=$16,000 FC=$8,000

  21. Leveraging:Merit within need FA Rank 4 Total Aid = 7,000 FA Rank 10 Total aid = $16,000 $24,000 Grant $16,000 Unmet need Gap -$9000 Work - $3000 Loans -$4000 Need=$16,000 FC=$8,000

  22. When is Need…. Need???Federal Methodology cost $24,000 Need = $16,000 $ 8,000. FAFSA FM.

  23. When is Need….Need??Institutional Methodology cost $24,000 Need = $12,000 $12,000 PROFILE IM FAFSA.

  24. When is Need….Need?? IM FM $24,000 Need $16,000 Need $12,000 $12,000 $ 4,000 $ 8,000

  25. And Just when You Think You Understand: Student Loans • Subsidized Loan • Interest paid • awarded on need • Maximums based upon year in school • Unsubsidized Loan • Interest accrues • Not required to have need • Maximums based upon year in school

  26. Leveraging:Merit within need FA Rank 4 Total aid = $7,000 FA Rank 10 total aid = $16,000 $24,000 Grant $16,000 Unmet need Gap work Loans subsidized Need=$16,000 FC=$8,000

  27. Leveraging:Merit within need FA Rank 4 Total aid = $7,000 FA Rank 10 Total aid = $19,000 $24,000 Grant $16,000 Unmet need Gap work Loans Need=$16,000 Loan unsubsidized FC=$8,000

  28. Recap $16,000 $13,000 $16,000 $7,000 $12,000 $19,000

  29. The Effectof Private Scholarships on the Financial Aid Package “Overawards”

  30. The Financial Aid Package OUTSIDE SCHOLARSHIP $$$$$$ $ 3000. cost $24,000 grant = $11,000 meet full need $ 2,000 work $3,000 loan $ 8,000. F. C (FM).

  31. The Financial Aid Package cost $24,000 grant = $11,000 meet full need $ 2,000 work $3,000 loan $ 8,000. $$$ F. C (FM).

  32. The Financial Aid Package cost $24,000 grant = $11,000 meet full need $ 2,000 work $3,000 loan $$$$$ $ 8,000. F. C (FM).

  33. The Financial Aid Package cost $24,000 grant = $11,000 meet full need $ 2,000 work $3,000 loan $ 8,000. F. C (FM).

  34. The Financial Aid Package cost $24,000 unmet need “GAP” $3,000 grant = $8,000 $2,000 work $3,000 loan $ 8,000. F. C (FM).

  35. The Financial Aid Package cost $24,000 unmet need “GAP” $3,000 $$$$ grant = $8,000 $2,000 work $3,000 loan $ 8,000. F. C (FM).

  36. Overawards:Governed by FM, not IM IM Total aid = $12,000 FM Total aid = $16,000 $24,000 Need $16,000 Need $12,000 $12,000 $ 4,000 $ 8,000

  37. How Do College’s Adjust Awards? • Institutional Policy... will differ from school to school • Must have a policy • Available in writing to student at time of award

  38. How Do Colleges Adjust? • Allow Outside scholarships to fill “gap”. • 50% from “self-help” and 50% from Institutional grant. • Reduce Institutional grant dollar for dollar. • Some combination of all of these.

  39. Tips on Negotiation: • There is a difference between an “appeal” and “negotiation”. • Differences in awards from schools of similar cost can be questioned. • The “ I would not join a club that would have me as a member” rule. • Financial Aid Officers are human too!!!

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