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Financial Aid Packaging Panel

Financial Aid Packaging Panel. Presenters: Kristi Maze – Albion College Sue Forbes – Gogebic Community College Diane Lambart Fleming – Central Michigan University. Albion College Packaging Policies. Kristi Maze Associate Vice President of Enrollment & Financial Aid.

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Financial Aid Packaging Panel

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Presentation Transcript

  1. Financial Aid Packaging Panel Presenters: Kristi Maze – Albion College Sue Forbes – Gogebic Community College Diane Lambart Fleming – Central Michigan University

  2. Albion CollegePackaging Policies Kristi Maze Associate Vice President of Enrollment & Financial Aid

  3. Albion College at a Glance • 1,850 Student enrollment • $30,970 Financial aid budget • $29,454 Tuition, Room & Board • 98% of students seek assistance from our office • 2/3 of students file for FAFSA and demonstrate need • $21 million Institutional Scholarship & Grant budget

  4. Albion College at a Glance • $19,000 is average financial aid package • Very traditional students • Majority are Full-Time • Graduate in Four Years • Limit Financial Aid to 8 Semesters • Limited Summer school

  5. Challenges in Packaging STICKER SHOCK • Academic Scholarships • Early Estimator • Making $30,000 affordable • Maximizing $21 million institutional budget • Meeting enrollment goals • Enrolling quality students • Meeting students need

  6. Packaging Leveraging Analysis • Academic performance and financial need as criteria • 90 Cell Matrix • Three populations: in state, out of state & transfers • Package all students by hand • The Pell Grant is the only award that is automated

  7. Gift Packaging • Pell Grants • Institutional Scholarships • State Grants: MTG, MCS and MMA • SEOG • Institutional Grants

  8. Self-Help Packaging • $1500 FWS Award included in package • Subsidized, Unsubsidized and Perkins Loans are included in package • PLUS Loans & Alternative Loans are not included in package • Loan brochure sent with initial award letter

  9. Packaging • Award Michigan Merit based on ACT Score or notification from student prior to first roster • Outside resources such as MET, local scholarships and employer benefits are used to reduce self-help money first

  10. Deadlines • Awards are made in order that forms are received • February 1st Deadline for Scholarship Applications • State of Michigan Scholarship Program March 1st • Freshmen are packaged in spring • Upperclassmen in May

  11. Special Circumstances • No deadline date • Reviewed on a case by case basis • Most revisions involve increasing our own funds

  12. Negotiating • Go out with best package up front • Albion College does not negotiate financial aid packages

  13. Contact Information Kristi Maze Associate V.P for Enrollment & Financial Aid Albion College 611 E. Porter St. Albion, MI 49224 517-629-0440 work 517-629-0581 fax

  14. Gogebic Community College Packaging Model

  15. Packaging Objectives • Provide as many eligible students as possible with sufficient resources to realistically allow them to enroll • Require students to provide a reasonable amount of self-help (EFC, loans, employment) toward the COA • Provide work experience opportunities related to the students’ academic programs

  16. Packaging Considerations • Amount of resources available • Loan debt • Cost of attendance • Type of institution • Student body • Academic programs

  17. Ladder Concept • All applicants are treated in the same manner • The EFC, Federal Pell Grant and any outside resources are subtracted from the COA to determine remaining need • Packaging order • State grant/scholarships • FSEOG/MEOG • Work-study • FFELP

  18. Categories of Students • Date of application • May 1 • December 1 • April 1 • Late applicants • July 1 • Academic programs • Nursing

  19. Program Specific Criteria • Nontraditional students • Set aside a percentage of total campus-based allocation for independent and less-than-full-time students, including less-than-half-time • No priority order within this category of less-than-full-time • Exceptional need • Applicant pool – all eligible students who applied before the deadline date • Federal Pell Grant recipients • Award FSEOG in order of lowest EFC and proceed to the highest until all funds have been exhausted • Award to eligible students who will not receive a Federal Pell Grant beginning with the lowest EFC, if funds remain • No distinction is made between full-time and part-time students

  20. Summer School • Direct costs • Tuition/fees • Minimum and maximum awards • Minimum - $100 • Maximum - $750 • Outside resources • Reduce FSEOG to minimum • FFELP • Not included in packaging parameters • Categories • April 1 • Nursing • Notice to students

  21. Additional Packaging Parameters • Enrollment Status • Prorate package • College Work-Study • Student request • Adult Part-Time Grant & Carl Perkins Grant • Priority is given to students who are not receiving gift assistance • One term students • Nonstandard terms • Revisions • Reduce self-help • Review COA • New award letter

  22. Central Michigan University Packaging Model

  23. CMU Demographic Profile • Four-year public • 2004-2005 fall enrollment – 27,936 • 19,792 On-campus enrollment • 8,144 Off-Campus Programs (CEL) enrollment

  24. Packaging Objectives • Support institutional enrollment and retention goals • Award need-based and non-need based aid up to the COA • Require students to provide a reasonable amount of self-help (EFC, loans, employment) toward the COA • Provide work experience opportunities related to the students’ academic programs

  25. Packaging Considerations • Limited resources • Cost of attendance (COA) • Academic programs • On-campus students • Off-Campus Programs student • Need-based aid • Merit-based aid

  26. Packaging Considerations(continued) • Federal, state and institutional grant and funds are considered “gift assistance”. Institutional funding includes all CMU scholarships, regardless of funding source. • Outside agency scholarships and Michigan Merit Awards are not counted as gift assistance when awarding need-based grants and scholarships.

  27. Ladder Concept • All applicants treated in the same manner • EFC, Federal Pell Grant and /internal/external resources are considered before determining remaining need • Packaging order: • Federal Pell Grants • SEOG • MEOG • Institutional grants/scholarships/tuition benefits • Federal/State Work Study programs • Federal Perkins Loans • Federal Direct Student Loans (Subsidized & Unsubsidized) • Student Employment • Federal Direct Parent Loans

  28. CATEGORIES OF STUDENTS • First-year students • Second-year students • Transfer students • Upper division (junior/senior) • Graduate students • On-campus enrollment • Off-campus enrollment (CEL)

  29. CATEGORY-SPECIFIC CRITERIA • On-campus 1st & 2nd year Pell-eligible student: % of need-based grant/gift assistance (no deadline); self-help based on fund-availability • On-campus transfer students: % of need-based grant/gift assistance, self-help based on fund availability, on-time filer • On-campus upper-division Pell-eligible student: % of need-based grant/gift assistance, self-help based on fund availability; on-time filer

  30. CATEGORY-SPECIFIC CRITERIA (continued) • On-campus graduate students: Federal work-study, Federal Direct Loans • Off-campus Programs undergraduate students: Federal Pell Grant; Federal Direct Loans • Off-campus Programs graduate students: Federal Direct Loans

  31. SUMMER SCHOOL • Summer is a trailer: no additional institutional aid available • Remaining Pell eligibility • Remaining Direct Loan eligibility • PLUS • Alternative loans

  32. MERIT-BASED AID • 1st year students: Renewable scholarships (8 semesters) based on high school GPA/ACT, leadership • 1st year students: Non-renewable scholarships based on GPA • Transfer students: Renewable scholarships (4 semesters) based on transfer credits/GPA • 2nd-4th year students: Departmental/endowed scholarships • Talent scholarships available to all students

  33. Questions/Comments

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