**EXPLANATION OF WORKSHEET**

**2002-2003 AWARD PERIOD**

Each institution that applied for funds under the Federal Work-Study,
Federal Perkins Loan and/or Federal Supplemental Educational Opportunity
Grant Programs for the 2002-2003 Award Period receives a tentative
funding level which is based on 1) a Base Guarantee and 2) a Fair Share
Increase, minus the amount of unexpended 2000-2001 funds if this amount
exceeds 10% of the institution\'s 2000-2001 allocation. These amounts
are distributed based on funds availability. Following is an explanation
of the institutional worksheet for each program.

**[COMPUTATION OF BASE GUARANTEES]{.underline}**

**[FEDERAL WORK-STUDY]{.underline}**

1\. An institution that participated in the [FWS]{.underline} program in
the 1999-2000 award year receives a base guarantee equal to 1)its
1999-2000 base guarantee, 2)its 1999-2000 initial pro rata increase, and
3)if applicable, the additional FWS funds issued from the \$17 million
set aside that the institution received in the 1999-2000 award year.

2\. An institution applying to participate in the FWS program for the
first or second time receives a base guarantee equal to the greatest of-

> (A) \$5,000; or
>
> \(B\) 90 percent of the figure derived by taking the Federal share of
> FWS expenditures in 2000-2001 by institutions offering comparable type
> programs of
>
> instruction (See page 5),
>
> DIVIDED BY enrolled students in 2000-2001 in those same institutions,
> TIMES the applicant institution\'s 2000-2001 enrollment; or
>
> \(C\) 90 percent of its highest 2001-2002 allocation

3\. An institution that did not

participate in the FWS program in the 1999-2000 award year and is not a
first or second time participant receives a base guarantee equal to the
greater of --

A.  \$5,000 or

B.  90 percent of its

expenditures from funds authorized for this program, for the first

year it participated in the FWS program after

the 1999-2000 award year.

EXCEPT that if the institution's

second year base guarantee was greater than its first year base
guarantee, its 2002-2003 base guarantee is equal to 90% of its
expenditures for the first year of participation, or 90% of its second
year base guarantee, whichever is greater.

3

**[FEDERAL PERKINS LOAN]{.underline}**

1\. An institution that participated in the [Federal]{.underline}
[Perkins Loan]{.underline} Program in the 1999-2000 award year receives
a conditional guarantee equal to its 1999-2000 conditional guarantee,
multiplied by the institution's cohort default penalty factor for the
1999-2000 award year, and multiplied by a 60.77% reduction factor. The
base guarantee that the institution receives for 2002-2003 is the above
conditional guarantee multiplied by their 2002-2003 award year cohort
default penalty factor. No funding was available to provide pro rata
share increases for the 1999-2000 award year.

2\. An institution applying to participate in the Federal Perkins Loan
Program for the first or second time receives a conditional guarantee
equal to the greatest of-

(A) \$5,000; or

> \(B\) 90 percent of the figure derived by taking the Federal Perkins
> Loan FCC expenditures in 2000-2001 for institutions offering
> comparable type programs of instruction (See page 5), DIVIDED BY
> enrolled students in 2000-2001 for those same institutions TIMES the
> applicant institution\'s 2000-2001 enrollment; or

(C)90 percent of its 2001- 2002 allocation.

3\. An institution that did not participate in the 1999-2000 award year
and is not a first or second time participant,

receives an amount equal to its cohort default penalty times the greater
of --

(A) \$5,000; or

\(B\) 100 percent of its expenditures from Federal capital contribution
authorized for this program, for the first year it participated in the
Federal Perkins Loan program after the 1999-2000 award year.

EXCEPT that if the institution's second year base guarantee

was greater than its first year base guarantee, its 2002-2003 base
guarantee is equal to 90% of its second year base guarantee, or 90% of
its FCC expenditures for the first year of participation, whichever is
greater, times the cohort default penalty factor.

[**FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY** **GRANT**]{.underline}

1.  An institution that participated in the **[FSEOG]{.underline}**
    program in the 1999-2000 award year receives a base guarantee equal
    to 1) its 1999-2000 base guarantee and 2) its 1999-2000 initial pro
    rata increase.

> 2\. An institution applying to participate in the FSEOG program for
> the first or second time receives a base guarantee equal to the
> greatest of -
>
> \(A\) \$5,000; or

4

\(B\) 90 percent of the

figure derived by taking the Federal share of FSEOG expenditures in
2000-2001 by institutions offering comparable type programs of
instruction (See page 5), DIVIDED BY enrolled students in 2000-2001 in
those same institutions, TIMES the applicant institution's 2000-2001
enrollment; or

\(C\) 90 percent of its highest 2001-2002 allocation.

3\. An institution that did not participate in the FSEOG program in the
1999-2000 award year and is not a first or second time participant
receives a base guarantee equal to the greater of --

> \(A\) \$5,000; or

\(B\) 90 percent of its expenditures from funds authorized for this
program for the first year it participated in the FSEOG program after
the 1999-2000 award year.

> EXCEPT that if the institution's second year base guarantee was
> greater than its first year base guarantee, its 2002-2003 base
> guarantee is equal to 90% of its expenditures for the first year of
> participation, or 90% of its second year base guarantee, whichever is
> greater.
>
> 5

Average 2000-2001 Expenditures for

FWS, Federal Perkins Loan, and FSEOG Programs

[BY TYPE OF INSTITUTION]{.underline}

FWS FEDERAL PERKINS LOAN FSEOG

[Type of Institution]{.underline} [Federal Share]{.underline}
[FCC]{.underline} [Federal Share]{.underline}

1.  Cosmetology \$24 \$35 \$57

2.  Business \$38 \$20 \$56

3.  Trade & Technical \$38 \$17 \$59

4.  Art Schools \$34 \$ 0 \$51

5.  Other Proprietary \$48 \$33 \$59

6.  Non-Proprietary \$43 \$ 9 \$32

[How were the averages computed?]{.underline}

An average 2000-2001 expenditure per enrolled student for each program
was derived for like type institutions by dividing expenditure data
reported for the 2000-2001 Award Year by the corresponding aggregate
enrollment for all the institutions of similar type.

A base guarantee equal to 90% of the appropriate computed average for
each program times the applicant institution\'s 2000-2001 enrollment was
used for institutions requesting participation for the first or second
year.

If the institution did not have any 2000-2001 enrollment, we used the
estimated 2001-2002 enrollment, if the institution is not yet open.

6

+--------------------------------+----+--------------------------------+
| **EXPLANATION OF**             | 7  | ITEM 10                        |
|                                |    |                                |
| **INSTITUTIONAL WORKSHEET**    |    | [AVERAGE UNDERGRADUATE TUITION |
|                                |    | AND FEES]{.underline}          |
| **FWS TENTATIVE FUNDING        |    |                                |
| 2002-2003**                    |    | Institutions with traditional  |
|                                |    | academic calendars =           |
| ITEM 4                         |    | Application, Section E, field  |
|                                |    | 22(a) DIVIDED BY Section D,    |
| [FWS REQUEST]{.underline}      |    | field 7(a).                    |
|                                |    |                                |
| Part II, Section A, Field 4 of |    | When entries on fields         |
| Application                    |    | 22(a) and 7(a) are 0, but      |
|                                |    | entry on fields 40(a),         |
| ITEM 5                         |    | 40(b), 40(c) or 40(d) is       |
|                                |    | greater than 0, DIVIDE Section |
| [FWS NATIONAL TOTAL OF FUNDS   |    | E, field 22(b) by Section D,   |
| AVAILABLE]{.underline}         |    | field 7(b).                    |
|                                |    |                                |
| U.S. total 2002-2003 funds     |    | Other Institutions =           |
| available for Federal          |    | Application, Section E, field  |
| Work-Study allocations.        |    | 22(a) DIVIDED BY Section D,    |
|                                |    | field 9(a) PLUS 21(b).         |
| ITEM 6                         |    |                                |
|                                |    | ITEM 11                        |
| [BASE GUARANTEE]{.underline}   |    |                                |
|                                |    | [AVERAGE UNDERGRADUATE TIME IN |
| See instructions on            |    | ATTENDANCE]{.underline}        |
| computation of base            |    |                                |
| guarantees.  (FWS              |    | Institutions with traditional  |
| Requirements)                  |    | academic calendars = 9 months  |
|                                |    | (assumed).                     |
| ITEM 7                         |    |                                |
|                                |    | Other Institutions =           |
| [NATIONAL TOTAL OF BASE        |    | Application, Section D, field  |
| GUARANTEES]{.underline}        |    | 21(a), PLUS 21(b), DIVIDED BY  |
|                                |    | Section D, field 9(a) PLUS     |
| Sum of Item 6 for all          |    | 21(b), maximum of 12 months.   |
| applicant institutions         |    |                                |
| nationwide.                    |    | ITEM 12                        |
|                                |    |                                |
| ITEM 8                         |    | [LIVING COST                   |
|                                |    | ALLOWANCE]{.underline}         |
| [BASE GUARANTEE PERCENTAGE     |    |                                |
| FUNDABLE]{.underline}          |    | \$5,760 TIMES Item 11 DIVIDED  |
|                                |    | by 9 months                    |
| Item 5 DIVIDED BY Item 7, not  |    |                                |
| to exceed 100%                 |    |                                |
|                                |    |                                |
| ITEM 9                         |    |                                |
|                                |    |                                |
| [ADJUSTED BASE                 |    |                                |
| GUARANTEE]{.underline}         |    |                                |
|                                |    |                                |
| Item 6 TIMES Item 8            |    |                                |
+--------------------------------+----+--------------------------------+
|                                |    |                                |
+--------------------------------+----+--------------------------------+

+--------------------------------+----+--------------------------------+
| ITEM 13                        | 8  | ITEM 17                        |
|                                |    |                                |
| [BOOKS AND SUPPLIES            |    | [AVERAGE GRADUATE TUITION AND  |
| ALLOWANCE]{.underline}         |    | FEES]{.underline}              |
|                                |    |                                |
| \$450 TIMES Item 11 DIVIDED BY |    | Application: Section E, Field  |
| 9 months                       |    | 22(b) DIVIDED BY Section D,    |
|                                |    | Field 7(b)                     |
| ITEM 14                        |    |                                |
|                                |    | When entries on field          |
| [AVERAGE UNDERGRADUATE         |    | 22(b) and 7 (b) are 0, but     |
| COST]{.underline}              |    | entry in field 40(e) is        |
|                                |    | greater than 0, DIVIDE Section |
| Item 10 PLUS Item 12 PLUS Item |    | E, field 22(a) by Section D,   |
| 13                             |    | field 7(a).                    |
|                                |    |                                |
| ITEM 15                        |    | ITEM 18                        |
|                                |    |                                |
| [25% OF AVERAGE UNDERGRADUATE  |    | [AVERAGE GRADUATE TIME IN      |
| COST]{.underline}              |    | ATTENDANCE]{.underline}        |
|                                |    |                                |
| Item 14 TIMES 25%              |    | 9 months (assumed)             |
|                                |    |                                |
| ITEM 16                        |    | ITEM 19                        |
|                                |    |                                |
| [UNDERGRADUATE SELF‑HELP       |    | [LIVING COST                   |
| NEED]{.underline}              |    | ALLOWANCE]{.underline}         |
|                                |    |                                |
| USE UNDERGRADUATE COLUMNS OF   |    | \$5,760                        |
| APPLICATION ONLY: Section F,   |    |                                |
| Fields 25 through 39 Dependent |    | ITEM 20                        |
| and Independent.               |    |                                |
|                                |    | [BOOKS AND SUPPLIES            |
| [Step (a)]{.underline}         |    | ALLOWANCE]{.underline}         |
|                                |    |                                |
| EFC Constants X Item 11        |    | \$450                          |
| DIVIDED BY 9 months.           |    |                                |
|                                |    | ITEM 21                        |
| [Step (b)]{.underline}         |    |                                |
|                                |    | [AVERAGE GRADUATE              |
| Multiply each field Dependent  |    | COST]{.underline}              |
| PLUS Independent 25 through    |    |                                |
| 39:                            |    | Item 17 PLUS Item 19 PLUS Item |
|                                |    | 20                             |
| By Item 15                     |    |                                |
|                                |    | ITEM 22                        |
| OR                             |    |                                |
|                                |    | [GRADUATE SELF‑HELP            |
| By Item 14 MINUS product from  |    | NEED]{.underline}              |
| Step (a) (whichever is less    |    |                                |
| for each separate line)        |    | USE GRADUATE COLUMN OF         |
|                                |    | APPLICATION ONLY: Section F,   |
| [Step (c)]{.underline}         |    | Column E (fields 25 through    |
|                                |    | 39)                            |
| Sum all of the amounts from    |    |                                |
| Step (b).                      |    |                                |
+--------------------------------+----+--------------------------------+
| [Step (a)]{.underline}         | 9  | ITEM 30                        |
|                                |    |                                |
| Multiply each field, 25        |    | [RELATIVE                      |
| through 39 by (Item 21 MINUS   |    | SHORTFALL]{.underline}         |
| the EFC for that income        |    |                                |
| category.)                     |    | Item 28 DIVIDED BY Item 29     |
|                                |    |                                |
| [Step (b)]{.underline}         |    | ITEM 31                        |
|                                |    |                                |
| Sum of all the amounts from    |    | [INITIAL FAIR SHARE            |
| Step (a).                      |    | INCREASE]{.underline}          |
|                                |    |                                |
| ITEM 23                        |    | Item 27 TIMES Item 30.         |
|                                |    |                                |
| [TOTAL SELF-HELP               |    | ITEM 32                        |
| NEED]{.underline}              |    |                                |
|                                |    | [ADDITIONAL FAIR SHARE         |
| Item 16 PLUS Item 22           |    | INCREASE]{.underline}          |
|                                |    |                                |
| ITEM 24                        |    | This increase is due to        |
|                                |    | redistribution of funds        |
| [NATIONAL TOTAL SELF‑HELP      |    | available from other           |
| NEED]{.underline}              |    | institutions, which they would |
|                                |    | have received if requested.    |
| Sum of Item 23 for all         |    |                                |
| applicant institutions         |    | ITEM 33                        |
| nationwide.                    |    |                                |
|                                |    | [TOTAL FAIR SHARE              |
| ITEM 25                        |    | INCREASE]{.underline}          |
|                                |    |                                |
| [RELATIVE FWS                  |    | Item 31 PLUS Item 32.          |
| NEED]{.underline}              |    |                                |
|                                |    | ITEM 34                        |
| Item 23 DIVIDED BY Item 24     |    |                                |
|                                |    | [TOTAL FWS                     |
| ITEM 26                        |    | ALLOCATION]{.underline}        |
|                                |    |                                |
| [FAIR SHARE]{.underline}       |    | Item 9 PLUS Item 33.           |
|                                |    |                                |
| Item 5 TIMES Item 25           |    | ITEM 35                        |
|                                |    |                                |
| ITEM 27                        |    | [UNDER USED                    |
|                                |    | PERCENTAGE]{.underline}        |
| [NATIONAL FUNDS AVAILABLE FOR  |    |                                |
| FAIR SHARE]{.underline}        |    | Unexpended 2000-2001 funds     |
|                                |    | divided by 2000-2001 highest   |
| Item 5 MINUS Item 7            |    | allocation.                    |
|                                |    |                                |
| ITEM 28                        |    | ITEM 36                        |
|                                |    |                                |
| [SHORTFALL]{.underline}        |    | [ALLOCATION                    |
|                                |    | REDUCTION]{.underline}         |
| Item 26 MINUS Item 9. MAY NOT  |    |                                |
| BE LESS THAN ZERO              |    | Highest 2000-2001 allocation   |
|                                |    | minus 2000-2001 expenditure in |
| ITEM 29                        |    | FISAP, Part V, Field 17, if    |
|                                |    | Item 35 above is greater than  |
| [NATIONAL TOTAL OF             |    | 10.0%.                         |
| SHORTFALLS]{.underline}        |    |                                |
|                                |    | ITEM 37                        |
| Sum of Item 28 for all         |    |                                |
| applicant institutions         |    | [ADJUSTED FWS                  |
| nationwide.                    |    | ALLOCATION]{.underline}        |
|                                |    |                                |
|                                |    | Item 34 minus Item 36.         |
+--------------------------------+----+--------------------------------+
|                                |    |                                |
+--------------------------------+----+--------------------------------+

+--------------------------------+----+--------------------------------+
| **EXPLANATION OF**             | 10 | ITEM 10                        |
| **INSTITUTIONAL WORKSHEET**    |    |                                |
| **FSEOG TENTATIVE FUNDING      |    | [AVERAGE UNDERGRADUATE TUITION |
| 2002-2003**                    |    | AND FEES]{.underline}          |
|                                |    |                                |
| ITEM 4                         |    | Institutions with traditional  |
|                                |    | academic calendars =           |
| [FSEOG REQUEST]{.underline}    |    | Application, Section E, field  |
|                                |    | 22(a) DIVIDED BY Section D,    |
| Part II, Section A, Field 3 of |    | field 7(a).                    |
| Application.                   |    |                                |
|                                |    | When entries in fields         |
| ITEM 5                         |    | 22(a) and 7(a) are 0, but      |
|                                |    | entry in field 40(a) or 40(c), |
| [NATIONAL TOTAL OF FUNDS       |    | is greater than 0, DIVIDE      |
| AVAILABLE]{.underline}         |    | Section E, field 22(b) by      |
|                                |    | Section D, field 7(b).         |
| U.S. total 2002-2003 funds     |    |                                |
| available for FSEOG            |    | Other Institutions -           |
| allocations.                   |    | Application, Section E, field  |
|                                |    | 22(a) DIVIDED BY Section D,    |
| ITEM 6                         |    | field 9(a) PLUS 21(b).         |
|                                |    |                                |
| [BASE GUARANTEE]{.underline}   |    | ITEM 11                        |
|                                |    |                                |
| See instructions on the        |    | [AVERAGE UNDERGRADUATE TIME IN |
| computation of Base            |    | ATTENDANCE]{.underline}        |
| Guarantee. (FSEOG              |    |                                |
| Requirements)                  |    | Institutions with traditional  |
|                                |    | academic calendars = 9 months  |
| ITEM 7                         |    | (assumed).                     |
|                                |    |                                |
| [NATIONAL TOTAL OF BASE        |    | Other Institutions -           |
| GUARANTEES]{.underline}        |    | Application, Section D, field  |
|                                |    | 21(a), PLUS 21(b), DIVIDED BY  |
| Sum of Item 6 for all          |    | Section D, field 9(a) PLUS     |
| applicant institutions         |    | 21(b), maximum of 12 months.   |
| nationwide.                    |    |                                |
|                                |    | ITEM 12                        |
| ITEM 8                         |    |                                |
|                                |    | [LIVING COST                   |
| [BASE GUARANTEE PERCENTAGE     |    | ALLOWANCE]{.underline}         |
| FUNDABLE]{.underline}          |    |                                |
|                                |    | \$5,760 TIMES Item 11 DIVIDED  |
| Item 5 DIVIDED BY Item 7, not  |    | BY 9 months                    |
| to exceed 100%                 |    |                                |
|                                |    |                                |
| ITEM 9                         |    |                                |
|                                |    |                                |
| [ADJUSTED BASE                 |    |                                |
| GUARANTEE]{.underline}         |    |                                |
|                                |    |                                |
| Item 6 TIMES Item 8.           |    |                                |
+--------------------------------+----+--------------------------------+

+--------------------------------+----+--------------------------------+
| ITEM 13                        | 11 | ITEM 18                        |
|                                |    |                                |
| [BOOKS AND SUPPLIES            |    | [LEAP/SLEAP                    |
| ALLOWANCE]{.underline}         |    | PERCENTAGE]{.underline}        |
|                                |    |                                |
| \$450 TIMES Item 11 DIVIDED BY |    | 2000-2001 State Total          |
| 9 months                       |    | LEAP/SLEAP (Federal plus state |
|                                |    | shares) DIVIDED BY state total |
| ITEM 14                        |    | of all state grants and        |
|                                |    | scholarships (data received    |
| [AVERAGE UNDERGRADUATE         |    | from each state).              |
| COST]{.underline}              |    |                                |
|                                |    | ITEM 19                        |
| Item 10 PLUS Item 12 PLUS Item |    |                                |
| 13                             |    | [LEAP/SLEAP                    |
|                                |    | AWARDS]{.underline}            |
| ITEM 15                        |    |                                |
|                                |    | Estimated LEAP/SLEAP made to   |
| [75% OF AVERAGE UNDERGRADUATE  |    |                                |
| COST]{.underline}              |    | undergraduate students during  |
|                                |    | the 2000-2001 Award Year.      |
| Item 14 TIMES 75%              |    | Application Section E, field   |
|                                |    | 24 TIMES Item 18.              |
| ITEM 16                        |    |                                |
|                                |    | ITEM 20                        |
| [UNDERGRADUATE GRANT           |    |                                |
| NEED]{.underline}              |    | [FSEOG NEED]{.underline}       |
|                                |    |                                |
| USE UNDERGRADUATE COLUMNS A &  |    | Item 16 MINUS Item 17 MINUS    |
| C OF APPLICATION ONLY: Section |    | Item 19                        |
| F, fields 25 through 39        |    |                                |
|                                |    | ITEM 21                        |
| [STEP (a)]{.underline}         |    |                                |
|                                |    | [NATIONAL TOTAL OF FSEOG       |
| Multiply the data in each      |    | NEED]{.underline}              |
| income cell TIMES              |    |                                |
|                                |    | Sum of Item 20 for all         |
| Item 15 MINUS (undergraduate   |    | applicant institutions         |
| EFC constants TIMES Item 11    |    | nationwide.                    |
| DIVIDED BY 9 months)           |    |                                |
|                                |    | ITEM 22                        |
| [STEP (b)]{.underline}         |    |                                |
|                                |    | [RELATIVE FSEOG                |
| Sum of all the amounts from    |    | NEED]{.underline}              |
| Step (a).                      |    |                                |
|                                |    | Item 20 DIVIDED BY Item 21     |
| ITEM 17                        |    |                                |
|                                |    | ITEM 23                        |
| [PELL GRANTS]{.underline}      |    |                                |
|                                |    | [FAIR SHARE]{.underline}       |
| Application, Part II, Section  |    |                                |
| E Field 23                     |    | Item 5 TIMES Item 22           |
+--------------------------------+----+--------------------------------+
| ITEM 24                        | 12 | ITEM 30                        |
|                                |    |                                |
| [NATIONAL FUNDS AVAILABLE FOR  |    | [TOTAL FAIR SHARE              |
| FAIR SHARE]{.underline}        |    | INCREASE]{.underline}          |
|                                |    |                                |
| Item 5 MINUS Item 7            |    | Item 28 PLUS Item 29           |
|                                |    |                                |
| ITEM 25                        |    | ITEM 31                        |
|                                |    |                                |
| [SHORTFALL]{.underline}        |    | [TOTAL FSEOG                   |
|                                |    | ALLOCATION]{.underline}        |
| Item 23 MINUS Item 9. MAY NOT  |    |                                |
| BE LESS THAN ZERO              |    | Item 9 PLUS Item 30            |
|                                |    |                                |
| ITEM 26                        |    | ITEM 32                        |
|                                |    |                                |
| [NATIONAL TOTAL OF             |    | [UNDER USED                    |
| SHORTFALLS]{.underline}        |    | PERCENTAGE]{.underline}        |
|                                |    |                                |
| Sum of Item 25 for all         |    | Unexpended 2000-2001 funds     |
| applicant                      |    | divided by 2000-2001 highest   |
|                                |    | allocation.                    |
| institutions nationwide.       |    |                                |
|                                |    | ITEM 33                        |
| ITEM 27                        |    |                                |
|                                |    | [ALLOCATION                    |
| [RELATIVE                      |    | REDUCTION]{.underline}         |
| SHORTFALL]{.underline}         |    |                                |
|                                |    | Highest 2000-2001 allocation   |
| Item 25 DIVIDED BY Item 26     |    | minus 2000-2001 expenditure in |
|                                |    | FISAP, Part IV, Field 16, if   |
| ITEM 28                        |    | Item 32 above is greater than  |
|                                |    | 10.0%.                         |
| [INITIAL FAIR SHARE            |    |                                |
| INCREASE]{.underline}          |    | ITEM 34                        |
|                                |    |                                |
| Item 24 TIMES Item 27          |    | [ADJUSTED FSEOG                |
|                                |    | ALLOCATION]{.underline}        |
| ITEM 29                        |    |                                |
|                                |    | Item 31 minus Item 33.         |
| [ADDITIONAL FAIR SHARE         |    |                                |
| INCREASE]{.underline}          |    |                                |
|                                |    |                                |
| This increase is due to        |    |                                |
| redistribution of funds        |    |                                |
| available from other           |    |                                |
| institutions, which they would |    |                                |
| have received if requested.    |    |                                |
+--------------------------------+----+--------------------------------+
|                                |    |                                |
+--------------------------------+----+--------------------------------+

+--------------------------------+----+--------------------------------+
| **EXPLANATION OF**             | 13 | ITEM 8                         |
| **INSTITUTIONAL**              |    |                                |
|                                |    | [COHORT DEFAULT PENALTY        |
| **WORKSHEET** **FEDERAL        |    | FACTOR]{.underline}            |
| PERKINS LOAN TENTATIVE FUNDING |    |                                |
| 2002-2003**                    |    | Compute as follows, using the  |
|                                |    | Cohort default rate as of June |
| ITEM 4                         |    | 30, 2001;                      |
|                                |    |                                |
| [FCC REQUEST]{.underline}      |    | Default Rate of 25% or greater |
|                                |    | = default penalty factor of    |
| Part II, Section A, Field 2 of |    | zero (no Federal funds).       |
| Application                    |    |                                |
|                                |    | Default Rate of 0 thru 24.99%  |
| ITEM 5                         |    | = default penalty factor of 1  |
|                                |    | (no penalty).                  |
| [NATIONAL FUNDS                |    |                                |
| AVAILABLE‑FCC]{.underline}     |    | ITEM 9                         |
|                                |    |                                |
| U.S. total 2002-2003 funds     |    | [BASE GUARANTEE]{.underline}   |
| available for Federal Perkins  |    |                                |
| Loan allocations               |    | Item 6 TIMES Item 8            |
|                                |    |                                |
| ITEM 6                         |    | ITEM 10                        |
|                                |    |                                |
| [CONDITIONAL                   |    | [NATIONAL TOTAL OF BASE        |
| GUARANTEE]{.underline}         |    | GUARANTEES]{.underline}        |
|                                |    |                                |
| See instructions on the        |    | Sum of Item 9 for all          |
| computation of conditional     |    | applicant institutions         |
| guarantees (Federal Perkins    |    | nationwide.                    |
| Loan Requirements)             |    |                                |
|                                |    | ITEM 11                        |
| ITEM 7                         |    |                                |
|                                |    | [BASE GUARANTEE PERCENTAGE     |
| [COHORT DEFAULT                |    | FUNDABLE]{.underline}          |
| RATE]{.underline}              |    |                                |
|                                |    | Item 5 DIVIDED BY Item 10, not |
| If the entry in Part III,      |    |                                |
| Section D, Field 1.1 is equal  |    | to Exceed 100%                 |
| to or greater than 30, the     |    |                                |
| Cohort Default Rate = Field    |    |                                |
| 1.2 divided by 1.1 times 100%. |    |                                |
|                                |    |                                |
| If the entry in Part III,      |    |                                |
| Section D, Field 2.1(c) is at  |    |                                |
| least 1 but less than 30, the  |    |                                |
| Cohort Default Rate = Field    |    |                                |
| 2.4 divided by 2.3 times 100%. |    |                                |
+--------------------------------+----+--------------------------------+
| ITEM 12                        | 14 | ITEM 16                        |
|                                |    |                                |
| [ADJUSTED BASE                 |    | [BOOKS AND SUPPLIES            |
| GUA­RANTEE]{.underline}         |    | ALLOWANCE]{.underline}         |
|                                |    |                                |
| Item 9 TIMES Item 11           |    | \$450 TIMES Item 14 DIVIDED BY |
|                                |    | 9 months                       |
| ITEM 13                        |    |                                |
|                                |    | ITEM 17                        |
| [AVERAGE UNDERGRADUATE TUITION |    |                                |
| AND FEES]{.underline}          |    | [AVERAGE UNDERGRADUATE         |
|                                |    | COST]{.underline}              |
| Institutions with traditional  |    |                                |
| academic calendars =           |    | Item 13 PLUS Item 15 PLUS Item |
| Application, Section E, field  |    | 16                             |
| 22(a) DIVIDED BY Section D,    |    |                                |
| field 7(a).                    |    | ITEM 18                        |
|                                |    |                                |
| When entries in field          |    | [25% OF AVERAGE UNDERGRADUATE  |
| 22(a) and 7(a) are 0, but      |    | COST]{.underline}              |
| entry in field 40(a), 40(b),   |    |                                |
| 40(c), or 40(d) is greater     |    | Item 17 TIMES 25%              |
| than 0, DIVIDE Section E,      |    |                                |
| field 22(b) by Section D,      |    | ITEM 19                        |
| field 7(b).                    |    |                                |
|                                |    | [UNDERGRADUATE SELF‑HELP       |
| Other Institutions =           |    | NEED]{.underline}              |
| Application, Section E, field  |    |                                |
| 22(a) DIVIDED BY Section D,    |    | USE UNDERGRADUATE COLUMNS OF   |
| field 9(a) PLUS 21(b).         |    | APPLICATION ONLY: Section F,   |
|                                |    | Fields 25 through 39 Dependent |
| ITEM 14                        |    | and Independent                |
|                                |    |                                |
| [AVERAGE UNDERGRADUATE TIME IN |    | [Step (a)]{.underline}         |
| ATTENDANCE]{.underline}        |    |                                |
|                                |    | EFC Constants X Item 14        |
| Institutions with traditional  |    | DIVIDED BY 9 months.           |
| academic calendars = 9 months  |    |                                |
| (assumed).                     |    | [Step (b)]{.underline}         |
|                                |    |                                |
| Other Institutions =           |    | Multiply each field Dependent  |
| Application, Section D, field  |    | PLUS Independent 25 through    |
| 21(a), PLUS 21(b) DIVIDED BY   |    | 39:                            |
| Section D, field 9(a) PLUS     |    |                                |
| 21(b), maximum of 12 months.   |    | By Item 18                     |
|                                |    |                                |
| ITEM 15                        |    | OR                             |
|                                |    |                                |
| [LIVING COST                   |    | By Item 17 MINUS product from  |
| ALLOWANCE]{.underline}         |    | Step (a) (whichever is less    |
|                                |    | for each separate field)       |
| \$5,760 TIMES Item 14 DIVIDED  |    |                                |
| BY 9 months                    |    | [Step (c)]{.underline}         |
|                                |    |                                |
|                                |    | Sum all of the amounts from    |
|                                |    | step (b)                       |
+--------------------------------+----+--------------------------------+

+--------------------------------+----+--------------------------------+
| ITEM 20                        | 15 | [Step (a)]{.underline}         |
|                                |    |                                |
| [AVERAGE GRADUATE TUITION AND  |    | Multiply each field, 25        |
| FEES]{.underline}              |    | through 39 by (Item 24, MINUS  |
|                                |    | EFC for that income category). |
| APPLICATION: Section E, Field  |    |                                |
| 22(b) DIVIDED BY Section D,    |    | [Step (b)]{.underline}         |
| Field 7(b)                     |    |                                |
|                                |    | Sum of all the amounts from    |
| When entries in field          |    | Step (a)                       |
| 22(b) and 7(b) are 0, but      |    |                                |
| entry in field 40(E) is        |    | ITEM 26                        |
| greater than 0, DIVIDE Section |    |                                |
| E, field 22(a) by Section D,   |    | [TOTAL SELF‑HELP               |
| field 7(a).                    |    | NEED]{.underline}              |
|                                |    |                                |
| ITEM 21                        |    | Item 19 plus Item 25           |
|                                |    |                                |
| [AVERAGE GRADUATE TIME IN      |    | ITEM 27                        |
| ATTENDANCE]{.underline}        |    |                                |
|                                |    | [PROJECTED                     |
| 9 months (assumed)             |    | COLLECTIONS]{.underline}       |
|                                |    |                                |
| ITEM 22                        |    | FISAP, Section B, Field 7,     |
|                                |    | Column (b) of Fed. Perkins     |
| [LIVING COST                   |    | Loan Fiscal Operations Report  |
| ALLOWANCE]{.underline}         |    | TIMES 121%.                    |
|                                |    |                                |
| \$5,760                        |    | ITEM 28                        |
|                                |    |                                |
| ITEM 23                        |    | [ADJUSTED SELF‑HELP            |
|                                |    | NEED]{.underline}              |
| [BOOKS AND SUPPLIES            |    |                                |
| ALLOWANCE]{.underline}         |    | Item 26 MINUS Item 27 TIMES    |
|                                |    | Item 8. MAY NOT BE LESS THAN   |
| \$450                          |    | ZERO.                          |
|                                |    |                                |
| ITEM 24                        |    | ITEM 29                        |
|                                |    |                                |
| [AVERAGE GRADUATE              |    | [NATIONAL TOTAL OF ADJUSTED    |
| COST]{.underline}              |    | SELF‑HELP NEED]{.underline}    |
|                                |    |                                |
| Item 20 PLUS Item 22 PLUS Item |    | Sum of Item 28 for all         |
| 23                             |    | applicant institutions         |
|                                |    | nationwide.                    |
| ITEM 25                        |    |                                |
|                                |    | ITEM 30                        |
| [GRADUATE SELF‑HELP            |    |                                |
| NEED]{.underline}              |    | [RELATIVE FCC                  |
|                                |    | NEED]{.underline}              |
| USE GRADUATE COLUMN OF         |    |                                |
| APPLICATION ONLY: Section F    |    | Item 28 DIVIDED BY Item 29     |
| (fields 25 through 39)         |    |                                |
|                                |    | ITEM 31                        |
|                                |    |                                |
|                                |    | [FAIR SHARE]{.underline}       |
|                                |    |                                |
|                                |    | Item 5 TIMES Item 30           |
+--------------------------------+----+--------------------------------+
| [ITEM 32]{.underline}          | 16 | ITEM 40                        |
|                                |    |                                |
| NATIONAL FUNDS AVAILABLE FOR   |    | [UNDER USED                    |
| FAIR SHARE                     |    | PERCENTAGE]{.underline}        |
|                                |    |                                |
| Item 5 MINUS Item 10           |    | Unexpended 2000-2001 funds     |
|                                |    | divided by 2000-2001 highest   |
| ITEM 33                        |    | allocation.                    |
|                                |    |                                |
| [SHORTFALL]{.underline}        |    | ITEM 41                        |
|                                |    |                                |
| Item 31 MINUS Item 12.  MAY    |    | [ALLOCATION                    |
| NOT BE LESS THAN ZERO.         |    | REDUCTION]{.underline}         |
|                                |    |                                |
| ITEM 34                        |    | Highest 2000-2001 FCC          |
|                                |    | allocation minus 2000-2001     |
| [NATIONAL TOTAL OF             |    | expenditure (FISAP, Part III,  |
| SHORTFALLS]{.underline}        |    | Section B, Field 1 minus field |
|                                |    | 3), if Item 40 above is        |
| Sum of Item 33 for all         |    | greater than 10.0%.            |
| applicant institutions         |    |                                |
| nationwide.                    |    | ITEM 42                        |
|                                |    |                                |
| ITEM 35                        |    | [ADJUSTED FEDERAL PERKINS      |
|                                |    | LOAN-FCC]{.underline}          |
| [RELATIVE                      |    |                                |
| SHORTFALL]{.underline}         |    | Item 39 MINUS Item 41.         |
|                                |    |                                |
| Item 33 DIVIDED BY Item 34     |    | ITEM 43                        |
|                                |    |                                |
| ITEM 36                        |    | [TOTAL AUTHORIZED LEVEL OF     |
|                                |    | EXPENDITURE]{.underline}       |
| # INITIAL FAIR SHARE INCREASE  |    |                                |
|                                |    | Sum of the following:          |
| Item 32 TIMES Item 35          |    |                                |
|                                |    | 1. Item 42                     |
| ITEM 37                        |    |                                |
|                                |    | 2\. Institutional Capital      |
| #                              |    |                                |
| ADDITIONAL FAIR SHARE INCREASE |    | Contribution (Item 42          |
|                                |    |                                |
| This increase is due to        |    | MULTIPLIED BY one-third)       |
| redistribution of funds        |    |                                |
| available from other           |    | 3. Item 27                     |
| institutions, which they would |    |                                |
| have received if requested.    |    | 4\. FISAP Part III,            |
|                                |    |                                |
| ITEM 38                        |    | Section A, Field 1.1c (As of   |
|                                |    | June 30, 2001)                 |
| # TOTAL FAIR SHARE INCREASE    |    |                                |
|                                |    | 5\. Anticipated 2000-2001      |
| Item 36 PLUS Item 37           |    | Perkins Loan Cancellation to   |
|                                |    | be issued May 2002.            |
| ITEM 39                        |    |                                |
|                                |    |                                |
| # TOTAL FCC ALLOCATION         |    |                                |
|                                |    |                                |
| #                              |    |                                |
|                                |    |                                |
| # Item 12 PLUS Item 37         |    |                                |
+--------------------------------+----+--------------------------------+