# Presentation: 817232

## Session 35

- Awarding Aid
- Devin Croft
- Jamie Malone

## What Is Packaging?	And how is awarding different...or is it???

- Finding the best combination of aid programs to meet the student’s financial need, using
- Statutory/regulatory limits
- Available resources at the school
- Institutional policies

## Prior to Packaging

- School must:
- Have developed Packaging policies
- Defined their Academic Year
- Defined their Payment Periods
- Developed a Cost of Attendance (Budget)

## Prior to Packaging

- ISIR with official EFC
- To determine need
- Understanding of available EFA
- Determine individual student’s COA
- Types of  federal aid available at your institution
- Pell
- ACG/SMART
- Campus Based
- Loans

## What Is Need?

- COA – EFC = Need
- COA varies by school and program
- EFC is taken from ISIR
- Need is filled with available aid programs and other resources

-     COA	$20,000-  _EFC__	__0_= Need	$20,000

## Cost of Attendance/Budget

- Tuition and Fees
- In state/out of state
- Books and Supplies
- Transportation
- Personal Expenses
- Room and Board
- Dependent Care
- Loan Fees
- Miscellaneous
- Disability Related Expenses
- Study-Abroad Expenses

## What Is EFA?

- Estimated financial assistance includes
- Pell Grants
- Educational Loans
- Grants (including ACG/National SMART Grants)
- Net earnings from need-based employment
- Scholarships
- Tuition and fee waivers
- Fellowship and assistantships
- VA educational benefits
- (Note:  exceptions for Chapter 30 benefits)

## Estimated Financial Assistance

- Basic Need
- COA - EFC = Need
- $14,000 - 1000 = $13,000
- Need Based
- COA - EFC - EFA = Need
- $14,000 - 1000 - 13,000 = 0
- Non-Need Based
-  COA - EFA = Need
- Unsubsidized or Plus Loan

## Estimated Financial Assistance

- Combination of student aid and EFC must not exceed student’s COA.
- If financial aid from another source becomes available after packaging, financial aid awards must be reduced so total amount does not exceed COA.

## Federal Programs

- Pell
- ACG
- SMART
- Campus Based
- Work-Study
- SEOG
- Perkins
- Loans

## Foundation of Aid Package

- Pell Grant
- Goes only to undergraduate students who have not received a bachelor’s or first professional degree
- Determined using student’s COA and EFC and ED’s Pell payment/disbursement schedules
- No other aid is considered in determining Pell eligibility

## Beyond the Foundation

- After calculating any Pell eligibility, use your packaging policy to take into account other sources of assistance available to the student

-    COA	$20,000-  EFC	0-  _Pell__	__4,050_= Remaining Need	$15,950

## Academic Competitiveness Grant – ACG

- U.S. Citizen (does not include Title IV eligible non-citizens)
- Federal Pell Grant recipient
- First or second academic year student in a two or four year degree program
- Full-time enrollment
- No specific major required

## ACG continued...

- 1st year students
- May not have been previously enrolled in a program of undergraduate study
- Have graduated from a rigorous secondary high school program after 1/1/06
- 2nd year students
- Have graduated from a rigorous program of study after 1/1/05
- Have at least a 3.0 GPA in an eligible program

## Student Eligibility Criteria Specific to National SMART

- U.S. citizen (does not include Title IV eligible non-citizens)
- Federal Pell Grant recipient
- Third or fourth academic year student in an eligible program
- Full-time enrollment
- Majoring in an eligible major
- Cumulative GPA of at least 3.0 on a 4.0 scale in student’s eligible program

## Campus-Based Aid

- Must make funds reasonably available to all students
- No minimum enrollment status is required

## FSEOG

- Only to undergraduate students who have not received a bachelor’s or first professional degree
- Need based
- Give to students with lowest EFC who will also receive Pell Grant in that award year
- Minimum award is $100
- Maximum award is $4,000

## Federal Work-Study

- Undergraduate and graduate students
- Need based
- No minimum or maximum award
- May look at willingness to work
- Must pay at least minimum wage

## Perkins Loan

- Undergraduate and graduate students
- Need based
- Give priority to students with exceptional need, as defined by school
- May look at student’s willingness to repay
- Has annual and aggregate loan limits

## FFEL/DL

- Undergraduate and graduate students
- Requires at least half-time enrollment
- Requires determination of Pell eligibility
- Requires awarding of subsidized funds before unsubsidized funds
- Has annual and aggregate limits

## Available Institutional Aid

- Both within aid office’s control and not
- Internal criteria and packaging policies
- Grants
- Loans
- Assistantships and fellowships
- Tuition and fee waivers
- Need-based employment

## Outside Aid Student May Receive

- State aid
- Scholarships (organizations, merit, etc.)
- VA educational benefits
- Employer tuition assistance
- Alternative educational loans

## Exceptions for Montgomery GI Bill and AmeriCorps Benefits

- Must exclude Chapter 30 VA benefits and AmeriCorps benefits as EFA when determining Subsidized Loan eligibility
- Must include Chapter 30 VA benefits and AmeriCorps benefits as EFA for Campus-based aid, ACG, National SMART, and Unsubsidized Loans
- But, may exclude from EFA any portion of Subsidized Loan amount  amount of Chapter 30 or AmeriCorps benefits for Campus-based, ACG, and National SMART Grants

## Complete Aid Package

-  	COA
- 	-	EFC
- 	-	Pell
- 	-	_EFA_
- 	=	Remaining Need

## Sample Aid Package

- 	COA	$20,000- 	_EFC__	__0_=	Need	$20,000-	Pell	$4,050-	Stafford	$3,500-	FSEOG	$500-	Perkins	$4,000-	FWS	$1,500-	_Scholarship__	__$5,000_	=	Unmet Need	$1,450

- Estimated Financial Assistance (EFA)
- $18,550

## Packaging Case Studies

## Edgar and Art & Design Community College

**Edgar is a dependent student who graduated from high school in June 2006. He originally wanted to be a doctor but has decided to follow his heart and major in fashion design. He has decided to attend Art & Design Community College to get his AA prior to going on to a 4-year college.**

## Art & Design Community College

**COA**
**EFC**
**Project Runway Scholarship**
**Pell**
**ACG**
**Institutional Grant**
**FWS**
**Sub loan**
**Unsub loan**
**Plus**

- Package		          award	          balance

** ****2625****	****	**** 3575**

**   ****0****	****	****15000**

** ****1000****	****	****14000**

** ****4050****	****	**** 9950**

**  ****750****	****	**** 9200**

**  ****500****	****	**** 8700**

** ****2500****	****	**** 6200**

**15000****	****	****15000**

**   ****0****	****	**** 3575**

** ****3575****	****	****   0**

## George and XYZ State University 

**After serving his country as a medic in the military, George has decided to return to college. His career goal is to be a physical therapist.  He has been volunteering at a local hospital since his discharge and is really excited about school.  George has $9,600 in Chapter 30, Montgomery GI Bill VA benefits to use for school.**

## George and XYZ State University

**COA**
**EFC**
**Pell**
**Chapter 30 VA**
**Need**
**Sub loan**
**Remaining Need**

- Package			 #1		  #2

**	**

**  ****1800****	****	****  1800**

**    ****2000****	****	****   2000**

**14900****	****	****14900**

**       ****0****	****	****   8475**

**  **_** **__**9600**_**	****	****  **_**-------**_

**  ****1500                    11100**

**       **_**1500  **_**                    **_**2625**_

## George and XYZ State University

- Package
**COA**
**EFC**
**Pell**
**Chapter 30 VA**
**Sub loan**
**Remaining Need**

** **# 2                     # 3
**14900****	****	****14900**
** ****1800                     1800**
** ****2000                     2000**
**                              ****9600**

**      **
**       ****2625                      ------**

**         ****9600**

**  ****( 1125)                   1500           **

**No overaward****          ****Could be FWS**

## Scarlett and the Univ. of Aeronautical Studies

**A high achiever since she won her state spelling bee as a 4****th**** grader, Scarlett is determined to become an aeronautical engineer. She is a dependent, US Citizen, with a 3.98 GPA and is a junior this year. She is living at home with her parents & 9 brothers.**

## University of Aeronautical Studies

**COA**
**EFC**
**Scholarship – SWA**
**Scholarship - Gates**
**Pell**
**SMART**
**SEOG**
**FWS**
**Sub loan**
**Unsub loan**
**Plus**

- Package		       award     balance	      optional pkg.

**25000****	****   25000**

**0****	****   25000**

**700****	****   24300**

**8500****	****   15800**

**4050****	****   11750**

**4000****	****   7750**

**500****	****   7250**

**2500****	****   4750**

**4750****	****   0**

**0****	****   0**

**0****	****   0**

**25000**
**0**
**700**
**0**
**4050**
**4000**
**500**
**2500**
**5500**
**0**
**7750**

## Additional Beginner’s Track Sessions

- Session #35 - Awarding Aid
- Session #36 - Disbursing Aid
- Session #37 - IFAP, NSLDS, COD, FAA Accessto CPS On -Line
- Session #38 - Financial Aid Professionals (FAP) Portal and Beyond - How We Communicate With You?
- Session #39 - Uncover the Mysteries of How a Law Becomes Operational

## We appreciate your feedback and comments.We can be reached at:

- Devin Croft
- 303-844-3677x125
- devin.croft@ed.gov

- Jamie Malone
- 312-886-8731
- jamie.malone@ed.gov