WASFAA 2011 Awarding and Packaging
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Transcript of WASFAA 2011 Awarding and Packaging
WASFAA 2011
Awarding and
PackagingPresented by: Kathleen Clark,
Chapman University School of Law and Wendy Olson,
Whitworth University2011 WASFAA Annual Conference
Agenda:Budget
Awarding Components
Awarding GoalsCommunicating
Award Information2011 WASFAA
Annual Conference
Agenda:What would you like to discuss
today?
2011 WASFAA Annual Conference
Building The Budget
2011 WASFAA Annual Conference
Cost of Attendance/Student Expense
Budget
2011 WASFAA Annual Conference
“The cost of attendance is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive.”
FSA Handbook, 2010
2011 WASFAA Annual Conference
Allowable CostsDetermined by school, taking into account:
➔ Tuition and fees ➔ Books, supplies, transportation,
personal, misc. ➔ Room and board ➔ Loan Fees ➔ ➔ Dependent care ➔ ➔ Study abroad expenses ➔ ➔ Disability expenses ➔ ➔ Employment expenses for co-op
study
2011 WASFAA Annual Conference
Determining Budget Amounts
•Survey Students•Survey Landlords in Surrounding Area•Update Previous Year’s with Consumer Price Index (CPI)•Use Information from Statewide Survey•Other Ideas?
2011 WASFAA Annual Conference
Determining
Federal Need $37,8
23Budg
etEFC
- $7,82
3Need
$30,000
This clip art was actually titled “Calculating Need.”
2011 WASFAA Annual Conference
Award ComponentsFederal/StatePell GrantFSEOGStafford LoanPerkins LoanFederal Work StudyPLUS LoanState GrantOther Items?
InstitutionalAcademic/Merit
TalentSports
Need-Based Gift AidEndowed & Restricted
Institutional LoanInstitutional Work
2011 WASFAA Annual Conference
Components’ RulesFederal/StatePell GrantFSEOGStafford LoanPerkins LoanFederal Work StudyPLUS LoanState GrantOther Items?
Institutional(% or flat rate)
Academic/MeritTalentSports
Need-Based Gift AidEndowed & Restricted
2011 WASFAA Annual Conference
Awarding Goals•Increase Enrollment Overall•Increase Enrollment for Certain Populations
•Disadvantaged Students•Athletes•Specific Majors•Specific Talents•Other?
•Increase Net Tuition Revenue•Increase statistics-SAT/GPA•Other Goals?
2011 WASFAA Annual Conference
Financial Aid vs. Business Affairs
Discount Rate – The revenue the school is willing to lose in order to sculpt their student enrollment. The basic equation is: gift assistance/tuition.
Gift Aid
$14,000/Tuitio
n$21,1
80Discount
66%
What should gift aid include/exclude?
2011 WASFAA Annual Conference
Conflicting Needs
•Low Discount Rate•High Quality Students•Number of Students Desired
2011 WASFAA Annual Conference
Plans to Meet Goals
• % of Need Met with Gift Aid•% of Tuition Met with Gift Aid•Flat Dollar Maximum in Gift Aid•% of Need Beyond Federal/State Met with Intuitional Gift Aid•Needy Students Only•Scholarship Awards Only•Other?
2011 WASFAA Annual Conference
4.0+ – 3.50
3.49 – 3.00
2.99 – 2.50
2.49 – 2.00
0 – $2000
45% 40% 20% 15%
$2001 - $4000
30% 35% 15% 10%
$4001 - $6000
30% 30% 15% 10%
$6001 - $8000
30% 25% 10% 5%
$8001 – $10,000
25% 25% 10% 0%Leveraging Model Example – Includes factors that go into awarding gift assistance in order to optimize revenue and enrollment.
2011 WASFAA Annual Conference
Packaging Plans- Federal Need vs. Direct
CostsFederal NeedTotal
$30,000
Bill-Tuition, Fees, Room
& Board$21,182
Merit$14,0
00Stafford
$3500
FWS$250
0Perkins
$2500
Total$22,5
00Unsub $2000PLUS $4000Total
$28,500
Merit$14,0
00Stafford
$3500
FWS$250
0Perkins
$1180
Total$21,1
80Unsub $2000PLUS $4000Total
$27,180
2011 WASFAA Annual Conference
Communicating the Award
Electronic vs. Paper
Advantages
Disadvantages
2011 WASFAA Annual Conference
Communicating the Award
What Must Be Included:Cost of Attendance?Expected Family Contribution?Types of Aid and AmountsRequirements to Continue to Receive Aid?Consumer Information?Active vs. Passive Acceptance.Other?
2011 WASFAA Annual Conference
Listing the Cost of
Attendance &EFC
on the Award Letter
• Shows the family what was used when determining the financial aid package.• Gives them an idea of what it will cost to go to that college – outside of the bill.• Lets them know how much they can borrow in additional PLUS.
• Gives the false impression that this is the true “out of pocket” expenses.• With the inclusion of the EFC there can come confusion thinking this is what is directly owed.
2011 WASFAA Annual Conference
Timing
The Award Letter as a
Recruitment Tool
Loans vs. Gift Aid
Comparison Tool
Enhance Other Recruiting Activities
2011 WASFAA Annual Conference
Discussion and
Questions
2011 WASFAA Annual Conference
More Information:NASFAA
FSA Handbook
Other?
Kathleen [email protected] [email protected]