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

Financial Aid Packaging Financial Aid Packaging PanelPanel

Presenters:Presenters:Kristi Maze – Albion CollegeKristi Maze – Albion College

Sue Forbes – Gogebic Community CollegeSue Forbes – Gogebic Community CollegeDiane Lambart Fleming – Central Michigan Diane Lambart Fleming – Central Michigan

UniversityUniversity

MSFAA 2005 Winter Conference

Albion CollegePackaging Policies

Kristi MazeAssociate Vice President of Enrollment

& Financial Aid


Albion College at a Glance

• 1,850 Student enrollment1,850 Student enrollment• $30,970 Financial aid budget$30,970 Financial aid budget• $29,454 Tuition, Room & Board$29,454 Tuition, Room & Board• 98% of students seek assistance from our 98% of students seek assistance from our

officeoffice• 2/3 of students file for FAFSA and demonstrate 2/3 of students file for FAFSA and demonstrate

needneed• $21 million Institutional Scholarship & Grant $21 million Institutional Scholarship & Grant

budgetbudget


Albion College at a Glance

• $19,000 is average financial aid $19,000 is average financial aid packagepackage

• Very traditional studentsVery traditional students» Majority are Full-TimeMajority are Full-Time» Graduate in Four YearsGraduate in Four Years» Limit Financial Aid to 8 SemestersLimit Financial Aid to 8 Semesters» Limited Summer schoolLimited Summer school


Challenges in Packaging

STICKER SHOCK» Academic ScholarshipsAcademic Scholarships» Early EstimatorEarly Estimator» Making $30,000 affordableMaking $30,000 affordable» Maximizing $21 million institutional Maximizing $21 million institutional

budgetbudget• Meeting enrollment goalsMeeting enrollment goals• Enrolling quality studentsEnrolling quality students• Meeting students needMeeting students need


Packaging

Leveraging Analysis Leveraging Analysis » Academic performance and financial need as Academic performance and financial need as

criteriacriteria» 90 Cell Matrix90 Cell Matrix» Three populations: in state, out of state & Three populations: in state, out of state &

transferstransfers» Package all students by handPackage all students by hand» The Pell Grant is the only award that is The Pell Grant is the only award that is

automatedautomated


Gift Packaging

• Pell GrantsPell Grants

• Institutional ScholarshipsInstitutional Scholarships

• State Grants: MTG, MCS and MMAState Grants: MTG, MCS and MMA

• SEOGSEOG

• Institutional GrantsInstitutional Grants


Self-Help Packaging

• $1500 FWS Award included in package$1500 FWS Award included in package

• Subsidized, Unsubsidized and Perkins Subsidized, Unsubsidized and Perkins Loans are included in packageLoans are included in package

• PLUS Loans & Alternative Loans are PLUS Loans & Alternative Loans are not included in packagenot included in package

» Loan brochure sent with initial award letterLoan brochure sent with initial award letter


Packaging

• Award Michigan Merit based on ACT Award Michigan Merit based on ACT Score or notification from student prior Score or notification from student prior to first rosterto first roster

• Outside resources such as MET, local Outside resources such as MET, local scholarships and employer benefits are scholarships and employer benefits are used to reduce self-help money firstused to reduce self-help money first


Deadlines

• Awards are made in order that forms Awards are made in order that forms are receivedare received

• February 1February 1stst Deadline for Scholarship Deadline for Scholarship ApplicationsApplications

• State of Michigan Scholarship Program State of Michigan Scholarship Program March 1stMarch 1st

• Freshmen are packaged in springFreshmen are packaged in spring• Upperclassmen in MayUpperclassmen in May


Special Circumstances

• No deadline dateNo deadline date

• Reviewed on a case by case basisReviewed on a case by case basis

• Most revisions involve increasing our Most revisions involve increasing our own fundsown funds


Negotiating

• Go out with best package up frontGo out with best package up front

• Albion College does not negotiate Albion College does not negotiate financial aid packagesfinancial aid packages


Contact Information

Kristi MazeKristi Maze

Associate V.P for Enrollment & Financial AidAssociate V.P for Enrollment & Financial Aid

Albion CollegeAlbion College

611 E. Porter St.611 E. Porter St.

Albion, MI 49224Albion, MI 49224

517-629-0440 work517-629-0440 work

517-629-0581 fax517-629-0581 fax

Gogebic Community Gogebic Community CollegeCollege

Packaging ModelPackaging Model

Packaging ObjectivesPackaging Objectives

Provide as many eligible students as Provide as many eligible students as possible with sufficient resources to possible with sufficient resources to realistically allow them to enrollrealistically allow them to enroll

Require students to provide a Require students to provide a reasonable amount of self-help (EFC, reasonable amount of self-help (EFC, loans, employment) toward the COAloans, employment) toward the COA

Provide work experience Provide work experience opportunities related to the students’ opportunities related to the students’ academic programsacademic programs

Packaging ConsiderationsPackaging Considerations

Amount of resources availableAmount of resources available Loan debtLoan debt Cost of attendanceCost of attendance Type of institutionType of institution Student bodyStudent body Academic programsAcademic programs

Ladder ConceptLadder Concept

All applicants are treated in the same All applicants are treated in the same mannermanner

The EFC, Federal Pell Grant and any The EFC, Federal Pell Grant and any outside resources are subtracted from the outside resources are subtracted from the COA to determine remaining needCOA to determine remaining need

Packaging orderPackaging order State grant/scholarshipsState grant/scholarships FSEOG/MEOGFSEOG/MEOG Work-studyWork-study FFELPFFELP

Categories of StudentsCategories of Students

Date of applicationDate of application May 1May 1 December 1December 1 April 1 April 1

Late applicantsLate applicants July 1July 1

Academic programsAcademic programs Nursing Nursing

Program Specific CriteriaProgram Specific Criteria Nontraditional studentsNontraditional students

Set aside a percentage of total campus-based allocationSet aside a percentage of total campus-based allocation for independent and less-than-full-time students, including for independent and less-than-full-time students, including less-than-half-timeless-than-half-time No priority order within this category of less-than-full-time No priority order within this category of less-than-full-time

Exceptional needExceptional need Applicant pool – all eligible students who applied before the Applicant pool – all eligible students who applied before the

deadline datedeadline date Federal Pell Grant recipientsFederal Pell Grant recipients Award FSEOG in order of lowest EFC and proceed to the Award FSEOG in order of lowest EFC and proceed to the

highest until all funds have been exhaustedhighest until all funds have been exhausted Award to eligible students who will not receive a Federal Pell Award to eligible students who will not receive a Federal Pell

Grant beginning with the lowest EFC, if funds remainGrant beginning with the lowest EFC, if funds remain No distinction is made between full-time and part-time No distinction is made between full-time and part-time

studentsstudents

Summer SchoolSummer School Direct costsDirect costs

Tuition/feesTuition/fees Minimum and maximum awardsMinimum and maximum awards

Minimum - $100Minimum - $100 Maximum - $750Maximum - $750

Outside resourcesOutside resources Reduce FSEOG to minimumReduce FSEOG to minimum

FFELPFFELP Not included in packaging parametersNot included in packaging parameters

CategoriesCategories April 1April 1 Nursing Nursing

Notice to studentsNotice to students

Additional Packaging ParametersAdditional Packaging Parameters

Enrollment StatusEnrollment Status Prorate packageProrate package

College Work-StudyCollege Work-Study Student requestStudent request

Adult Part-Time Grant & Carl Perkins GrantAdult Part-Time Grant & Carl Perkins Grant Priority is given to students who are not receiving gift Priority is given to students who are not receiving gift

assistanceassistance One term studentsOne term students Nonstandard termsNonstandard terms RevisionsRevisions

Reduce self-helpReduce self-help Review COAReview COA New award letterNew award letter

Central Michigan Central Michigan UniversityUniversity

Packaging ModelPackaging Model

CMU Demographic CMU Demographic ProfileProfile

Four-year publicFour-year public 2004-2005 fall enrollment – 27,9362004-2005 fall enrollment – 27,936

– 19,792 On-campus enrollment19,792 On-campus enrollment– 8,144 Off-Campus Programs (CEL) 8,144 Off-Campus Programs (CEL)

enrollmentenrollment

Packaging ObjectivesPackaging Objectives

• Support institutional enrollment and Support institutional enrollment and retention goalsretention goals

• Award need-based and non-need based Award need-based and non-need based aid up to the COAaid up to the COA

• Require students to provide a reasonable Require students to provide a reasonable amount of self-help (EFC, loans, amount of self-help (EFC, loans, employment) toward the COAemployment) toward the COA

• Provide work experience opportunities Provide work experience opportunities related to the students’ academic related to the students’ academic programsprograms

Packaging Packaging ConsiderationsConsiderations

Limited resourcesLimited resources Cost of attendance (COA)Cost of attendance (COA) Academic programsAcademic programs On-campus studentsOn-campus students Off-Campus Programs studentOff-Campus Programs student Need-based aidNeed-based aid Merit-based aidMerit-based aid

Packaging ConsiderationsPackaging Considerations(continued)(continued)

Federal, state and institutional grant Federal, state and institutional grant and funds are considered “gift and funds are considered “gift assistance”. Institutional funding assistance”. Institutional funding includes all CMU scholarships, includes all CMU scholarships, regardless of funding source.regardless of funding source.

Outside agency scholarships and Outside agency scholarships and Michigan Merit Awards are not counted Michigan Merit Awards are not counted as gift assistance when awarding as gift assistance when awarding need-based grants and scholarships.need-based grants and scholarships.

Ladder ConceptLadder Concept All applicants treated in the same mannerAll applicants treated in the same manner EFC, Federal Pell Grant and /internal/external EFC, Federal Pell Grant and /internal/external

resources are considered before determining resources are considered before determining remaining needremaining need

Packaging order:Packaging order: Federal Pell GrantsFederal Pell Grants SEOGSEOG MEOGMEOG Institutional grants/scholarships/tuition benefitsInstitutional grants/scholarships/tuition benefits Federal/State Work Study programsFederal/State Work Study programs Federal Perkins LoansFederal Perkins Loans Federal Direct Student Loans (Subsidized & Unsubsidized)Federal Direct Student Loans (Subsidized & Unsubsidized) Student EmploymentStudent Employment Federal Direct Parent LoansFederal Direct Parent Loans

CATEGORIES OF CATEGORIES OF STUDENTSSTUDENTS

• First-year studentsFirst-year students• Second-year studentsSecond-year students• Transfer studentsTransfer students• Upper division (junior/senior)Upper division (junior/senior)• Graduate studentsGraduate students• On-campus enrollmentOn-campus enrollment• Off-campus enrollment (CEL)Off-campus enrollment (CEL)

CATEGORY-SPECIFIC CATEGORY-SPECIFIC CRITERIACRITERIA

• On-campus 1On-campus 1stst & 2 & 2ndnd year Pell-eligible student: year Pell-eligible student: % of need-based grant/gift assistance (no % of need-based grant/gift assistance (no deadline); self-help based on fund-availability deadline); self-help based on fund-availability

• On-campus transfer students: % of need-On-campus transfer students: % of need-based grant/gift assistance, self-help based based grant/gift assistance, self-help based on fund availability, on-time fileron fund availability, on-time filer

• On-campus upper-division Pell-eligible On-campus upper-division Pell-eligible student: % of need-based grant/gift student: % of need-based grant/gift assistance, self-help based on fund assistance, self-help based on fund availability; on-time fileravailability; on-time filer

CATEGORY-SPECIFIC CATEGORY-SPECIFIC CRITERIA (continued)CRITERIA (continued)

On-campus graduate students: Federal On-campus graduate students: Federal work-study, Federal Direct Loanswork-study, Federal Direct Loans

Off-campus Programs undergraduate Off-campus Programs undergraduate students: Federal Pell Grant; Federal students: Federal Pell Grant; Federal Direct LoansDirect Loans

Off-campus Programs graduate Off-campus Programs graduate students: Federal Direct Loansstudents: Federal Direct Loans

SUMMER SCHOOLSUMMER SCHOOL

Summer is a trailer: no additional Summer is a trailer: no additional institutional aid availableinstitutional aid available

Remaining Pell eligibilityRemaining Pell eligibility Remaining Direct Loan eligibilityRemaining Direct Loan eligibility PLUSPLUS Alternative loansAlternative loans

MERIT-BASED AIDMERIT-BASED AID

11stst year students: Renewable scholarships year students: Renewable scholarships (8 semesters) based on high school (8 semesters) based on high school GPA/ACT, leadershipGPA/ACT, leadership

11stst year students: Non-renewable year students: Non-renewable scholarships based on GPAscholarships based on GPA

Transfer students: Renewable scholarships Transfer students: Renewable scholarships (4 semesters) based on transfer (4 semesters) based on transfer credits/GPAcredits/GPA

22ndnd-4-4thth year students: year students: Departmental/endowed scholarshipsDepartmental/endowed scholarships

Talent scholarships available to all studentsTalent scholarships available to all students

Questions/CommentsQuestions/Comments

Documents

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