The Solution Center The Financial Aid Office Counseling the “GAP” and Additional Aid Requests

Objective Why Request for Additional Aid is Made What you will learn Why Request for Additional Aid is Made Financial Aid Award Reminders Changes in Financial Aid Awards How to Assess the Situation How to Counsel the “Gap” Process for Re-evaluation of Aid

Why the Request for Additional Aid Students may request additional aid for various reasons. Some include, but not limited to: Did not get enough aid to cover bill Only received student loans Decrease in aid from previous year Requesting grants or scholarships Requesting student employment Another school offering student more aid

Financial Aid Award Reminders Students must reapply for financial aid each year (priority deadline is March 1st) Financial aid awards are offered based on the information available at the time of the award Students are expected to maintain eligibility throughout the year   If student fails to meet federal, state or institutional eligibility criteria their awards will be cancelled Any review for additional aid is done on a case-by-case basis contingent upon available funding Any additional aid awarded is not guaranteed in future years

Changes in Financial Aid Awards Financial aid awards may vary year to year due to a number of factors. Some reasons include, but are not limited to: Date of FAFSA submission (after priority deadline) Changes in EFC due to student/parent income Changes in EFC due to household size/ number in college Change in enrollment status, career or program Changes in housing status Changes in residency Changes resulting from verification Receipt of outsides resources Unsatisfactory academic progress (ex. No longer meeting SAP; Not meeting GPA requirements for merit scholarships) Availability and changes in State, Federal or Institutional funding

What is “GAP” What is GAP One-Size Does Not Fit All: GAP is NOT Unmet Need Gap may be: Remaining balance after aid is applied Not enough aid to cover student’s cost of living, books & supplies, or other educationally related expenses One-Size Does Not Fit All: Ask a lot of questions and listen carefully to fully assess student/family financial situation Remember: the student/parent often do not know all the questions to ask or information to share

Assess the Situation Review Financial Aid Status Has the student filed a FAFSA for current year? Has the student been awarded? Did the aid change? Has all aid been disbursed? (missing Verif., SAP, Loan Checklists, etc). Does student have Student Employment, and are those earnings being applied to bill (ie, 70/30 form)? Did EFC change drastically from prior year? If yes, review to determine if a mistake was possibly made on the FAFSA. Does the family situation reveal possible consideration for SPC/DO? (ie, loss of income, death of parent/spouse, etc)

Assess the Situation (cont.) Review Student Invoice /Enrollment Is student invoice correct? (ie, UG are billed fulltime regardless of enrollment status. Bill adjusted for part-time students after add/drop) Is there a prior balance? Are there additional charges due to CE courses? Does the student require the university health insurance? Is it waived? Has family signed up for monthly payment plan? Is the student in collections?

Counseling the “GAP” Financing options will vary and depend upon the financial aid and billing statuses as well as family resources Most Common Categories of Students: Student in Collections Student with Past Due Balances Graduating Senior Dependent Undergraduate Student Independent Undergraduate Student Graduate Student

Student in Collection Once a student is sent to collections, there are no longer financing options available to the student The student must make necessary payment arrangements directly with the collection agency University balance must be paid in full before student can re-enroll or receive an official transcript

Past Due Balance Definition of Past Due Balance Financing Options Past due balance refers to a balance from prior aid year, NOT prior term within same aid year for an enrolled student Once student ceases continuous enrollment, all balances become past due balance Financing Options Payment Alternative Loan for past due balance Payment arrangements with SFS Combination of some/all of the above

Graduating Senior Graduating Senior Financing Options Balance must be paid in full for student to receive diploma and/or obtain an official transcript Financing Options Payment Monthly Payment Plan Parent Plus Loan for Dependent students Alternative Loan Combination of some/all of the above Note: students who are entering their final semester should be referred to Tier 2 when all options above are exhausted. It is critical to the success of our students for them to leave with a degree.

Dependent Undergraduate UGRD career - Balance must be under $1,000 to lift FIN hold CSCE career - Balance must be under $500 to lift FIN hold Although the University allows students to carry balances from term to term, the goal is to develop a sustainable financial plan to satisfy the entire financial obligation for the academic year. Financing Options Payment Monthly Payment Plan Parent Plus Loan for Dependent students Alternative Loan Combination of some/all of the above

Independent Undergraduate UGRD career - Balance must be under $1,000 to lift FIN hold CSCE career - Balance must be under $500 to lift FIN hold Although the University allows students to carry balances from term to term, the goal is to develop a sustainable financial plan to satisfy the entire financial obligation for the academic year. Financing Options Payment Monthly Payment Plan Alternative Loan Combination of some/all of the above

Graduate Student Graduate Student Financing Options GRAD career - Balance must be under $1,000 to lift FIN hold Although the University allows students to carry balances from term to term, the goal is to develop a sustainable financial plan to satisfy the entire financial obligation for the academic year. Financing Options Payment Monthly Payment Plan Graduate Plus Loan Alternative Loan Combination of some/all of the above

Re-evaluation of Aid Re-evaluation of Aid Priority Consideration Periodically during the academic year, Financial Aid will have funds free up from students who did not enroll and/or from award adjustments. These funds are then reallocated to other eligible recipients in need. Priority Consideration High unmet need Packaged as Tier 2/3 due to late FAFSA or file completion Outstanding balance due Good academic standing Accepted federal loans offered IMPORTANT: - Only eligible and qualifying students will be re-evaluated for aid Student should not be guaranteed additional funding Student should pursue all other options provided FA will review checklists only when funds become available

Re-evaluation of Aid (cont.) Checklist Assign Re-evaluation of Student Employment Funds Assign Checklist - ‘LWWAIT’ as initiated must have at least $3000 unmet need Re-evaluation of Perkins Loan Funds Assign “LPRKRV” as initiated EFC must be LT $5k Re-evaluation for Grant Aid Assign “LGRNTR” as initiated Total grant aid should be below equity FA Review Financial Aid review will be done only when funding becomes available. Checklist status will be updated to complete and a comment placed in iSiS.

Re-evaluation of Aid (cont.) Tier 2 /3 Consultation Request of review for re-evaluation of aid via Lync may be utilized during high volume times of year Option should be used in critical situations to avoid inefficiencies