Financial Aid Overview Dr. Dan Cohen-Vogel January 28,

State Financial Aid Programs, Source: Office of Student Financial Assistance, Florida Department of Education

Sources of SUS Financial Aid Institutional aid funded from: Tuition differential fee Financial aid fee Direct appropriation Private/DSOs Other institutional funds Source: State University Data System

Changing Conditions Sources of Institutional Aid Tuition differential fee Financial aid fee Direct Appropriation Private/DSO funds Federal and State Aid Programs Pell changes SMART, ACG funding Changing federal formula Bright Futures changes

Typical Cost of Attendance for Full-Time, Resident Undergraduate ( ) Sources: State University Data System; College Board

Determining Ability to Pay The federal aid application (FAFSA) is used to calculate expected family contribution (EFC), which represents the family’s ability to pay. The EFC is then used to determine –financial need –eligibility for federal and state need-based programs

How Is Need Determined? 7 Financial Aid Need:  Cost of Attendance less Expected Family Contribution (EFC) Ex:Cost of Attendance $18,000 less EFC 3,000 = Need $15,000 Need is addressed through various financial aid sources at each institution.

Financial Need: Gap Between Cost and Ability to Pay

State Grants and Scholarships

Institutional Grants and Scholarships

Considerations in Institutional Aid Strategies Institutional mission, goals and aspirations Student demographic How much/what types of aid are available What are "acceptable" self help levels? (work + loans) What are "acceptable" debt levels at graduation?

Students Receiving Need-Based Aid Percentage of Undergraduates Who Received Any Need-Based Award, Fall 2009 Percentage of Undergraduates Who Received A Pell Award, Fall 2009 State University System 38%32% Florida College System 43%36% Sources: State University Data System; Florida Department of Education

How Is SUS Institutional Aid Distributed Among Students of Different Income Levels? Source: State University Data System

Student and Family Resources Are Part of the Equation

Average Debt of Bachelor’s Graduates SectorAverage Debt of Graduates, 2009 Percentage of Graduates with Debt, 2009 All public and private nonprofit, 4-year or above $20,76649% Public $17,70544% Private nonprofit $27,31663% Source: Project on Student Debt compilation of Common Data Set submissions