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MASFAA 2013 October 6 th – 9 th, 2013 Indianapolis, Indiana Building Student Cost of Attendance: Issues and Ideas Diane Fleming, Financial Aid Professional Emerita Sarah Soper, Director of Financial Aid, Indiana University East
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AGENDA 2 Overview of Cost of Attendance Components Professional Judgment – Could ‘ya? Would ‘ya? Should ‘ya? Scenarios: What some schools do – and questions some schools have
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COA: the 2 nd component of FM to determine financial aid eligibility COA: Determined by law (HEA, Sec. 472); not subject to regulation by ED FAA must determine what is reasonable & appropriate FM uses the COA – EFC to determine eligibility for various need-based financial aid programs FAAs must create a systematic method of developing COAs COA must be included in the institution’s Consumer Information publications
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COA Components Allowable costs in general ◊ Same for all FSA programs Based on enrollment status Sum of the following: Tuition & fees Books & supplies Transportation Room & board Miscellaneous/personal expenses Loan fees 4
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ADDITIONAL ALLOWABLE COA Dependent care Study abroad expenses One time cost for professional license or certificate Student disability expenses Employment expenses for co-op study Less than half-time enrollment, room and board for a limited duration Independent student or dependent student living with parent who receives BAH – COA can only include board – not room & board 5
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TUITION AND FEES Average vs. individual enrollment Separate averages for various categories of students, e.g., undergraduate vs. graduate, in-state vs. out-of-state, program of study, dependent vs. independent, etc. Fees: Must be required for student’s course of study OR be required of all students, e.g. equipment rental, required health insurance 6
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BOOKS & SUPPLIES FAA must determine a book allowance; can differentiate between undergraduate vs. graduate, academic discipline, etc. Supplies: Incudes a reasonable amount as determined by your institution for documented rental/purchase of a computer; mandatory expenses associated with an academic program, e.g., musical instrument, medical supplies, mechanic’s tools, cosmetology kits/supplies, etc. 7
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TRANSPORTATION Different costs for residential, off-campus, commuter or on-line only students Payment for purchase/lease of a car is not allowed Study-abroad costs 8
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ROOM & BOARD Categorize student’s (without dependents) place of residence: ◊ Living with parent(s) ◊ Living in institutionally-owned housing ◊ Living off-campus, must be based on reasonable expenses for student’s room & board: cannot exclude R&B for student’s enrolled in on-line only programs (Sec. 472 (10) ◊ Living in on-base military housing (must exclude allowance for room) 9
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PERSONAL/MISCELLANEOUS Personal: includes clothing, laundry & cleaning, personal hygiene/grooming and recreation necessary to maintain living at a reasonable standard Miscellaneous: ◊ One-time purchase of a computer/musical instrument ◊ Dependent care costs ◊ Disability-related expenses 10
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LOAN FEES Must be included if student actually borrows a Direct Loan Can be an actual loan fee amount or an average based on the same type of loan borrowed for attendance at the school Optional to include loan fees for nonfederal conventional alternative or private student loan 11
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COA RESTRICTIONS Incarcerated students: tuition, fees, books & supplies only Correspondence study: Actual tuition, fees, book, supplies; transportation, room & board costs incurred specifically while fulfilling a required period of residential training Less than half-time students: tuition, fees, books, supplies, transportation, dependent care expenses, room & board (but for not more than 3 semesters, of which not more than 2 semesters may be consecutive 12
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PJ: COULD ‘YA, WOULD ‘YA, SHOULD ‘YA? Sec. 479A(a): Discretion of Student FAAs with adequate documentation: Ability to make adjustments on a case-by- case basis to the COA….can include, but not limited to: ◊ Unusually high child care or dependent care costs ◊ Professional wardrobe ◊ Study-abroad costs ◊ Enrollment “overloads” ◊ Unusual transportation costs for emergency travel, e.g. death of immediate family member ◊ Increased R&B for internships, medical rotations, study abroad, cooperative education, etc. ◊ Special dietary needs ◊ Student mortgage and other expenses associated with home ownership 13
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SCENARIOS: WHAT SOME SCHOOLS DO AND QUESTIONS SOME SCHOOLS HAVE Establish the COA but only package to direct costs Exclude additional unsub eligibility Delay disbursement until academic activity has been initiated Prorate disbursement in modular programs Delay disbursement and adjust COA to actual enrollment at census date Make no PJ adjustments to COA Exclude R&B for on-line programs – NOT PERMISSIBLE!! Establish a national R&B rate for on-line programs Other scenarios?? 14
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SCHOOL QUESTIONS Can you do PJ for: X,Y, or Z?? What can you do with COA to help improve the institutions cohort default rate? Is there a minimum R&B COA for on-line only programs? Must you include transportation for on-line only programs? Other questions?? 15
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