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

2. MSFAA 2005 Winter Conference Albion College Packaging Policies Kristi Maze Associate Vice President of Enrollment & Financial Aid

3. MSFAA 2005 Winter Conference 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 office98% of students seek assistance from our office 2/3 of students file for FAFSA and demonstrate need2/3 of students file for FAFSA and demonstrate need $21 million Institutional Scholarship & Grant budget$21 million Institutional Scholarship & Grant budget

4. MSFAA 2005 Winter Conference Albion College at a Glance $19,000 is average financial aid package$19,000 is average financial aid package Very traditional studentsVery traditional students »Majority are Full-Time »Graduate in Four Years »Limit Financial Aid to 8 Semesters »Limited Summer school

5. MSFAA 2005 Winter Conference Challenges in Packaging STICKER SHOCK »Academic Scholarships »Early Estimator »Making $30,000 affordable »Maximizing $21 million institutional budget Meeting enrollment goalsMeeting enrollment goals Enrolling quality studentsEnrolling quality students Meeting students needMeeting students need

6. MSFAA 2005 Winter Conference Packaging Leveraging Analysis »Academic performance and financial need as criteria »90 Cell Matrix »Three populations: in state, out of state & transfers »Package all students by hand »The Pell Grant is the only award that is automated

7. MSFAA 2005 Winter Conference Gift Packaging Pell GrantsPell Grants Institutional ScholarshipsInstitutional Scholarships State Grants: MTG, MCS and MMAState Grants: MTG, MCS and MMA SEOGSEOG Institutional GrantsInstitutional Grants

8. MSFAA 2005 Winter Conference Self-Help Packaging $1500 FWS Award included in package$1500 FWS Award included in package Subsidized, Unsubsidized and Perkins Loans are included in packageSubsidized, Unsubsidized and Perkins Loans are included in package PLUS Loans & Alternative Loans are not included in packagePLUS Loans & Alternative Loans are not included in package »Loan brochure sent with initial award letter

9. MSFAA 2005 Winter Conference Packaging Award Michigan Merit based on ACT Score or notification from student prior to first rosterAward Michigan Merit based on ACT Score or notification from student prior to first roster Outside resources such as MET, local scholarships and employer benefits are used to reduce self-help money firstOutside resources such as MET, local scholarships and employer benefits are used to reduce self-help money first

10. MSFAA 2005 Winter Conference Deadlines Awards are made in order that forms are receivedAwards are made in order that forms are received February 1 st Deadline for Scholarship ApplicationsFebruary 1 st Deadline for Scholarship Applications State of Michigan Scholarship Program March 1stState of Michigan Scholarship Program March 1st Freshmen are packaged in springFreshmen are packaged in spring Upperclassmen in MayUpperclassmen in May

11. MSFAA 2005 Winter Conference 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 own fundsMost revisions involve increasing our own funds

12. MSFAA 2005 Winter Conference Negotiating Go out with best package up frontGo out with best package up front Albion College does not negotiate financial aid packagesAlbion College does not negotiate financial aid packages

13. MSFAA 2005 Winter Conference Contact Information Kristi Maze Associate V.P for Enrollment & Financial Aid Albion College 611 E. Porter St. Albion, MI 49224 517-629-0440 work 517-629-0581 fax

14. Gogebic Community College Packaging Model

15. Packaging Objectives Provide as many eligible students as possible with sufficient resources to realistically allow them to enroll Provide as many eligible students as possible with sufficient resources to realistically allow them to enroll Require students to provide a reasonable amount of self-help (EFC, loans, employment) toward the COA Require students to provide a reasonable amount of self-help (EFC, loans, employment) toward the COA Provide work experience opportunities related to the students’ academic programs Provide work experience opportunities related to the students’ academic programs

16. Packaging Considerations Amount of resources available Amount of resources available Loan debt Loan debt Cost of attendance Cost of attendance Type of institution Type of institution Student body Student body Academic programs Academic programs

17. Ladder Concept All applicants are treated in the same manner All applicants are treated in the same manner The EFC, Federal Pell Grant and any outside resources are subtracted from the COA to determine remaining need The EFC, Federal Pell Grant and any outside resources are subtracted from the COA to determine remaining need Packaging order Packaging order  State grant/scholarships  FSEOG/MEOG  Work-study  FFELP

18. Categories of Students Date of application Date of application  May 1  December 1  April 1 Late applicants Late applicants  July 1 Academic programs Academic programs  Nursing

19. Program Specific Criteria Nontraditional students Nontraditional students  Set 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-time less-than-half-time  No priority order within this category of less-than-full-time Exceptional need Exceptional need  Applicant pool – all eligible students who applied before the deadline date  Federal Pell Grant recipients  Award FSEOG in order of lowest EFC and proceed to the highest until all funds have been exhausted  Award to eligible students who will not receive a Federal Pell Grant beginning with the lowest EFC, if funds remain  No distinction is made between full-time and part-time students

20. Summer School Direct costs Direct costs  Tuition/fees Minimum and maximum awards Minimum and maximum awards  Minimum - $100  Maximum - $750 Outside resources Outside resources  Reduce FSEOG to minimum FFELP FFELP  Not included in packaging parameters Categories Categories  April 1  Nursing Notice to students Notice to students

21. Additional Packaging Parameters Enrollment Status Enrollment Status  Prorate package College Work-Study College Work-Study  Student request Adult Part-Time Grant & Carl Perkins Grant Adult Part-Time Grant & Carl Perkins Grant  Priority is given to students who are not receiving gift assistance One term students One term students Nonstandard terms Nonstandard terms Revisions Revisions  Reduce self-help  Review COA  New award letter

22. Central Michigan University Packaging Model

23. CMU Demographic Profile Four-year public Four-year public 2004-2005 fall enrollment – 27,936 2004-2005 fall enrollment – 27,936 –19,792 On-campus enrollment – 8,144 Off-Campus Programs (CEL) enrollment

24. Packaging Objectives Support institutional enrollment and retention goals Support institutional enrollment and retention goals Award need-based and non-need based aid up to the COA Award need-based and non-need based aid up to the COA Require students to provide a reasonable amount of self-help (EFC, loans, employment) toward the COA Require students to provide a reasonable amount of self-help (EFC, loans, employment) toward the COA Provide work experience opportunities related to the students’ academic programs Provide work experience opportunities related to the students’ academic programs

25. Packaging Considerations Limited resources Limited resources Cost of attendance (COA) Cost of attendance (COA) Academic programs Academic programs On-campus students On-campus students Off-Campus Programs student Off-Campus Programs student Need-based aid Need-based aid Merit-based aid Merit-based aid

26. Packaging Considerations (continued) Federal, state and institutional grant and funds are considered “gift assistance”. Institutional funding includes all CMU scholarships, regardless of funding source. Federal, state and institutional grant and funds are considered “gift assistance”. Institutional funding includes all CMU scholarships, regardless of funding source. Outside agency scholarships and Michigan Merit Awards are not counted as gift assistance when awarding need-based grants and scholarships. Outside agency scholarships and Michigan Merit Awards are not counted as gift assistance when awarding need-based grants and scholarships.

27. Ladder Concept All applicants treated in the same manner All applicants treated in the same manner EFC, Federal Pell Grant and /internal/external resources are considered before determining remaining need EFC, Federal Pell Grant and /internal/external resources are considered before determining remaining need Packaging order: Packaging order:  Federal Pell Grants  SEOG  MEOG  Institutional grants/scholarships/tuition benefits  Federal/State Work Study programs  Federal Perkins Loans  Federal Direct Student Loans (Subsidized & Unsubsidized)  Student Employment  Federal Direct Parent Loans

28. CATEGORIES OF STUDENTS First-year students First-year students Second-year students Second-year students Transfer students Transfer students Upper division (junior/senior) Upper division (junior/senior) Graduate students Graduate students On-campus enrollment On-campus enrollment Off-campus enrollment (CEL) Off-campus enrollment (CEL)

29. CATEGORY-SPECIFIC CRITERIA On-campus 1 st & 2 nd year Pell-eligible student: % of need-based grant/gift assistance (no deadline); self-help based on fund-availability On-campus 1 st & 2 nd year Pell-eligible student: % of need-based grant/gift assistance (no deadline); self-help based on fund-availability On-campus transfer students: % of need-based grant/gift assistance, self-help based on fund availability, on-time filer On-campus transfer students: % of need-based grant/gift assistance, self-help based on fund availability, on-time filer On-campus upper-division Pell-eligible student: % of need-based grant/gift assistance, self-help based on fund availability; on-time filer On-campus upper-division Pell-eligible student: % of need-based grant/gift assistance, self-help based on fund availability; on-time filer

30. CATEGORY-SPECIFIC CRITERIA (continued) On-campus graduate students: Federal work-study, Federal Direct Loans On-campus graduate students: Federal work-study, Federal Direct Loans Off-campus Programs undergraduate students: Federal Pell Grant; Federal Direct Loans Off-campus Programs undergraduate students: Federal Pell Grant; Federal Direct Loans Off-campus Programs graduate students: Federal Direct Loans Off-campus Programs graduate students: Federal Direct Loans

31. SUMMER SCHOOL Summer is a trailer: no additional institutional aid available Summer is a trailer: no additional institutional aid available Remaining Pell eligibility Remaining Pell eligibility Remaining Direct Loan eligibility Remaining Direct Loan eligibility PLUS PLUS Alternative loans Alternative loans

32. MERIT-BASED AID 1 st year students: Renewable scholarships (8 semesters) based on high school GPA/ACT, leadership 1 st year students: Renewable scholarships (8 semesters) based on high school GPA/ACT, leadership 1 st year students: Non-renewable scholarships based on GPA 1 st year students: Non-renewable scholarships based on GPA Transfer students: Renewable scholarships (4 semesters) based on transfer credits/GPA Transfer students: Renewable scholarships (4 semesters) based on transfer credits/GPA 2 nd -4 th year students: Departmental/endowed scholarships 2 nd -4 th year students: Departmental/endowed scholarships Talent scholarships available to all students Talent scholarships available to all students

33. Questions/Comments