1. 2014-2015 Annual Awards Mary Jane Michalak, Associate Commissioner Division of Student Financial Aid 1

2. How the grid was created Determined “Base Award” – 2013-2014 Award Maxima * 80 percent Private: $7,410 * 80 percent = $5,928 Public: $4,108 * 80 percent = $3,286 Ivy Tech / Proprietary: $3,420 * 80 percent = $2,736 – Round each award to the nearest $100 – Apply parity, as required by 21-12-1.7-3 – Reduce maximum base award by $500 for each Expected Family Contribution category (see grid) to determine award for that EFC category 2

3. Fiscal 15 Appropriation SourceFY 15 Appropriation HEA$105,785,538 FOC$39,954,462 21st$120,108,163 Expected Carryover$48,985,765 Total$314,833,928 3 Target for analysis: $314,833,928

4. Recommendations Increase base awards by 4 percent Increase on-time awards by additional 9 percent – Cost of Thirty Credits analysis in 2013 showed that it would cost students 12 percent to 18 percent more to take 30 credits at credit-hour schools Incentives – $800 for Academic Honors and Associate Degree – $1300 for Accelerated 4

5. 14-15 O’Bannon / 21 st Projections based on Recommendation 5 Frank O'Bannon21st CenturyTotal Baseline$173,280,915$122,521,131$295,802,047 Increase Base Awards 4%; Increase On-Time Base additional 9% $191,575,654$122,521,131$314,096,785 Fiscal 15 Appropriation: $314,833,928

6. New Proposed Base Awards ($0 EFC) Public – On-Time - $3,700 – Full-Time - $3,400 Private – On-Time - $7,400 – Full-Time - $6,800 Ivy Tech / Proprietary – On-Time - $3,100 – Full-Time - $2,800 6

7. Contact Mary Jane Michalak Telephone: 317.234.5664 E-mail: mjmichalak@che.in.govmjmichalak@che.in.gov Web site: www.in.gov/che www.in.gov/che 7