Pell Pledge and Priority Financial Aid Packaging for ... · The Ghost of Packaging Past Division of...
Transcript of Pell Pledge and Priority Financial Aid Packaging for ... · The Ghost of Packaging Past Division of...
Division of Financial Aid
Boiler Affordability Grant
November 17, 2017
Ted Malone
Executive Director,
Division of Financial Aid
A New Policy
New
Transparency
Where We’ve
BeenThe Ghost of Packaging Past
Division of Financial Aid
The Basics
3
A Look at Packaging
The Big Picture
Division of Financial Aid
In a perfect world we would only have a single page telling a student how much financial aid they received. Kind of like a Scholarship Letter.
However, in the real world financial aid comes from many sources and comes with different conditions and eligibility.
Financial Aid Award Letter for Kris
School Bill 12000
Financial Aid 10000Amount you cover 2000
The Basics
4
A Look at Packaging
The Big Picture
Division of Financial Aid
Students receive Financial Aid form:
Federal GovernmentState GovernmentThe UniversityPrivate AgenciesEtc.
They come in Scholarships,Grants, Loans and Work
Financial aid Award Letter for KrisSchool Bill 12000Pell Grant 3000FSEOG 400State Grant 3500Student Loan 2000University Grant 1100Amount you cover 2000
The Basics
5
A Look at Packaging
The Big Picture
Division of Financial Aid
Unfortunate Fact:Students need more money than we have to give.
We must Determine to whom we give money. The choices we make are based on a Philosophy
They way we do it is our Packaging Policy.
The Basics
6
A Look at Packaging
The Big Picture
Division of Financial Aid
We actually have multiple distinct Packaging Policies• Resident Undergrad• Non-Resident Undergrad• Vet Med• Pharm D• Grad Students
The Basics
7
A Look at Packaging
The Big Picture
Division of Financial Aid
In the past we have based all of our packaging decisions on results of the Free Application for Federal Student Aid (FAFSA) • Policies that are strictly
derived from complex Formulae
• Using an Expected Family Contribution
• The problem is you have no idea what that is until after you do the form.
The Basics
8
A Look at Packaging
The Big Picture
Division of Financial Aid
Five years ago, we broke our Undergrad Resident and Non-Resident policies apart. They had been very similar. We changed the Non-resident, but have only tweaked the Resident.
The Resident had levels of awards based on EFC. This made it very difficult for a family to understand or predict
Resident - NEW AND RETURNING
EQ
BAND
EFC
RANGE Category
9 or more
hours6-8 hours EQ
BAND
0 0 All Class Lev $1,500 $750 0
1 1-500 All Class Lev $2,000 $1,000 1
2 501-1000 All Class Lev $3,100 $1,550 2
3 1001-1500 All Class Lev $4,150 $2,075 3
4 1501-2000 All Class Lev $5,250 $2,625 4
5 2001-2500 All Class Lev $6,300 $3,150 5
6 2501-3000 All Class Lev $5,250 $2,625 6
7 3001-4000 All Class Lev $5,050 $2,525 7
8 4001-5000 All Class Lev $5,000 $2,500 8
9 5001-6000 All Class Lev $6,000 $3,000 9
10 6001-7000 All Class Lev $5,000 $2,500 10
11 7001-8000 All Class Lev $4,000 $2,000 11
12 8001-9000 All Class Lev $3,000 $1,500 12
13 9001-10000 All Class Lev $2,000 $1,000 13
Where We’re
GoingThe Ghost of Packaging Future
Division of Financial Aid
The Evolution
10
The Journey to Today
For Resident Packaging
Division of Financial Aid
1. 16-171. All Pell eligible students were awarded at least
full cost of base tuition2. 17-18
1. Increased award for Pell Eligible students to include differential fees
2. Increased maximum EFC for award from 10K to 15K
3. Awarded all Marquis scholars up to full base tuition
The Evolution
11
A Journey to Today
The Money
Division of Financial Aid
How did we start giving more money?
Well the key to this lies in a concerted effort to raise funding for student aid.
One of the biggest factors is the Purdue Day of Giving
Giving to the Purdue Affordability Fund.
And you may ask yourselfHow do I work this?And you may ask yourselfWhere is that large pot of money?And you may tell yourselfDid come from the Purdue Day of Giving!And you may tell yourselfHow can I count on this!
The Arrival
12
A Journey to Today
The Program
Division of Financial Aid
Since sometime in the summer Brad Bessenbacher and Ellen Barbour have been working on an assignment.
Create a new policy that allows us to award full tuition and fees up to financial need for all Indiana families that fall below a certain Adjusted Gross Income.
The Plan
13
A Journey to Today
The Program
Division of Financial Aid
Beginning with the 2018-19 School Year all Purdue West Lafayette Students who are Indiana Residents and are Pell Eligible or have an Adjusted Gross Income of $70K or less will receive enough gift aid to cover the either their full cost of Tuition, General Fees, Differential Fees and Books up to their demonstrated Financial Need.
The Boiler affordability Grant
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Who is it for?The Boiler Affordability Grant is for Undergraduate, Indiana residents at the Purdue West Lafayette campus pursuing their first bachelors degree. Students must be Federal Pell Grant eligible or show a parent Adjusted Gross Income (AGI) of $70,000 or less on the Free Application for Federal Student Aid (FAFSA). Independent student's eligibility will be based on their Federal Pell Grant eligibility and AGI (and spouse if applicable). All students must complete the FAFSA no later than Purdue's March 1st Priority Filing Deadline.
The Boiler affordability Grant
15Division of Financial Aid
What Does it Cover?The Boiler Affordability Grant will cover the cost of tuition, fees and estimated book expenses or the amount of financial need; whichever is less. While differential fees are included, individual course fees associated with courses such as labs, music and aviation would not be covered in this program.
The Boiler affordability Grant
16Division of Financial Aid
How are tuition and Fees Calculated?Purdue University bills at a flat rate for all undergraduate resident students enrolled in 8+ hours each semester. The amount of the flat rate is $4,996 per semester or $9,992 per year. Some programs have additional fees; those differential fees are included in the Boiler Affordability Grant as follows (these are annual amounts based on 2017-18 fees):Computer Science - $2,050Data Science - $2,050Engineering - $2,050Management - $1,436Purdue Polytechnic - $572Honors College - $200
The Boiler affordability Grant
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How Does it Work?Example 1Family of 3, 1 in College, Parent AGI $15,925
Science
Cost of Attendance (COA) $22,852
Estimated Family Contribution (EFC)
$0
Total Need (COA-EFC) $22,852
Merit Scholarship $4,000
Remaining Unmet Need $18,852
Tuition, Fees & Books (TFB) $11,152
Lesser of TFB or Total Need $11,152
Federal Pell Grant $5,920
State Grant $3,500
Boiler Affordability Grant (unmet TFB)
$1,732
The Boiler affordability Grant
18Division of Financial Aid
How Does it Work?
Family of 3, 1 in College, Parent AGI $43,326 Engineering
Cost of Attendance (COA) $24,902
Estimated Family Contribution (EFC)
$6,095
Total Need (COA-EFC) $18,807
Merit Scholarship $4,000
Remaining Unmet Need $14,807
Tuition, Fees & Books (TFB) $13,302
Lesser of TFB or Total Need $13,302
Federal Pell Grant $0
State Grant $0
Boiler Affordability Grant (unmet TFB)
$13,302
The Boiler affordability Grant
19Division of Financial Aid
How Does it Work?
Family of 4, 1 in College, Parent AGI $69,507
Polytech
Cost of Attendance (COA) $23,424
Estimated Family Contribution (EFC)
$15,006
Total Need (COA-EFC) $8,418
Merit Scholarship $6,000
Remaining Unmet Need $2,418
Tuition, Fees & Books (TFB) $11,724
Lesser of TFB or Total Need $2,418
Federal Pell Grant $0
State Grant $0
Boiler Affordability Grant (remaining unmet need)
$2,418
The Boiler affordability Grant
20Division of Financial Aid
What about Current Students?
Current students with Federal Pell Grants or parent AGI of $70,000 or less will receive aid under the new Boiler Affordability Grant policy. Students with a parent AGI above $70,000 will be awarded under the old policy based on EFC bands.