financial aid overview dr. dan cohen-vogel january 28, 2011 flbog
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Financial Aid Overview Dr. Dan Cohen-Vogel January 28, 2011 www.flbog.edu. State Financial Aid Programs, 2009-10. Source: Office of Student Financial Assistance, Florida Department of Education. Sources of SUS Financial Aid. Institutional aid funded from : Tuition differential fee - PowerPoint PPT PresentationTRANSCRIPT
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Financial Aid OverviewDr. Dan Cohen-Vogel January 28, 2011
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State Financial Aid Programs, 2009-10
Florida Student Assistance Grant
(Need-based)132000000
19%
Other Need-based
220000003%
Bright Futures424000000
60%
Private Tuition Subsidy (FRAG, ABLE)
8800000012%
Other Special in-terest, Professional
$43,000,000 6%
Source: Office of Student Financial Assistance, Florida Department of Education
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Sources of SUS Financial Aid
Federal Grants and Scholar-
ships$399M
State$370M Private
$66M
Institutional$153
Loans$767M
Work-Study$12M
State University System Under-graduate Financial Aid (2009-10)
Institutional aid funded from:Tuition differential feeFinancial aid feeDirect appropriationPrivate/DSOsOther institutional funds
Source: State University Data System
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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
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Approximate SUS Cost National Average Cost$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
$21,000
Tuition and Fees ($4,900)
Tuition and Fees ($7,600)
Room and Board ($8,500)
Room and Board ($8,500)
Books and Supplies
Books and Supplies Transportation, Insurance, Clothes
($3,000)
Transportation, Insurance, Clothes
($3,000)
Typical Cost of Attendance for Full-Time, Resident Undergraduate (2010-11)
Sources: State University Data System; College Board
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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
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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.
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Typical Resident Undergrad Cost Example SUS Aid Package$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Expected Family Contribution
Financial Need: Gap Between Cost and Ability to Pay
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Typical Resident Undergrad Cost Example SUS Aid Package$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Expected Fam-ily Contribu-
tion
Federal
State Grants and Scholarships
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Typical Resident Undergrad Cost Example SUS Aid Package$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Expected Family Contribution
Federal
State
Institutional
Institutional Grants and Scholarships
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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?
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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
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How Is SUS Institutional Aid Distributed Among Students of Different Income Levels?
Up to $25K
30%
$25K to $50K
21%
$50K to $100K
20%
$100K andUp
12%
Did Not Apply for Aid
18%
Percentage of State University Institutional Aid Awarded, by Family Income (2009-10)
Source: State University Data System
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Typical Resident Undergrad Cost Example SUS Aid Package$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
Expected Fam-ily Contribution
Federal
State
Institutional
Remainder =self-help +
"unmet need"
Student and Family Resources Are Part of the Equation
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Average Debt of Bachelor’s Graduates
Sector Average Debt of Graduates,
2009
Percentage of Graduates with Debt,
2009All public and private nonprofit, 4-year or above $20,766 49%
Public $17,705 44%
Private nonprofit $27,316 63%
Source: Project on Student Debt compilation of Common Data Set submissions