The Financial Aid Award Process

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The Financial Aid Award Process

• Note Pay no attention to the wizard behind the
  curtain.

Presented by Pam Rambo, ACCESS College
Foundation, Program Coordinator
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Whats an Award Package?
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What Grants, Loans and Scholarships Are Packaged?

• Federal Grants
• Pell, Seog, ACG, SMART, FWS
• State Grants
• CSAP, Coma, TAG, VGAP, HETAP, PTAP
• Loans
• Stafford Sub and Unsub, Perkins, PLUS
• Institutional
• Scholarships and Other Grants
• Institutional and other scholarships and
  grants given to the college to award

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How is Packaging Accomplished?

• The automated packaging system used by each
  college awards financial aid based on
• EFC-GPA-College Major-High School
  Transcript-Type of College Intended
  Occupation-Generation in College-Dependency
  Status
• Year in College-Domicile Status-AND
  MORE!!!!!!!!

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Who Gets the Largest Packages?

• Students who complete the FAFSA early
• Students with the lowest EFCs or Moderate EFCs
  and Other Qualifications
• Students who list the school to be attended
• Students who make corrections as soon as possible
• Students who respond to verification requests
  quickly

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Is there a Formula?

• Yes! Many Awards are Need-Based
• The formula for need-based awards is
• Cost of Attendance minus EFC Need
• Awards for each type of aid are made up to the
  amount established for each type of aid up to the
  amount of need.

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Is it that Simple?

• No, even need-based aid often has other
  eligibility criteria that may be related to
  academic performance, program of study,
• domicile and dependency- just to name a few
  qualifiers.

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So, what happens after a student is packaged?

• Packaging programs generate award letters that
  are sent to students electronically and/or by mail

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Can a student bargain his way into a larger award
package?

• Schools dont bargain
• Students can let aid officials know about special
  circumstances that they may have that may qualify
  them for additional assistance
• Students do not have to accept all aid offered

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Why do aid packages vary by school?

• Public vs Private Colleges
• Amount of Public and Private Aid to Award
• Deadlines
• Award Philosophy
• Size of Student Body
• Amount of Each Type of Aid Allocated to Each
  School Varies

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Award Packaging Plans

• Need Categories
• Dependent
• Independent
• Living On Campus
• Living At Home
• Special Academic Programs
• Hierarchy of Awarding Pell Awarded First-Loans
  Awarded Last

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Why does the Award Package Sometimes Change AFTER
the Award Letter is Sent?

• State or federal aid amount promised to the
  school is reduced
• Student loses eligibility for one or more types
  of aid due to a change in status
• Student receives private scholarship award which
  reduces need
• FAFSA correction causes EFC change
• Student reaches lifetime loan limit
• Student declines part of award

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Any Questions?Stay Tuned for Special
Circumstances!