Where We ve Been The Ghost of Packaging Past

Transcription

1 Ted Malone Executive Director, November 17, 2017 Boiler Affordability Grant A New Policy New Transparency

2 Where We ve Been The Ghost of Packaging Past

3 The Basics A Look at Packaging The Big Picture 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 Financial Aid Amount you cover

4 The Basics A Look at Packaging The Big Picture Students receive Financial Aid form: Federal Government State Government The University Private Agencies Etc. They come in Scholarships, Grants, Loans and Work Financial aid Award Letter for Kris School Bill Pell Grant 3000 FSEOG 400 State Grant 3500 Student Loan 2000 University Grant 1100 Amount you cover

5 The Basics A Look at Packaging The Big Picture 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. 5

6 The Basics A Look at Packaging The Big Picture We actually have multiple distinct Packaging Policies Resident Undergrad Non-Resident Undergrad Vet Med Pharm D Grad Students 6

7 The Basics A Look at Packaging The Big Picture 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. 7

8 The Basics 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 A Look at Packaging The Big Picture EQ BAND Resident - NEW AND RETURNING EFC RANGE Category 9 or more hours 6-8 hours EQ BAND 0 0 All Class Lev $1,500 $ All Class Lev $2,000 $1, All Class Lev $3,100 $1, All Class Lev $4,150 $2, All Class Lev $5,250 $2, All Class Lev $6,300 $3, All Class Lev $5,250 $2, All Class Lev $5,050 $2, All Class Lev $5,000 $2, All Class Lev $6,000 $3, All Class Lev $5,000 $2, All Class Lev $4,000 $2, All Class Lev $3,000 $1, All Class Lev $2,000 $1,

9 Where We re Going The Ghost of Packaging Future

10 The Evolution The Journey to Today For Resident Packaging All Pell eligible students were awarded at least full cost of base tuition 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 10

11 The Evolution 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. A Journey to Today The Money And you may ask yourself How do I work this? And you may ask yourself Where is that large pot of money? And you may tell yourself Did come from the Purdue Day of Giving! And you may tell yourself How can I count on this! 11

12 The Arrival A Journey to Today The Program 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. 12

13 The Plan A Journey to Today The Program Beginning with the 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. 13

14 The Boiler affordability Grant 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. 14

15 The Boiler affordability Grant 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. 15

16 The Boiler affordability Grant 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 fees): Computer Science - $2,050 Data Science - $2,050 Engineering - $2,050 Management - $1,436 Purdue Polytechnic - $572 Honors College - $200 16

17 The Boiler affordability Grant How Does it Work? Example Family of 3, 1 in College, Parent AGI $15,925 Science Cost of Attendance (COA) $22,852 Estimated Family Contribution (EFC) 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) $0 $1,732 17

18 The Boiler affordability Grant 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 18

19 The Boiler affordability Grant 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 19

20 The Boiler affordability Grant 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. 20