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Download NASFAA`s Credential Training - Cost of Attendance
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National Association of Student Financial Aid Administrators Cost of Attendance A NASFAA Authorized Event Presented by Stephanie Lawrence Executive Director Student Financial Services Albany State University GASFAA Winter Workshop February 24, 2017 Slide 1 © 2016 NASFAA Lesson 1: Student Budget Construction Slide 2 © 2016 NASFAA Introduction to Budgets Cost of Attendance EFC Financial Need Remaining Financial Need EFC EFA EFA Remaining Eligibility Slide 3 © 2016 NASFAA Student Budget Construction Purposes Principles • Realistic • Comprehensiveness • Accurate Projection • Reasonableness • Equitable • Systematic Development • Documentation Slide 4 © 2016 NASFAA Slide 5 © 2016 NASFAA Setting Costs Institutional Costs • Tuition and fees • On-campus housing Noninstitutional Costs • • • • • • Books and supplies Transportation Personal expenses Off-campus housing Utilities Medical Slide 6 © 2016 NASFAA Setting Costs Cost of Living Housing Options Transportation Options / Distance Slide 7 © 2016 NASFAA Collecting Data Institutional Costs • Tuition and fees • On-campus housing Noninstitutional Costs • • • • • • Books and supplies Transportation Personal expenses Off-campus housing Utilities Medical Slide 8 © 2016 NASFAA Collecting Data Primary Data Secondary Data Directly from students: Third-party sources: • Surveys/ questionnaires • Expenditure diaries • Personal interviews • Published institutional data • Faculty and staff • Class project • Community sources • Government indices • Comparisons Slide 9 © 2016 NASFAA Collecting Data Selection of data source(s) Actual or Average Frequency of collection Number of subcategories Slide 10 © 2016 NASFAA Slide 11 © 2016 NASFAA Lesson 2: Cost of Attendance Components and Restrictions Slide 12 © 2016 NASFAA General Concepts for Developing Budgets • Part F, Section 472, of the Higher Education Act of 1965 (HEA) identifies costs that may be included Slide 13 © 2016 NASFAA Basic COA Components • • • • • Tuition and fees Books and supplies Room and board Transportation Miscellaneous personal expenses Slide 14 © 2016 NASFAA Additional Cost Allowances • • • • • • Dependent care expenses Disability-related expenses Cooperative education program expenses Study abroad expenses Cost of a first professional credential Educational loan fees Slide 15 © 2016 NASFAA Basic COA Components Tuition and fees Slide 16 © 2016 NASFAA Basic COA Components Tuition and fees • Tuition for Title IV recipients • Allowable fees – Necessary for all students within defined category – If paid or passed on to third parties only if charged to broad defined category of students • Up-front fee collection • Cooperative education Slide 17 © 2016 NASFAA Basic COA Components Books and supplies May be included in tuition and fees if: • Rate is less than competitive market rate – Provided within 7th day of payment period; or • Institution documents books or supplies not available or accessible elsewhere; or • Institution demonstrates compelling health or safety purpose Slide 18 © 2016 NASFAA Basic COA Components Transportation • Reasonable allowance for: – Getting to school and back – Other travel related to a course of study • Can include operating and maintenance costs of a car, but not purchase or lease Slide 19 © 2016 NASFAA Basic COA Components Miscellaneous Personal Expenses • Reasonable allowance • Examples include: – Clothing – Hygiene and grooming – Recreation Slide 20 © 2016 NASFAA Basic COA Components Personal Computer Allowance HEA 472 Slide 21 © 2016 NASFAA Basic COA Components Room and Board Allowance HEA 472 Slide 22 © 2016 NASFAA Slide 23 © 2016 NASFAA Additional COA Allowances Dependent Care • Benchmark = reasonable cost in the community • Dependent included in household size • Necessary to pay for care in order to attend class, study time, field work, or internship, or for commuting time • Documentation Slide 24 © 2016 NASFAA Additional COA Allowances Disability-related Expenses • Reasonably incurred expenses related to disability • Not provided for by other assisting agencies • Americans with Disabilities Act (ADA) defines many types of disabilities • Documentation Slide 25 © 2016 NASFAA Additional COA Allowances Cooperative Education • Credit-bearing program combining professional work experience with academic research and coursework • Reasonable costs associated with employment • Documentation Slide 26 © 2016 NASFAA Additional COA Allowances Study Abroad • Approved for credit by home institution • Reasonable costs associated with study • Documentation Slide 27 © 2016 NASFAA Additional COA Allowances First Professional Credential • Professional licensure or certification is required in field • Cost incurred while student enrolled • Once per student per academic program • At option of institution • Documentation Slide 28 © 2016 NASFAA Additional COA Allowances Educational Loan Fees • Actual or average cost • Required for any Direct Loan borrowed • At option of institution for nonfederal educational loans Slide 29 © 2016 NASFAA Slide 30 © 2016 NASFAA COA Restrictions Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Slide 31 © 2016 NASFAA COA Restrictions Enrolled Less Than Half Time Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Dependent Care Slide 32 © 2016 NASFAA COA Restrictions Enrolled Less Than Half Time Room and Board • At option of institution – No more than three semesters (or equivalent) – No more than two consecutive semesters Slide 33 © 2016 NASFAA COA Restrictions Enrolled Less Than Half Time Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Dependent Care Slide 34 © 2016 NASFAA COA Restrictions Correspondence Study Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Personal Computer Slide 35 © 2016 NASFAA COA Restrictions Room and Board Transportation Personal Computer Correspondence Study Only if incurred during period of on-site residential training If required by program and provided by institution Slide 36 © 2016 NASFAA COA Restrictions Tuition and Fees Books and Supplies Correspondence Study Must reflect actual costs assessed by institution Room and Board Transportation Miscellaneous Personal Computer Slide 37 © 2016 NASFAA COA Restrictions Incarcerated Students Tuition and Fees Books and Supplies Room and Board Transportation Miscellaneous Slide 38 © 2016 NASFAA Slide 39 © 2016 NASFAA Lesson 3: Recalculations and Non-Title IV Aid Slide 40 © 2016 NASFAA Required COA Recalculations Federal Pell Grant Federal Pell Grant IASG IASG TEACH Grant TEACH Grant Slide 41 © 2016 NASFAA Required COA Recalculations Semester 1 Semester 2 Enrollment Status Change Semester 3 Enrollment Status Change Slide 42 © 2016 NASFAA Required COA Recalculations CLASS A Completed CLASS B Completed CLASS C Withdrew CLASS D No Show Slide 43 © 2016 NASFAA Required COA Recalculations Overaward EFA includes campusbased aid COA Slide 44 © 2016 NASFAA Required COA Recalculations Direct Loan < ½-time ≥ ½-time Slide 45 © 2016 NASFAA Optional COA Recalculations Institutional Policies • Pell Recalculation Policy “Census Date” – If enrollment status change prompts a Federal Pell Grant recalculation under policy, COA must also be recalculated • Institution sets other policies to recalculate COA Slide 46 © 2016 NASFAA Non-Title IV Aid Impact on COA COA Components Tuition and Fees EFA Books and Supplies Offset to specific COA component Room and Board • NOT prepaid tuition plans • State aid • Scholarship Transportation Misc./Personal Slide 47 © 2016 NASFAA Slide 47 © 2016 NASFAA Non-Title IV Aid Impact on COA COA Components Tuition Waiver Tuition and Fees EFA Books and Supplies Room and Board Transportation Misc./Personal Slide 48 © 2016 NASFAA Slide 48 © 2016 NASFAA Non-Title IV Aid Impact on COA COA Components Tuition Waiver Books and Supplies Room and Board Student’s COA Components Transportation Misc./Personal Slide 49 © 2016 NASFAA Slide 49 © 2016 NASFAA Non-Title IV Aid Impact on COA Room and Board COA Components Waiver Tuition and Fees Books and Supplies Room and Board EFA Transportation Misc./Personal Slide 50 © 2016 NASFAA Slide 50 © 2016 NASFAA Non-Title IV Aid Impact on COA Room and Board COA Components Waiver Tuition and Fees Books and Supplies – OR – Transportation Misc./Personal Slide 51 © 2016 NASFAA Slide 51 © 2016 NASFAA Slide 52 © 2016 NASFAA Question and Answer Segment Slide 53 © 2016 NASFAA Thank you for attending! 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