The Solution Center

1. The Solution Center The Financial Aid Office Counseling the “GAP” and Additional Aid Requests

2. Objective What you will learn • Why Request for Additional Aid is Made • Financial Aid Award Reminders • Changes in Financial Aid Awards • How to Assess the Situation • How to Counsel the “Gap” • Process for Re-evaluation of Aid

3. Why the Request for Additional Aid • Students may request additional aid for various reasons. Some include, but not limited to: • Did not get enough aid to cover bill • Only received student loans • Decrease in aid from previous year • Requesting grants or scholarships • Requesting student employment • Another school offering student more aid

4. Financial Aid Award Reminders • Students must reapply for financial aid each year (priority deadline is March 1st) • Financial aid awards are offered based on the information available at the time of the award • Students are expected to maintain eligibility throughout the year • If student fails to meet federal, state or institutional eligibility criteria their awards will be cancelled • Any review for additional aid is done on a case-by-case basis contingent upon available funding • Any additional aid awardedis not guaranteed in future years

5. Changes in Financial Aid Awards • Financial aid awards may vary year to year due to a number of factors. Some reasons include, but are not limited to: • Date of FAFSA submission (after priority deadline) • Changes in EFC due to student/parent income • Changes in EFC due to household size/ number in college • Change in enrollment status, career or program • Changes in housing status • Changes in residency • Changes resulting from verification • Receipt of outsides resources • Unsatisfactory academic progress (ex. No longer meeting SAP; Not meeting GPA requirements for merit scholarships) • Availability and changes in State, Federal or Institutional funding

6. What is “GAP” • What is GAP • GAP is NOTUnmet Need • Gap may be: • Remaining balance after aid is applied • Not enough aid to cover student’s cost of living, books & supplies, or other educationally related expenses • One-Size Does Not Fit All: • Ask a lot of questions and listen carefully to fully assess student/family financial situation • Remember: the student/parent often do not know all the questions to ask or information to share

7. Assess the Situation Review Financial Aid Status • Has the student filed a FAFSA for current year? • Has the student been awarded? Did the aid change? • Has all aid been disbursed? (missing Verif., SAP, Loan Checklists, etc). • Does student have Student Employment, and are those earnings being applied to bill (ie, 70/30 form)? • Did EFC change drastically from prior year? If yes, review to determine if a mistake was possibly made on the FAFSA. • Does the family situation reveal possible consideration for SPC/DO? (ie, loss of income, death of parent/spouse, etc)

8. Assess the Situation (cont.) Review Student Invoice /Enrollment • Is student invoice correct? (ie, UG are billed fulltime regardless of enrollment status. Bill adjusted for part-time students after add/drop) • Is there a prior balance? • Are there additional charges due to CE courses? • Does the student require the university health insurance? Is it waived? • Has family signed up for monthly payment plan? • Is the student in collections?

9. Counseling the “GAP” Financing options will vary and depend upon the financial aid and billing statuses as well as family resources • Most Common Categories of Students: • Student in Collections • Student with Past Due Balances • Graduating Senior • Dependent Undergraduate Student • Independent Undergraduate Student • Graduate Student

10. Student in Collection • Once a student is sent to collections, there are no longer financing options available to the student • The student must make necessary payment arrangements directly with the collection agency • University balance must be paid in full before student can re-enroll or receive an official transcript

11. Past Due Balance • Definition of Past Due Balance • Past due balance refers to a balance from prior aid year, NOT prior term within same aid year for an enrolled student • Once student ceases continuous enrollment, all balances become past due balance • Financing Options • Payment • Alternative Loan for past due balance • Payment arrangements with SFS • Combination of some/all of the above

12. Graduating Senior • Graduating Senior • Balance must be paid in full for student to receive diploma and/or obtain an official transcript • Financing Options • Payment • Monthly Payment Plan • Parent Plus Loan for Dependent students • Alternative Loan • Combination of some/all of the above • Note: students who are entering their final semester should be referred to Tier 2 when all options above are exhausted. It is critical to the success of our students for them to leave with a degree.

13. Dependent Undergraduate • Dependent Undergraduate • UGRD career - Balance must be under $1,000 to lift FIN hold • CSCE career - Balance must be under $500 to lift FIN hold • Although the University allows students to carry balances from term to term, the goal is to develop a sustainable financial plan to satisfy the entire financial obligation for the academic year. • Financing Options • Payment • Monthly Payment Plan • Parent Plus Loan for Dependent students • Alternative Loan • Combination of some/all of the above

14. Independent Undergraduate • Independent Undergraduate • UGRD career - Balance must be under $1,000 to lift FIN hold • CSCE career - Balance must be under $500 to lift FIN hold • Although the University allows students to carry balances from term to term, the goal is to develop a sustainable financial plan to satisfy the entire financial obligation for the academic year. • Financing Options • Payment • Monthly Payment Plan • Alternative Loan • Combination of some/all of the above

15. Graduate Student • Graduate Student • GRAD career - Balance must be under $1,000 to lift FIN hold • Although the University allows students to carry balances from term to term, the goal is to develop a sustainable financial plan to satisfy the entire financial obligation for the academic year. • Financing Options • Payment • Monthly Payment Plan • Graduate Plus Loan • Alternative Loan • Combination of some/all of the above

16. Re-evaluation of Aid • Re-evaluation of Aid • Periodically during the academic year, Financial Aid will have funds free up from students who did not enroll and/or from award adjustments. These funds are then reallocated to other eligible recipients in need. • Priority Consideration • High unmet need • Packaged as Tier 2/3 due to late FAFSA or file completion • Outstanding balance due • Good academic standing • Accepted federal loans offered • IMPORTANT: - Only eligible and qualifying students will be re-evaluated for aid • Student should not be guaranteed additional funding • Student should pursue all other options provided • FA will review checklists only when funds become available

17. Re-evaluation of Aid (cont.) • Checklist Assign • Re-evaluation of Student Employment Funds • Assign Checklist - ‘LWWAIT’ as initiated • must have at least $3000 unmet need • Re-evaluation of Perkins Loan Funds • Assign “LPRKRV” as initiated • EFC must be LT $5k • Re-evaluation for Grant Aid • Assign “LGRNTR” as initiated • Total grant aid should be below equity • FA Review • Financial Aid review will be done only when funding becomes available. Checklist status will be updated to complete and a comment placed in iSiS.

18. Re-evaluation of Aid (cont.) • Tier 2 /3 Consultation • Request of review for re-evaluation of aid via Lync may be utilized during high volume times of year • Option should be used in critical situations to avoid inefficiencies