Financial Aid 101 for Faculty & Staff

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Used in an inservice to dispell misconceptions and to lay foundational information about financial aid at LWIT

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  • Financial Aid 101 for Faculty & Staff

    1. 1. Financial Aid 101 Why Should I Care?
    2. 2. LWIT Program Costs
    3. 3. Financial Aid @ LWIT Why Should I Care? <ul><li>Title IV Funds – Federal </li></ul><ul><ul><li>Tax Payer $ </li></ul></ul><ul><ul><ul><li>In 2004-05, more than $60 billion in various types of financial aid helped 10 million students </li></ul></ul></ul><ul><ul><ul><li>Second largest budget (to Dept of Defense) </li></ul></ul></ul><ul><ul><ul><li>Pell Grant (LWIT’s largest federal student aid source) accounted for more than $13 billion to more than 5 million for an average award of $2477 </li></ul></ul></ul>
    4. 5. Financial Aid @ LWIT Why Should I Care? <ul><li>Title IV Funds – Federal </li></ul><ul><ul><li>Impacts </li></ul></ul><ul><ul><ul><li>Enrollment </li></ul></ul></ul><ul><ul><ul><li>Other Federal Aid programs (i.e., Perkins) </li></ul></ul></ul><ul><ul><ul><li>State Aid programs </li></ul></ul></ul><ul><ul><ul><li>Accreditation </li></ul></ul></ul>
    5. 6. Philosophy of Financial Aid <ul><li>Getting the </li></ul><ul><ul><li>Right aid to the </li></ul></ul><ul><ul><li>Right people at the </li></ul></ul><ul><ul><li>Right time </li></ul></ul>Cost of Attendance - Expected Family Contribution Financial Need <ul><li>Most difficult: fair and equitable </li></ul><ul><ul><li>Federal and State aid is formula driven </li></ul></ul><ul><ul><li>Institutional aid is determined by partly by formula and partly by Scholarship Committee </li></ul></ul><ul><ul><li>Community based is usually determined by organization using their own criteria </li></ul></ul>
    6. 7. Data Financial Aid Resources
    7. 8. Data Financial Aid Resources
    8. 9. Data Number Served
    9. 10. Financial Aid @ LWIT Why Should I Care? <ul><li>Title IV Funds – Institutional Responsibility </li></ul><ul><ul><li>Accountability </li></ul></ul><ul><ul><ul><li>Attendance Policy and Reporting </li></ul></ul></ul><ul><ul><ul><li>Withdrawal Information </li></ul></ul></ul><ul><ul><ul><li>Satisfactory Academic Progress </li></ul></ul></ul><ul><ul><ul><ul><li>Grades </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Competencies </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Attendance </li></ul></ul></ul></ul><ul><ul><ul><li>Program Reviews and Audits </li></ul></ul></ul>
    10. 11. MONEY DOESN’T GROW ON TREES - NOR DOES IT ROLL … . THO SOMETIMES IT DOES GET WASTED!
    11. 12. Financial Aid Office QUESTIONS???

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