Financial Aid 101 Why Should I Care?

LWIT Program Costs

Financial Aid @ LWIT Why Should I Care? Title IV Funds – Federal Tax Payer $ In 2004-05, more than $60 billion in various types of financial aid helped 10 million students Second largest budget (to Dept of Defense) 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

Title IV Funds – Federal

Tax Payer $

In 2004-05, more than $60 billion in various types of financial aid helped 10 million students

Second largest budget (to Dept of Defense)

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

Financial Aid @ LWIT Why Should I Care? Title IV Funds – Federal Impacts Enrollment Other Federal Aid programs (i.e., Perkins) State Aid programs Accreditation

Title IV Funds – Federal

Impacts

Enrollment

Other Federal Aid programs (i.e., Perkins)

State Aid programs

Accreditation

Philosophy of Financial Aid Getting the Right aid to the Right people at the Right time Cost of Attendance - Expected Family Contribution Financial Need Most difficult: fair and equitable Federal and State aid is formula driven Institutional aid is determined by partly by formula and partly by Scholarship Committee Community based is usually determined by organization using their own criteria

Getting the

Right aid to the

Right people at the

Right time

Most difficult: fair and equitable

Federal and State aid is formula driven

Institutional aid is determined by partly by formula and partly by Scholarship Committee

Community based is usually determined by organization using their own criteria

Data Financial Aid Resources

Data Financial Aid Resources

Data Number Served

Financial Aid @ LWIT Why Should I Care? Title IV Funds – Institutional Responsibility Accountability Attendance Policy and Reporting Withdrawal Information Satisfactory Academic Progress Grades Competencies Attendance Program Reviews and Audits

Title IV Funds – Institutional Responsibility

Accountability

Attendance Policy and Reporting

Withdrawal Information

Satisfactory Academic Progress

Grades

Competencies

Attendance

Program Reviews and Audits

MONEY DOESN’T GROW ON TREES - NOR DOES IT ROLL … . THO SOMETIMES IT DOES GET WASTED!

Financial Aid Office QUESTIONS???