COVID-19 Campus Update
Policy 03:14:00 Financial Aid Awarding Policy
Revision Responsibility: Director of Financial Aid
Responsible Executive Office: President
Purpose: To explain the process for awarding aid at Platt College.
At the beginning of the financial aid year (July 1-June 30 of each year) when federal authorization is made, the Director of Financial Aid evaluates and determines the FSEOG grid.
The FSEOG Program provides need-based grants to help low-income undergraduate students finance the costs of a College education.
At the beginning of the year when federal authorization is made the Director of Financial Aid at Platt College evaluates and determines the FSEOG grid. Generally, the amount authorized only covers a portion of students, so in fairness the amount awarded is based on Expected Family Contribution (EFC). Expected Family Contribution (or EFC) is a term used in the college financial aid process in the United States to determine an applicant's eligibility for federal student aid. It is located on the Student Aid Report and Institutional Student Information Record received after completing the FAFSA.
All monies are awarded to the lowest expected family contribution (EFC) as a priority. Once the lowest EFCs have been awarded, then the remaining funds may be distributed based on priority of need. If any exceptions are made to funding the EFC by priority, all exceptions will be fully documented and will only occur at the approval of the Director of Financial Aid based on policy.
The funds are divided per calendar year to ensure they are the same for each quarterly start.
Federal SEOG Matching Policy
The college matches 25% of funds disbursed. The match is then deposited into the Federal Funds Bank account as is used towards the disbursement of aid to student.
To receive an FSEOG award, the student must file a Free Application for Federal Student Aid (FAFSA) as part of the application process. Students who will receive Federal Pell Grants and have the most need will receive FSEOG first. Platt College receives a certain amount of FSEOG funds each year from the U.S. Department of Education's office of Federal Student Aid. FSEOG funds are first come, first served.
SFA Budgets and SEOG Grids
The SFA budgets are reviewed annually in July and reflect an academic year at Platt College which is equivalent to 9 months. Because of the nature of the program offered at Platt College, the Financial Aid department uses one budget based on the cost of living in comparison in metro Denver.
The financial aid department conducts a student need analysis estimating the amount of assistance a student will require after accounting for the expected resources available from that student and his or her family. The need analysis has two basic components: (1) the student’s cost of attendance (COA), which is a reasonable estimate of what it will cost the student to attend Platt College for 36-months; and (2) an estimate of the expected family contribution (EFC), which is calculated by a federally-approved formula that accounts for income, assets, number of family members attending college, and other information. The difference between the COA and the EFC determines the eligible amount of need-based financial aid an eligible student will be awarded.
The following table shows the Student Budget Base for FY 2019-2020 for Student Living at Home, and Students Living off Campus. The student monthly budget base includes monthly costs typically incurred by all students. The table is based on the Colorado Commission of Higher Education’s (CCHE) FY 2019-2020 Student Budget Parameters available on line at https://cdhe.colorado.gov/sites/highered/files/2020-03/2020-2021-student-budget-parameters.pdf
(These amounts are subject to change and may vary from student to student depending on academic progression.)
Tuition, fees, lab, supplies, estimated books, liability insurance and additional fees as stated on the enrollment agreement. Other: loan fees at current rate = $200.00 estimated. Computer/software, scrubs, and other out of pocket expenses = and estimated $1,500.00 per year.
|Created into formal policies: June 6, 2014, Revised June 9, 2015 to reflect updated years and EFC update, Revised June 29, 2018 to reflect 2018-2019 year, July 18, 2019 to reflect 2019-2020 year, Revised July 1, 2020 to reflect 2020-2021 year.|