Financial Aid WorkshopTuesday, July 22, 2014

Tuition Waiver Scholarships Overview

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Total FY15 Budgeted WaiversResident Waivers Within 3.5% limitation:

•$78.4 million authorized for waivers

•$56.8 million budgeted for waivers, an increase of $2.6 million from FY2014 budgeted (4.8%)

Resident Waivers Outside 3.5% limitation:•$15.7 million budgeted

Nonresident Waivers:•$107.9 million budgeted for nonresident students

•An increase of $7.4 million from FY2014 budgeted (7.3%)

Total Waivers:•$180.4 million in budgeted waivers

•An increase of $12.4 million, or 5.7%.

•Represents 8.1% of total budgets

State Regents’ Tuition Waiver Key Policy Provisions

• Tuition and fees may neither be assessed nor waived unless authorized by general policy or specific authorization of the State Regents (4.18.4A, and 4.18.6)

• Intent of the resident waiver is to provide assistance to Oklahoma students with demonstrated need and to promote excellence of scholarship throughout all academic levels and professional fields of study. (4.18.5A)

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Basis of Award – 3.5% Requirement

• Resident students only• Increased from 3% in FY04 to comply with

legislative intent to increase financial aid proportionate to tuition increases

• Four categories: Financial Need, Scholarship and Student Achievement, Benefits for Eligible Employees, and Concurrently Enrolled Students (first six credit hours for seniors excluded, all others subject this limitation)

• 50% of these scholarships must be awarded to students with financial need

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Utilization of FY2015 BudgetedAward Amounts Authorized Within

3.5% Cap

Average High LowResearch 91.0% 100.0% 83.5%Regionals 80.2% 100.0% 61.3%Community Colleges 72.5% 94.0% 33.3%Technical Branches 54.9% 59.6% 51.2%Constituents 15.2% 59.9% 0.0%

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Basis of Award – Other Scholarships not Subject to 3.5% Requirement

• Senior Citizens – Audit • Prisoners of War/Missing in Action • Dependents: OK Peace Officers/Firefighters/EMTs• Graduate Teaching & Research Assistants• Exchange Students on Reciprocal Basis• Academic Scholars Program• OK National Guard• Regional University Baccalaureate• Students Called to Active Duty and Families- (nonresident

portion)

• Students in Custody of DHS • Concurrently Enrolled High School Seniors (first six credit

hours for seniors only)

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Nonresident Tuition Waiver AwardsBudgeted for FY2015

$107.9 Million Total