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Last Dollar Funding

Nora Langolf

Does anyone have a scholarship in BAM that awards last dollar funding? We have a donor that wishes to pay full tuition, fees, room and board after federal and state grants have been awarded. Not sure how to enter this in BAM since we don't know the dollar amount or how to manage the timeline. I feel there is a risk of choosing a student that may get enough in federal and state aid that the donor dollars are not needed. (Sidenote: There is a big to-do for awarding this one and the donors like to be included in the progress of the student.) Thanks!

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Award Management

Comments

Mallorie Fonseca

@Nora Langolf

Hi Nora! We have a few at EIU that are considered last dollar. They have to manually be monitored and adjusted, unfortunately, because so many things can change.

They are all announced much earlier than the actual bill is posted so we unfortunately have to re-evaluate their estimated award at the time it is announced and entered in the scholarship system & after bills are posted & after the add/drop day has passed for any changes. We put a message in the opportunities description to help explain to students why it may be adjusted and when they may expect that change. Typically, they have their award letters from the FAFSA before the award is announced. So the adjustments are from slight adjustments to tuition and fee costs or because they received an additional scholarship later.