Transcript What I Wish the Counselors Knew About Financial Aid

WHAT I WISH THE
COUNSELORS KNEW ABOUT
FINANCIAL AID
Presenter: Andrew Hammontree
Financial Aid Director
at
Francis Tuttle Technology Center
August 2, 2013
TOPICS

Application Process

Eligibility

Satisfactory Academic Progress (SAP)

Pell Lifetime Eligibility Used (Pell LEU)

Consumer Information

Communication
APPLICATION PROCESS

Every student who receives federal aid (Pell,
SEOG, Work-Study) or OK Tuition Aid Grant
must complete the FAFSA.
www.fafsa.gov
 Students may have to include parent information if
they are considered dependent by the Dept. of Ed.

Born before 1990
 Married
 Veteran or serving on active duty in the U.S. Armed Forces
 Providing more than half the support for children or other
dependents
 Emancipated minor
 In a legal guardianship
 Homeless

APPLICATION PROCESS (CONT.)
Most students (and parents) can link to the IRS
to import tax information.
 Students and parents can sign their FAFSA with
a PIN.
 Once the FAFSA is submitted, an electronic copy
goes to the school(s) listed on the application.
 The Financial Aid Administrator reviews the
results and notifies the student if they have to
complete additional paperwork.
 Any corrections will cause the application to be
re-processed.

ELIGIBILITY
Must be a regular student in an eligible program
 FSA Funds cannot be given for remedial
coursework that is not part of the regular
program
 Must have a HS diploma or its recognized
equivalent (GED); or completed homeschooling
program as defined by state law



If student was enrolled in an eligible program prior to
July 1, 2012, and does not have a diploma or GED,
s/he can qualify under ATB.
Must be making Satisfactory Academic Progress
(SAP)
ELIGIBILITY
Cannot have a federal or state drug conviction
while receiving FSA funds.
 Must be a U.S. citizen or eligible non-citizen
 Cannot over an overpayment on any prior FSA
funds received
 Males over 18 must register with the Selective
Service
 For grants, cannot have a bachelor’s degree

SATISFACTORY ACADEMIC PROGRESS
(SAP)

Qualitative component


Must have a minimum GPA
Quantitative component

Must be completing at a certain rate
Must be at least as strict as the academic policy
 Each school will have its own policy
 Students who lose eligibility may appeal the
decision if this is part of the school’s policy

PELL LIFETIME ELIGIBILITY USED (LEU)
The Pell LEU is 600%.
 600% is the equivalent of about six years.

CONSUMER INFORMATION

General disclosures
Financial assistance available to students
 Information about the school’s academic programs,
costs, facilities, and policies

School costs
 Withdrawal procedures, refunds, and return of aid
 Accreditation and licensure
 Disability services
 Transfer of credit policies
 Contact information
 Penalties and institutional policies on copyright
infringement

CONSUMER INFORMATION (CONT.)
Completion, graduation, and transfer-out rates
 Retention rates
 Gainful Employment disclosures







Occupational outcomes with SOC codes and links to
occupational profiles on the O*NET website
Program length
On-time graduation rate
Tuition and fees for normal time, costs of books and
supplies
Job placement rate
Median debt
CONSUMER INFORMATION (CONT.)
Campus crime and safety information must be
distributed to its students and employees each
year.
 Textbook information (ISBN and retail price; or
publisher and copyright date and title and
author) on the online schedule. If this is not
practicable, the school may put “To Be
Determined”.
 Drug and Alcohol Abuse Prevention Program

COMMUNICATION
Talk to the financial aid department.
 The institution must have checks and balances in
place so that not all the Title IV (Pell)
administration is handled in the FA Office.
 A program review will look at the policies and
procedures of the institution, not just the FA
Office.
 Everyone has a responsibility to ensure the
success of the Title IV programs.

QUESTIONS?