Financial Aid Update
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Transcript Financial Aid Update
TASFAA Conference
October 9, 2014
Lyn Wheeler Kinyon
Assistant Director, Grants and Special Programs
Texas Higher Education Coordinating Board
[email protected]
Program Update Overviews
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Tuition Equalization Grant (TEG)
Texas College Work-Study (TCWS)
College Access Loan (CAL)
B-On-Time Loan (BOT)
Coordinating Board Identification (CBID)
Negotiated Rule-Making (NRM) and Allocations
Financial Aid Database (FADB) and End-Of Year (EOY)
Reports
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Effective beginning 2015/16:
The maximum award amount will increase since appropriations
for public university students have increased in the current
biennium – announcement made by January 31
• Awards cannot exceed the lesser of the student’s need, tuition
differential, or published maximum
An additional $18 Million ($9 Million per year) has been
requested for the upcoming biennium
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The Fall 2014 TEG Need Survey:
• used to determine FY2016 allocations
• disseminated September 19
• due by the close of business November 7
The FY2014 TEG Audit Guide:
• was disseminated June 20, 2014
• future guides will be disseminated in April
• due by the close of business April 15, 2015
Contact Rafael Villarreal ([email protected] or
512.427.6483) if you need assistance
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Minor TEG Rule Updates:
Proposed and posted to the Texas Register for adoption in
January
Basically just ‘clean-up’:
• Substitution of “first” for initial and “subsequent” for renewal
• Clarification of “branch campus”
• $300 tolerance for additional resources after disbursement, not
award determination
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Deferred Action for Childhood Arrivals (DACA)
Department of Homeland Security (DHS) exercises its
prosecutorial discretion to forego immigration enforcement
against certain individuals for a specified period of time
DACA does not confer lawful immigration status, nor does it
provide a pathway to citizenship
DACA recipients are eligible for work authorization, to apply for
SSN’s, and possibly to obtain a driver’s license
May be renewed or terminated
May be able to work under TCWS if otherwise eligible
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Effective beginning 2014-15:
New origination fee structure based on the highest credit score
of the student or cosigner:
Prior to 2014-15
Beginning 2014-15
Credit Score
VantageScore ≥ 700
VantageScore ≥ 591
Origination
Fee
Borrower OR Cosigner
Approved – 5%
Borrower OR Cosigner
Score
Tier
Rate
≥ 711
651-710
591-650
≤ 590
A
B
C
N/A
0%
3%
5%
Denied
___________________________________________________________________________
Borrower AND Cosigner
Approved – 3%
Interest rate will continue to be a simple fixed rate of 5.25%
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Effective beginning 2014-15:
Institutions will have until February 20th, or the first working
day thereafter, to encumber funds
As of this date, institutions will lose claim to any unspent funds
not yet reserved for students
Funds released will be available for reallocations to other
institutions
Reallocation method will be the same as the initial allocation
method
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Any unencumbered FY14 funds have been carried forward and
added to the FY15 allocations
Updated allocations are posted to www.HHLoans.com under
the institution’s link
LPO questions should be directed to:
• [email protected] or 512.427.6352
• [email protected] or 512.427.6585
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New system functionality to access the TEG database
and payment processes:
Effective September 15, 2014
Institution Master (IM)
Other Institutional Users
For assistance, contact:
• Rafael Villarreal ([email protected] or
512.427.6483)
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SB215 requires negotiated rulemaking to determine the
allocation process for those programs with allocations:
Consensus was reached for TEG, TCWS, and BOT
New rules were adopted in January and are now included in the
program rules
The new NRM formula was used for the FY2015 allocations
Institutions are given 10 days to review draft allocation
numbers before they become final – a chance to confirm the
data used for the calculations correctly reflect the numbers
submitted to the CB
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FADB
Required field for the 9-month EFC
Edits regarding the matching of SSN’s to the CBM001 were
changed from errors to warnings – except for students
identified as affidavit students which must be matched before
certification
EOY
FY15 – TEG 9-month EFC field will be added
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Lyn Wheeler Kinyon
[email protected]
(512) 427-6393 or (800) 242-3062 x6393
GSP Generic Email
[email protected]
GSP Information Site
https://www1.thecb.state.tx.us/apps/SpecialPrograms/
GSP Distribution List
http://lists.state.tx.us/mailman/listinfo/txgnsp-l
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