Transcript Slide 1

Financial Aid Update
OACAC Articulation 2010
Direct Loan Transition
▼ Legislation: Health Care and Education
Reconciliation Act of 2010
▼ Federal Loans 100% Direct July 1, 2010
and forward
Direct Loan Transition
▼ Some things are the same
▼ Virtually ALL Title IV regulations
▼ Origination/Certification
▼ Loan Types/Interest Rates*/Repayment**
▼ Entrance/Exit Counseling
▼ Promissory Note
– * FFELP PLUS 8.5%....DL PLUS 7.9%
– ** Income Contingent unique to DL
Direct Loan Transition
▼ Some things are different
▼ Loan benefits unique to DL
▼ Actual Disbursement
– Origination fee/rebate
▼ Funding/Cash
▼ Reconciliation
Direct Loan Transition
▼ Hired 4 additional servicers
– ACS (current servicer)
– Nelnet
– Sallie Mae
– Great Lakes Educational Loan Services
– AES/PHEAA
▼ Will provide repayment services for
borrowers….no origination responsibility
Pell Updates
▼ Pell Grant—this is a federal grant, need
based as determined by the Free
Application for Federal Student Aid
(FAFSA)
▼ Maximum award for 2010-11 is $5550.
PELL Updates
▼ Allows students to receive two Pell Grants
during a single academic year
– Pell max = $3,000
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Summer =
Fall =
Spring =
Summer =
$1,000
$1,000
$1,000
$1,000
▼ Must be enrolled at least half time each
term for second Pell Grant in same year
Pell Updates
▼ Sets time limit of up to 18 semesters or
equivalent for those who receive first Pell
Grant on/after 7/1/08.
▼ No pell for those who were incarcerated for
sexual offense.
▼ Auto Zero EFC for Pell eligible students
whose parents or guardian was a member
of Armed Forces and died in Iraq or
Afghanistan after 9/11/01.
Department of Defense Match
▼ Designed to identify students who are
either:
– Eligible for a maximum Pell Grant, or
– An award under the Iraq and Afghanistan
Service Grant Program.
Department of Defense Match
▼ In May 2010, began matching applicant records
in CPS against DoD file
– 2009 - 10 applicants • Calls and e-mails to FAA;s
• Letters to students
– 2010 – 11 applicants –
• New DoD flag set on ISIRs
• Letters to students
– To ensure all eligible students are awarded aid
appropriately, FAA’s must pay attention to new ISIR
lag
TEACH Service Obligation
▼ Full-time teacher in high need field
▼ Must teach in low-income school for four years
within 8 years of completion of program
▼ No credit for part-time teaching
▼ No partial fulfillment of service
▼ Failure to complete service obligation causes
grant to convert to Direct Unsubsidized Stafford
Loan and interest is charged back to the date of
grant disbursement
TEACH - Future update
▼ Effective 7/1/10:
– If academic field was designated as highneed by state in which recipient is teaching, at
time grant received, recipient may fulfill
teaching obligation in that field even if no
longer high need when beginning teaching
Federal Program Changes
▼ ACG/Smart award is eliminated
▼ Income threshold for the Automatic Zero
EFC will increase to $31,000
▼ Beginning 2011-2012 family must file
FAFSA for Parent PLUS Loan
– 98% already file
FAFSA Changes for 11-12:
▼Data Elements Added:
– Students who indicate they have
received a HS diploma will be
required to enter the name of the
High School
– The work study/loan question has
been modified to remove the
reference to student loans.
FAFSA Changes for 11-12:
▼ Data Elements Deleted:
–Enrollment status question
–TEACH grant question
FAFSA on the Web
Enhancements
2011-2012
▼ Focus on simplification for the student
experience
▼ Complete redesign of screens
– Other tools will be available
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School Code Search
FAFSA PDF
Deadlines Search
FAFSA4-caster
Helpful Hints
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New FAFSA Homepage
▼ Students will be
accessing a simplified
homepage.
Single Log in Function
▼ All application options will
be accessible with one
log in:
– Starting a FAFSA
– Continue a FAFSA
– Corrections
– Adding a School Code
– Signing the FAFSA
– Status Check
– View SAR
Home Contact Us Browse Help
Search
Help & Hints
Login
Student Information
Social Security Number
S
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D
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N
T
Last Name
First Name
Date of Birth
By clicking Next, you agree to the terms and conditions of the US
Government System Warning.
NEED HELP?
FOOTER
My FAFSA Page
▼ Customized
information will be
presented to a
student depending on
their current FAFSA
status
Corrections Redesign
▼ Enhancements
Include:
– New Layout
– Improved page
navigation and edits
– Help and Hints
IRS-FSA Concept Overview
▼ The process allows FAFSA on the Web
applicants to request and retrieve their income
tax data from the IRS
▼ Once the data is retrieved it can be automatically
transferred to FOTW
▼ For the 2010-2011 FAFSA filers, IRS data share
will be available September 12, 2010
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Implementation Schedule
▼ A Spanish version will be available in
November of 2010
▼ 2011-2012 IRS data share expected to
begin with start-up in January 2011
– Within a couple of weeks of electronic tax
filing
– Within several weeks of paper tax filing
IRS Data Retrieval Tool:
How it Works
IRS Data Retrieval
IRS Data Retrieval
IRS Data Retrieval
Authentication
IRS Data Retrieval Tax Data
Successful Transfer of IRS
Data
FAFSA
▼ 4Federal Student Aid Information
Center:
1-800-433-3243
1-800-4FEDAID
▼ www.federalstudentaid.ed.gov
▼ www.fsa4counselors.ed.gov
FAFSA4caster
FAFSA4caster
http://www.fafsa4caster.ed.gov/
Developed to:
• Foster early awareness with the financial aid
application process and form
• Serve as an early analysis tool informing
college affordability
• Reduce the time required to submit the
"official" financial aid application in the
student's senior year of high school
• New change: No longer calculates an
estimated EFC
State Financial Aid Overview
Ohio College Opportunity Grant (OCOG),
http://regents.ohio.gov/sgs/ocog/
Ohio War Orphans Scholarship,
http://regents.ohio.gov/sgs/war_orphans/
Ohio Safety Officers Memorial,
http://regents.ohio.gov/sgs/oso/
Nurse Education Assistance Loan Program,
http://regents.ohio.gov/sgs/nealp/
National Guard Scholarship,
http://www.ongsp.org
Choose Ohio First Scholarship,
http://uso.edu/opportunities/partnership/chooseohio1st/index.php
Ohio College Opportunity Grant OCOG
OCOG is a $76 million program - Student’s Pell grant
and EFC must be applied toward tuition/general fees
before the OCOG award can be determined.
Community colleges -- Pell/EFC combination should
cover tuition and general fees at all community colleges
and regional campuses. No OCOG awards will be
available to students attending these institutions and
Central State. Shawnee students limited $480to $480.
State Financial Aid News
For OCOG eligible students enrolled at private, nonprofit institutions, the maximum award is $1,848—at
public main campuses, the maximum award is $888.
Students at private, for-profit institutions not OCOG
eligible
War Orphans Scholarship covers 80% of tuition and
fees at public universities and community colleges
$4,650 annual award at independent and proprietary
Ohio Academic Scholarship is $2,000 at all
institutions
Help for Students
Speak with an Information
Specialist
Call 1-877-I-ATTAIN (428-8246)
Mon. – Fri. 10am – 6pm
College Goal Sunday
Sunday, February 13, 2011 2:00 PM
▼ Locations throughout Ohio
▼ College Goal Sunday offers the opportunity to have
expert help completing the Free Application for Federal
Student Aid (FAFSA).
▼ Financial aid professionals from Ohio colleges &
universities will be available walk you and your family
through the financial aid process.
▼ College Goal Sunday is brought to you by the Ohio
Association of Student Financial Aid Administrators
(OASFAA).
▼ Need Information for College Goal Sunday?
Call Ohio’s College Access Information Hotline
1-877-428-8246
OASFAA Resources
2010 OASFAA Counselor Workshops
▼ Save the date
▼
Monday, December 6, 2010
University of Dayton
Devry University
▼
Tuesday - December 7, 2010
Xavier University
Ashland University
▼
Wednesday – December 8, 2010
University of Findlay
Franklin University
Belmont University
▼
Thursday - December 9, 2010
Kent State University
Shawnee State University
Hocking College
▼
Friday – December 10, 2010
Stark State College
Bowling Green State University
Baldwin Wallace College
December 6-10, 2010
▼ Registration begins
the week of Oct. 12
▼ Continue to check
www.oasfaa.org for
additional sites
Questions?
www.oasfaa.org