Transcript News to Know

News to Know
June 2005
Office of Student Financial Assistance
Florida Department of Education
FASFAA Update
• Thank you to each of the FASFAA attendees that
participated in the many OSFA related events during
the Spring Conference: OSFA Vendor Booth,
Navigating Your Financial Future Vendor Booth,
OSFA Guarantor Update, State Programs (FSAG)
Update, State Programs (Bright Futures) Update, and
OSFA Training Lab and Cyber Café. If you were
unable to attend the information packed updates,
please contact your Outreach Representative for a
copy of the presentations today!
• Congratulations also goes out to the multiple winners
of the OSFA giveaways in the FASFAA Vendor area!
Introducing Robin Blank
• OSFA is pleased to announce that
Robin Blank has joined the OSFA
Outreach Team as the South Florida
Outreach Representative. Robin is
formerly of Palm Beach Community
College and will begin her employment
with us on July 11, 2005. Stay tuned for
Robin’s contact information! In the
interim, please continue to contact Lori
Auxier, Manager of Outreach Services.
Loan Originations Staff
– Allie Willis
• [email protected]
• 850-410-5243
– Debby Terfinko
• [email protected]
• 850-410-5245
– Tammy Lynn
• [email protected]
• 850-410-5259
– Charles Faris
• [email protected]
• 850-245-1838
For your Loan
Origination
needs, please
do not
hesitate to
call on any of
the Loan
Origination
Staff! They
are here to
serve you!
Interest Rates
Federal Stafford, PLUS Loan Interest Rates Summary Table
Federal Stafford loans disbursed
on or after 7/1/98 in school, in
grace, in deferment
Federal Stafford loans disbursed
on or after 7/1/98 in repayment
PLUS loans disbursed on or after
7/1/98
Interest Rates go into effect
July 1st!
2005–2006
2004–2005
Difference
4.70%
2.77%
1.93%
5.30%
3.37%
1.93%
6.10%
4.17%
1.93%
2005/2006 State Programs Appropriations
Program Title
Florida Bright Future s Scholars hip
2005-06
2005-06
Appropriation
Aw ard Am ount
$311,772,580
-Florida Academic Scholars
100% tuition and f ees* + $600
-Top Scholars
$1,500
-Florida Medallion Scholars
75% tuition and f ees*
-Florida Gold Seal Vocational Scholars
75% tuition and f ees*
Florida Stude nt As s is tance Grant
$98,857,982
Public (f ull-time/part-time)
$79,303,560
Private (f ull-time only)
$12,618,522
Postsecondary (f ull-time only)
$6,935,900
Spe cial/Le ve raging Educ As s t Partne rs hip Program (S/LEAP)**
$2,563,089
Florida Re s ide nt Acce s s Grant
$1,672 max - $200 min
$93,990,150
$2,850.00
Acce s s to Be tte r Le arning and Education
$3,600,000
$1,155.69
Childre n of De ce as e d/Dis able d Ve te rans
$383,250
Florida Work Expe rie nce Program
$1,069,922
Critical Te ache r Shortage Program
$1,739,566
-CTS Loan Forgiveness
Tuition & Fees *
Determined by Financial Need
$2,500 undergrad/$5,000 grad max
-CTS Tuition Reimbursement
$78 per credit hour max
Ros e w ood Fam ily Scholars hip
$100,000
Jos e M arti Scholars hip Challe nge Grant
$296,000
$2,000
M ary M cLe od Be thune Scholars hip
$679,328
$3,000
Ethics Scholars hip
$500,000
Robe rt C. Byrd Honors Scholars hip (Fe de ral)
$2,145,000
Florida Fund for M inority Te ache rs
$2,109,600
Florida Pre paid Tuition Scholars hips
$5,975,000
Florida Education Fund
$1,260,000
Tuition & Fees *, $4,000 max
Determined by Sector Foundations
$1,500
$4,000
Determined by Foundation
Determined by Fund
* Approved f ees include access/transportation, activity and service, athletic, building, capital improvement, f inancial aid, and health.
** State appropriation not yet available f rom f ederal aw ard as of May 31, 2005.
State Programs Disbursements
• Are you still receiving your State
Program disbursements via paper
check? If so, sign up for EFT today!
Visit the Florida Department of Financial
Services website and select the blue
VENDORS option at the bottom of the
page. This will direct you to a page of
instructions on how to change or verify
vendor information for receipt of
payments from the State of Florida.
Need help? Call Karl Washington
at 850-245-1903!
Defaulted State Scholarship Loans
• In order to assist postsecondary
institutions adhere to Section 1009.95
(5) (Florida Statutes), OSFA has created
a link on SSFAD that provides a list of
defaulted state scholarship loan
recipients. From our home page, select:
 State Grants, Scholarships & Applications
 Postsecondary Institutions
 Defaulted State Loans
Academic Transcript Holds
• Question: Is a school required to place a hold on a
borrower's academic transcripts if the school receives
notification that the student has defaulted on a
student loan until the default has been resolved? Or,
is it only encouraged?
– Answer: According to Florida Statute 1009.95(5), no
individual borrower who has been determined to be in
default in making legally required scholarship loan, student
loan, or guaranteed loan repayments shall be furnished with
his or her academic transcripts or other student records until
such time as the loan is paid in full or the default status has
been removed.
• Note, this Statute applies to both Defaulted State
Scholarship and FFEL Loans!
Professional Judgement
• Question: Does an institution have the right to
exercise professional judgment and deny a PLUS
loan, even if the parent was approved by the lender?
For example, what if the parent passes the credit
check, but based on their extenuating
circumstances(*), the FA Administrator knows that the
parent cannot successfully repay the loan. Can the
FA Administrator deny the PLUS loan and allow the
student to borrow the additional unsubsidized loan, if
they properly document the file to support their
professional judgment?
Answer - >
(*) For example, the parent only receives social
security or disability, etc. and do not have the
means to successfully repay an additional
obligation such as a PLUS Loan.
Professional Judgement
• Answer: Federal Regulation 682.603(e) states a school may
refuse to certify a Stafford or PLUS loan application or may
reduce the borrower's determination of need for the loan if the
reason for that action is documented and provided to the
borrower in writing provided • (1) The determination is made on a case-by case basis; (2) The
documentation supporting the determination is retained in the
student's file; and (3) The school does not engage in any pattern
or practice that results in a denial of a borrower's access to
FFEL loans because of the borrower's race, sex, color, religion,
national origin, age, handicapped status, income, or selection of
a particular lender or guaranty agency. Therefore, a school
cannot refuse to certify a Stafford or PLUS loan based on
income.
MYF Chats
• We are pleased to announce the
following financial aid chats are
available during the remainder of 2005.
These chats are FREE to you and your
students through our sponsorship of
Mapping Your Future!
– August 9, 2005, College Admissions and Standardized
Testing
– September 13, 2005, Debt Management Strategies
– November 15, 2005, Managing your student loans, including
repayment options, consolidation, and cancellation
For more information on the MYF
Chats, visit the MYF Website!
2004/2005 FAFSA Deadlines
• 2004-2005 FAFSA’s must be received
and accepted by the Central Processing
System (CPS) no later than midnight,
June 30, 2005
• Corrections to 2004-2005 processed
applications, including signature pages,
must be received and accepted by the
CPS no later than midnight, September
15, 2005
Important Dates
• July 3-6, NASFAA Conference, New York, NY
• October 25-27, FASFAA Fall 2005 Conference,
Orlando, FL
• October 31 - November 3, SFA Electronic Access
Conference, San Diego, CA
• November 29 - December 2, SFA Electronic Access
Conference, Atlanta, GA
• February 12-15, 2006, SASFAA Annual Conference,
Greensboro, NC
• April 5-7, 2006, 2006 SFA Spring Conference, San
Antonio, TX
For more information on these events and
other future scheduled events, visit the
FASFAA Website and click on “Calendar”
Mission Statement
• The Florida Department of Education, Office
of Student Financial Assistance (OSFA),
serves as a guarantor for the Federal Family
Education Loan Program (FFELP), and the
administrator of Florida’s scholarship and
grant programs. The OSFA Mission is to
facilitate higher education access and
services by providing exemplary customer
attention, comprehensive financial aid
information, and convenient and efficient
products.
Philosophy
• As a public agency, OSFA has the ability to offer its
partners and customers something few guarantors can: the
ability to shape OSFA programs and services based on
their specific concerns. Earnings generated from OSFA’s
loan programs are used to help fund scholarship and grant
programs, financial aid workshops and publications, and to
provide better services for our participants. When schools
and students choose to use the OSFA guarantee for student
loans, they are actually helping countless other needy and
deserving students by investing in education programs. So,
if a participant has a problem or suggestion, OSFA
management listens and does whatever it takes to
implement a solution that meets their needs. Public dollars
deserve that kind of accountability in education finance.
Outreach Team Contact Information
• Ernest Smith, Director of Market Development
– 850-322-6498
– Jacqueline Hill, Default Prevention Manager
– 850-212-1108
– Lori Auxier, Manager of Outreach Services
– 850-212-2997
– Karen Hurrell, Senior Outreach Representative
– 904-745-3091
– Stephanie Durdley, Outreach Representative
– 850-322-6219
– Kelly Bernhardt, Outreach Representative
– 850-277-2331
• Robin Blank, Outreach Representative
– TBA
Regional Contact Information
• Lori Auxier, Manager of
Outreach Services
– 561-434-3993
(office)
– 850-212-2997 (cell)
– [email protected]