Transcript Document

2012 Articulations
Federal and State Update
September 11-14, 2012
www.oasfaa.org
OASFAA is a non-profit
organization
OASFAA has provided the information
today as a free service
to access staff and high school
counselors
You have permission to copy and distribute these materials to your students and
families. Charges may not be assessed for the material or for the information
presented. Permission must be granted for other use of this information or
these materials. Contact the Outreach Chairperson listed on the OASFAA
web site or e-mail: [email protected]
www.oasfaa.org
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Agenda
 FAFSA Updates
 Federal Programs 2012-13
 State Programs 2012-13
 Resources
 Training Opportunities
www.oasfaa.org
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FAFSA
• Very few if any changes to FAFSA; Refer to the 2012-13 Summary
of Changes for the Application Processing System for details regarding all changes to the
application process, including FAFSA changes, CPS and ISIR changes, FAFSA on the Web
simplification and enhancements.
• Data Retrieval Process
• Deadlines are real
• File based on estimated if taxes are not
completed before the school’s deadline
• OCOG deadline October 1, 2013
• If you have a special circumstance, you must file the
FAFSA first
www.oasfaa.org
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Special Circumstances
Examples: reported to the financial aid office
Medical
Parent or student loss of income
Unusual debt or one-time income
Tuition expenses at an elementary or secondary school
Parent in College
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The financial aid administrator must have compelling reasons to use
professional judgment.
The financial aid administrator’s decision as to whether you have special
circumstances is final and cannot be appealed to us (the Department of
Education).
www.oasfaa.org
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Verification
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Selected by the Central Processing System
(CPS) or the Institution
Keep copies of 2012 Tax documents (for 201314 FAFSA)
If selected, completion is required before aid
can be disbursed
Verification materials are sent from the student
or family to the financial aid office, not to the
federal processor
www.oasfaa.org
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Verification and IRS Data Retrieval
Available now (2012-2013)
For 2013-14
Can and should be used when filing the initial
FAFSA, making corrections, or when changing
estimated tax information to actual tax information
www.oasfaa.org
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IRS Data Retrieval
Link to UC Santa Barbara You Tube Video
http://www.youtube.com/watch?v=W47_YTRVY
D4
www.oasfaa.org
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Net Price Calculator (NPC)
NPC went live in October, 2011.
Using both student-entered and institutionprovided data,1 the NPC allows prospective
students to calculate their estimated net price at an
institution based on the following basic formula:
Price of attendance minus grant aid
Schools may use ED’s NPC template, create their
own template, or purchase a template from a
third party.2
www.oasfaa.org
Net Price Calculator
BENFITS
*Designed to provide accurate
and timely information about
the net price of a college.
*Can assist families in
comparing colleges based on
net price and financial aid.
www.oasfaa.org
CONCERNS
*Inclusion of direct and
indirect costs in “price of
attendance” component can
significantly inflate the price
tag. 1
*Institution’s flexibility to
customize template could
make college costs
comparisons an extremely
complex process. 2
Shopping Sheet
Financial Aid Shopping Sheet
A new "financial aid shopping
sheet" will show college
applicants exactly how much
money they will be paying out
for their education and help
them compare financial aid
offers from the different
schools they're considering.
www.oasfaa.org
Final Version7/24/12
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Federal Aid Programs, 2012-2013
Pell Grant
TEACH
Campus Based Programs
Direct Loans
www.oasfaa.org
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Federal Pell Grant, 2012-2013
Maximum award amount
remains the same as
2011-2012 $5,550
maximum award for fulltime enrollment and an
Expected Family
Contribution (EFC) of zero
www.oasfaa.org
Reminder: Year-round Pell
(two Pell awards within
the same academic year)
has been eliminated
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TEACH, 2012-2013
No Changes!
Grant of up to $4,000 per year to students who intend
to teach in a public or private elementary or secondary
school that serves students from low-income families.
Service requirement upon graduation must be met, or
grant becomes an Unsubsidized Stafford Loan that must
be re-paid!!
www.oasfaa.org
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Campus Based Programs, 2012-2013
Federal
Supplemental
Education
Opportunity
Grant (SEOG)
Federal
Work
Study
Federal
Perkins
Loan
There are no major changes to any
of these programs from 2012-2013
www.oasfaa.org
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Federal Work Study
 Undergraduate
or graduate students are eligible
as determined by individual institution
 Employment can be on or off campus
 FWS wages excluded from EFC calculation!!!
 Eligible employers
Ohio
• School
minimum
wage in
• Federal, state, or local public agency
2012: $7.70
• Private non-profit organization in
per hour
academically relevant jobs
• For-profit organization in academically
relevant jobs
• Community service activities
www.oasfaa.org
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Income Protection Allowance
Increased income protection allowance for
dependent students:
• 10-11 $4,500
• 11-12 $5,250
• 12-13 $6,000
• 13-14 $6,130
Asset conversion rate for
dependent students is 20%
www.oasfaa.org
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Federal Supplemental Educational
Opportunity Grant (FSEOG)
 Federal
SEOG Grant
*Undergraduates with exceptional
financial need
*Pell Eligible students with the lowest
EFC
*Award ranges from $100 to $4000,
depending on when student applies,
financial need, and the funding and
policies of school attending
www.oasfaa.org
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Federal Perkins Loan
 Eligible
students (priority to exceptional need)
• Undergraduate or graduate students
• Must file the FAFSA
 Annual and aggregate loan limits
• up to $5,500 annually for undergraduates
(actual awards, if any, will vary between schools)
• $27,500 aggregate for undergraduates
 Interest rate: 5% (fixed) during repayment
 Interest subsidized during in-school and nine-month
grace period
 Deferment and cancellation provisions available
www.oasfaa.org
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Direct Loans
Federal Stafford/Federal Direct Loan
A federal loan program with two types of awards
Subsidized
Unsubsidized
Need based
Not based on financial need
Interest is fixed at 3.4% for all
new undergraduate loans
disbursed after July 1, 2012.
Interest is subsidized while the
student is in school during
deferment. Slated to go back to
6.8% for 2013-2014
www.oasfaa.org
Interest is fixed at 6.8% for all
new loans disbursed after July 1,
2006. Interest accrues from time
of disbursement of the funds.
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Direct Loans
Class Year
Base Amount
Additional
Unsubsidized
Amount
Freshman
$3,500
$2,000
$5,500
Sophomore
$4,500
$2,000
$6,500
Junior
$5,500
$2,000
$7,500
Senior
$5,500
$2,000
$7,500
Total Available
to Borrow
Independent Students and Dependent Students whose parents
have been denied the PLUS Loan are eligible for additional
Unsubsidized Stafford Loans ($4,000 as Freshmen and
Sophomores and $5,000 as Juniors and Seniors)
www.oasfaa.org
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Direct Loans, 2012-2013
1% default fee with NO rebate
(deducted from the borrowers disbursement so
borrowers net 99% of what they borrow)
www.oasfaa.org
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Direct Loans
FAFSA
MPN
(Master Promissory
Note)
www.oasfaa.org
Follow instructions at
school attending
Entrance Counseling
Disbursement to
student account
Notification of servicer
(instruct students to
watch and save
email/snail mail)
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Direct Parent Loans
• Loans to parents of dependent undergraduate students
• Loan limits are up to the cost of education less any financial
aid received per academic year
• The interest rate 7.9% fixed
• Repayment begins within 60 days of full disbursement
(payments may be deferred while the student is in school)
• FAFSA required
www.oasfaa.org
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Direct Loans, 2012-2013
4% default fee with NO rebate
(deducted from the borrowers disbursement so
borrowers net 96% of what they borrow)
www.oasfaa.org
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Sneak Peek beyond 2012-2013
Subsidized Loan interest rate to revert to 6.8%
for new loans after July 1, 2013
www.oasfaa.org
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Ohio Aid Programs, 2012-2013
Ohio College Opportunity Grant (OCOG)
War Orphans Scholarship
National Guard Scholarship
Safety Officers Memorial
Nurse Education Assistance Loan Program
(NEALP)
Choose Ohio First
www.oasfaa.org
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Ohio College Opportunity Grant
(OCOG)
Students
must file the FAFSA, be Ohio residents and attend
an Ohio public university main campuses (not regional
campuses or community colleges), Ohio private, non-profit
colleges or universities, and Ohio private, for-profit
institutions.
 The Expected Family Contribution (EFC) is the index
number for awarding OCOG
 EFC eligibility range is from 0000-2190
 A part-time student will receive a pro-rated award
Available for continuous enrollment (includes summer)
www.oasfaa.org
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OCOG, 2012-2013
Total funding level for 2012-2013 increased
over total funding level for 2011-2012
2012-2013
$856 for students at public main campuses
$2,280 for students at most private, non-profit
$480 for students at most private, for-profit
www.oasfaa.org
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War Orphans Scholarship, 2012-2013
For Ohio dependents of deceased or
majority disabled veterans
Will continue to cover 93% of full-time tuition and
general fees at public colleges and universities
Will provide an annual, full-time award of
$5,575 to eligible students at private colleges
and universities (both non-profit and for-profit)
www.oasfaa.org
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Ohio National Guard Scholarship, 2012-2013
Eligibility determined by the
Ohio Adjutant General
Will continue to cover 100% of tuition and
general fees at public colleges and universities
Will provide an annual, full-time award of
$8,696 to eligible students at private colleges
and universities (both non-profit and for profit)
www.oasfaa.org
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Safety Officers Memorial, 2012-2013
For Ohio dependents and spouses of safety
officers killed in the line of duty
Will continue to cover 100% of full-time tuition
and general fees at public colleges & universities
Will provide an annual, full-time award of
$6,768? to eligible students at private colleges
and universities (both non-profit and for-profit)
www.oasfaa.org
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NEALP, 2012-2013
Loans for RN candidates and
graduate nurse faculty students
Loans can be forgiven
with 4 to 5 years of
service as a nurse or
nurse instructor in
Ohio upon
completion of degree
www.oasfaa.org
Loans range from
$1,500 to $5,000
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Choose Ohio First, 2012-2013
Various scholarship programs with STEMM
concentrations
Only available at certain participating
institutions Minimum award $1500 /maximum
$5200 in the course of an academic year
Additional base criteria
• Ohio Resident
• US Citizen
www.oasfaa.org
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www.statevoucher.org
www.oasfaa.org
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http://www.fafsa.ed.gov/
www.oasfaa.org
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Resources
http://fsa4counselors.ed.gov/PORTALSWebApp/cotw/main.jsp
www.oasfaa.org
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FASFA Completion Tool
http://fsa4counselors.ed.gov/clcf/FAFSACompletion.html
No more self reporting surveys!!! Federal Student Aid is providing high schools with current data about their
FAFSA submissions and completions so that high schools can track their progress and help to ensure that their
students complete a FAFSA. A completed FAFSA allows the U.S. Department of Education to determine a
potential student's eligibility for federal student aid – a key factor in families' college decisions.
www.oasfaa.org
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Request for High School Presentation
http://www.oasfaa.org/docs/forms/getting_the
_message_Registration.html
www.oasfaa.org
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College Goal Sunday 2013
Sunday, February 10, 2013
Save the Date!
The event for 2012 has concluded. If you need assistance completing the FAFSA now, please
contact your school counselor, college access advisor or local financial aid office. For
information on Ohio Higher Ed and other financial aid resources, including Ohio's College
Advantage 529 Savings Plan,
call 1-800-AFFORD-IT (1-800-233-6734.)
This year’s event is sponsored by:
www.oasfaa.org
Additional Training Opportunities
Visit www.oasfaa.org...
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For information on Counselor workshops to
be held December 3-7, 2012
Counselor’s Contact Database
– Workshop registration information
– Counselor event announcements and details
– Training announcements
www.oasfaa.org
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