Transcript News to Know Office of Student Financial Assistance Florida Department of Education March 2005

News to Know
Office of Student Financial Assistance
Florida Department of Education
March 2005
Navigating Your Financial Future
• The finishing touches have been put on our Default
Prevention Kit, “Navigating Your Financial Future!” Look
for Jacqueline Hill to be making the rounds at the
FASFAA Regional Workshops to introduce this new and
innovative product to assist you with your institutional
Default Management Plan. We will also be setting up
separate workshops for our lender partners to show
them how they too can benefit from this exciting new
default prevention kit.
– Don’t forget to check out the debut of our website
www.navigatingyourfinancialfuture.org on March
21!
Financial Aid Chats
• We are pleased to announce the following
financial aid chats available in March and April.
These chats are FREE to you and your students
through our sponsorship of Mapping Your
Future. If you need additional information,
please contact your Outreach Representative.
• Tuesday, April 12, 2005 @ 7 PM
– Deferments, forbearances, and default prevention
• Tuesday, May 10, 2005 @ 7 PM
– Loan consolidation, forgiveness, cancellation, and
discharge
458 report
• OSFA sends a monthly (JSAR458F) report to institutions
requesting updated contact information for borrowers
that we have received a request for collection assistance
from participating lenders or servicers. It is imperative
that schools review this report and provide updated
contact information (as needed) to the borrowers lender
or servicer. It is not necessary to provide this information
to OSFA, as we receive the updates directly from the
lender or servicer. Your assistance in providing updated
contact information will help us keep your borrowers
from entering default. If you have questions on how to
complete this task, or need assistance in doing so,
please do not hesitate to contact your Outreach
Representative.
Guarantor Cohort Default Rate
• Because guarantors vary widely in their scope of services and the
mix of postsecondary institution types, comparing ‘guarantor to
guarantor’ cohort default rates can be misleading. For example,
many private guarantors choose who they guarantee loans for and
with, and often avoid high risk institutions. Public guarantors, such
as OSFA, have an obligation to work with any and all institutions that
are eligible to participate in the FFEL program. We take pride in
working with all FFEL program participants throughout the State of
Florida. A more accurate analysis of OSFA’s default prevention
success is to measure the current cohort default rate to previous
years. See the comparison below:
– 2001, Official Rate, 9.2
– 2002, Official Rate, 8.9
– 2003, Draft Rate, 8.6
FY 2003 Cohort Default Rate Calculations
• Reminder!
– The DRAFT FY 2003 Cohort Default Rate
Calculations were released February 14,
2005. The OFFICIAL FY 2003 Cohort Default
Rate calculations will be calculated on July
30, 2005 and released on September 12,
2005. Please review your DRAFT report in a
timely manner so that you may review the
data included before the calculations become
final.
2005-2006 Application and Verification Guide
• The 2005-2006 Application and Verification Guide is now
available on line at:
– http://ifap.ed.gov/sfahandbooks/0506AppVerGuide.html
• A print version is mailed to all institutions participating in
the Federal Student Aid Program. Once the handbook
has been mailed, additional copies may be ordered
online at:
– http://www.edpubs.org/webstore/Content/search.asp
Mapping Your Future Version 3.5
•
The Mapping Your Future (MYF) Online Student Loan Counseling (OSLC)
team and staff are preparing for the next release of counseling. OSLC
version 3.5, to be released in April or May 2005, will give schools greater
flexibility in setting up and assigning account authority for staff, as follows:
– Each staff member will have his or her own user name and password to the
school's Financial Aid Office Access Area.
– Each account will have a designated super user who will maintain the account
and approve other staff members' access and authority level to the school's
account. The super user request form will be available prior to the release, while
other staff members will be able to request their own passwords after the
release.
•
Watch for more information in the OSLC E-News, on the Financial Aid
Professionals page at http://mapping-your-future.org/services/fao.cfm, and
in your FAO Access Area in the Spotlight area. Please contact Beth
Ziehmer, customer care/operations specialist, at [email protected] or (573) 796-3730 with any questions.
NSLDS Changes
• For information regarding changes
implemented to NSLDS in January 2005
for the 2005-2006 Academic Year to assist
the financial aid community better monitor
the eligibility of Federal student aid
applicants, visit:
– http://ifap.ed.gov/nsldsmaterials/Newsletter9.h
tml
OSFA NSLDS Transmission
• In January 2005, OSFA began submitting
records to NSLDS on a semi-monthly
basis. Our submissions are processed by
NSLDS on the 2nd and 4th Thursday of
each month. The March transmissions are
scheduled for March 10th and March 24th.
Teacher Loan Forgiveness Application
and Forbearance Forms
• This (revised) letter announces approval of
the Teacher Loan Forgiveness Application
and Teacher Loan Forgiveness
Forbearance Form for the Federal Family
Education Loan (FFEL) and the William D.
Ford Federal Direct Loan (Direct Loan)
Programs.
– http://ifap.ed.gov/dpcletters/GEN0502Revised
.html
2005 Best Practices Symposium
• Feedback NASFAA has received regarding the 2005
Best Practices Symposium in Las Vegas is summarized
by the following statement from one of the participants:
"The presenters were absolutely outstanding! They really
were the asset of the symposium.…The discussion was
outstanding.”
• The symposium targets intermediate and advanced aid
administrators (Directors, Associate Directors, and
Assistant Directors) and are good resources for chief
student affairs officers. They promise to be a wonderful
opportunities to delve into timely issues affecting aid
offices. The next symposium will be held:
– April 15-16, Chicago, Illinois
Mapping Your Future Annual Conference
• “Blazing a New Frontier” -- the Mapping Your FutureTM
(MYF) Annual Conference 2005, will be held next month
in Fort Worth! The committee has lined up several great
sessions for the conference, to be held April 27-29, in
Fort Worth, TX. This conference is a great opportunity for
professional development at very low cost!
• The registration fee is $150 and registration is available
online at:
–
mapping-your-future.org/apps/Surveys/index.cfm?reqSurveyID=53.
SASFAA Summer New Aid Officer’s Workshop
• Online registration is now available at
(www.sasfaa.org) for the 2005 SASFAA
Summer New Aid Officer’s Workshop.
Select the “Training” tab from the home
page and you will find information
regarding the workshop, as well as the link
to register. The workshop will be held on
the beautiful campus of University of North
Carolina (Asheville) from June 19 – 24,
2005.
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 administration listens
and does whatever it takes to implement a solution that meets their
needs. Public dollars deserve that kind of accountability in education
finance.
2005 Important Dates
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March 15-16, FASFAA Region III Workshop, Orlando, FL
March 22-23, FASFAA Region II Workshop, Jacksonville, FL
March 22-24, SFA Spring Conference, Sparks, NV
April 7-8, FASFAA Region I Workshop, Panama City, FL
April 15-16, 2005 Best Practices Symposium, Chicago, IL
April 21-22, FASFAA Region V/VI Workshop, Ft. Lauderdale, FL
April 27-29, Mapping Your Future Annual Conference, Fort Worth, TX
June 8-10, FASFAA Spring 2005 Conference, Miami Beach, FL
June 19-24, SASFAA Summer New Aid Officers Workshop, Asheville, NC
July 3-6, NASFAA Annual Conference, New York, NY
October 25-27, FASFAA Fall 2005 Conference, Orlando, FL
October 31 - November 3, 2005 SFA Electronic Access Conference, San
Diego, CA
November 29 - December 2, 2005 SFA Electronic Access Conference,
Atlanta, GA
For more
information
about these
events and
other future
scheduled
events, please
visit
www.fasfaa.org
and click on
calendar.
Outreach Team Contact Information
• Ernest Smith, Director of Market Development
 850-322-6498
• Jacqueline Hill, Default Prevention Manager and Outreach
Representative
 850-212-1108
• Karen Hurrell, Senior Outreach Representative
 904-745-3091
• Lori Auxier, Manager of Outreach Services and Outreach
Representative
 561-434-3993
• Stephanie Durdley, Outreach Representative
 850-322-6219
• Armando Salas-Amaro, Outreach Representative
 305-267-5528
Regional Contact Information
• Customer Service is our #1 Priority! Call us
today!
• Lori Auxier, Manager of Outreach Services and
OSFA Outreach Representative
– 3715 Kirkwood Circle
– Boynton Beach, FL 33436
– 561-434-3993 (office)
– 850-212-2997 (cellular)
– [email protected]
Closing
• Confidence in the institution’s ability to
determine our integrity, character, and
truthfulness is of the utmost importance to
OSFA. The Office of Student Financial
Assistance wants to know and deliver what you
seek in a partner. You have the right to choose.
Together, we have the power to make a
difference. Trust the Office of Student Financial
Assistance to help you help your students. They
are our future.