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Annual Financial Aid Professional Development

Annual Financial Aid Professional Development. Philip Axelroth Interim Financial Aid Manager. Purpose . Provide professional development on financial aid in Arkansas in accordance with A.C.A § 6-5-405 Three hour initial training; 1 hour annual

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Annual Financial Aid Professional Development

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  1. Annual Financial Aid Professional Development Philip Axelroth Interim Financial Aid Manager

  2. Purpose • Provide professional development on financial aid in Arkansas in accordance with A.C.A § 6-5-405 • Three hour initial training; 1 hour annual • Applies to: superintendents, asst. superintendents, principals, asst. principals, and guidance counselors

  3. Academic Challenge Scholarship

  4. It is our hope that the lottery funded scholarship known as the Arkansas Academic Challenge Scholarship will:--increase student success--reduce student loans--prepare more students for high wage high demand jobs benefit Arkansas’s economy--increase the percentage of adults in Arkansas that hold a college degree

  5. Arkansas Academic Challenge Scholarship Student categories • Traditional • Current Achiever • Nontraditional

  6. General Eligibility Requirements • U.S. Citizen or Lawful Permanent Resident • Arkansas Resident • Attend an eligible Arkansas Institution • Satisfactory Academic Standing • Continuing Eligibility Requirements

  7. Academic Challenge Scholarship • First awarded for fall 2010 • No Income Requirement • Aligned with Smart Core • Expanded to include nontraditional students

  8. ACT Scores • Composite score from a single test date • No combined, blended, or “super” scores • May substitute a comparable score from SAT, COMPASS or ASSET tests • If qualifying without SMART Core completion, may substitute proficient score on all state mandated end-of course exams

  9. Traditional Students Basic Eligibility Criteria • Accepted for admission at an approved institution of higher education as a full-time student in a program of study that leads to a baccalaureate degree, associate degree, qualified certificate or a nursing school diploma • Applicant must complete the YOUniversal Scholarship Application and the FAFSA • Must apply during the senior year of high school

  10. Academic Challenge Scholarship Traditional Academic Eligibility Criteria • Graduate from an Arkansas public high school and successfully complete the Smart Core curriculum and • Achieve a 2.5 high school GPA, OR • Earn a 19 on the ACT (Composite score on a single test) • Graduate from an Arkansas public high school before the 2013-14 school year but do not successfully complete the SMART Core curriculum and • Achieve a 2.5 high school GPA AND • Earn a 19 on the ACT or score

  11. Academic Challenge Scholarship Traditional • Students with a disability identified under the Individuals with Disabilities Act who graduate from an Arkansas public high school but do not complete the Smart Core because their individualized education program does not require it must • Achieve a 2.5 high school GPA AND • Earn a 19 on the ACT • Graduate from a private, out-of-state high school or home school and achieve a 19 on the ACT

  12. Enrollment and Renewal • Enrollment • Hours required to receive funds for a particular semester • Measured as of the end of the 11th class day • Hours added after that date do not count • Only count hours enrolled at a single school • Renewal (also referred to as continuing eligibility) • Hours required to renew scholarship for the next academic year • May use summer terms to meet hours and GPA

  13. Academic Challenge Scholarship - Traditional • Enrollment • 12 semester hours fall semester immediately following high school graduation • 15 semester hours every semester thereafter • Continuing Eligibility • Maintain a 2.5 cumulative GPA • Successfully complete 27 semester hours the first academic year • Successfully complete semester 30 hours each academic year thereafter • Complete all required remedial courses within the first 30 semester hours after receiving the scholarship

  14. Current Achievers June 1, 2012 was the last date to apply for students and be categorized as Current Achievers.

  15. Nontraditional Basic Eligibility Criteria • Accepted for admission at an approved institution of higher education as a full-time or part-time student in a program of study that leads to a baccalaureate degree, associate degree, qualified certificate or a nursing school diploma • Applicant must complete the YOUniversal Scholarship Application and the FAFSA

  16. Academic Challenge Scholarship - Nontraditional Academic Eligibility Criteria • Has completed at least 12 semester credit hours and achieved a 2.5 postsecondary GPA or, • Graduate from an Arkansas public high school and achieved a 2.5 high school GPA or obtained a 19 on the ACT; or • Graduated from a private high school, out-of-state high school, home school or obtained a GED and achieved a 19 on the ACT; or • Students with who have earned 12 hours but have less than a 2.5 college gpa must have a 19 on the ACT to qualify

  17. Academic Challenge Scholarship - Nontraditional • Enrollment • 15 semester hours every semester full time • 6 semester hours part time • Continuing Eligibility • Maintain a 2.5 cumulative GPA • Complete 15 semester hours each semester enrolled full time • Complete 6 semester hours each semester enrolled part time • Complete all required remedial courses within the first 30 semester hours after receiving the scholarship

  18. Funding CAP for Nontraditional Students • Nontraditional student funding: • $12.0 Million for 2012-13 – including renewals • If sufficient funds are not available, awards will be prioritized using a weighted average based on: • Level of progress toward completion of their baccalaureate or associate degree, certificate program or nursing diploma • Highest cumulative GPA • Students majoring in an area identified as a critical workforce need, and the STEM fields

  19. AWARD AMOUNTS • $4,500 per year for full-time students at a 4-year institution • $5,000 per year for 2010-11 recipients who continue to meet the renewal requirements • Scholarship at a 2-year college will be one-half (50%) of the scholarship award amounts for 4-year institution • Award amounts will be prorated for part-timestudents (only applies to nontraditional category) • ½ award amount – 6-8 hours • ¾ award amount – 9-14 hours

  20. Academic Challenge Scholarship Application Deadline Dates: • Traditional Students - June 1 of senior year in high school • Current Achiever Students - June 1 • Nontraditional Students - June 1 • There is no longer a November 1 deadline • Application will be available on January 1.

  21. Application Statistics • 2010-11 • Traditional (High School Seniors) – 17,026 • Current Achiever/Nontraditional – 48,513 • 2011-12 • Traditional (High School Seniors) – 18,342 • Current Achiever/Nontraditional – 19,985 • 2011-12 • Traditional (High School Seniors) - 18,586 • Current Achiever/Nontraditional - 17,549

  22. Award Statistics • 2010-11 • Traditional (High School Seniors) – 12,872 • Current Achiever/Nontraditional – 16,956 • 2011-12 (as of July 26, 2011) • Traditional (High School Seniors) – 13,716 • Current Achiever – 678 • Non-traditional – No new ACSNT awards • 2012-13 (as of June 4, 2012) • Traditional (High School Seniors) – 13,539 • Non-traditional/Current Achiever – after July 1

  23. Universal Application for ADHE Financial Aid Programs • Available on January 1, 2013 • Search and apply for all ADHE administered scholarships and grants at one time • Receive e-mail status notifications • Available all year, but deadlines built into processing • Manage your account 24/7 to include: • Updating personal information and college • Reviewing transcript and test score information

  24. Administrative Processing • Electronic (TRIAND) transcripts • Transcript retrieval • Smart Core criteria • GPA • ACT & other test scores • Notifications to students (emails) • Award Notices • Incomplete Notices • Ineligible Notices

  25. Scholarship Reporting System for Counselors Currently under revision due to privacy concerns. ADHE will notify counselors when it is available.

  26. QUESTIONS??? Contact Information: finaid@adhe.edu (501) 371-2050 (800) 54-STUDY

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