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Session 53

Session 53. Financial Aid For Techies. Presented by…. Wood Mason U.S. Department of Education Federal Student Aid COD Systems Operations Branch COD Customer Service. Objective. What is Financial Aid, where did it come from and how does it work…

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Session 53

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  1. Session 53 Financial Aid For Techies

  2. Presented by… Wood Mason U.S. Department of Education Federal Student Aid COD Systems Operations Branch COD Customer Service

  3. Objective • What is Financial Aid, where did it come from and how does it work… • How do I make the Financial Aid folks like me… • What in Sam Hill do all those acronyms stand for anywho…

  4. But First… It’s Picture Time!

  5. History… • U.S. Department of Education • 1867 • Later became part of the U.S. Department of Health, Education and Welfare • Latest iteration PL 96-88 Department of Education Organization Act • In business May, 1980

  6. History… • Harvard University • May 9, 1648 • Lady Ann Radcliffe Mowlson endowed Harvard’s first scholarship fund • 1840 • Harvard’s first loan program

  7. History… • GI Bill • June 22, 1944 • Serviceman’s Readjustment Act of 1944

  8. History… • 1950’s • Sputnik • PL 85-864 created Nat’l Defense Education Act • Nat’l Defense Student Loan Program (morphed into Perkins Loan Program)

  9. History… • Higher Education Act of 1965 • PL 89-329 • Guaranteed Student Loan Program (Stafford Loan Program – Direct and FFELP) • Educational Opportunity Grant (Pell Grant)

  10. In a Nutshell… • Student applies • We figure out how much the family should contribute to the effort • School calculates how much he or she is eligible for and builds the award package • Student benefits • As do all of us…an educated citizenry • Loans repaid by borrower

  11. Application • Aid Eligibility Determination • FAFSA (Free Application for Federal Student Aid) • HS Diploma or GED • ATB (Ability to Benefit)

  12. Application Students * Schools Central Processing System SAIG EFC Calc DB Matches NOTE: All COD interfaces routed through EAI except DCS. *FOTW – FAFSA on the web

  13. Application • Aid Eligibility Determination - CPS • EFC (Expected Family Contribution) • NSLDS (National Student Loan Database System) • Immigration, SSA, SSS, IRS, State Agencies

  14. Application • Output Documentation from CPS to School • ISIR (Institution Student Information Record) • contains EFC and other data • SAR (Student Aid Report)

  15. Awarding • Aid Eligibility Determination at School • COA (Cost of Attendance) • EFA (Estimated Financial Assistance)

  16. Awarding • Grant Programs • Pell Grant Program • ACG (Academic Competitiveness Grant) • National SMART Grant (Science and Mathematics Assistance to Retain Talent)

  17. Awarding • Campus Based Programs • FSEOG (Federal Supplemental Educational Opportunity Grant) • FWS (Federal-Work Study Program) • Perkins Loan Program

  18. Awarding • Loan Programs • William D. Ford Federal Student Direct Loan Program • Federal Family Education Loan Program • Alternative loans • MPN (Master Promissory Note) • paper • e-MPN (Electronic Master Promissory Note)

  19. Awarding • Loan Documents • Disclosure Statement • Plain Language Disclosure • Borrower’s Rights & Responsibilities

  20. Awarding • Loan Types • Subsidized Loan (undergraduate/graduate) • Unsubsidized Loan (undergraduate/graduate) • PLUS (Parent Loan Undergraduate Students) • parent borrowers • graduate and professional student borrowers

  21. Awarding • Award Package on Award Letter • Grants • Loans • Work • Scholarships • Other

  22. The COD Boogie Debt Collection Services (DCS) Student Data Storage (NSLDS) Central Processing System (CPS) Post Secondary Education Participant System (PEPS) School Eligibility Data Student Applicant Data Student Pell Payment Data Student Level Direct Loan Data Student Level Pell Data ACG, SMART, Direct Loan and Pell Origination, Change and Disbursement data Common Origination & Disbursement (COD) Schools Loan Servicing System(DLSS) SAIG Transaction Processing Web Reports Loan Bookings & Disbursements Applicant Services Customer Service Center Batch and web-generated Responses Funding Transactions Payment Transactions Payment Transactions FMSS / GAPS Financial Mgt System (FMS) Drawdowns NOTE: All COD interfaces routed through EAI except DCS.

  23. Origination & Disbursement • Common Origination & Disbursement (COD) • Pell • ACG • National SMART Grants • Direct Loans

  24. Origination & Disbursement • On-Line • Batch • Common Record • Origination data • Disbursement Data • pending and actual • Individual or the whole 9 yards

  25. Origination & Disbursement • Routing ID Number (RID) • Static ID across all COD programs • School, 3rd Party Servicers, Corporate Office • Used in Entity ID tag • Source • Destination • Reporting • Attending

  26. Origination & Disbursement • Acknowledgements • Response • Batch • full • standard • Web-generated

  27. Origination & Disbursement • GAPS - Grant Administration and Payment System • Current Funding Level (CFL) • Advance Pay • Pushed Cash

  28. Origination & Disbursement • Booking Notification • Data sent to Direct Loan Servicing System and becomes Department of Education liability

  29. Friends For Life • Laugh at their jokes • Appear sympathetic at their puzzled look and acute inability to speak coherently when you ask “what’s the matter?” • Don’t boast about your “week-end to remember” as they as likely as not spent their week-end at their desk processing aid to get caught up…all the while cussing at the IT system for running at what appears to them to be pre-1960 clock speeds

  30. Friends For Life • Remember this phrase when talking to the Financial Aid Office folks…”Silly computer system…really, it’s not your fault…I’ll get right on it and you’ll be back up and running in no time”

  31. Other Systems… • Common Services for Borrowers • DCS (Debt Collection Services) • DLSC (Direct Loan Servicing Center) • DLCS (Direct Loan Consolidation Center)

  32. Other Systems… • PEPS (Postsecondary Education Participation System) • NSLDS (National Student Loan Data System) • CPS (Central Processing System) • R2T4

  33. Other Systems… • GAPS (Grant and Administrative Payment System) • E-Apps (Eligcert)

  34. Other Terms… • POP (Potential Overaward Process) • MRR (Multiple Reporting Record) • FISAP (Fiscal Operations Report and Application to Participate)

  35. Other Terms… • ACA (Administrative Cost Allowance) • CDR (Cohort Default Rate) • School Participation Team

  36. Other Terms… • CSC (Customer Service Center) • CSR (Customer Service Representative) • SRC (School Relations Center)

  37. Other Terms… • FAA (Financial Aid Administrator) • FAO (Financial Aid Office or Officer) • FAD (Financial Aid Director)

  38. Other Terms… • IFAP (Information for Student Aid Professionals…www.ifap.ed.gov) And Finally…

  39. Other Terms… • ISYAGTIO (I’m Sure Y’all Are Glad This Is Over)

  40. Questions? I appreciate your feedback and comments. I can be reached at: Name: Wood Mason Phone: 404.562.6270 Email: wood.mason@ed.gov

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