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Financial Aid Update

Financial Aid Update. OACAC Articulation 2010. Direct Loan Transition. Legislation: Health Care and Education Reconciliation Act of 2010 Federal Loans 100% Direct July 1, 2010 and forward. Direct Loan Transition. Some things are the same Virtually ALL Title IV regulations

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Financial Aid Update

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  1. Financial Aid Update OACAC Articulation 2010

  2. Direct Loan Transition • Legislation: Health Care and Education Reconciliation Act of 2010 • Federal Loans 100% Direct July 1, 2010 and forward

  3. Direct Loan Transition • Some things are the same • Virtually ALL Title IV regulations • Origination/Certification • Loan Types/Interest Rates*/Repayment** • Entrance/Exit Counseling • Promissory Note • * FFELP PLUS 8.5%....DL PLUS 7.9% • ** Income Contingent unique to DL

  4. Direct Loan Transition • Some things are different • Loan benefits unique to DL • Actual Disbursement • Origination fee/rebate • Funding/Cash • Reconciliation

  5. Direct Loan Transition • Hired 4 additional servicers • ACS (current servicer) • Nelnet • Sallie Mae • Great Lakes Educational Loan Services • AES/PHEAA • Will provide repayment services for borrowers….no origination responsibility

  6. Pell Updates • Pell Grant—this is a federal grant, need based as determined by the Free Application for Federal Student Aid (FAFSA) • Maximum award for 2010-11 is $5550.

  7. PELL Updates • Allows students to receive two Pell Grants during a single academic year • Pell max = $3,000 • Summer = $1,000 • Fall = $1,000 • Spring = $1,000 • Summer = $1,000 • Must be enrolled at least half time each term for second Pell Grant in same year

  8. Pell Updates Sets time limit of up to 18 semesters or equivalent for those who receive first Pell Grant on/after 7/1/08. No pell for those who were incarcerated for sexual offense. Auto Zero EFC for Pell eligible students whose parents or guardian was a member of Armed Forces and died in Iraq or Afghanistan after 9/11/01.

  9. Department of Defense Match • Designed to identify students who are either: • Eligible for a maximum Pell Grant, or • An award under the Iraq and Afghanistan Service Grant Program.

  10. Department of Defense Match • In May 2010, began matching applicant records in CPS against DoD file • 2009 - 10 applicants - • Calls and e-mails to FAA;s • Letters to students • 2010 – 11 applicants – • New DoD flag set on ISIRs • Letters to students • To ensure all eligible students are awarded aid appropriately, FAA’s must pay attention to new ISIR lag

  11. TEACH Service Obligation Full-time teacher in high need field Must teach in low-income school for four years within 8 years of completion of program No credit for part-time teaching No partial fulfillment of service Failure to complete service obligation causes grant to convert to Direct Unsubsidized Stafford Loan and interest is charged back to the date of grant disbursement

  12. TEACH - Future update Effective 7/1/10: If academic field was designated as high-need by state in which recipient is teaching, at time grant received, recipient may fulfill teaching obligation in that field even if no longer high need when beginning teaching

  13. Federal Program Changes • ACG/Smart award is eliminated • Income threshold for the Automatic Zero EFC will increase to $31,000 • Beginning 2011-2012 family must file FAFSA for Parent PLUS Loan • 98% already file

  14. FAFSA Changes for 11-12: • Data Elements Added: • Students who indicate they have received a HS diploma will be required to enter the name of the High School • The work study/loan question has been modified to remove the reference to student loans.

  15. FAFSA Changes for 11-12: • Data Elements Deleted: • Enrollment status question • TEACH grant question

  16. FAFSA on the Web Enhancements 2011-2012 • Focus on simplification for the student experience • Complete redesign of screens • Other tools will be available • School Code Search • FAFSA PDF • Deadlines Search • FAFSA4-caster • Helpful Hints

  17. New FAFSA Homepage Students will be accessing a simplified homepage.

  18. All application options will be accessible with one log in: Starting a FAFSA Continue a FAFSA Corrections Adding a School Code Signing the FAFSA Status Check View SAR Single Log in Function

  19. Customized information will be presented to a student depending on their current FAFSA status My FAFSA Page

  20. Enhancements Include: New Layout Improved page navigation and edits Help and Hints Corrections Redesign

  21. IRS-FSA Concept Overview • The process allows FAFSA on the Web applicants to request and retrieve their income tax data from the IRS • Once the data is retrieved it can be automatically transferred to FOTW • For the 2010-2011 FAFSA filers, IRS data share will be available September 12, 2010

  22. Implementation Schedule • A Spanish version will be available in November of 2010 • 2011-2012 IRS data share expected to begin with start-up in January 2011 • Within a couple of weeks of electronic tax filing • Within several weeks of paper tax filing

  23. IRS Data Retrieval Tool: How it Works

  24. IRS Data Retrieval

  25. IRS Data Retrieval

  26. IRS Data Retrieval Authentication

  27. IRS Data Retrieval Tax Data

  28. Successful Transfer of IRS Data

  29. FAFSA • 4Federal Student Aid Information Center: 1-800-433-32431-800-4FEDAID • www.federalstudentaid.ed.gov • www.fsa4counselors.ed.gov

  30. FAFSA4caster FAFSA4caster http://www.fafsa4caster.ed.gov/ Developed to: • Foster early awareness with the financial aid application process and form • Serve as an early analysis tool informing college affordability • Reduce the time required to submit the "official" financial aid application in the student's senior year of high school • New change: No longer calculates an estimated EFC

  31. State Financial Aid Overview Ohio College Opportunity Grant (OCOG), http://regents.ohio.gov/sgs/ocog/ Ohio War Orphans Scholarship, http://regents.ohio.gov/sgs/war_orphans/ Ohio Safety Officers Memorial, http://regents.ohio.gov/sgs/oso/ Nurse Education Assistance Loan Program, http://regents.ohio.gov/sgs/nealp/ National Guard Scholarship, http://www.ongsp.org Choose Ohio First Scholarship, http://uso.edu/opportunities/partnership/chooseohio1st/index.php

  32. Ohio College Opportunity Grant OCOG OCOG is a $76 million program - Student’s Pell grant and EFC must be applied toward tuition/general fees before the OCOG award can be determined. Community colleges -- Pell/EFC combination should cover tuition and general fees at all community colleges and regional campuses. No OCOG awards will be available to students attending these institutions and Central State. Shawnee students limited $480to $480.

  33. State Financial Aid News For OCOG eligible students enrolled at private, non-profit institutions, the maximum award is $1,848—at public main campuses, the maximum award is $888. Students at private, for-profit institutions not OCOG eligible War Orphans Scholarship covers 80% of tuition and fees at public universities and community colleges $4,650 annual award at independent and proprietary Ohio Academic Scholarship is $2,000 at all institutions

  34. Help for Students Speak with an Information Specialist Call 1-877-I-ATTAIN (428-8246) Mon. – Fri. 10am – 6pm

  35. College Goal Sunday Sunday, February 13, 2011 2:00 PM • Locations throughout Ohio • College Goal Sunday offers the opportunity to have expert help completing the Free Application for Federal Student Aid (FAFSA). • Financial aid professionals from Ohio colleges & universities will be available walk you and your family through the financial aid process. • College Goal Sunday is brought to you by the Ohio Association of Student Financial Aid Administrators (OASFAA). • Need Information for College Goal Sunday? Call Ohio’s College Access Information Hotline1-877-428-8246

  36. OASFAA Resources

  37. 2010 OASFAA Counselor Workshops • Save the date December 6-10, 2010 • Registration begins the week of Oct. 12 • Continue to check www.oasfaa.org for additional sites • Monday, December 6, 2010 University of Dayton Devry University • Tuesday  - December 7, 2010 Xavier University Ashland University • Wednesday – December 8, 2010 University of Findlay Franklin University Belmont University • Thursday - December 9, 2010Kent State University Shawnee State University Hocking College • Friday – December 10, 2010 Stark State College Bowling Green State University Baldwin Wallace College

  38. Questions? www.oasfaa.org

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