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Admissions Administrators Legislative Update

Admissions Administrators Legislative Update. Curt Gaume Director of Financial Aid Canisius College. Topics for Discussion. Where have Been Need Analysis Changes Loan Increases ACG/SMART Grants Where are we Going 2008-2009 FAFSA Budget Reconciliation Reauthorization of HEA.

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Admissions Administrators Legislative Update

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  1. Admissions AdministratorsLegislative Update Curt Gaume Director of Financial Aid Canisius College

  2. Topics for Discussion • Where have Been • Need Analysis Changes • Loan Increases • ACG/SMART Grants • Where are we Going • 2008-2009 FAFSA • Budget Reconciliation • Reauthorization of HEA

  3. Where Have We Been

  4. Need Analysis Changes • Increase Student Income Protection Allowance • Reduce the % of student contibution from assets from 35% to 20% • Elimination of Family Owned & Controlled Business from asset considerations

  5. Loan Limit Increases • 1st Year/2nd Year Loan Limits Increase • 1st Year - $2,615 to $3,500 • 2nd Year - $3,500 to $4,500 • No Change to the Aggregate Loan Limit • Fixed Interest vs. Variable Rate • 6.8% for Loans disbursed after 7/1/06

  6. Aggregate Loan Limits

  7. ACG/SMART

  8. ACG/SMART

  9. Rigorous H.S. Program • Graduate from H.S. with an Advanced or Honors Diploma (i.e.. Regents with Honors) • Minimum of two AP or IB courses with scores of 3 for AP & 4 for IB. • Passing Grades in the following courses: • 4 Years of English • 3 Years of Math (Algebra I and higher) • 3 Years of Science (2 must beBiology, Chemistry or Physics) • 3 years of social studies • 1 year of a foreign language

  10. Negotiated RulemakingACG/SMART • Rigorous secondary school programs. • Generally same as current. • Mandatory institutional participation. • No eligibility of certificate programs. • Use of grade point average • Academic year progression • Determination of eligible SMART majors

  11. Where Are We Going

  12. FAFSA 2008-2009 • Color is Orange/Purple (New Color) • Question 21 Selective Service • Applicant must bubble either male/female • Question 27 High School Graduation Requirement • Must answer H.S. Diploma, GED, Home Schooled, or Other

  13. FAFSA 2008-2009 (Cont.) • Instructional Notes • Question 16 - Student’s Marital Status: Tells student that if the marital status changes after filing it can’t be changed • Questions 71-75 & 92-96 – Federal Means Test – Explains to filer that by answering ‘Yes” will not reduce eligibility for student aid or federal benefits

  14. Budget ReconciliationFirst Steps • House Education and Labor Committee • Chair – Congressman Miller • College Cost Reduction Act (H.R. 2669) • Senate Committee on Health, Education, Labor, & Pensions • Chair – Senator Kennedy • Higher Education Access Act of 2007

  15. Budget ReconciliationProvisions – Pell Grants • Senate • $5,400 for academic year 2008-2009 • $5,700 for academic year 2009-2010 • $6,000 for academic year 2010-2011 • $6,300 for academic year 2011-2112 • House • Increase awards by at least $500 over the next five years to a maximum of $$5,200

  16. Budget ReconciliationProvisions – Student Loans • House • Increase Annual Loan Limit – from $5,500 to $7,500 for 3rd,4th, & 5th years • Increase Aggregate loan limits from $23,000 to $30,500 • Reduce fixed interest rtae from 6.8% in 2007-2008 to 3.4% in 2012-2103

  17. Budget ReconciliationProvisions – Student Loans • Senate • Economic hardship deferments – extended from three to six years • Increase minimum requirements for hardship deferments from 100% of the poverty line to 150% • Income-based repayment plan – monthly repayment equal to 15% of average gross income • Forgiveness of loans after 25 years of repayment (hardship deferments would be excluded from 25 year time period.

  18. Budget ReconciliationOther Provisions • Increase Auto-Zero EFC Threshold from $20,000 to $30,000 (H & S) • Worksheet A would no longer be considered as untaxed income (H) • 529 Plans, Prepaid tuition plans, and Coverdell Education Savings Accounts would be exempt from need analysis (H) • Eliminate the drug question from the FAFSA (S)

  19. Reauthorization of HEASenate Only • Grant Increases (Pell Grant & SEOG) • Simplifying the Student Aid Process • Create an EZ FAFSA • Phase-out of the paper FAFSA • Prohibition Against Inducements • Annual reporting to the DE • Additional Disclosures to Students • Direct-to-Consumer Marketing Regulated

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