Financial Aid Update OACAC Articulation 2010. Direct Loan Transition ▼ Legislation: Health Care...

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

▼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

Direct Loan Transition

▼Some things are different

▼Loan benefits unique to DL

▼Actual Disbursement– Origination fee/rebate

▼Funding/Cash

▼Reconciliation

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

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.

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

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.

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.

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

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

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

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

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.

FAFSA Changes for 11-12:

▼Data Elements Deleted:

–Enrollment status question

–TEACH grant question

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

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New FAFSA Homepage

▼Students will be accessing a simplified homepage.

Single Log in Function

▼ 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

Search

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STUDENT

Help & HintsLogin

Date of Birth

Last Name

Social Security Number

First Name

Student Information

By clicking Next, you agree to the terms and conditions of the US Government System Warning.

My FAFSA Page

▼Customized information will be presented to a student depending on their current FAFSA status

Corrections Redesign

▼Enhancements Include:– New Layout– Improved page

navigation and edits– Help and Hints

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

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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

IRS Data Retrieval Tool: How it Works

IRS Data Retrieval

IRS Data Retrieval

IRS Data Retrieval Authentication

IRS Data Retrieval Tax Data

Successful Transfer of IRS Data

FAFSA

▼4Federal Student Aid Information Center: 1-800-433-32431-800-4FEDAID

▼www.federalstudentaid.ed.gov

▼www.fsa4counselors.ed.gov

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

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

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.

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

Help for Students

Speak with an Information Specialist

Call 1-877-I-ATTAIN (428-8246)Mon. – Fri. 10am – 6pm

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

OASFAA Resources

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

Questions?

www.oasfaa.org