Session T–04

Financial Aid For

Technical Staff

Wood MasonU.S. Department of Education

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History…

• 1950’s– Nat’l Defense Education Act of 1958

• Nat’l Defense Student Loan Program (morphed into Perkins Loan Program)

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History…

• Harvard University• National Youth Administration

– FDR 1935• 1944 - Serviceman’s Readjustment Act

– 1952 - Veteran’s Readjustment Assistance Act

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History…

• Higher Education Act (HEA) – 1965– Guaranteed Student Loan Program – Educational Opportunity Grant– Subsequent Reauthorizations of the HEA

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More Recent…

• HERA– Higher Education Reconciliation Act of

2005• CCRAA

– College Cost Reduction and Access Act of 2007

• ECASLA– Ensuring Continued Access to Student

Loans Act of 2008

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In a Nutshell…The Process

• Student applies…FAFSA• ED calculates EFC• School determines type and

amount of financial aid• School awards/disburses aid• Borrower repays loans

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Application

SAIGSchools

EFC Calc DB Matches

Central Processing System

(CPS)

Students*

*FOTW – FAFSA on the web

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Application

• Aid Eligibility/Determination– CPS

•Central Processing System– EFC

•Expected Family Contribution– ISIR

•Institutional Student Information Record

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Awarding

COA (Cost of Attendance)– EFC

NEED

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Awards – School Administered

• Institutional Grants• Institutional Scholarships• Targeted or non-institutional Scholarships

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Awards – Title IV

• Grants– Pell Grant– ACG (Academic Competitiveness Grant)

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Award – Title IV

• Grants– National SMART Grant (National Science

and Mathematics Access to Retain Talent Grant)

– TEACH Grant (Teacher Education Assistance for College and Higher Education)

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Awards – Title IV

• Campus Based Programs– FSEOG

•Federal Supplemental Educational Opportunity Grant

– FWS •Federal-Work Study Program

– Perkins Loan Program

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Awards – Title IV

• Loan Programs– William D. Ford Federal Direct Loan

Program– Federal Family Education Loan Program– Alternative/private loans

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The COD Boogie

SAIG

ACG, SMART, Direct Loan, TEACH and Pell origination/change/disbursement data

Batch and web generated Responses

Schools

Common Origination & Disbursement

(COD)

Batch Web Reports

Schools Applicants

Customer Service

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Processing – Originations & Disbursements

• COD – Pell– ACG– National SMART Grant– Direct Loans– TEACH Grants

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Processing – Originations & Disbursements

• FFELP Lender– via CommonLine

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Processing - Dollars

• FFELP lender provides cashor

• G5 for Title IV aid– School draws cash– COD draws cash for school

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Processing – Outside of COD

• Direct Loan Servicing• Guarantee Agency• NSLDS

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The Award Year

• July 1– June 30– applications– awarding

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The Award Year

• Fall PEAK–traditionally chaotic– registration and start–Grant year-end reconciliation and

closeout–FISAP

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The Award Year

• Spring PEAK–registration and start of classes– transfers–grant global jobs–applications/awarding for NEXT award

year

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The Award Year• Summer term

– program year closeout for Direct Loans (prior award year)

– applications– awarding– header/trailer

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Let The Next Award Year Begin…

• Program changes– rules– regulations– requirements– edits – dollars and data

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And Your Next Award Year…

• …Brings IT changes too!– all of it...plus

•CPS•COD•any other system that touches your

school

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How in the heck am I supposed to know all this…?

• IFAP– Ifap.ed.gov– Dear Colleague Letters– Electronic Announcements– Direct Loan Bulletins– FSA Student Aid Handbook

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How in the heck am I supposed to know all this…?

• Schema• COD Technical Reference

– Glossary– Impelmentation Guide– Print Specs

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Talkin’ the talk…

• ACA– Administrative Cost Allowance

• POP – Potential Overaward Process

• MRR – Multiple Reporting Record

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Talkin’ the talk…

• SRC– School Relations Center

•COD customer service center in Niagara Falls, NY• CSR

– Customer service representative

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Talkin’ the talk...

• G5 – Grants Administration and Payment

System•from whence all moneys come•funding method

–Advance Cash–Pushed Cash

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Talkin’ the talk...

• NSLDS– National Student Loan Database

System• FAA Access Online

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Talkin’ the talk...

• CPS– Central Processing System

• SAIG– Student Aid Internet Gateway

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Talkin’ the Talk…

• FAFSA– Free Application for Federal

Student Aid

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Questions?

I appreciate your feedback and comments. I can be reached at:

Name: Wood MasonPhone: 404.562.6270Email: wood.mason@ed.gov