TASFAA Federal Update October 5, 2007 - PowerPoint PPT Presentation

Loading...

PPT – TASFAA Federal Update October 5, 2007 PowerPoint presentation | free to download - id: 6a254e-MDI1Z



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

TASFAA Federal Update October 5, 2007

Description:

TASFAA Federal Update October 5, 2007 – PowerPoint PPT presentation

Number of Views:90
Avg rating:3.0/5.0
Slides: 51
Provided by: JamesB192
Learn more at: http://www.tasfaa.org
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: TASFAA Federal Update October 5, 2007


1
TASFAA Federal Update October 5, 2007
2
2006-07 Negotiated Rulemaking
3
2006-2007 Negotiated Rulemaking
  • For 2008-2009 subsequent award years
  • Four negotiating committees were established
  • Accreditation
  • General Provisions
  • Academic Competitiveness National SMART Grants
  • Loans

4
Accreditation
  • The Secretary has decided that we will not issue
    regulations on accreditation at this time.

5
2006-2007 Negotiated Rulemaking
  • Notices of Proposed Rulemaking (NPRM) published
  • Loans July 12
  • ACG and National SMART August 7
  • General Provisions August 8
  • Final rules published by November 1, 2007
  • Effective Dates July 1, 2008
  • Possible early voluntary implementation

6
Legislation
7
  • LEGISLATION
  • Reauthorization
  • Senate Passed July 24, 2007
  • No House bill yet.
  • Reconciliation
  • Budget Reconciliation
  • College Cost Reduction and Access Act of 2007
    passed by both Houses
  • President signed bill September 27, 2007

8
  • College Cost Reduction and Access Act
  • Pell, ACG and SMART
  • Eliminates Pell Grant tuition sensitivity award
    rule, as of date of July 1, 2007
  • Increases Pell Grant award by
  • 490 for 2008-09 and 2009-10
  • 690 for 2010-11 and 2011-12
  • 1,090 for 2012-13
  • No changes to ACG and National SMART Grant
    Programs

9
  • College Cost Reduction and Access Act
  • TEACH Grants
  • Teacher Education Assistance for College and
    Higher Education Grants for 2008-09
  • Must be repaid as Direct Unsub Loan if student
    does not teach
  • Annual grant amounts up to
  • 4,000 for first undergraduate or
    post-baccalaureate (non degree) student
  • 8,000 for graduate student
  • 16,000 aggregate maximum

10
  • College Cost Reduction and Access Act
  • TEACH Grants
  • Eligibility
  • Completing coursework necessary to begin a career
    in teaching
  • Plans to complete coursework necessary to begin a
    career in teaching
  • If completing coursework for a graduate degree
  • 3.25 GPA equivalencies
  • Highly Qualified Teacher

11
  • College Cost Reduction and Access Act
  • TEACH Grants
  • Eligibility
  • Must teach at Title I school in
  • Mathematics
  • Science
  • A foreign language
  • Bilingual education
  • Special education
  • As a reading specialist
  • Other high-need fields

12
  • College Cost Reduction and Access Act
  • Need Analysis and EFC Calculation
  • Income Protection Allowance
  • Modifies the way income protection allowance is
    calculated and updated. Effective with the
    2009-10 award year

13
  • College Cost Reduction and Access Act
  • Need Analysis and EFC Calculation
  • Auto-Zero and Simplified Needs Test
  • Adds Dislocated Worker in addition to type of tax
    return and means tested benefits
  • Increases time from 12 to 24 months for means
    tested benefits
  • Increases Auto Zero EFC income level from
    20,000 to 30,000 (indexed)
  • Effective for the 2009-10 award year

14
  • College Cost Reduction and Access Act
  • Need Analysis and EFC Calculation
  • Excludes from untaxed income --
  • Welfare payments
  • Earned income credit amounts
  • Special fuel tax credit
  • Excluded foreign income
  • Untaxed Social Security Benefits
  • Effective for the 2009-2010 award year

15
  • College Cost Reduction and Access Act
  • Need Analysis and EFC Calculation
  • Adds to independent student definition
  • Is in foster care or a ward of the court, at any
    time when the individual is 13 years of age or
    older
  • Is an emancipated minor or is in legal
    guardianship
  • Has been verified as an unaccompanied youth who
    is a homeless child or youth
  • Effective for the 2009-2010 award year

16
  • College Cost Reduction and Access Act
  • Need Analysis and EFC Calculation
  • Excludes special combat pay from income
  • Qualified education benefit (529 plan) owned by
    dependent student is an asset of the parent
  • Distributions from 529 plans excluded from other
    financial assistance
  • Effective for the 2009-2010 award year

17
  • College Cost Reduction and Access Act
  • FAA Discretion Professional Judgment and
    Dependency Overrides
  • Adds dislocated worker and homelessness as
    examples of when an FAA can use professional
    judgment
  • Provides that an FAA can use a dependency
    override made by another FAA within the same
    award year
  • Both effective July 1, 2009

18
  • College Cost Reduction and Access Act
  • FFEL and Direct Loans
  • Interest Rates
  • Reduces interest rates on FFEL and DL
    undergraduate subsidized loans from 6.8 to 3.4
    by 2012. Beginning in 2013 the rate reverts back
    to 6.8. First reduction begins with loans first
    disbursed on or after July 1, 2008
  • No increases in loan limits.

19
  • College Cost Reduction and Access Act
  • FFEL and Direct Loans
  • Economic Hardship Deferment
  • Changed one of the conditions from borrowers
    earnings being less than 100 of the poverty
    level for a family size of two, to
  • 150 of poverty level for the borrowers family
    size to
  • Eligible if borrower is working fulltime and is
    earning less than the greater of
  • The Federal minimum wage (annualized) or
  • 150 of poverty level for borrowers family size.
    (Use to be 100 of a family size of two)

20
  • College Cost Reduction and Access Act
  • Perkins, FFEL, and Direct Loans
  • Current (HERA) Military Deferment
  • All Title IV loans, not just loans that were
    made
  • on or after July 1, 2001
  • Removes three year time limit
  • Adds a 180 period after demobilization
  • New deferment for up to 13 months following end
    of service if borrower was in school or grace
    when called to active duty

21
  • College Cost Reduction and Access Act
  • FFEL and Direct Loans
  • Income Based Repayment (July 1, 2009)
  • Stafford and Student PLUS loans
  • Borrowers maximum annual repayment amount is no
    more than 15 of the difference borrowers AGI
    and 150 of the poverty line based on family size
  • If negative amortization, government pays
    interest on subsidized loans for three years
  • Unpaid amounts are forgiven after 25 years

22
  • College Cost Reduction and Access Act
  • FFEL and Direct Loans
  • Ability to Consolidate Single FFEL Consolidation
    Loan expanded to include for purpose of new
    Direct Loan only, Public Service loan forgiveness
    program
  • Effective July 1, 2008

23
  • College Cost Reduction and Access Act
  • Direct Loans (FFEL)
  • Forgiveness for Public Sector Employees
  • Direct Loan borrowers who
  • Had made 120 monthly payments
  • Starting on date of enactment
  • Employed in public sector during entire repayment
    period
  • FFEL borrowers may consolidate into DL to get
    benefit but all payments must have been in DL

24
  • College Cost Reduction and Access Act
  • FFEL Lenders and Guaranty Agencies
  • Reduction of FFEL lender insurance to 95 for
    loans first disbursed on or after October 1, 2012
  • Reduces FFEL guaranty agency retention percentage
    from 23 to 16, effective October 1, 2007

25
  • College Cost Reduction and Access Act
  • FFEL Lenders and Guaranty Agencies
  • Reduction of FFEL lender special allowance
    payments (SAP) by 55 or basis points (40 for
    non-profit lenders)
  • Increased lender loan fee from .50 to 1.0
  • Reduces GA account maintenance fee from .10 to
    .06
  • All effective October 1, 2007

26
  • College Cost Reduction and Access Act
  • FFEL Lenders and Guaranty Agencies
  • Elimination of Exceptional Performer Designation
    for FFEL lenders, lender servicers, and guaranty
    agencies effective October 1, 2007
  • Extension for lender until expiration of current
    designation

27
  • College Cost Reduction and Access Act
  • Special FFEL Auction Pilot
  • Authorizes study of auction method for the
    origination or selling of student loans
  • Starting with FFEL PLUS Loans for parents
  • State by State

28
FAFSA4CASTER
29
What is the FAFSA4caster?
  • Early start on the financial aid process
  • Instantly calculates federal student aid
    eligibility
  • Access FAFSA4caster at www.FederalStudentAid.ed.go
    v

30
www.FederalStudentAid.ed.gov click on FAFSA4caster
31
FAFSA4caster
  • Simplifies financial aid process
  • Provides information about college planning,
    admissions, and federal financial aid
  • Describes the Federal Student Aid programs
  • Provides aid eligibility requirements
  • Provides an overview of the federal financial aid
    process

32
Benefits of the FAFSA4caster
  • Provides an estimated Expected Family
    Contribution (EFC)
  • Calculate estimated eligibility for federal aid,
    including grants
  • Reduce time to complete the Free Application for
    Federal Student Aid (FAFSA)
  • Match conducted with Social Security
    Administration
  • Automatically generates and e-mails the Federal
    Student Aid PIN in time to use with FAFSA on the
    Web
  • Available in Spanish

33
Who should use the FAFSA4caster?
  • Students who want to get an early start on the
    application process
  • Any student considering their financial options
    to help pay for a postsecondary education
  • High school juniors
  • Parents of younger students
  • Non-traditional students (adult learners)

34
How accurate is the FAFSA4caster?
  • Estimate of eligibility based on the current laws
    and the information the student provides
  • Changes in income, household size, or other
    factors may affect eligibility when student
    completes the FAFSA

35
Filling out a FAFSA4caster
  • Students will
  • Provide their Social Security Number (SSN) and
    first and last name exactly as they appear on
    their Social Security Card
  • Create a password
  • Refer to their W-2 Forms, bank statements,
    business, and mortgage information
  • Have their alien registration or permanent
    resident card (if not a U.S. citizen)

36
Begin the FAFSA4caster
37
FAFSA4caster
  • Students will have to start a new FAFSA4caster if
    they
  • Forget their password
  • Do not retrieve a saved FAFSA4caster within 45
    days

38
FAFSA4caster
  • FAFSA4caster gives an estimate of a students
    ENTIRE federal student aid package, including
    eligibility for student loans, by collecting
    additional data such as
  • Grade level
  • Other program specific criteria

39
Estimate Award Package
40
Things to Remember
  • No signatures are required to complete and submit
    a FAFSA4caster
  • No SARs or ISIRs generated
  • Applicant notified if SSA match fails
  • No PIN is needed to access the FAFSA4caster
  • Customer Service and built-in help is available

41
Conferences and Training Activities and System
Updates
42
Conferences
  • Schools Portal under Resources and Training
  • No sign-on necessary
  • Preview of upcoming FSA conferences, agendas,
    hotel and travel information.

www.fsaconferences.ed.gov
43
2007 Federal Student Aid Conferences
  • New Orleans
  • October 30th thru November 2nd
  • San Diego
  • November 26th November 29th

44
TFAP
www.ed.gov/offices/OSFAP/training/index.html/
45
Training on the Web
  • R2T4 on the Web
  • COD Basics for Title IV Grants
  • Calculating the EFC
  • Applicant Data Resolution
  • Identifying information sources with FAA Access
  • Analyzing the ISIR
  • Resolving data issues

46
Training on the Web
  • FISAP Training
  • NSLDS Data Overview
  • Data sources and reporting
  • Calculating remaining Aggregate loan limits and
    remaining eligibility
  • NSDLS Eligibility Monitoring
  • Transfer monitoring
  • Pre/Post Screening
  • POP

47
COD Changes
  • Automatic password reset (functioning now)
  • For 08-09
  • New MPN
  • Addition of several new values for ACG/SMART
  • Eligibility used
  • Total eligibility used
  • Scheduled grant amount

48
On the Horizon System Changes
  • GAPS Redesign
  • IPM (Integrated Partner Management)
  • Effects eCAR
  • EZ Audit
  • Destination Point Administrator

49
(No Transcript)
50
Contact Information
  • Claire Micki Roemer
  • claire.roemer_at_ed.gov
  • Phone 202 377 3452
About PowerShow.com