2011 advisor training federal and state update
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2011 Advisor Training Federal and State Update. September 12-15, 2011. OASFAA is a non-profit organization. OASFAA has provided the information today as a free service to access staff and high school counselors. - PowerPoint PPT PresentationTRANSCRIPT
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2011 Advisor TrainingFederal and State Update
September 12-15, 2011
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OASFAA is a non-profit organization
OASFAA has provided the information today as a free service
to access staff and high school counselors
You have permission to copy and distribute these materials to your students and families. Charges may not be assessed for the material or for the
information presented. Permission must be granted for other use of this information or these materials. Contact the Outreach Chairperson listed on the
OASFAA web site or e-mail: [email protected]
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IRS Data Retrieval
First, a word about deadlines: THEY’RE REALHow/When to file if dealing with early deadlines:
*Use a completed tax return if possible
*Or follow a two-step process (The Guide pg 25, ATM pg 33):• Step 1: Apply and estimate your tax information on your
application• Step 2: Make corrections later if your income or tax
information was not accurate.4
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Deadlines FAFSA Unusual Circumstances If you are supposed to file a 2010
federal income tax return, we recommend that you complete it before filling out the FAFSA. If you have not yet completed your 2010 tax return, you can still submit your FAFSA using best estimates. After you submit your tax return, correct any income or tax information that is different from what you initially submitted on your FAFSA.
If you or your family has unusual circumstances (such as loss of employment), complete this form to the extent you can, then submit it as instructed and consult with the financial aid office at the college you plan to attend.
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Special CircumstancesThe Guide, pg.13; NCAN ATM pg.41
Examples: reported to the financial aid officeMedicalParent or student loss of incomeUnusual debt or one-time incomeTuition expenses at an elementary or secondary schoolParent in College
The financial aid administrator must have compelling reasons to use professional judgment.The financial aid administrator’s decision as to whether you have special circumstances is final and cannot be appealed to us (the Department of Education).
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Special Circumstances (cont’d)
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What about dependency status? The Guide, pg.27-28 NCAN ATM, pg.34 11-12 paper FAFSA, pgs.5,9
What about stepparent’s information? Paper FAFSA, pg.9, column 2 The Guide, pg.29
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VerificationThe Guide, pg.30
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Selected by the Central Processing System (CPS) or the Institution
Keep copies of 2010 Tax documents (for 11-12 FAFSA)
If selected, completion is required before aid can be disbursed
Verification materials are sent from the student or family to the financial aid office, not to the federal processor
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Verification and IRS Data Retrieval
ATM, pgs.27-29
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Available now (11-12) Can be used with initial filing of the FAFSA
For 12-13 (ATM, pgs.28-29): Can and should be used when filing the initial
FAFSA, making corrections, or when changing estimated tax information to actual tax information
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FAFSA WorksheetFAFSA Worksheet
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IRS Data Retrieval tool
Beginning about January 30, 2012 students and parents who have completed their 2011 IRS tax return will be able to use FAFSA on the Web to view the tax information needed to complete the FAFSA. There will also be an option to securely transfer the tax information to the FAFSA.
FAFSA worksheet
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Providing IRS Data – IRS Data Retrieval Tool
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Initial FAFSA
FAFSA Corrections
English and Spanish
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Providing Tax Information
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IRS provides FAFSA on the Web users with access to their tax information.
Electronically filed tax return information will be available from the IRS in 1-2 weeks, data from paper tax returns will be available in 6-8 weeks.
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FOTW Homepage
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Simplified options Updated graphics An updateable
announcement section
Access to FAFSA PDF and paper FAFSA information
Number of school choices increased to 10 on FOTW
www.FAFSA.gov
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Detailed College Info and Comparison
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• College’s website• School type• Tuition and fees• Net price average• Graduation rates• Retention rates• Transfer rates
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Net Price Calculator (NPC)
All Title IV institutions enrolling full-time, first-time degree or certificate seeking undergraduate students are required to have an NPC posted on their website by Oct. 29, 2011.Using both student-entered and institution-provided data,1 the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula:
Price of attendance minus grant aidSchools may use ED’s NPC template, create their own template, or purchase a template from a third party.2
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Net Price Calculator
*Designed to provide accurate and timely information about the net price of a college.*Can assist families in comparing colleges based on net price and financial aid.
*Inclusion of direct and indirect costs in “price of attendance” component can significantly inflate the price tag. 1
*Institution’s flexibility to customize template could make college costs comparisons an extremely complex process. 2
CONCERNS BENFITS
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Federal Aid Programs, 2011-2012
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Federal Pell Grant, 2011-2012
Maximum award amount remains the same as 2010-2011
• $5,500 maximum award for full-time enrollment and an Expected Family Contribution (EFC) of zero
Year-round Pell (two Pell awards within
the same academic year) has been eliminated
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ACG and SMART, 2011-2012Academic Competitiveness Grant SMART
For high academic performance among Pell eligible first and second year students
For Pell eligible third and fourth year students enrolled in STEM program
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TEACH, 2011-2012
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Campus Based Programs, 2011-2012
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Federal Work Study
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Undergraduate or graduate students are eligible Employment can be on or off campus FWS wages excluded from EFC calculation!!! Eligible employers
• School• Federal, state, or local public agency• Private non-profit organization in
academically relevant jobs• For-profit organization in academically
relevant jobs• Community service activities
Ohio minimum wage in 2011: $7.40 per hour
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Increased income protection allowance for dependent students:
• 06-07$2,550• 07-08$3,000 (HERA)• 08-09$3,080• 09-10 $3,750 (CCRAA)• 10-11$4,500• 11-12$5,250• 12-13$6,000
Asset conversion rate for dependent students is 20%
Higher Education Reconciliation Act of 2005 (HERA)College Cost Reduction and Access Act of 2007 (CCRAA)
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Federal Supplemental Educational Opportunity Grant (FSEOG)
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Federal SEOG Grant*Undergraduates with exceptional financial need*Pell Eligible students with the lowest EFC*Award ranges from $100 to $4000, depending on when student applies, financial need, and the funding and policies of school attending
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Federal Perkins LoanFederal Perkins Loan
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Eligible students (priority to exceptional need)• Undergraduate or graduate students• Must file the FAFSA
Annual and aggregate loan limits• up to $5,500 annually for undergraduates
(actual awards, if any, will vary between schools)• $27,500 aggregate for undergraduates
Interest rate: 5% (fixed) during repayment Interest subsidized during in-school and nine-month
grace period Deferment and cancellation provisions available
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Direct Loans, 2011-2012
Federal Stafford/Federal Direct LoanA federal loan program with two types of awards
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Subsidized UnsubsidizedNeed based Not based on financial need
Interest is fixed at 3.4% for all new undergraduate loans
disbursed after July 1, 2011. Interest is subsidized while the
student is in school during deferment. Slated to go back to
6.8% for 2012
Interest is fixed at 6.8% for all new loans disbursed after July 1, 2006. Interest accrues from time
of disbursement of the funds.
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Direct Loans, 2011-2012
Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional
Unsubsidized Stafford Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors)
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Class Year Base AmountAdditional
Unsubsidized Amount
Total Available to Borrow
Freshman $3,500 $2,000 $5,500
Sophomore $4,500 $2,000 $6,500
Junior $5,500 $2,000 $7,500
Senior $5,500 $2,000 $7,500
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Direct Loans, 2011-2012
1% default fee with a .5% rebate (deducted from the borrowers disbursement so
borrowers net 99.5% of what they borrow)
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Direct Loans, 2011-2012
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Direct Loans, 2011-2012
• Loans to parents of dependent students • Loan limits are up to the cost of education less any financial
aid received per academic year• The interest rate 7.9% fixed• Repayment begins within 60 days of full disbursement
(payments may be deferred while the student is in school) • FAFSA required
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Direct Loans, 2011-2012
4% default fee with a 1.5% rebate (deducted from the borrowers disbursement so
borrowers net 97.5% of what they borrow)
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Sneak Peek beyond 2011-2012Elimination of subsidy on graduate and professional
Direct Loans after July 1, 2012Elimination of repayment incentives on new Direct
Loans after July 1, 2012Subsidized Loan interest rate to revert to 6.8% for
new loans after July 1, 2012Pell funding and level of maximum award should remain stable through 2012-2013 academic year (tentatively exempt from future cuts in ongoing
federal budget negotiations)
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Ohio Aid Programs, 2011-2012
Ohio College Opportunity Grant (OCOG)War Orphans Scholarship
National Guard ScholarshipAcademic Scholarship
Safety Officers MemorialNurse Education Assistance Loan Program (NEALP)
Choose Ohio First
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Ohio College Opportunity Grant (OCOG)
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Students must file the FAFSA, be Ohio residents and attend an Ohio public university main campuses (not regional campuses or community colleges), Ohio private, non-profit colleges or universities, and Ohio private, for-profit institutions. The Expected Family Contribution (EFC) is the index number for awarding OCOG EFC eligibility range is from 0000-2190 A part-time student will receive a pro-rated awardAvailable for continuous enrollment (includes summer)
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OCOG, 2011-2012Total funding level for 2011-2012 is relatively
similar to total funding level for 2010-2011
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An anticipated increase in the number of eligible students results in decreased annual awards
$672 for students at public main campuses
$1,872 for students at most private, non-profit
$192 for students at most private, for-profit*
*OCOG funding for private, for-profit schools was eliminated for 2009-2010 and 2010-2011. Funding was restored for the 2011-2012 and 2012-2013 academic years.
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War Orphans Scholarship, 2011-2012
For Ohio dependents of deceased or majority disabled veterans
Will provide an annual, full-time award of $4,797 to eligible students at private colleges
and universities (both non-profit and for-profit)
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Will continue to cover 80% of full-time tuition and general fees at public colleges and universities
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Ohio National Guard Scholarship, 2011-2012
Eligibility determined by the Ohio Adjutant General
Will provide an annual, full-time award of $8,696 to eligible students at private colleges
and universities (both non-profit and for profit)
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Will continue to cover 100% of tuition and general fees at public colleges and universities
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Ohio Academic Scholarship, 2011-2012
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Safety Officers Memorial, 2011-2012
For Ohio dependents and spouses of safety officers killed in the line of duty
Will provide an annual, full-time award of $6,768 to eligible students at private colleges
and universities (both non-profit and for-profit)
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Will continue to cover 100% of full-time tuition and general fees at public colleges & universities
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NEALP, 2011-2012
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Choose Ohio First, 2011-2012Various programs with STEM concentrations
Partnerships of private/public schools apply for funding
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State funding for these programs will increase slightly for the next two academic years
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State Support and Tuition, 2011-2012
Tuition cap at 3.5% for each of 2011-2012 and 2012-2013 (cap at $200 each year for community colleges)
Low Cost Pathways2+2, 3+1 programs — low cost Bachelor’s DegreesEnterprise Universities,3 year Bachelor’s Degrees
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Total subsidy support down with elimination of federal stimulus funds ($2B to $1.7B)
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www.statevoucher.org
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Resources
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Resources
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Resources
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Federal Student Aid Information Center (inside cover of The Guide): 1-800-433-3243
www.federalstudentaid.ed.gov Ohio’s College Access Information
Hotline: 1-877-428-8246
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Additional Training Opportunities
Visit www.oasfaa.org... For information on Counselor workshops to be held December 5-9, 2011 Counselor’s Contact Database
– Workshop registration information– Counselor event announcements and details– Training announcements
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