Financial Aid SST Discussion December 12, 2012

Help Us Help You Help The Student Update Document Tracking: As soon as the student REGISTERS As soon as the student TURNS IN DOC’S Document tracking can’t begin unless the contact is added

Help Us Help You Help The Student Check the students work: Does the info make sense? Are there blanks? Are there potential problems? Married student filing head of household etc. Missing/electronic signatures Should have filed but didn’t

IRS PUB. 17 - WHO’S REQUIRED TO FILE?

Help Us Help You Help The Student 24/18 Credit Rule Check the students eligibility for a new loan BEFORE requesting new documents

FINANCIAL AID WORKFLOW Student submits docs – Finance Advisor’s review and approve Loan is entered and exported Financial Aid Reviews Info Aid is awarded if there are no issues Docs are imaged Quality control review Funds received and imported Issues need to be resolved AR runs posting process AR issues refunds to Discover Card

FINANCIAL AID ACADEMIC YEAR Students are required to complete the WEEKS and the CREDITS of the academic year 24 Undergraduate credits 18 Graduate credits 32 WEEKS

FINANCIAL AID ACADEMIC YEAR Changing the definition of our academic year to 30 weeks resulted in a change in our definition of full-time. This meant that a student who was enrolled in 3 credits would be considered less than half-time and therefore, NOT eligible for a loan disbursement. We reversed our position on this and worked with all of the students who enrolled in short courses.

IMPACT OF 3 CREDIT COURSES Students are required to complete the credits of the academic year (24). More students are going to have to pay for a term out of pocket unless they: Double up each term (take at least 6 credits/term) Average 6 credits/term (e.g. 7+8+6+3) Good planning/advising is critical to the student’s success Use the interactive aid estimator tool available on the website

150% LOAN LIMIT Effective July 1, 2013 for NEW BORROWERS ONLY Limited to receiving Subsidized loan funds for 150% of the students program length E.g. 6 years for a 4 year program All Subsidized funds after this point are treated like Unsubsidized loans and interest would begin accruing MORE INFORMATION TO COME

VERIFICATION FLAGS Effective on the 2013-14 FAFSA V1 - Standard Verification V2 - SNAP Benefits V3 - Child Support Paid V4 - HS Diploma/Identity/Statement of Educational Purpose V5 - All of the Above MORE INFORMATION TO COME

SHOPPING SHEET Effective for the 2013-14 year Implementation plan tbd Online Award Letters Online Shopping Sheet

REMINDER PLEASE don’t have students call the Ottawa campus to find out about their refunds Students are calling and getting put through to the Ottawa Financial Aid office OUAR@OTTAWA.EDU 888-487-0182