Director of Financial Aid, Delta State University MASFAA Annual Conference Institutional Federal Financial Aid 101 State Megan Smith, Ed.D. Director of Financial Aid, Delta State University June 20, 2019

MASFAA Annual Conference Introductions

MASFAA Annual Conference

MASFAA Annual Conference Financial Aid Federal Institutional State

What created federal financial aid programs? MASFAA Annual Conference What created federal financial aid programs?

HEA 1965 MASFAA Annual Conference President Lyndon B. Johnson signed the Higher Education Act (HEA) into law on November 8, 1965 on the campus of Texas State College, his stated purpose was to "swing open a new door for the young people of America…the door to education." The programs authorized through the HEA would be the key to unlocking that door—and in doing so changing the lives and futures of millions of Americans. (https://www.nasfaa.org/hea_50th_anniversary)

Types of Federal Aid Programs MASFAA Annual Conference Types of Federal Aid Programs

MASFAA Annual Conference Grants Loans Work-Study

MASFAA Annual Conference

How do we determine eligibility for federal aid? MASFAA Annual Conference How do we determine eligibility for federal aid?

MASFAA Annual Conference FAFSA

Grants: MASFAA Annual Conference Pell Grants: -Expected Family Contribution (EFC) -Cost of Attendance (COA) -Enrollment -Award amounts varies Federal Supplemental Educational Opportunity Grant: -Institutionally-defined awarding guidelines -$100-$4,000/year award amounts

Grants (cont’d) MASFAA Annual Conference -Eligible program -3.25 GPA TEACH Grant: -Eligible program -3.25 GPA -Commitment to serve in specific district and subject areas -$4,000/year award Iraq and Afghanistan Service Grant -Pell Grant eligibility requirements, but not eligible for Pell Grant based on EFC -Parent or Guardian was a member of U.S. and died as a result of military service after the events of 9/11 -Under 24 years old or enrolled in college at least part-time at the time of death

Loans: MASFAA Annual Conference Federal Direct Loans: -Subsidized -need-based -Unsubsidized -Enrollment -Award limit based on classification

Loans (cont’d): PLUS Loans: MASFAA Annual Conference -Parent PLUS -in parent’s name, unless denied -Graduate PLUS Federal Perkins Loan: (no longer available)

Loans (cont’d): MASFAA Annual Conference Classification Subsidized Unsubsidized Add’l Unsub Total Freshman $3,500 $2,000 $4,000 $5,500/$9,500 Sophomore $4,500 $6,500/$10,500 Junior $5,500 $5,000 $7,500/$12,500 Senior Graduate $20,500

Work-Study: FWS Employment: MASFAA Annual Conference -Part-time employment -6 credit hours minimum -Unmet need -All students eligible (undergraduate, graduate, or professional)

How do we package awards after determining eligibility? MASFAA Annual Conference How do we package awards after determining eligibility?

COA Need based Scholarships FWS Loans Max budget Grants All offers Subsidized Unsubsidized PLUS

Policies Impacting Aid Eligibility MASFAA Annual Conference Policies Impacting Aid Eligibility

MASFAA Annual Conference Completion: -150% subsidized loan eligibility limits the amount of time a student is eligible to borrow subsidized loans to 150% of their published program length. -Satisfactory Academic Progress (SAP) measures the qualitative (GPA) and quantitative (hours attempted) components of a student’s progression. Must pass 67% hours attempted with specific GPA (based on school’s standards)

Examples: MASFAA Annual Conference Rachel is in a four-year bachelor's degree program. She attends school full time, and takes out subsidized loans each year for six years. When she enrolls for her seventh year, she loses eligibility for additional subsidized loans and becomes responsible for interest that accrues on her existing subsidized loans after the date she lost the subsidy. Bob is attending a university full time to get a four-year degree, and takes out subsidized loans each year. After three years in his program, he transfers to a two-year program at another school. When he enrolls in his new program, he loses eligibility for additional subsidized loans and becomes responsible for interest accruing on his existing subsidized loans moving forward. This happens because his subsidy limit went from six years in his previous program to three years in his new two-year program https://mygreatlakes.org/educate/knowledge-center/150-subsidy-limit.html

Examples MASFAA Annual Conference Student A has attempted 48 units throughout their career and has successfully completed 34 units. Student B has attempted 85 units throughout their career and has successfully completed 54 units.

-Loans -Pell Grant 600%=6 full years of eligibility MASFAA Annual Conference Eligibility Limits: -Loans -Pell Grant 600%=6 full years of eligibility Classification Subsidized Unsubsidized Total Dependent $23,000 $7,000 $31,000 Independent $34,500 $57,500 Graduate $115,500 $138,500

Miscellaneous: MASFAA Annual Conference -Eligible non-citizenship revoked/expired -Property lien/judgment -Incarceration -Professional Judgment (PJ) -Felony drug conviction -Overpayment of aid -Defaulted loans -Discharged loans

What does financial aid mean to you? MASFAA Annual Conference What does financial aid mean to you?

MASFAA Annual Conference

Resources MASFAA Annual Conference -NASFAA.org -AskRegs -ifap.ed.gov -studentaid.ed.gov -studentloans.gov -Ask-a-Fed

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