The Power of Synergy: A Graduate/Professional Roundtable Discussion Hosted by Susan Bogart Director of Financial Aid Penn State Law And Meghan McClean NASFAA

syn·er·gy [sin-er-jee] noun, plural syn·er·gies. the interaction of elements that when combined produce a total effect that is greater than the sum of the individual elements, contributions, etc.; synergism. From Dictionary.com

Loan Servicer Madness So many servicers…so few same procedures. How do they each calculate IBR eligibility? How do you advise your students?

Grad PLUS Denials It used to work, but now it doesn’t! Stricter credit criteria are causing more denials. We have to answer with more financial literacy education and help guiding our students through appeals and/or endorsers.

Problem solved! SAP rules prohibiting use of Title IV aid for retaking coursework only apply to undergrads. Excellent news for medical schools!

This is Better! There is now an electronic application for IBR. The application has an IRS Retrieval Tool Available at Studentloans.gov website.

Grants, Scholarships and Assistantships Is it getting harder to attract quality students without gift money? How do we make sure need-based gift money goes to neediest students? Are we spending more to get fewer students? And what effect does that have on the school’s budget?

Increases to Cost of Attendance When is enough enough? What is allowable? What is not allowable? How do you say no to the student who requests too much? Any other PJ issues?

Has the Cost Become Too Much? Costs have risen rapidly over the last decade or two. Is graduate school no longer worth the cost? Are we in a tuition “bubble?”

IBR/Public Service Loan Forgiveness How do you tell your students about these programs? What have you heard back from alumni pursuing IBR? Have you changed Loan Repayment Assistance Programs to accommodate IBR and PSLF? How do you handle students who want to know the procedure to apply for PSLF?

A New Twist ICR-a will offer another option for income- based payments. Regulations are not yet final. Payments will be 10% of discretionary income. Forgiveness after 20 years.

Backup power How do you do exit counseling? – In person? – Online? Any follow-up after graduation? – Podcasts? – YouTube videos? Repayment/financial literacy education during enrollment?

What’s next in Washington? Consumer Disclosure Dizziness Sequestration FY 2013 and 2014 budgets Senator Durbin’s Know Before You Owe Act & TILA Reauthorization

Anything We Missed? What else would you like to discuss?

Want to talk more? If you’d like to discuss later: Susan Bogart Megan McClean