Articulations Federal and State Update September 11-14, 2012

2 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

Agenda  FAFSA Updates  Federal Programs  State Programs  Resources  Training Opportunities 3

FAFSA Very few if any changes to FAFSA; Refer to the Summary of Changes for the Application Processing System for details regarding all changes to the application process, including FAFSA changes, CPS and ISIR changes, FAFSA on the Web simplification and enhancements Summary of Changes for the Application Processing System Data Retrieval Process Deadlines are real File based on estimated if taxes are not completed before the school’s deadline OCOG deadline October 1, 2013 If you have a special circumstance, you must file the FAFSA first 4

5 Special Circumstances Examples: reported to the financial aid office Medical Parent or student loss of income Unusual debt or one-time income Tuition expenses at an elementary or secondary school Parent 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).

Verification 6  Selected by the Central Processing System (CPS) or the Institution  Keep copies of 2012 Tax documents (for 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

Verification and IRS Data Retrieval 7 Available now ( ) For Can and should be used when filing the initial FAFSA, making corrections, or when changing estimated tax information to actual tax information

IRS Data Retrieval Link to UC Santa Barbara You Tube Video D4 8

Net Price Calculator (NPC) NPC went live in October, 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 aid Schools may use ED’s NPC template, create their own template, or purchase a template from a third party. 2

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 CONCERNSBENFITS

Shopping Sheet Financial Aid Shopping Sheet A new "financial aid shopping sheet" will show college applicants exactly how much money they will be paying out for their education and help them compare financial aid offers from the different schools they're considering. Final Version7/24/12 11

Federal Aid Programs, Pell Grant TEACH Campus Based Programs Direct Loans 12

Federal Pell Grant, Maximum award amount remains the same as $5,550 maximum award for full- time enrollment and an Expected Family Contribution (EFC) of zero Reminder: Year-round Pell (two Pell awards within the same academic year) has been eliminated 13

TEACH, No Changes! Grant of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Service requirement upon graduation must be met, or grant becomes an Unsubsidized Stafford Loan that must be re-paid!!

Campus Based Programs, There are no major changes to any of these programs from Federal Perkins Loan Federal Supplemental Education Opportunity Grant (SEOG) Federal Work Study

Federal Work Study 16  Undergraduate or graduate students are eligible as determined by individual institution  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 2012: $7.70 per hour

17 Increased income protection allowance for dependent students: 10-11$4, $5, $6, $6,130 Asset conversion rate for dependent students is 20% Income Protection Allowance

Federal Supplemental Educational Opportunity Grant (FSEOG) 18  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

Federal Perkins Loan 19  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

Direct Loans Federal Stafford/Federal Direct Loan A federal loan program with two types of awards 20 SubsidizedUnsubsidized Need basedNot based on financial need Interest is fixed at 3.4% for all new undergraduate loans disbursed after July 1, Interest is subsidized while the student is in school during deferment. Slated to go back to 6.8% for Interest is fixed at 6.8% for all new loans disbursed after July 1, Interest accrues from time of disbursement of the funds.

Direct Loans 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) 21 Class YearBase Amount Additional 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

Direct Loans, % default fee with NO rebate (deducted from the borrowers disbursement so borrowers net 99% of what they borrow) 22

Direct Loans 23 FAFSA Follow instructions at school attending Entrance Counseling MPN (Master Promissory Note) Disbursement to student account Notification of servicer (instruct students to watch and save /snail mail)

Direct Parent Loans Loans to parents of dependent undergraduate 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 24

Direct Loans, % default fee with NO rebate (deducted from the borrowers disbursement so borrowers net 96% of what they borrow) 25

Sneak Peek beyond Subsidized Loan interest rate to revert to 6.8% for new loans after July 1,

Ohio Aid Programs, Ohio College Opportunity Grant (OCOG) War Orphans Scholarship National Guard Scholarship Safety Officers Memorial Nurse Education Assistance Loan Program (NEALP) Choose Ohio First 27

Ohio College Opportunity Grant (OCOG) 28  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  A part-time student will receive a pro-rated award  Available for continuous enrollment (includes summer)

OCOG, Total funding level for increased over total funding level for $856 for students at public main campuses $2,280 for students at most private, non-profit $480 for students at most private, for-profit

War Orphans Scholarship, For Ohio dependents of deceased or majority disabled veterans Will provide an annual, full-time award of $5,575 to eligible students at private colleges and universities (both non-profit and for-profit) 30 Will continue to cover 93% of full-time tuition and general fees at public colleges and universities

Ohio National Guard Scholarship, 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) 31 Will continue to cover 100% of tuition and general fees at public colleges and universities

Safety Officers Memorial, 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) 32 Will continue to cover 100% of full-time tuition and general fees at public colleges & universities

NEALP, Loans for RN candidates and graduate nurse faculty students Loans can be forgiven with 4 to 5 years of service as a nurse or nurse instructor in Ohio upon completion of degree Loans range from $1,500 to $5,000

Choose Ohio First, Various scholarship programs with STEMM concentrations Additional base criteria Ohio Resident US Citizen 34 Only available at certain participating institutions Minimum award $1500 /maximum $5200 in the course of an academic year

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Resources

FASFA Completion Tool No more self reporting surveys!!! Federal Student Aid is providing high schools with current data about their FAFSA submissions and completions so that high schools can track their progress and help to ensure that their students complete a FAFSA. A completed FAFSA allows the U.S. Department of Education to determine a potential student's eligibility for federal student aid – a key factor in families' college decisions. 38

Request for High School Presentation httphttp:// _message_Registration.html 39

College Goal Sunday 2013 Sunday, February 10, 2013 Save the Date! The event for 2012 has concluded. If you need assistance completing the FAFSA now, please contact your school counselor, college access advisor or local financial aid office. For information on Ohio Higher Ed and other financial aid resources, including Ohio's College Advantage 529 Savings Plan, call AFFORD-IT ( ) This year’s event is sponsored by: Copyright © OASFAA Copying or distributing contents expressly forbidden. ALL RIGHTS RESERVED.OASFAA

Additional Training Opportunities Visit  For information on Counselor workshops to be held December 3-7, 2012  Counselor’s Contact Database –Workshop registration information –Counselor event announcements and details –Training announcements 41