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Central Oklahoma Guidance Network Financing College: Trends, Changes and Challenges.

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Presentation on theme: "Central Oklahoma Guidance Network Financing College: Trends, Changes and Challenges."— Presentation transcript:

1 Central Oklahoma Guidance Network Financing College: Trends, Changes and Challenges

2 Financial Aid Gift aid Grants Scholarships Self-help aid Loans Work study Federal Grants, Loans and Work (http://www.fafsa.gov) State Scholarships and Grants (http://www.okcollegestart.org) Institutional/Foundation Scholarships/Grants Private Scholarships/Grants/Loans Others-Veteran’s Administration etc.

3 Financing College: Trends, Changes and Challenges Federal Financial Aid (Grants, Loans and Work) Pell Grant Federal Supplemental Educational Opportunity Grant (FSEOG) TEACH Direct Stafford Loans-subsidized/unsubsidized Perkins Loans Federal PLUS Loans to Parents and Graduate Students Federal Work Study

4 Financing College: Trends, Changes and Challenges Federal Financial Aid (Trends, Changes and Challenges) Simplification of the application filing process Completion initiatives Federal budget reconciliation

5 Financing College: Trends, Changes and Challenges Simplification of the application filing process “Skip logic” for online applications System assumptions IRS Data Retrieval Tool (DRT) for online applications Logical organization and online help

6 Financing College: Trends, Changes and Challenges Completion Initiatives States and Institutions: Requiring 30 completed hours each year for certain types of state aid “Paying” students to graduate from high school early Remediation changes Reserving some aid for late filers Concurrent enrollment-Associate’s degree at High School graduation Reverse transfer

7 Financing College: Trends, Changes and Challenges Budget Reconciliation Consolidated Appropriations Act of 2012 Pell lifetime limit-6 full time years including all past payments Ability to benefit options deleted Subsidized “grace period” cancelled for some borrowers (two years) Auto zero EFC threshold lowered

8 Financing College: Trends, Changes and Challenges Additional Legislation Public Law 112-141 July 1, 2012 Federal Direct Subsidized Loan Interest rates were set to double to 6.8%. This law prevented that for one year and also restricted student eligibility for subsidized loans to 150% of the published length of the educational program beginning with new borrowers after July 1, 2013.

9 Financing College: Trends, Changes and Challenges State Scholarships and Grants Oklahoma Academic Scholars Program Regional University Baccalaureate Scholarship Oklahoma Tuition Aid Grant Oklahoma Tuition Equalization Grant Oklahoma’s Promise

10 Financing College: Trends, Changes and Challenges Specialized State Scholarship and Grant Programs: Chiropractic Education Assistance Scholarship Future Teachers Scholarship George and Donna Nigh Public Service Scholarship Independent Living Act-(Foster Care Tuition Waiver) National Guard Tuition Waiver Scholars for Excellence in Child Care SREB Academic Common Market Teacher Shortage Employment Incentive Program Heroes Promise

11 Financing College: Trends, Changes and Challenges State Scholarships and Grants (Trends, Changes and Challenges) Limited funding-Academic Scholars Non-resident participation Limited funding-OTAG Loss of LEAP (federal) funding Limited eligibility-Oklahoma’s Promise Legislation to contain costs

12 Financing College: Trends, Changes and Challenges Undocumented Student Eligibility for current high school students (as of 1/31/2013) Concurrent tuition waivers Eligibility as regular post secondary students Non-resident tuition waiver If lived in state with a parent or guardian for at least two years prior to graduation AND Graduated from an Oklahoma high school Oklahoma Tuition Aid Grant Program-with application for legal status Oklahoma’s Promise-with lawful presence Deferred Action for Childhood Arrivals Does not change state eligibility

13 Financing College: Trends, Changes and Challenges Oklahoma’s Promise Program Requirements Changes for 2012: All subject to federal satisfactory academic progress. All OKP students will be subject to the institution’s SAP policy beginning in fall of 2012. College GPA requirement of 2.0 at the end of the sophomore year and 2.5 for all classes taken after Family income limit of $100,000 at the time the student begins post secondary education

14 Financing College: Trends, Changes and Challenges How do I help students prepare to pay for college? Advice from a former college financial aid administrator. Start Early. Encourage students to work now to minimize remediation. Create the idea that college is real, attainable and worthwhile. Focus on what they can do now to prepare for college. Help students watch for opportunities/deadlines. One day at a time-even experienced higher education professionals can be overwhelmed. Learn how to assist students with the FAFSA. Introduce vocabulary. Foster an environment of Q & A.

15 Financing College: Trends, Changes and Challenges How do I help students prepare to pay for college? Advice from a former college financial aid administrator. (cont.) Encourage AP classes, concurrent enrollment and CLEP. Take the ACT early and more than once. Encourage making a plan and sticking to it. Don’t change majors or schools. Encourage borrowing the absolute minimum. Encourage students to use summer wisely. Emphasize accountability-”go to class”.

16 Financing College: Trends, Changes and Challenges Irala K. Magee Director of Scholarship and Grant Administration Oklahoma State Regents for Higher Education imagee@osrhe.edu (405) 225-9100 (extension 9378)


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