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1 State Issues Update Fall 2006 Grove Park Inn Asheville, North Carolina Steven E. Brooks Executive Director North Carolina State Education Assistance.

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Presentation on theme: "1 State Issues Update Fall 2006 Grove Park Inn Asheville, North Carolina Steven E. Brooks Executive Director North Carolina State Education Assistance."— Presentation transcript:

1 1 State Issues Update Fall 2006 Grove Park Inn Asheville, North Carolina Steven E. Brooks Executive Director North Carolina State Education Assistance Authority

2 2 North Carolina Education Lottery Scholarship  Contains need based scholarship program expected to be valued at $42 million for 2007-08  Places a foundation, combined with Pell Grant, of at least $2,300 under all students in UNC campuses, Community College Campuses, and Independent College Campuses where students currently receive state aid  Operation very similar to Community College Grant – a “reverse payment schedule”  Intent is to hold recipients of other programs harmless – that is, to add aid, not replace other aid

3 3 North Carolina Education Lottery Scholarship Examples with $2,300 foundation:  If Pell is > $2,300, foundation grant is zero  If Pell is $2,000, foundation grant is $300  If Pell is $400, foundation grant is $1900  If no Pell but EFC < 5,001, grant is $2,300  So, every eligible student whose family can afford $5,000 or less will get grants of at least $2,300 (from Pell, from state lottery, or in combination of the two)

4 4 North Carolina Education Lottery Scholarship - Interaction with Other State Aid Programs –UNC Need Based Grant – no impact – considered separately according to each program’s eligibility formula –State Contractual Scholarship Fund – no impact except may permit campuses to target these funds to needier students –Community College Grant – modified payment schedule – (TENTATIVE)  effective combination foundation of $3,200!  ELS plus CC plus Pell  Increase number of recipients by about 30% (4,000 more recipients statewide predicted)

5 Detail of Interaction with Community College Grant, DRAFT Effective Foundation $3,200 DRAFT

6 6 Packaging Considerations for All Participating Campuses  This new foundation award may cause you to re- think how you target discretionary aid on your campuses, particularly toward those students whose Pell Grants are greater than the foundation amount.  These students clearly need help and campus resources should properly be targeted toward them to the extent they are available.  You may want to do some simulations this fall as you prepare for the spring awarding season. Identify ELS eligible students and see how their packages could change.

7 7 North Carolina Education Lottery Scholarship  Regulations have been approved by SEAA Board of Directors  Program Participation Agreement will be sent to statutorily eligible campuses shortly –These are to be signed by campus official prior to any disbursement of money

8 8 North Carolina Education Lottery Scholarship: CERTIFICATION OF ELIGIBLITY includes  Needy Student as defined in regulations (Federal EFC < 5,001)  North Carolina resident for tuition purposes  Admitted, enrolled and classified as an undergraduate student in matriculated status in a degree, certificate or diploma program  Same ISIR transaction used to disburse any federal aid  Meets all Pell eligibility requirements except EFC up to $5,000 including Selective Service, Satisfactory Academic Progress, and non-default/no repayment, for example  “Four full academic years” limit on receipt – 8 semesters or equivalent; we plan to track centrally  Compliance with SEAA Regulations and State Statute

9 9 CFI Training in November/December on ELS and Other Grant Programs  Web based training by sector  Regional training in person  Schedule available at CFI booth in vendor area  Grant System Training with special emphasis on Education Lottery Scholarship

10 10 North Carolina Education Lottery Scholarship: Questions regarding ELS Program?????

11 11 Financial Aid Estimator  Coming in January to CFNC  Use FAFSA data or enter financial information  Estimates, by campus: –UNC Grant, CC Grant, ELS Grant, NCLTG –Federal Pell Grant and ACG –Provides information about costs and other aid  Designed to help students plan and to understand aid opportunities  Satisfies legislative concerns

12 12 DRAFT Dummy Data

13 13 529 Expansion  Addition of Vanguard Funds  Simplification of College Horizons options  Now offer age-based and stand alone investments under both managed and indexed plans  New! North Carolina has a state income tax deduction for contributions  New! Federal tax-exempt earnings no longer expires in 2010

14 14 North Carolina’s 529 Plan Visit at http://www.CFNC.org

15 15 CFNC Update

16 16 1.4 Million student accounts 530,000+ online applications submitted www.CFNC.org CFNC Website 7,000 visitors per day

17 17 Acquisition of a perpetual statewide license for Bridges career planning products (www.bridges.com), the leading provider of online career exploration services. CFNC now offers these career resources, at no cost, to every K-12 school (public and private) and every institution of higher education in the state. Announcing…..Bridges!!!

18 18 Announcing…..Bridges!!!  With the addition of Bridges career planning tools, CFNC has greatly expanded its free online career services for website users from elementary school students to adults.  CFNC and Bridges are working toward a fully integrated site to eliminate overlap, harmonize content, and establish a single sign-on procedure.  Training and access to the Bridges products will be coordinated through CFNC in the upcoming months.

19 19 FAFSA Day Saturday, February 17, 2007  51 locations across North Carolina  Public Service Announcement to be shown on television across the state to publicize the event  Registration for the event will be on CFNC.org  Last year – 42 sites, 2,700 students/families, 450 volunteers! THANKS FOR YOUR HELP IN MAKING THIS A SUCCESS FOR NORTH CAROLINA STUDENTS AND FAMILIES

20 20 Questions and Comments


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