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Welcome to the 2007 COUNSELOR WORKSHOP

2007 OASFAA Counselor Workshop. Please turn off cell phones and pagers or set to manner mode. Welcome to the 2007 COUNSELOR WORKSHOP. 2007 OASFAA Counselor Workshop. Workshop Presenters. Presenter’s name 1. Name 2. Name 3. 2007 OASFAA Counselor Workshop. OASFAA Disclaimer.

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Welcome to the 2007 COUNSELOR WORKSHOP

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  1. 2007 OASFAA Counselor Workshop Please turn off cell phones and pagers or set to manner mode Welcome to the 2007COUNSELORWORKSHOP

  2. 2007 OASFAA Counselor Workshop Workshop Presenters Presenter’s name 1 Name 2 Name 3

  3. 2007 OASFAA Counselor Workshop OASFAA Disclaimer The Ohio Association of Student Financial Aid Administrators (OASFAA) is a non-profit organization and provides the following information as a free service to access staff and high school counselors. Access staff and high school counselors have permission to copy and distribute these materials to their 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 e-mail: outreach@oasfaa.org Handout: Common Acronyms (CA)

  4. 2007 OASFAA Counselor Workshop Ask a question! We have provided 3X5 index cards for you to write down any financial aid question(s) that you would like addressed in the workshop today. Use a new 3X5 card for each question so that we can group these before responding.Your question or questions might be related to a situation at your school or it might arise from the presentation today. We ask that you not provide any personal information about students or families on these cards and also do not use any real names. These will be collected right before the break and a short Q&A session will occur when we reconvene. Please write legibly This slide is not on your handout

  5. 2007 OASFAA Counselor Workshop OVERVIEW • Federal updates • State updates • Resources • Academic Competitiveness Grants (ACG) Special Segment (time permitting)(From National Training for Counselors and Mentors)

  6. 2007 OASFAA Counselor Workshop OASFAA Financial Aid updates November 27-30, 2007 Shock and Awe

  7. 2007 OASFAA Counselor Workshop OASFAA Financial Aid updates November 27-30, 2007 I've read the 100-page bill in depth, and have written a six-page summary which can be found at:http://www.finaid.org/educators/2007hr2669confreport.txt Mark Kantrowitz – email to finaid-L September 6, 2007 College Cost Reduction and Access Act Resources Page http://www.nasfaa.org/ Click on CCRAA updates on home page

  8. 2007 OASFAA Counselor Workshop Federal Pell Grant in 2007-2008 Federal Pell Grant:need-based as determined by the Free Application for Federal Student Aid (FAFSA) • Maximum award for 2007-2008 is $4310. FIRST INCREASE SINCE THE 2003-2004 AWARD YEAR! • Part-time students are eligible Pell/OCOG handout

  9. 2007 OASFAA Counselor Workshop College Cost Reduction and Access Act of 2007 (CCRAA) Pell Grants (mandatory increases signed into law 9/27/07) • 2008-09 & 2009-10 • Add $490 each year to base Pell = $4,800? • 2010-11 & 2011-12 • Add $690 each year to base Pell = $5,000? • 2012-13 • Add $1,090 to base Pell = $5,400

  10. 2007 OASFAA Counselor Workshop Higher Education Reconciliation Act of 2005 (HERA) • Result of HERA: Asset conversion rate for dependent students is 20% beginning in 07-08; 35% prior years

  11. 2007 OASFAA Counselor Workshop Higher Education Reconciliation Act of 2005 (HERA) College Cost Reduction and Access Act of 2007 (CCRAA) • Increased income protection allowance for dependent students: • 06-07 $2,550 • 07-08 $3,000 (HERA) • 08-09 $3,080 (2007 calendar/tax year) • 09-10 $3,750 (CCRAA) (2008 calendar/tax year) • 10-11 $4,500 • 11-12 $5,250 • 12-13 $6,000

  12. 2007 OASFAA Counselor Workshop Higher Education Reconciliation Act of 2005 (HERA) Federal Stafford Loan • Subsidized: Students with financial need(interest free during in-school and grace period) or, • Unsubsidized: Eligible regardless of need (Student is responsible for interest during in-school and grace period) • Limits 07-08: First year $3500 Second year $4500 Third or more years $5500 • most fees eliminated by 2010.

  13. 2007 OASFAA Counselor Workshop Cost of Education (COA) - ExpectedFamily Contribution (EFC) = Eligibility Definition of Need Unsubsidized Financial Aid Need Subsidized

  14. 2007 OASFAA Counselor Workshop New interest rates, but only for subsidized Stafford loans Undergraduate Stafford loan interest rates – subsidized only (signed into law 9/27/07) • 6.8% in repayment currently • 6.0% for loans first disbursed after 7/1/08 for 08-09 • 5.6% for loans first disbursed after 7/1/09 for 09-10 • 4.5% for loans first disbursed after 7/1/10 for 10-11 • 3.4% for loans first disbursed after 7/1/11 for 11-12 • 6.8% for loans first disbursed after 7/1/12. • An unsubsidized Stafford remains at the current rate of 6.8% • Graduate Stafford rates remain at 6.8% regardless of whether it is subsidized or unsubsidized

  15. 2007 OASFAA Counselor Workshop College Cost Reduction and Access Act of 2007 (CCRAA) • TEACH grants (effective July 1, 2008) (Teacher Education Assistance for College and Higher Education) • Provides $4,000 per year (prorated for part-time) • Not to exceed $16,000 for undergraduate students and $8,000 for graduate students • Cannot exceed the COA and can be reduced to stay within COA • Must be used for tuition and fees (but can be used for room & board if institutionally owned housing)

  16. 2007 OASFAA Counselor Workshop College Cost Reduction and Access Act of 2007 (CCRAA) • TEACH grants (continued) (effective July 1, 2008) • Eligible students must demonstrate • A GPA of 3.25 on 4.0 scale • First-year students must have 3.25 high school GPA or score in the 75th percentile on at least one school admissions test • That they are completing (or plan to complete) coursework and requirements necessary to begin a career in teaching. • Must agree to serve as a full-time teacher for at least four academic years at a high-need school within eight years after completing the course of study, and teach in the following fields: • Math, Science, Foreign Language, Special Education, Teach as a Reading Specialist, teach in a field documented as high-need by the Federal or State Government, or local education agency and approved by the Department……………. …and

  17. 2007 OASFAA Counselor Workshop College Cost Reduction and Access Act of 2007 (CCRAA) • TEACH grants (continued) (effective July 1, 2008) • Eligible students must comply with requirements for being a highly qualified teacher as defined by the Department • Students who do not complete their obligations will have their grant aid treated as a Federal Direct Unsubsidized Stafford Loan (with interest accruing from the date of the grant). • Certification submitted by the chief administrative officer of the school upon completing a year of teaching.

  18. 2007 OASFAA Counselor Workshop Principles of Need Analysis • To the extent they are able, Parents have the primary responsibility to pay for their dependent child’s education. Students also have a responsibility to contribute to their educational costs. • Families should be evaluated in their present financial condition. • A family’s ability to pay for educational costs must be evaluated in an equitable and consistent manner, recognizing that special circumstances can and do affect a family’s ability to pay.

  19. 2007 OASFAA Counselor Workshop Expected Family Contribution • Federal Methodology is a formula established by law and is used to determine the EFC, pg. 4 The formula does not measure willingness to pay! “The EFC is a measure of your family’s financial strength and indicates how much of your and your family’s financial resources should be available to help pay for your education.” The Guide, pg.4 “The EFC is not the amount of money that your family must provide. Rather, you should think of the EFC as an index that colleges use to determine how much financial aid you would receive if you were to attend their school.” FAFSA4Caster

  20. 2007 OASFAA Counselor Workshop Need Comparison Higher Cost Mid Cost Lower CostInstitution InstitutionInstitutionCost of Attendance $40,000 $25,000 $13,000- EFC $ 8,000 $ 8,000 $ 8,000= Need / Eligibility $32,000 $17,000 $ 5,000The Federal Expected Family Contribution (EFC) is the same at each institution where the student sends their data. handout

  21. 2007 OASFAA Counselor Workshop FOTW Worksheet: Section 3 Parent and Stepparent info: See the 2007-2008 Federal Student Aid Guide pg.22

  22. 2007 OASFAA Counselor Workshop  • Investments include real estate (do not include the family home), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, Coverdell savings accounts, 529 college savings plans, the refund value of 529 state prepaid tuition plans, installment and land sale contracts (including mortgages held), commodities, etc. For more information about reporting educational savings plans call 1-800-4-FED-AID. Investment value means the current balance or market value of these investments as of today. Investment debt means only those debts that are related to the investments. • Do not include the value of life insurance, retirement plans (pension funds, annuities, noneducation IRAs, Keogh plans, etc.) or cash, savings, and checking accounts already reported in Q43 and Q87. • Business and/or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral.        

  23. 2007 OASFAA Counselor Workshop A Word about Deadlines They’re REAL How/When to file if dealing with early deadlines: • The 2007-2008 Guide, Pg. 20: If possible, have the necessary 2007 income tax returns finished so you can complete the FAFSA accurately, or… • …you’ll have a two-step application process: • Step 1: Apply and estimate your tax information on your application • Step 2: Make corrections later if your estimated income or tax information was not accurate.

  24. 2007 OASFAA Counselor Workshop SpecialCircumstancesPg. 5 Examples: reported to the financial aid office • Medical not covered by insurance • Parent loss of income • Property loss not covered by insurance • 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).

  25. 2007 OASFAA Counselor Workshop Verification, pg.23 • Selected by the Central Processing System (CPS) or the Institution • Keep copies of 2007 Tax documents • If selected, completion is required before aid can be disbursed • Verification materials are sent to the financial aid office, not federal processor

  26. 2007 OASFAA Counselor Workshop www.fsa4counselors.ed.gov www.fsa4counselors.ed.gov

  27. 2007 OASFAA Counselor Workshop Ordering from www.fsapubs.org 2008–09 Free Application for Federal Student Aid (FAFSA)Attention: Change in FAFSA Distribution for 2008–09 Dear Counselor or Librarian or Mentor: October 2007 For 2008–09 paper FAFSAs will not be available for order in bulk. Students will be able to obtain a paper FAFSA by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or by visiting www.edpubs.org. Students may request up to three copies of the paper application and should receive their FAFSAs in three to seven business days. FSA Pubs order # 1-800-394-7084

  28. 2007 OASFAA Counselor Workshop Ordering from www.fsapubs.org 2008–09 Free Application for Federal Student AidAttention: Change in FAFSA Distribution for 2008–09(continued) New for 2008–09 is a PDF version of the FAFSA that students can submit for processing. Beginning in mid-November the PDF will be available for download on various Federal Student Aid Web sites, such as www.FederalStudentAid.ed.gov. Students can access the PDF, complete the form on the computer or by hand, and mail it to the address provided for processing. Schools will also be able to access the PDF from www.FSAPubs.org. FSA Pubs order # 1-800-394-7084

  29. 2007 OASFAA Counselor Workshop Ordering from www.fsapubs.org Attention: Change in Distribution for 2008-2009 (continued) With your support, we will continue to encourage students to use the online method for filing the application. The FAFSA on the Web Worksheet, the most effective tool students can use to facilitate the online application process, will still be available for bulk order by schools. In addition, Federal Student Aid has several promotional publications that list application resources, explain how students can file the FAFSA, and provide tips for completing the application. In mid-November, we will include some of these items in our Toolkit mailing to all high schools, libraries, and other community organizations on our mailing list. (UPDATE: The date for mailing the Toolkit is now scheduled for mid-December.) FSA Pubs order # 1-800-394-7084

  30. 2007 OASFAA Counselor Workshop Ordering from www.fsapubs.org Attention: Change in Distribution for 2008-2009 (continued) Help Us Keep in Touch With You We plan to increase our use of e-mail as a communication vehicle; please visit www.FSAPubs.org and check your account information to confirm that we have the correct e-mail address for you. FSAPubs is the one-stop source for ordering all of Federal Student Aid’s free publications. Please visit FSAPubs.org for information on our most popular publications. FSA Pubs order # 1-800-394-7084

  31. 2007 OASFAA Counselor Workshop 2008-2009 Paper FAFSA • New Color rotation • Yellow, Orange, Blue, Green • Color rotation for 2008-2009 is • 159 CVU Orange (students) • 263 CVU Purple (parents) • FAFSA Questions • Question order remains the same • No new questions added • No questions deleted

  32. 2007 OASFAA Counselor Workshop FAFSA on the Web Worksheet

  33. 2007 OASFAA Counselor Workshop Real-Time PIN Issued upon request (FOTW or PIN Site) Valid for FAFSA unless subsequent SSA match fails Number of School Choices Increased to ten on FOTW Remains four on paper 2008-2009 Changes

  34. 2007 OASFAA Counselor Workshop Searching for College Codes

  35. 2007 OASFAA Counselor Workshop The First Page

  36. 2007 OASFAA Counselor Workshop Male or Female?

  37. 2007 OASFAA Counselor Workshop Signature Process

  38. 2007 OASFAA Counselor Workshop Signature Process – No PIN Provided

  39. 2007 OASFAA Counselor Workshop Agreement and Display of Application Information

  40. 2007 OASFAA Counselor Workshop Signature Process

  41. 2007 OASFAA Counselor Workshop Signature Page – Student and ParentPIN not provided

  42. 2007 OASFAA Counselor Workshop Confirmation Page

  43. 2007 OASFAA Counselor Workshop Reauthorization • Still not passed after four years of work • House Republicans introduced their version on October 4, 2007 (a 400+ page bill).Here are some proposed provisions in their bill: • Authorize a maximum Pell grant of $6000 and allow for a year-around Pell • Ensure fair loan terms for PLUS and GradPLUS in FFELP. Reduce interest rates to 7.9% (aligning rates with the Direct Loan program) • Eliminate the “untested” auction scheme enacted for PLUS in CCRAA. • Shine a spotlight on excessive tuition hikes.

  44. National Training for Counselors & Mentors - 2007 What is the FAFSA4caster? • Early start on the financial aid process • Instantly calculates federal student aid eligibility • Access FAFSA4caster at www.FederalStudentAid.ed.gov

  45. National Training for Counselors & Mentors - 2007 www.FederalStudentAid.ed.govclick on FAFSA4caster

  46. National Training for Counselors & Mentors - 2007 Why do we need the FAFSA4caster? • Help students determine how they are going to pay for college • Eligibility for aid influences decisions about college • Financial aid planning process before college applications are due

  47. National Training for Counselors & Mentors - 2007 FAFSA4caster Simplifies financial aid process: • Provides information about college planning, admissions, and federal financial aid • Handy timeline of most activities student must complete before applying for college

  48. National Training for Counselors & Mentors - 2007 FAFSA4caster Simplifies the financial aid process: • Describes the Federal Student Aid programs • Provides aid eligibility requirements • Provides an overview of the federal financial aid process

  49. National Training for Counselors & Mentors - 2007 Benefits of the FAFSA4caster • Provides an estimated Expected Family Contribution (EFC) • Calculate eligibility for federal aid, including grants • Reduce time to complete the Free Application for Federal Student Aid(FAFSA)

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