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Navigating Financial Aid For Technical Staff: A Comprehensive Guide

Explore the history and process of financial aid programs for technical staff, including grants, scholarships, and loans. Learn about the application process, eligibility, and different award options available. Stay informed on recent acts and changes in the system. Discover essential terms and acronyms to better understand the financial aid landscape. Contact Wood Mason for further assistance.

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Navigating Financial Aid For Technical Staff: A Comprehensive Guide

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  1. Session T–04 Financial Aid For Technical Staff Wood Mason U.S. Department of Education

  2. History… • 1950’s • Nat’l Defense Education Act of 1958 • Nat’l Defense Student Loan Program (morphed into Perkins Loan Program)

  3. History… • Harvard University • National Youth Administration • FDR 1935 • 1944 - Serviceman’s Readjustment Act • 1952 - Veteran’s Readjustment Assistance Act

  4. History… • Higher Education Act (HEA) • 1965 • Guaranteed Student Loan Program • Educational Opportunity Grant • Subsequent Reauthorizations of the HEA

  5. More Recent… • HERA • Higher Education Reconciliation Act of 2005 • CCRAA • College Cost Reduction and Access Act of 2007 • ECASLA • Ensuring Continued Access to Student Loans Act of 2008

  6. In a Nutshell…The Process • Student applies…FAFSA • ED calculates EFC • School determines type and amount of financial aid • School awards/disburses aid • Borrower repays loans

  7. Students* Schools Central Processing System (CPS) SAIG *FOTW – FAFSA on the web EFC Calc DB Matches Application

  8. Application • Aid Eligibility/Determination • CPS • Central Processing System • EFC • Expected Family Contribution • ISIR • Institutional Student Information Record

  9. Awarding COA (Cost of Attendance) • EFC NEED

  10. Awards – School Administered • Institutional Grants • Institutional Scholarships • Targeted or non-institutional Scholarships

  11. Awards – Title IV • Grants • Pell Grant • ACG (Academic Competitiveness Grant)

  12. Award – Title IV • Grants • National SMART Grant (National Science and Mathematics Access to Retain Talent Grant) • TEACH Grant (Teacher Education Assistance for College and Higher Education)

  13. Awards – Title IV • Campus Based Programs • FSEOG • Federal Supplemental Educational Opportunity Grant • FWS • Federal-Work Study Program • Perkins Loan Program

  14. Awards – Title IV • Loan Programs • William D. Ford Federal Direct Loan Program • Federal Family Education Loan Program • Alternative/private loans

  15. The COD Boogie ACG, SMART, Direct Loan, TEACH and Pell origination/change/disbursement data Common Origination & Disbursement (COD) Schools SAIG Batch Web Reports Customer Service Schools Applicants Batch and web generated Responses

  16. Processing – Originations & Disbursements • COD • Pell • ACG • National SMART Grant • Direct Loans • TEACH Grants

  17. Processing – Originations & Disbursements • FFELP Lender • via CommonLine

  18. Processing - Dollars • FFELP lender provides cash or • G5 for Title IV aid • School draws cash • COD draws cash for school

  19. Processing – Outside of COD • Direct Loan Servicing • Guarantee Agency • NSLDS

  20. The Award Year • July 1– June 30 • applications • awarding

  21. The Award Year • Fall PEAK • traditionally chaotic • registration and start • Grant year-end reconciliation and closeout • FISAP

  22. The Award Year • Spring PEAK • registration and start of classes • transfers • grant global jobs • applications/awarding for NEXT award year

  23. The Award Year • Summer term • program year closeout for Direct Loans (prior award year) • applications • awarding • header/trailer

  24. Let The Next Award Year Begin… • Program changes • rules • regulations • requirements • edits • dollars and data

  25. And Your Next Award Year… • …Brings IT changes too! • all of it...plus • CPS • COD • any other system that touches your school

  26. How in the heck am I supposed to know all this…? • IFAP • Ifap.ed.gov • Dear Colleague Letters • Electronic Announcements • Direct Loan Bulletins • FSA Student Aid Handbook

  27. How in the heck am I supposed to know all this…? • Schema • COD Technical Reference • Glossary • Impelmentation Guide • Print Specs

  28. Talkin’ the talk… • ACA • Administrative Cost Allowance • POP • Potential Overaward Process • MRR • Multiple Reporting Record

  29. Talkin’ the talk… • SRC • School Relations Center • COD customer service center in Niagara Falls, NY • CSR • Customer service representative

  30. Talkin’ the talk... • G5 • Grants Administration and Payment System • from whence all moneys come • funding method • Advance Cash • Pushed Cash

  31. Talkin’ the talk... • NSLDS • National Student Loan Database System • FAA Access Online

  32. Talkin’ the talk... • CPS • Central Processing System • SAIG • Student Aid Internet Gateway

  33. Talkin’ the Talk… • FAFSA • Free Application for Federal Student Aid

  34. Questions? I appreciate your feedback and comments. I can be reached at: Name: Wood Mason Phone: 404.562.6270 Email: wood.mason@ed.gov

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