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The Power of Synergy: A Graduate/Professional Roundtable Discussion

The Power of Synergy: A Graduate/Professional Roundtable Discussion. Hosted by Susan Bogart Director of Financial Aid Penn State Law And Meghan McClean NASFAA. syn·er·gy [sin- er - jee ]. noun , plural syn·er·gies .

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The Power of Synergy: A Graduate/Professional Roundtable Discussion

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  1. The Power of Synergy:A Graduate/ProfessionalRoundtable Discussion Hosted by Susan Bogart Director of Financial Aid Penn State Law And Meghan McClean NASFAA

  2. syn·er·gy[sin-er-jee] noun, plural syn·er·gies. • the interaction of elements that when combined produce a total effect that is greater than the sum of the individual elements, contributions, etc.; synergism. From Dictionary.com

  3. Loan Servicer Madness • So many servicers…so few same procedures. • How do they each calculate IBR eligibility? • How do you advise your students?

  4. Grad PLUS Denials • It used to work, but now it doesn’t! • Stricter credit criteria are causing more denials. • We have to answer with more financial literacy education and help guiding our students through appeals and/or endorsers.

  5. Problem solved! • SAP rules prohibiting use of Title IV aid for retaking coursework only apply to undergrads. • Excellent news for medical schools!

  6. This is Better! • There is now an electronic application for IBR. • The application has an IRS Retrieval Tool • Available at Studentloans.gov website.

  7. Grants, Scholarships and Assistantships • Is it getting harder to attract quality students without gift money? • How do we make sure need-based gift money goes to neediest students? • Are we spending more to get fewer students? And what effect does that have on the school’s budget?

  8. Increases to Cost of Attendance • When is enough enough? • What is allowable? • What is not allowable? • How do you say no to the student who requests too much? • Any other PJ issues?

  9. Has the Cost Become Too Much? • Costs have risen rapidly over the last decade or two. • Is graduate school no longer worth the cost? • Are we in a tuition “bubble?”

  10. IBR/Public Service Loan Forgiveness • How do you tell your students about these programs? • What have you heard back from alumni pursuing IBR? • Have you changed Loan Repayment Assistance Programs to accommodate IBR and PSLF? • How do you handle students who want to know the procedure to apply for PSLF?

  11. A New Twist • ICR-a will offer another option for income-based payments. • Regulations are not yet final. • Payments will be 10% of discretionary income. • Forgiveness after 20 years.

  12. Backup power • How do you do exit counseling? • In person? • Online? • Any follow-up after graduation? • Podcasts? • YouTube videos? • Repayment/financial literacy education during enrollment?

  13. What’s next in Washington? • Consumer Disclosure Dizziness • Sequestration • FY 2013 and 2014 budgets • Senator Durbin’s Know Before You Owe Act & TILA • Reauthorization

  14. Anything We Missed? • What else would you like to discuss?

  15. Want to talk more? If you’d like to discuss later: Susan Bogart sab36@psu.edu Megan McClean mmclean@nasfaa.org

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