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2012 Articulations Federal and State Update. September 11-14, 2012. OASFAA is a non-profit organization. OASFAA has provided the information today as a free service to access staff and high school counselors.
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2012 ArticulationsFederal and State Update September 11-14, 2012
OASFAA is a non-profit organization OASFAA has provided the information today as a free service to access staff and high school counselors You have permission to copy and distribute these materials to your 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
Agenda • FAFSA Updates • Federal Programs 2012-13 • State Programs 2012-13 • Resources • Training Opportunities
FAFSA • Very few if any changes to FAFSA;Refer to the 2012-13 Summary of Changes for the Application Processing System for details regarding all changes to the application process, including FAFSA changes, CPS and ISIR changes, FAFSA on the Web simplification and enhancements. • Data Retrieval Process • Deadlines are real • File based on estimated if taxes are not completed before the school’s deadline • OCOG deadline October 1, 2013 • If you have a special circumstance, you must file the FAFSA first
Special Circumstances Examples: reported to the financial aid office Medical Parent or student loss of income 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).
Verification • Selected by the Central Processing System (CPS) or the Institution • Keep copies of 2012 Tax documents (for 2013-14 FAFSA) • If selected, completion is required before aid can be disbursed • Verification materials are sent from the student or family to the financial aid office, not to the federal processor
Verification and IRS Data Retrieval Available now (2012-2013) For 2013-14 Can and should be used when filing the initial FAFSA, making corrections, or when changing estimated tax information to actual tax information
IRS Data Retrieval Link to UC Santa Barbara You Tube Video http://www.youtube.com/watch?v=W47_YTRVYD4
Net Price Calculator (NPC) NPC went live in October, 2011. Using both student-entered and institution-provided data,1 the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula: Price of attendance minus grantaid Schools may use ED’s NPC template, create their own template, or purchase a template from a third party.2
Net Price Calculator *Designed to provide accurate and timely information about the net price of a college. *Can assist families in comparing colleges based on net price and financial aid. *Inclusion of direct and indirect costs in “price of attendance” component can significantly inflate the price tag. 1 *Institution’s flexibility to customize template could make college costs comparisons an extremely complex process. 2 CONCERNS BENFITS
Shopping Sheet Financial Aid Shopping Sheet Final Version7/24/12 A new "financial aid shopping sheet" will show college applicants exactly how much money they will be paying out for their education and help them compare financial aid offers from the different schools they're considering.
Federal Pell Grant, 2012-2013 Maximum award amount remains the same as 2011-2012 $5,550 maximum award for full-time enrollment and an Expected Family Contribution (EFC) of zero Reminder: Year-round Pell (two Pell awards within the same academic year) has been eliminated
Federal Work Study • Undergraduate or graduate students are eligible as determined by individual institution • Employment can be on or off campus • FWS wages excluded from EFC calculation!!! • Eligible employers • School • Federal, state, or local public agency • Private non-profit organization in academically relevant jobs • For-profit organization in academically relevant jobs • Community service activities Ohio minimum wage in 2012: $7.70 per hour
Income Protection Allowance Increased income protection allowance for dependent students: • 10-11 $4,500 • 11-12 $5,250 • 12-13 $6,000 • 13-14 $6,130 Asset conversion rate for dependent students is 20%
Federal Supplemental Educational Opportunity Grant (FSEOG) • Federal SEOG Grant*Undergraduates with exceptional financial need*Pell Eligible students with the lowest EFC*Award ranges from $100 to $4000, depending on when student applies, financial need, and the funding and policies of school attending
Federal Perkins Loan • Eligible students (priority to exceptional need) • Undergraduate or graduate students • Must file the FAFSA • Annual and aggregate loan limits • up to $5,500 annually for undergraduates(actual awards, if any, will vary between schools) • $27,500 aggregate for undergraduates • Interest rate: 5% (fixed) during repayment • Interest subsidized during in-school and nine-month grace period • Deferment and cancellation provisions available
Direct Loans Federal Stafford/Federal Direct Loan A federal loan program with two types of awards
Direct Loans Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional Unsubsidized Stafford Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors)
Direct Loans, 2012-2013 1% default fee with NO rebate (deducted from the borrowers disbursement so borrowers net 99% of what they borrow)
Direct Parent Loans PLUS Loans: • Loans to parents of dependent undergraduate students • Loan limits are up to the cost of education less any financial aid received per academic year • The interest rate 7.9% fixed • Repayment begins within 60 days of full disbursement (payments may be deferred while the student is in school) • FAFSA required
Direct Loans, 2012-2013 4% default fee with NO rebate (deducted from the borrowers disbursement so borrowers net 96% of what they borrow)
Sneak Peek beyond 2012-2013 Subsidized Loan interest rate to revert to 6.8% for new loans after July 1, 2013
Ohio Aid Programs, 2012-2013 Ohio College Opportunity Grant (OCOG) War Orphans Scholarship National Guard Scholarship Safety Officers Memorial Nurse Education Assistance Loan Program (NEALP) Choose Ohio First
Ohio College Opportunity Grant (OCOG) • Students must file the FAFSA, be Ohio residents and attend an Ohio public university main campuses (not regional campuses or community colleges), Ohio private, non-profit colleges or universities, and Ohio private, for-profit institutions. • The Expected Family Contribution (EFC) is the index number for awarding OCOG • EFC eligibility range is from 0000-2190 • A part-time student will receive a pro-rated award • Available for continuous enrollment (includes summer)
OCOG, 2012-2013 Total funding level for 2012-2013 increased over total funding level for 2011-2012
War Orphans Scholarship, 2012-2013 For Ohio dependents of deceased or majority disabled veterans Will provide an annual, full-time award of $5,575 to eligible students at private colleges and universities (both non-profit and for-profit) Will continue to cover 93% of full-time tuition and general fees at public colleges and universities
Ohio National Guard Scholarship, 2012-2013 Eligibility determined by the Ohio Adjutant General Will provide an annual, full-time award of $8,696 to eligible students at private colleges and universities (both non-profit and for profit) Will continue to cover 100% of tuition and general fees at public colleges and universities
Safety Officers Memorial, 2012-2013 For Ohio dependents and spouses of safety officers killed in the line of duty Will provide an annual, full-time award of $6,768? to eligible students at private colleges and universities (both non-profit and for-profit) Will continue to cover 100% of full-time tuition and general fees at public colleges & universities
Choose Ohio First, 2012-2013 Various scholarship programs with STEMM concentrations Additional base criteria • Ohio Resident • US Citizen Only available at certain participating institutions Minimum award $1500 /maximum $5200 in the course of an academic year
Resourceshttp://fsa4counselors.ed.gov/PORTALSWebApp/cotw/main.jspResourceshttp://fsa4counselors.ed.gov/PORTALSWebApp/cotw/main.jsp
FASFA Completion Toolhttp://fsa4counselors.ed.gov/clcf/FAFSACompletion.html No more self reporting surveys!!! Federal Student Aid is providing high schools with current data about their FAFSA submissions and completions so that high schools can track their progress and help to ensure that their students complete a FAFSA. A completed FAFSA allows the U.S. Department of Education to determine a potential student's eligibility for federal student aid – a key factor in families' college decisions.
Request for High School Presentation http://www.oasfaa.org/docs/forms/getting_the_message_Registration.html
Additional Training Opportunities Visit www.oasfaa.org... • For information on Counselor workshops to be held December 3-7, 2012 • Counselor’s Contact Database • Workshop registration information • Counselor event announcements and details • Training announcements