1 / 17

HESC Update

HESC Update. SUNYFAP 2011. HESC Update. 2011-12 State Budget Highlights. Tuition Assistance Program. Eliminates the $75 across-the-board reduction to student TAP awards. Eliminates the two percent reduction to scholarship awards.

eugene
Download Presentation

HESC Update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. HESC Update SUNYFAP 2011

  2. HESC Update • 2011-12 State Budget Highlights

  3. Tuition Assistance Program • Eliminates the $75 across-the-board reduction to student TAP awards. • Eliminates the two percent reduction to scholarship awards. • Continues the maximum TAP award for students matriculated in certain two-year degree programs at up to $4,000.

  4. Tuition Assistance Program • Authorizes TAP awards for students who attend institutions that are not currently under the supervision of the State Education Department. • Amends the New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program to require New York State residency and to clarify the calculation of applicable eligibility timeframes.

  5. Satisfactory Academic Progress (SAP) • Maintains the requirement that minimum academic standards for non-remedial students be increased for continued TAP eligibility, but modifies the standards to be more attainable for students first receiving State aid in 2010-11 and thereafter.

  6. Scholarships • Extends the statutory authorization for the Regents Physician Loan Forgiveness Program until 2015-16, and authorizes awards for prior obligations retroactively to 2009-10. • Extends the statutory authorization for: • New York State Licensed Social Worker Loan Forgiveness Program, • Senator Patricia K. McGee Nursing Faculty Scholarship and the • Nursing Faculty Loan Forgiveness Incentive Program until 2016, and retroactively for prior obligations for the 2010-11 academic year.

  7. NYHELPs New York Higher Education Loan Program

  8. Facts and Stats • $6 million originated through 3/20/2011 • 677 loans fully approved • $8,863 = average loan amount • Repayment breakdown: • Fully deferred-45% • Interest only-22% • Immediate payment-33%

  9. College Participation • 86 colleges currently participate state wide • SUNY Participation • 15 SUNYs • 3 Community Colleges

  10. Program Highlights • 1% college fee covered for 2011-12 • Fixed rate • Covers back balances • FICO score requirement starts at 660 • Financial literacy requirement • Allows for a sponsor to borrow on behalf of the student • Servicer covers all HEOA disclosures and notices • Early outreach – 200 borrowers in repayment – 0% delinquency rate

  11. Getting Ready for 2011-12 • Simplified application process • Reduced documentation • Enhanced functionality for colleges • Online processing • Disbursement methods • Continue to sign on new colleges

  12. Contact Information Thank you! Lisa Simpson lsimpson@hesc.org 518-473-0842

  13. HESC Update • Student Financial Aid Awareness • FAFSA Completion • Thank You for Your Help

  14. HESC Update • Student Empowerment Grant • Information will be focused on the student • Net Price Calculator • Financial Literacy Driven • Free Money First • Student Loan Analytics Rating

  15. HESC Update • Default Prevention • 1.2 million calls • The 500,000 borrowers that did not default • 400,000 loans that were “PUT” last year • Financial Literacy

  16. HESC Update • The Transition of Guarantors • Guarantor Services

  17. Questions?

More Related