1 / 24

MDHE and State Updates

MDHE and State Updates. Presented by: Jim Matchefts, Assistant Commissioner and General Counsel Leroy Wade, Assistant Commissioner. Missouri Association of Student Financial Aid Personnel March 9, 2007. Agenda: Missouri News and Updates. Loan program advisory committees

ivory
Download Presentation

MDHE and State Updates

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. MDHE and State Updates Presented by: Jim Matchefts, Assistant Commissioner and General Counsel Leroy Wade, Assistant Commissioner Missouri Association of Student Financial Aid Personnel March 9, 2007

  2. Agenda: Missouri News and Updates • Loan program advisory committees • Commissioner and staff updates • Default Fee updates • Default rates announced • Missouri legislative updates • State aid administrative rule changes • The latest from the State SFA Committee Missouri Association of Student Financial Aid Personnel March 9, 2007

  3. Rumors and Myths Dispelled • Fact or fiction: “The MDHE <Jim coming up with something . . . .>” • Fiction! • Fact: The MDHE . . . Missouri Association of Student Financial Aid Personnel March 9, 2007

  4. MDHE Staff Announcements • Dr. Robert Stein appointed commissioner effective December 16, 2006 • Other new staff Missouri Association of Student Financial Aid Personnel March 9, 2007

  5. Advisory Committee Recommendations • Two meetings conducted in January • MDHE should: • Remain Missouri focused, including a focus on state and local legislation and compliance issues • Expand its training services while keeping training free • Maintain and expand its focus on outreach and early awareness • Next meetings scheduled for June Missouri Association of Student Financial Aid Personnel March 9, 2007

  6. MDHE Default Fee Subsidy Updates • About 94% of MDHE’s guarantees received an FDF subsidy to date • Lender code list: http://www.dhe.mo.gov/defaultfeelist.shtml • Close to $4 million has been added to reserve fund, which is used to buy defaulted loans Missouri Association of Student Financial Aid Personnel March 9, 2007

  7. FFY05 Draft Default Rates • Federal loan program participants received draft FFY05 CDRs in February • MDHE’s final 2004 CDR was 4.73% • Draft 2005 CDR is 4.26% • 2004 national average 5.1% • 2005 national average is estimated at 4.9% • 2006 trigger rate: 2.18% Missouri Association of Student Financial Aid Personnel March 9, 2007

  8. Missouri Legislative Updates

  9. Missouri Senate Bill 389 • Senator Gary Nodler of Joplin introduced on January 29 • First public hearing January 31 • Other updates Missouri Association of Student Financial Aid Personnel March 9, 2007

  10. Bill Highlights • Access Missouri Financial Assistance Program & repeal of Gallagher and College Guarantee • State need-based aid may not exceed the COA • Uniform competencies for entry level courses in certain subject areas to ensure transfer credit • Higher Education Student Funding Act • CBHE authority • Lewis and Clark Discovery Initiative • Other provisions Missouri Association of Student Financial Aid Personnel March 9, 2007

  11. Rumors and Myths Dispelled • Fact or fiction: “The MDHE is requiring private/independent colleges and universities to pay an administrative fee in order to continue participating in the Missouri state aid programs.” • Fiction! • Fact: The MDHE has sent several communications regarding Fast Track Implementation for the new grant program, if signed into law Missouri Association of Student Financial Aid Personnel March 9, 2007

  12. Fast Track Implementation Updates • Implementation costs estimated at $207,000 • Letter sent December 29 to Missouri institutions’ presidents requesting contributions • Contributions would be refunded if implementation supplemental appropriations are passed • Contributions are completely optional • Follow up email sent January 16, 2007 • Tier Technology contracted on February 23 to assist with FAMOUS changes Missouri Association of Student Financial Aid Personnel March 9, 2007

  13. Other Missouri Legislation • H.B. 250 – would double Bright Flight from $2,000 to $4,000 • S.B. 362 – would repeal Gallagher & College Guarantee, create a new need-based program, and double Bright Flight awards • S.B. 430 – would create the Smart Start Scholarship Program • H.B. 612 – would expand the Vietnam Veteran’s program • Appropriations Missouri Association of Student Financial Aid Personnel March 9, 2007

  14. For Missouri Legislative Updates . . . • Visit the MDHE’s website weekly Missouri Association of Student Financial Aid Personnel March 9, 2007

  15. MDHE Digest Articles • January 2007: Update on Fast Track Implementation of Proposed Single Need Based Program • February 2007: Missouri Senate Bill 389 • March 2007 will also feature an update article • March issue should be available next week Missouri Association of Student Financial Aid Personnel March 9, 2007

  16. MDHE E-Distribution Messages • Bright Flight funding status (2/22/2007) • Technology changes affecting FAMOUS (2/2/2007) • Microsoft Vista operating system • Extended daylight savings time hours • Higher education bill introduced (1/31/2007) • 2006-07 Marguerite Ross Barnett funding status (1/31/2007) • State need-based aid packaging (1/25/2007) Missouri Association of Student Financial Aid Personnel March 9, 2007

  17. State Aid Administrative Rule Changes

  18. Rumors and Myths Dispelled • Fact or fiction: “Although the Missouri state aid programs will now have a renewal criteria requiring a CGPA of 2.5, students will have a brief ‘grace period’ to allow time for them to bring up their grades, if necessary.” • Fact! • The new CGPA requirement will be enforced for the 08-09 academic year Missouri Association of Student Financial Aid Personnel March 9, 2007

  19. Administrative Rule Changes Requested • Changes published in the Missouri Register dated February 15, 2007 • 2.5 CGPA renewal criteria for Bright Flight, Ross Barnett, and Gallagher • Ross Barnett program enrollment status change to include half-time and three-quarter time • 30 day public comment period • Changes expected to be effective July 30, 2007 • New CGPA requirement will be enforced for 2008-09 Missouri Association of Student Financial Aid Personnel March 9, 2007

  20. State Aid Student Communications • Bright Flight • Award letter (new recipients) • No PSI letter (no school choice listed) • Renewal letter • State Aid Programs Application Status Letter • These communications will include: • New 2.5 CGPA renewal criteria • July 31st FAFSA correction deadline Missouri Association of Student Financial Aid Personnel March 9, 2007

  21. More State SFA Information

  22. State Aid Totals 2006-07 • As of Thursday, 3/1/2007 • 21,110 students have received state aid funds • $37.3 million disbursed Missouri Association of Student Financial Aid Personnel March 9, 2007

  23. State SFA Committee (SSFAC) Missouri Association of Student Financial Aid Personnel March 9, 2007

  24. Questions? 3515 Amazonas Drive Jefferson City, MO 65109-5717 (800) 473-6757 (573) 751-3940 Fax: (573) 751-6635 www.dhe.mo.gov

More Related