1 / 14

Oregon Student Assistance Commission 2010 OSAC Update

Oregon Student Assistance Commission 2010 OSAC Update. OASFAA Annual Conference January 24 – 26, 2010. The ’09-’10 FAFSA Tsunami. For 2009-10 “Viable” 09-10 FAFSAs up 30% mid-Jan 2009 vs. late Jan 2008 For 2010-11 Year-to-date FAFSAs for 2010-11 up nearly 60% over 2009-10

nate
Download Presentation

Oregon Student Assistance Commission 2010 OSAC 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. Oregon Student Assistance Commission2010 OSAC Update OASFAA Annual Conference January 24 – 26, 2010

  2. The ’09-’10 FAFSA Tsunami • For 2009-10 • “Viable” 09-10 FAFSAs up 30% mid-Jan 2009 vs. late Jan 2008 • For 2010-11 • Year-to-date FAFSAs for 2010-11 up nearly 60% over 2009-10 (“Viable” = Oregon resident, undergrad, lists OOG school, 1+ terms of eligibility)

  3. Opportunity Grant Funding • Total OOG for 2007-09 = $106 million • 2007-08 =27,859 recipients, $34.6 million • 2008-09 =38,479 recipients, $68.1 million • Total OOG for 2009-11 = $97 million • 2009-10 = budgeted for $57 million; anticipated 30,000 recipients, but disbursed funds to 43,100 recipients Fall 2009! • 2010-11 = budgeted for $40 million, but funds may be reduced by costs for 09-10.

  4. OOG Late Filers 08-09 vs. 09-10

  5. OOG – Tax Credits • Assumed tax credits – uses standardized tables, based on adjusted gross income (AGI) and tax filing status (single filer or joint filers). • For 2009 and 2010, American Opportunity Credit replaces Hope and Lifetime Learning tax credits for single-filers with AGIs up to $80K and joint-filers with AGIs up to $160K. • Maximum tax credit $2500 (up from $1800 for 2008 and $1650 for 2007) • Up to $1000 refunded to filers with AGIs too low to qualify for tax credit

  6. OOG – Award Info • Email award notification to students – none for 2009-10; none planned for 2010-11 • OOG Estimatorfor 2009-10 – Disabled after August 15 www.GetCollegeFunds.org • 2010-11 Award Lists – Planned for March • Grandfathered awards – Sunset in 2011 • Must be continuously enrolled at least HT at same institution(s) attended in 2007-08 • Must meet all 2007-08 OOG eligibility criteria (income at/below 2007-08 income limits plus eligible for Pell) • Greater of SRM award or 07-08 grandfathered amount

  7. Est. 2010-11 OOG at $0 EFC COMMUNITY COLLEGES $3,584 CC Tuition & Fees + $10,300 Nontuition (all) = $13,884 (Public 2-yr) — $5,400 (Std Share) — $0 (Family Share/EFC) — $5,550 (Pell) — $1,000 (tax credit/refund) = $1,934 (Rmng need) — $0 (19% EFC reduction) = $1,800 max OOG award PUBLIC/PRIVATE 4-YRS $6,716 4Yr Tuition & Fees + $10,300 Nontuition (all) = $17,016 (Public/Priv 4-yr) — $8,400 (Std Share) — $0 (Family Share/EFC) — $5,550 (Pell) — $1,000 (tax credit/refund) = $2,066 (Rmng need) — $0 (19% EFC reduction) = $1,950 max OOG award

  8. 09-10 OOG Deadlines • Application deadline = August 15 • Disbursement deadline = December 15 • First FAFSA transaction must have CPS processing date of August 15 or earlier • Professional Judgment (PJ) and Reload-and-Lock (RnL) requests • OK if submitted before 8/15 • 8/15 to 12/15 – OK only if first CPS processing date on/before 8/15 and submitted on/before 12/15 • No new awards or award increases after 12/15 • Students enrolled half-time in fall limited to awards at half-time levels for all terms

  9. 10-11 OOG Awards • Application deadline – TBD, deadlines based on total available funds and average percentage of distribution for each sector • Student’s first FAFSA transaction must have CPS processing date on/before deadline • Additional awards made after Fall Disbursement Reports complete • Waiting list priority by first CPS date

  10. Timeline for 2010-11 Awards Jan 12 – Steering Committee Mtg • Review/adopt budgets, award limits, deadlines • Recommend Commission action on determining award distribution, redistribution of unused funds Jan 22 – Commission Mtg – act on SC’s plan Jan 25 – OASFAA Conference – inform financial aid community about procedures & timeline for 2010-11 Jan 26 – Special Election Jan 27 – Notify DAS of substantive changes re: 2009-10 reductions & 2010-11 awarding protocol

  11. Timeline for 2010-11 Awards February – OSAC report to Special Legislative Session • 2009-10 applications, disbursements, reductions • Prospects for 2010-11 awards • Request add’l funding (if more reductions not required) March – Hearing on proposed administrative rules re: reductions and awarding protocol Mid-March – Begin posting 2010-11 awards November – Fall Disbursement Reports • Late awards based on amount of funds de-obligated • Late awards for each sector by FAFNAR date

  12. OOG Online Tools in FAO Portal • Award Lists • On-Demand Display Authorized Awards. Updated daily. Lists only authorized awards, links to students’ individual award histories. • On-Demand Display List History. Updated weekly. Lists all records. Filters for academic year, list date, new/changed/revoked status. • Online requests • Professional Judgment and Exceptions – also for residency waivers, restoring grandfathered awards • Reload and Lock FAFSA Transactions– for single and multiple records

  13. OSAC Publications Copies of today’s presentation and the OSAC “Quick Facts” book are posted in the e-Library on the OSAC website: http://www.osac.state.or.us/e_library.html

  14. OSAC Contacts Dennis Johnson Executive Director 541-687-7377dennis.r.johnson@state.or.us Susan Degen OOG Administrator 541-687-7451susan.r.degen@state.or.us Vicki Merkel Director, Scholarship & Access Programs 541-687-7385vicki.b.merkel@state.or.us

More Related