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SUNY’s Response to the Financial Aid Requirements in HEOA

SUNY’s Response to the Financial Aid Requirements in HEOA. SUNY Financial Aid Directors April 23, 2009 Dr. John Porter Associate Provost for Institutional Research & Enrollment Planning John.Porter@suny.edu. Higher Education Opportunity Act. Signed into law August 14, 2008

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SUNY’s Response to the Financial Aid Requirements in HEOA

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  1. SUNY’s Response to the Financial Aid Requirements in HEOA SUNY Financial Aid Directors April 23, 2009 Dr. John Porter Associate Provost for Institutional Research & Enrollment Planning John.Porter@suny.edu

  2. Higher Education Opportunity Act • Signed into law August 14, 2008 • Some provisions must be implemented within a year - others within three years • HEOA expands the student financial aid information reported by campuses, including a ‘net’ price of attendance. • Colleges must provide students & parents a web-based “calculator” for estimating college costs

  3. College Navigator • HEOA requires NCES to implement a multi-year tuition & fee calculator on College Navigator by August 14, 2009 • Colleges must implement a web-based cost calculator by August 2011 • More refined than the national calculator • More complete information, e.g., living costs • Based on actual data, e.g., fees

  4. Formula for Calculating ‘Net Price’ Ave merit grants Ave need grants Cost of attendance Number students receiving such aid

  5. New Financial Aid Disclosures #1 • This October institutions report cost of attendance for 2006-07 thru 2009-10 on IPEDS Institutional Characteristics (IC) • Tuition & fees (in-state/in-district), room & board, books & supplies, and transportation (HEOA says based ‘actual’ costs) • Reported separately based on living arrangement: on campus, off campus, & off campus w/ family ($ and n) • Next April institutions report expanded financial aid information for 2006-07 through 2008-09 on IPEDS Student Financial Aid (SFA) • Total grants during academic year - no loans or work • Sources of aid: Federal, State, & Institution only – no private sources • Cohort: In-state/in-district, first-time/full-time degree seeking

  6. New Financial Aid Disclosures #2 • Also, next April institutions report this information for Title IV aid recipients • By Income categories: • $0-$30,000 • $30,001-$48,000 • $48,001-$75,000 • $75,001-$110,000 • $110,001 or more

  7. Watch Lists • DOE to publish ‘good’ & ‘bad guy’ lists • Top 5% tuition & fees • Top 5% average “net price” • Top 5% percentage increases in both • Also lowest 10% in both • Colleges on ‘bad’ list must submit plan to curb costs

  8. Other Financial Aid Disclosures

  9. Implications for Campuses • Prior Year Data – make sure you can still access financial aid and housing data for 2006-07, 2007-08, and 2008-09. • National Net Price Calculation – will not reflect institutional uniqueness. Campuses should use IPEDS context boxes to add context to the data. • Institutional Net Price Calculator – will require institutional resources without system solution • Affordability Lists – you may be on one some day

  10. SpaceInventory Human Resources Course “SIRIS” SUNY’s New IR System Bursar Term/Section 1st Phase 2nd Phase Existing Systems Degree Degree Financial Aid Applicant Student

  11. Financial Aid Module • To meet IPEDS’ timetable, campuses need to sent the FA SUNY a file by January 2010 • Committee is working to identify file specifications & requirements • Resources? Still uncertain. Phased process may be approach.

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