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FISAP Form Changes & Updates 2007-2008

Understand the critical changes to the FISAP form for Title IV Campus-Based aid with insights into fiscal operations and applications. Explore upcoming revisions in detail.

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FISAP Form Changes & Updates 2007-2008

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  1. Session 9 Fiscal Operations Report and Application to Participate (FISAP) Form Changes Dorothy Dorsey Mary Miller Dan Madzelan

  2. What we will discuss – • Brief Overview of the FISAP Form • Upcoming Changes in 2007 • Potential Changes in 2008 and Beyond

  3. Brief Overview of the FISAP Form • Schools must submit a FISAP to apply for and receive Title IV Campus-Based aid. • The FISAP is used to determine the funding levels for the Federal Perkins Loan, Federal Supplemental Education Opportunity Grants, and Federal Work Study programs. • Important dates will be posted in the Federal Register in March 2007.

  4. Brief Overview of the FISAP Form, cont’d. • The FISAP is divided into three main sections – • Part I - Identifying Information, Certifications, and Warnings • Part II - Application to Participate • Parts III, IV, V, and VI - Fiscal Operations Report.

  5. Upcoming Changes in 2007 • Changes to the certifications and disclosures due to changes in Education Department General Administrative Regulations. • Minor changes to the Lobbying Certification. • Debarment, Suspension, and Other Responsibility Matters (Part 85) has been removed. • Drug-Free Workplace (Part 84) has been removed.

  6. Upcoming Changes in 2007, cont’d. • We will add two lines to Part II, Section E, after Line 23 due to the new programs added with the implementation of the Higher Education Reform Act – - 23. Title IV, Part A, Subpart 1, Grants • a. – Total Federal Pell Grant expenditures for the 2006-2007 award year • b. – Total ACG expenditures for the 2006-2007 award year • c. – Total National SMART Grant expenditures for the 2006-2007 award year

  7. Current View

  8. New View

  9. Upcoming Changes in 2007, cont’d. • We will add four lines to Part III, Section A. • Line 17 – • Loan principal canceled for loans discharged for survivors of victims of 9-11 terrorist attacks • Line 38 – • Cost of loan principal and interest canceled for survivors of victims of 9-11 terrorist attacks.

  10. Upcoming Changes in 2007, cont’d. • Line 42 – • Balancing Adjustments Debits • Line 43 – • Balancing Adjustments Credit

  11. Current View

  12. New View

  13. New View

  14. FISAP Changes – 2008 and Beyond • Part III, Section A - Fiscal Report (Cumulative) as of June 30, 20XX • Collecting Data by fiscal year for existing line items

  15. Part III, Section A • Pre-populate prior year reported cumulative data • System will calculate annual data by subtracting pre-populated prior year cumulate data from the institution’s current year reported cumulative data

  16. Collecting Data by Fiscal Year for Existing Line Items • Purpose – • Bring Perkins Loan data inline with FFEL and Direct Loan data • Collect data on a Fiscal Year basis • Collect “loan level” data

  17. Collecting Data by Fiscal Year for Existing Line Items, cont’d • Part III, Section A • By Cancellation Category • Number of Borrowers • Cost of loan principal and interest cancelled

  18. Part III. Federal Perkins Loan Program for Award Year July 1, 2006 through June 30, 2007 Section A. Fiscal Report (Cumulative) as of June 30, 2007 Field Item Amount Number of Borrowers Debit Balances Credit Balances (a) (b) (c) (d) 1.1. Cash on hand and in depository as of 6/30/2007 $__________ 1.2. Cash on hand and in depository as of 10/31/2007 $_______ 2. Funds receivable from federal government $__________ 3. Funds receivable from school $__________ 4. Funds advanced to students _________________ $__________ 5. Loan principal collected _________________ $__________ 6. Loan principal assigned to and accepted by the United States _________________ $__________ Loan principal canceled: 7. -for teaching/military service (applies to loans made prior to 07/01/1972) _________________ $__________ 8. -for certain subject matter teaching service (math, science, foreign languages, bilingual education) _________________ $__________ 9. -for all other authorized teaching service _________________ $__________ 10. -for military service (applies to loans made 07/01/1972 and after) _________________ $__________ 11. -for volunteer service _________________ $__________ 12. -for law enforcement and corrections officer service _________________ $__________ 13. -for child/family/early intervention service _________________ $__________ 14. -for nurse/medical technician service _________________ $__________ 15. -for death/disability _________________ $__________ 16. -for bankruptcy _________________ $__________ 17. -for survivors of victims of 9-11 terrorist attacks _________________ $__________ 18. -for loans discharged due to closed schools _________________ $__________ 19. Loan principal adjustments – other _________________ $__________ 20. Federal Capital Contributions $__________ 21. Repayments of fund capital to federal government $__________ 22. Institutional Capital Contributions $__________ 23. Repayments of fund capital to school $__________

  19. Part III. Federal Perkins Loan Program for Award Year July 1, 2006 through June 30, 2007 Section A. Fiscal Report (Cumulative) as of June 30, 2007 Field Item Amount Number of Borrowers Debit Balances Credit Balances (a) (b) (c) (d) 24. Interest income on loans $__________ 25. Other income $__________ 26. Reimbursements to the Fund of the amounts canceled on loans made 07/01/1972 and after $__________ 27.1. Administrative cost allowance $________ 27.2. Collection costs $________ 27.3. Administrative cost allowance and collection costs (control) $__________ Cost of loan principal and interest canceled: 28. -for teaching/military service (applies to loans made prior to 07/01/1972) $__________ 29 -for certain subject matter teaching service (math, science, foreign languages, bilingual education) $__________ 30. -for all other authorized teaching service (applies to loans made 07/01/1972 and after) $__________ 31. -for military service (applies to loans made 07/01/1972 and after) $__________ 32. -for volunteer service in the Peace Corps or under the Domestic Volunteer Service Act of 1973 $__________ 33. -for law enforcement and corrections officer service $__________ 34. -for child/family/early intervention service $__________ 35. -for nurse/medical technician service $__________ 36. -because of death/disability $__________ 37. -because of bankruptcy $__________ 38. -for survivors of victims of 9-11 terrorist attacks $__________ 39. Cost of loan principal and interest assigned to and accepted by the United States $__________ 40. Cost of loan principal and interest canceled for loans discharged due to closed schools $_________ 41. Other costs or losses $__________ 42. Balancing Adjustments (Debits) $__________ 43. Balancing Adjustments (Credits) $__________ 44. Total debits and credits (Sum of fields 1.1 through 43 $__________ $__________

  20. Collecting Data by Fiscal Year for Existing Line Items, cont’d • Part III, Section B, Lines 7 through 9

  21. Part III. Federal Perkins Loan Program for Award Year July 1, 2006 through June 30, 2007 Section B. Fund Activity (Annual) During the 2006-2007 Award Year (July 1, 2006 through June 30, 2007) Number of Borrowers Amount (a) (b) 7. Total principal and interest repaid by borrowers from all sources during the 2006-2007 award year _________________ $__________ 8. Total principal repaid by borrowers from all sources during the 2006-2007 award year for loans in default for more than 2 years but not more than 5 years _________________ $__________ 9. Total principal repaid by borrowers from all sources during the 2006-2007 award year for loans in default for more than 5 years _________________ $__________

  22. Collecting Data by Fiscal Year for Existing Line Items, cont’d • Part III, Section D – Schools with 30 or More Borrowers Who Entered Repayment • Part III, Section E – Schools with Fewer than 30 Borrowers Who Entered Repayment

  23. Cohort Default Rate (Sections D and E) My school had less than 30 borrowers who entered repayment in the 2005-2006 award year. ____ yes ____ no Section D. Schools with 30 or More Borrowers Who Entered Repayment in the 2005-2006 Award Year 1.1. Number of borrowers who entered repayment in 2005-2006 __________________________ 1.2. Number of borrowers from Field 1.1 above with loans in default by June 30, 2007__________________________ 1.3. Cohort default rate ((Field 1.2 / Field 1.1) x 100) __________________________ Section E. Schools with Fewer than 30 Borrowers Who Entered Repayment in the 2005-2006 Award Year 2.1. Number of borrowers who entered repayment in: 2.2. Number of borrowers with loans in default by: (a) 2003-2004 (07/01/2003-06/30/2004) __________ (a) June 30, 2005 (those in 2.1(a) only) __________ (b) 2004-2005 (07/01/2004-06/30/2005) __________ (b) June 30, 2006 (those in 2.1(b) only) __________ (c) 2005-2006 (07-01/2005-06/30/2006) __________ (c) June 30, 2007 (those in 2.1(c) only) __________ 2.3. Total number of borrowers who entered repayment during the three years above (fields 2.1(a) + 2.1(b) + 2.1(c)) __________ 2.4. Total number of borrowers with loans in default during the three years above (fields 2.2(a) + 2.2(b) + 2.2(c)) __________ 2.5. Cohort default rate ((Field 2.4 / Field 2.3) x 100) __________

  24. FISAP and the Campus-Based Formula • Base Guarantee/Fair Share • Institutional Need • Cost of Attendance minus • All Pell Grants • Some State Grants • Expected Family Contributions

  25. Part II, Sections E and F • Pell, Academic Competitive, and National SMART Grants • Eligible Aid Applicants • Dependent Undergraduates (2) • Independent Undergraduates (2) • Independent Graduate/Professional

  26. Part II, Section F

  27. Distribution of EAAs, 2003-04

  28. Standard Campus-Based EFCs, 2003-04

  29. Campus-Based Programs:Cost of Attendance, 2003-04

  30. Future Eligible Aid Applicant Grid ?

  31. Campus-Based Programs Funding • Follow the Students • Provide More “Fair Share” Funding • Align Formula EFCs with Actual EFCs

  32. We Appreciate Your Feedback and Comment We appreciate your feedback and comments. we can be reached at: • Phone: 877-801-7168 (Campus-Based Call Center) • Fax: 703-761-0220 • Email: CBFOB@ed.govDorothy.Dorsey@ed.gov Mary.Miller@ed.gov Dan.Madzelan@ed.gov

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