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COD System & studentloans Update

COD System & studentloans.gov Update. DC-DE-MD ASFAA Conference Ocean City, MD. Annmarie Weisman | 11.06.2012. Spring 2012 Pell Grant LEU Recap. On April 16, 2012, COD began performing outreach to impacted 2012-13 FAFSA Pell-eligible applicants.

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COD System & studentloans Update

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  1. COD System & studentloans.gov Update DC-DE-MD ASFAA Conference Ocean City, MD Annmarie Weisman | 11.06.2012

  2. Spring 2012 Pell Grant LEU Recap • On April 16, 2012, COD began performing outreach to impacted 2012-13 FAFSA Pell-eligible applicants. • Targeted e-mail messages sent to 2012-13 FAFSA Pell-eligible applicants near, or exceeding, an LEU percentage of 600% • Pell LEU applicant e-mail outreach continued through June 30, 2012 3

  3. COD 2012-13 Pell LEU Report 7

  4. COD Release 11.1 Pell LEU Recap • With Release 11.1, on July 7, 2012, the COD System modified the following LEU functionality: • COD returns the Pell LEU in the common record response for ALL Pell recipients • Common Record Response tag <LifetimeEligibilityUsed> returned on Pell Grant responses • Pell Grant awards for Award Year 2010-11 forward • Modified current COD Warning Edits to reflect new limits 8

  5. COD Release 11.1 Pell LEU Recap Two Pell LEU warning edits were modified: • Note: There is NO HARD REJECT EDIT in COD that prevents a Pell disbursement to a student with an LEU of > 600%. 9

  6. COD Release 11.1 Pell LEU Recap • COD also provides the LEU on the following Pell Grant SAIG preformatted reports for 2010-11 and forward: • Pell Grant Multiple Reporting Record (MRR) • Pell Grant Reconciliation Report • Pell Grant Year to Date Report 10

  7. COD Release 11.1 Pell LEU Web Changes • With Release 11.1, the COD website was modified to provide additional Pell LEU information: • COD displays LEU on the COD Web for all Pell recipients • A new COD Pell LEU History page on the COD website allows schools to view historical Pell data to determine how the LEU was calculated 11

  8. COD 11.1 Pell Grant LEU Web Changes • From the Pell LEU History Page users can export data to XLS format 15

  9. COD 11.1 Pell Grant LEU Web Changes • From the Pell LEU History Page, users can export data to XLS format 16

  10. Pell LEU Update - NSLDS • COD calculates Pell LEU and sends it to NSLDS • NSLDS records updated with the COD LEU data • Displays LEU on the Professional Access-Grant Page, Student Access Grant Section, and on Transfer Monitoring/FA History files • NSLDS will provide LEU information to the CPS via the pre-screening and post-screening process • COD is the system of record for Pell LEU data 17

  11. Pell LEU Update - NSLDS/CPS *New Pell Lifetime Limit Flag in pre-screening match between NSLDS and CPS: • E = Limit met or exceeded (= or >600%) • C = Close to limit (>500% but <600%) • H = High % (= or >450% but < or =500%) • N = No problem 18

  12. Pell LEU Update - NSLDS/CPS New NSLDS post-screening Reason Codes for match between NSLDS and CPS: 19

  13. Pell LEU Update - NSLDS/CPS • In July 2012, the CPS began reporting Pell LEU information for 2012-13 award year on ISIRs and SARs. • Pell Information reported using comment codes • To alert schools and applicants who are close to or have exceeded 600% LEU • Avoided mid-cycle changes to the ISIR record layout • Refer to the reissued 2012-13 SAR/ISIR Guide • Pell Grant LEU limit flag WILL NOT be added to the ISIR until 2013-14 20

  14. COD Release 12.0 Grant & DL Update • <AbilityToBenefitCode> tag modifications for Release 12.0 include new and modified edits: 23

  15. COD Release 12.0 Grant & DL Update • Release 12.0 will also provide new valid values for the <AbilityToBenefitCode> tag: 24

  16. COD Release 11.1 Direct Loans Recap With the COD Release 11.1 the Weekly School Monitoring Report was modified • Contains virtually the same important information as the original emailed report • Distributed weekly via your school’s… • SAIG Mailbox in a preformatted text file (SCHMONOP) • COD Newsbox (Direct Loan or Pell) in PDF format • Allows for increased access to reports by authorized users at the school 33

  17. COD Release 11.1 Direct Loans Recap • Financial Awareness Counseling on the StudentLoans.gov website was developed to • Educate borrowers about their current indebtedness and management of their student loans • Provide a centralized, online source of financial literacy information to students 34

  18. COD Release 11.1 Direct Loans Recap • Financial Awareness Counseling on the StudentLoans.gov website was developed to • Assist borrowers in making informed postsecondary funding decisions • Support the government-wide efforts through the Financial Literacy Education Commission 35

  19. COD Release 11.1 Direct Loans Recap • Your Student Loans • Loan Basics • Free Money First • Types of Student Loans • Manage Your Spending While in School • Live Within Your Means • Borrow Smart • Estimate What You Will Owe, Spend, and Earn • Understand Repayment • Avoiding Default • Postpone or Lower Your Payments • Forgive or Cancel Your Debts • Delinquency and Default • Plan for the Future • Your Income & Taxes • Your Credit & Identity • Credit Cards & Other Borrowing 37

  20. COD Release 11.1 Direct Loans Recap • The existing Entrance Counseling Report was modified to include Financial Awareness Counseling data • Renamed the “Counseling Report” • Posted weekly to COD Reporting NewsBox in CSV format • New Counseling Type Indicator • There can be multiple Entrance Counseling or FAC records per Borrower 39

  21. COD Release 11.1.1 DL Update • FSA is creating an electronic IBR application with an IRS data retrieval function that will be available on StudentLoans.gov • intent is to increase efficiency • similar to FAFSA on the Web to allow applicants to retrieve and transfer income information into their online IBR application 40

  22. studentaid.gov 46

  23. Federal Student Aid Websites

  24. Solution: StudentAid.gov

  25. FACT Counseling Tool • Useful Information to Have • Any details on your income, financial aid, and living expenses. Some of this information can be found in: • Your student account information • A copy of the award letter from your school's financial aid office (if you have received it) • A listing of the tuition and fees for your school. Visit CollegeNavigator.gov 50

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