www.oasfaa.org

2012 ArticulationsFederal and State Update

September 11-14, 2012

www.oasfaa.org 2

OASFAA is a non-profit organization

OASFAA has provided the information today as a free service

to access staff and high school counselors

You have permission to copy and distribute these materials to your students and families. Charges may not be assessed for the material or for the

information presented. Permission must be granted for other use of this information or these materials. Contact the Outreach Chairperson listed on the

OASFAA web site or e-mail: outreach@oasfaa.org

www.oasfaa.org

Agenda

FAFSA Updates Federal Programs 2012-13 State Programs 2012-13 Resources Training Opportunities

3

www.oasfaa.org

FAFSA• Very few if any changes to FAFSA; Refer to the 2012-13 Summary

of Changes for the Application Processing System for details regarding all changes to the application process, including FAFSA changes, CPS and ISIR changes, FAFSA on the Web simplification and enhancements.

• Data Retrieval Process• Deadlines are real

• File based on estimated if taxes are not completed before the school’s deadline

• OCOG deadline October 1, 2013• If you have a special circumstance, you must file the

FAFSA first

4

www.oasfaa.org 5

Special Circumstances

Examples: reported to the financial aid officeMedicalParent or student loss of incomeUnusual debt or one-time incomeTuition expenses at an elementary or secondary schoolParent in College

The financial aid administrator must have compelling reasons to use professional judgment.

The financial aid administrator’s decision as to whether you have special circumstances is final and cannot be appealed to us (the Department of Education).

www.oasfaa.org

Verification

6

Selected by the Central Processing System (CPS) or the Institution

Keep copies of 2012 Tax documents (for 2013-14 FAFSA)

If selected, completion is required before aid can be disbursed

Verification materials are sent from the student or family to the financial aid office, not to the federal processor

www.oasfaa.org

Verification and IRS Data Retrieval

7

Available now (2012-2013)

For 2013-14

Can and should be used when filing the initial FAFSA, making corrections, or when changing estimated tax information to actual tax information

www.oasfaa.org

IRS Data Retrieval

Link to UC Santa Barbara You Tube Videohttp://www.youtube.com/watch?v=W47_YTRVYD4

8

www.oasfaa.org

Net Price Calculator (NPC)

NPC went live in October, 2011.Using both student-entered and institution-provided data,1 the NPC allows prospective students to calculate their estimated net price at an institution based on the following basic formula:

Price of attendance minus grant aidSchools may use ED’s NPC template, create their own template, or purchase a template from a third party.2

www.oasfaa.org

Net Price Calculator

*Designed to provide accurate and timely information about the net price of a college.*Can assist families in comparing colleges based on net price and financial aid.

*Inclusion of direct and indirect costs in “price of attendance” component can significantly inflate the price tag. 1

*Institution’s flexibility to customize template could make college costs comparisons an extremely complex process. 2

CONCERNS BENFITS

www.oasfaa.org

Shopping Sheet

Financial Aid Shopping SheetA new "financial aid shopping sheet" will show college applicants exactly how much money they will be paying out for their education and help them compare financial aid offers from the different schools they're considering.

Final Version7/24/12

11

www.oasfaa.org

Federal Aid Programs, 2012-2013

12

www.oasfaa.org

Federal Pell Grant, 2012-2013

Maximum award amount remains the same as 2011-2012 $5,550 maximum award for full-time enrollment and an Expected Family Contribution (EFC) of zero

Reminder: Year-round Pell (two Pell awards

within the same academic year) has been eliminated

13

www.oasfaa.org

TEACH, 2012-2013

14

www.oasfaa.org

Campus Based Programs, 2012-2013

15

www.oasfaa.org

Federal Work Study

16

Undergraduate or graduate students are eligible as determined by individual institution

Employment can be on or off campus FWS wages excluded from EFC calculation!!! Eligible employers

• School• Federal, state, or local public agency• Private non-profit organization in

academically relevant jobs• For-profit organization in academically

relevant jobs• Community service activities

Ohio minimum wage in

2012: $7.70 per hour

www.oasfaa.org 17

Increased income protection allowance for dependent students:

• 10-11 $4,500• 11-12 $5,250• 12-13 $6,000• 13-14 $6,130

Asset conversion rate for dependent students is 20%

Income Protection Allowance

www.oasfaa.org

Federal Supplemental Educational Opportunity Grant (FSEOG)

18

Federal SEOG Grant*Undergraduates with exceptional financial need*Pell Eligible students with the lowest EFC*Award ranges from $100 to $4000, depending on when student applies, financial need, and the funding and policies of school attending

www.oasfaa.org

Federal Perkins LoanFederal Perkins Loan

19

Eligible students (priority to exceptional need)• Undergraduate or graduate students• Must file the FAFSA

Annual and aggregate loan limits• up to $5,500 annually for undergraduates

(actual awards, if any, will vary between schools)• $27,500 aggregate for undergraduates

Interest rate: 5% (fixed) during repayment Interest subsidized during in-school and nine-month

grace period Deferment and cancellation provisions available

www.oasfaa.org

Direct Loans

Federal Stafford/Federal Direct LoanA federal loan program with two types of awards

20

Subsidized UnsubsidizedNeed based Not based on financial need

Interest is fixed at 3.4% for all new undergraduate loans

disbursed after July 1, 2012. Interest is subsidized while the

student is in school during deferment. Slated to go back to

6.8% for 2013-2014

Interest is fixed at 6.8% for all new loans disbursed after July 1, 2006. Interest accrues from time

of disbursement of the funds.

www.oasfaa.org

Direct Loans

Independent Students and Dependent Students whose parents have been denied the PLUS Loan are eligible for additional

Unsubsidized Stafford Loans ($4,000 as Freshmen and Sophomores and $5,000 as Juniors and Seniors)

21

Class Year Base AmountAdditional

Unsubsidized Amount

Total Available to Borrow

Freshman $3,500 $2,000 $5,500

Sophomore $4,500 $2,000 $6,500

Junior $5,500 $2,000 $7,500

Senior $5,500 $2,000 $7,500

www.oasfaa.org

Direct Loans, 2012-2013

1% default fee with NO rebate (deducted from the borrowers disbursement so

borrowers net 99% of what they borrow)

22

www.oasfaa.org

Direct Loans

23

www.oasfaa.org

Direct Parent Loans

• Loans to parents of dependent undergraduate students • Loan limits are up to the cost of education less any financial

aid received per academic year• The interest rate 7.9% fixed• Repayment begins within 60 days of full disbursement

(payments may be deferred while the student is in school) • FAFSA required

24

www.oasfaa.org

Direct Loans, 2012-2013

4% default fee with NO rebate (deducted from the borrowers disbursement so

borrowers net 96% of what they borrow)

25

www.oasfaa.org

Sneak Peek beyond 2012-2013Subsidized Loan interest rate to revert to 6.8%

for new loans after July 1, 2013

26

www.oasfaa.org

Ohio Aid Programs, 2012-2013

Ohio College Opportunity Grant (OCOG)War Orphans Scholarship

National Guard ScholarshipSafety Officers Memorial

Nurse Education Assistance Loan Program (NEALP)

Choose Ohio First

27

www.oasfaa.org

Ohio College Opportunity Grant (OCOG)

28

Students must file the FAFSA, be Ohio residents and attend an Ohio public university main campuses (not regional campuses or community colleges), Ohio private, non-profit colleges or universities, and Ohio private, for-profit institutions. The Expected Family Contribution (EFC) is the index number for awarding OCOG EFC eligibility range is from 0000-2190 A part-time student will receive a pro-rated awardAvailable for continuous enrollment (includes summer)

www.oasfaa.org

OCOG, 2012-2013Total funding level for 2012-2013 increased

over total funding level for 2011-2012

29

2012-2013

$856 for students at public main campuses

$2,280 for students at most private, non-profit

$480 for students at most private, for-profit

www.oasfaa.org

War Orphans Scholarship, 2012-2013

For Ohio dependents of deceased or majority disabled veterans

Will provide an annual, full-time award of $5,575 to eligible students at private colleges

and universities (both non-profit and for-profit)

30

Will continue to cover 93% of full-time tuition and general fees at public colleges and universities

www.oasfaa.org

Ohio National Guard Scholarship, 2012-2013

Eligibility determined by the Ohio Adjutant General

Will provide an annual, full-time award of $8,696 to eligible students at private colleges

and universities (both non-profit and for profit)

31

Will continue to cover 100% of tuition and general fees at public colleges and universities

www.oasfaa.org

Safety Officers Memorial, 2012-2013

For Ohio dependents and spouses of safety officers killed in the line of duty

Will provide an annual, full-time award of $6,768? to eligible students at private colleges and universities (both non-profit and for-profit)

32

Will continue to cover 100% of full-time tuition and general fees at public colleges & universities

www.oasfaa.org

NEALP, 2012-2013

33

www.oasfaa.org

Choose Ohio First, 2012-2013Various scholarship programs with STEMM

concentrations

Additional base criteria•Ohio Resident

•US Citizen

34

Only available at certain participating institutions Minimum award $1500 /maximum

$5200 in the course of an academic year

www.oasfaa.org 35

www.statevoucher.org

www.oasfaa.org

http://www.fafsa.ed.gov/

36

www.oasfaa.org

Resourceshttp://fsa4counselors.ed.gov/PORTALSWebApp/cotw/main.jsp

37

www.oasfaa.org

FASFA Completion Toolhttp://fsa4counselors.ed.gov/clcf/FAFSACompletion.html

No more self reporting surveys!!! Federal Student Aid is providing high schools with current data about their FAFSA submissions and completions so that high schools can track their progress and help to ensure that their students complete a FAFSA. A completed FAFSA allows the U.S. Department of Education to determine a potential student's eligibility for federal student aid – a key factor in families' college decisions.

38

www.oasfaa.org

Request for High School Presentationhttp://www.oasfaa.org/docs/forms/getting_the_message_Registration.html

39

www.oasfaa.org

                                                                                                                       

                                                                 

College Goal Sunday 2013Sunday, February 10, 2013

Save the Date!The event for 2012 has concluded. If you need assistance completing the FAFSA now, please

contact your school counselor, college access advisor or local financial aid office. For information on Ohio Higher Ed and other financial aid resources, including Ohio's College

Advantage 529 Savings Plan,call 1-800-AFFORD-IT (1-800-233-6734.)

This year’s event is sponsored by:

                                                                                                                                           

                                                                                                          

www.oasfaa.org

Additional Training Opportunities

Visit www.oasfaa.org... For information on Counselor workshops to be held December 3-7, 2012 Counselor’s Contact Database

– Workshop registration information– Counselor event announcements and details– Training announcements

41