conversion loan programs: kheaa teacher scholarship & minority educator recruitment and...
TRANSCRIPT
Conversion Loan Programs:
KHEAA Teacher Scholarship &
Minority Educator Recruitment and Retention Scholarship (MERRS)
KASFAA Spring ConferenceApril 12, 2007
Jennifer Toth, KHEAANatasha Murray, KY Department of Education
Program DescriptionProgram Description
The KHEAA Teacher & MERR Scholarships provide financial
assistance in the form of a scholarship/conversion loan to
Kentucky students who are pursuing initial teaching
certification.
Eligibility RequirementsEligibility Requirements
U.S. citizen Kentucky resident Seeking initial
teacher certification Full-time student
(unless final term) Unmet need Available funding
Good standing on all student loans, including conversion loans
Additional MERRS requirements
Minority 2.5 GPA Only available at public
institutions
Scholarship or Loan?Scholarship or Loan?
Recipients are required to provide teaching service in Kentucky for each semester the scholarship is received.
Otherwise, the scholarship converts to a loan.
Loan Interest RateLoan Interest Rate
Conversion loan interest accrues from the date of disbursement.
The interest rate is currently 6%.– Prior to April 2005, the interest rate was 12%.
KHEAA Teacher ScholarshipKHEAA Teacher ScholarshipAward AmountsAward Amounts
Juniors, seniors, post-baccalaureates, & graduates
• Up to $2,500 per semester for fall and spring
• Up to $1,250 for summer term if funding is available
Freshmen & sophomores
• Up to $625 per semester for fall and spring
• Up to $325 for summer term if funding is available
KHEAA Teacher ScholarshipKHEAA Teacher Scholarship
Award AmountsAward Amounts
KHEAA Teacher Scholarship KHEAA Teacher Scholarship Aggregate AmountsAggregate Amounts
Undergraduate$12,500
Graduate (including post-baccalaureate)
$7,500
Students can receive scholarships at both the undergraduate and graduate levels provided they do not exceed their
aggregate.
MERRS AmountsMERRS Amounts
Four-year institutions$2,500 per semester
KCTCS institutions $1,000 per semester
Students may receive MERRS at both the undergraduate and graduate levels.
$20,000 lifetime aggregate
Program Program AdministrationAdministration
KHEAA Teacher KHEAA Teacher ScholarshipScholarship
Program Program AdministrationAdministration
KHEAA Teacher KHEAA Teacher ScholarshipScholarship
KHEAA makes awards and KHEAA makes awards and disburses funds.disburses funds.
Application ProcessApplication Process
Students apply via Zip Access at www.kheaa.com
Application deadline is May 1
Types of ApplicantsTypes of Applicants
New ApplicantsStudents who have never received a
KHEAA Teacher Scholarship
Renewal ApplicantsStudents who received a KHEAA Teacher
Scholarship disbursement during a prior semester/academic year
New ApplicantsNew Applicants
New applicants must log into Zip Access and click the
“Apply Online for Scholarship” link to begin their application process.
Renewal ApplicantsRenewal Applicants
Renewal applicants must log into Zip Access and go to their
“2007-2008 Teacher Scholarship” link.
They do not complete a new application.
Application ProcessApplication Process
The FAFSA is also required because the KHEAA Teacher Scholarship is need-based.
Students should have their 2007-2008 ISIR information to
their participating college by May 1, 2007.
Certification ProcessCertification Process
Once initial applications are received, teacher certifiers at each institution
verify the following applicant information:
• Admission into the institution • Admission into the teacher education
program, if applicable• U.S. citizenship; and• Kentucky residency.
Awarding KHEAA Teacher Awarding KHEAA Teacher ScholarshipsScholarships
Based upon available funding, awards are made in the following order to
qualifying applicants as ranked by EFC:
1. Renewal applicants
2. Initial applicants admitted to a teacher education program
3. Initial applicants who meet the requirements for admission but have not been admitted to a teacher education program
Disbursement ProcessDisbursement Process
KHEAA sends a promissory note to each recipient for each semester the
scholarship is awarded.
Once the promissory note is returned to KHEAA, the student is placed on the institution’s roster in Zip Access
under the Student Aid “Verify Eligibility” section.
Disbursement ProcessDisbursement Process
Funds are disbursed once enrollment verification is received by KHEAA.
Institutions typically receive an EFT notification via email within 3-5
business days.
RefundsRefunds
Refunds should be submitted through Zip
Access using the “Make a Refund” process.
Program Program AdministrationAdministration
MERRMERR
Program Program AdministrationAdministration
MERRMERREducation institutions make awards and disburse funds in accordance
with KDE regulations..
MERR Application ProcessMERR Application Process
1. Students contact their campus MERR coordinator for an appointment to fill out an application.
2. The promissory note is signed.
MERR Application MERR Application ProcessProcess
3. All promissory notes and invoices are sent to KDE for verification of student status, disbursement of funds, and data collection.
4. Promissory notes are sent to KHEAA for tracking purposes.
Program Program AdministrationAdministration
Teacher and MERR Teacher and MERR ScholarshipsScholarships
Program Program AdministrationAdministration
Teacher and MERR Teacher and MERR ScholarshipsScholarships
KHEAA tracks statuses of recipients until obligations are fulfilled.
Promissory NotesPromissory Notes
IMPORTANT: The promissory note gives KHEAA the authority to collect if the scholarship converts to a loan.
If assisting students with promissory notes, they
should be:
• Completed in their entirety • Signed and dated by the student• Corrections should be initialed by the student
Satisfying the ObligationSatisfying the ObligationSatisfying the ObligationSatisfying the Obligation
Two Ways to SatisfyTwo Ways to Satisfy
Payment by qualified teaching service
OR
Payment by money
Recipients who complete a teacher education program receive a six-month grace
period after teacher certification program is
complete.
Grace PeriodGrace Period
Grace PeriodGrace Period
Provides time to prepare for service:
• Pass PRAXIS
• Obtain a Certificate of Eligibility
• Obtain a position working on a one-year Kentucky Teacher Internship Program (KTIP)
Status Tracking Status Tracking
After graduation, KHEAA sends each recipient a status form and letter explaining the qualified teaching
service requirements.
The status form must be completed and returned to KHEAA by the end of the grace period. If it is not returned, or
the recipient does not qualify for deferment, the scholarship converts to
a loan.
It is the recipient’s responsibility to notify KHEAA of the following:
• Change of address• Change of telephone
number• Leaving school or
attending less than half-time for any period of time
• Changing schools• Graduation date
change• When and where
qualified teaching service is being provided
Status TrackingStatus Tracking
Payment by ServicePayment by Service
Cancellation of scholarshipCancellation of scholarship
Recipients can receive service cancellation if they provide
qualified teaching service at a school certified by the
Kentucky Department of Education.
Cancellation Cancellation RequirementsRequirements
• Must be the teacher of record• Provide service the majority of the
day*• Teach at least 70 days per semester• Be in good standing on any KHEAA
loans
If qualifications are met, service cancellation begins
during the KTIP year.
Cancellation Requirements
*Teaching the majority of the day is required unless an individual has a disability defined by Title II of the Americans with Disabilities Act, whose disability, certified by a licensed physician, prevents that individual from teaching a major portion of each day. The recipient shall be deemed to perform qualified teaching service by teaching the maximum time permitted by the attending physician.
Cancellation TermsCancellation Terms
Cancellation of one semester per semester taught
OR
Cancellation of two semesters per semester taught in a
critical shortage subject area
No cancellation allowed for the following:
• Emergency Certification• Substituting
Cancellation TermsCancellation Terms
Payment by moneyPayment by money
Payment by MoneyPayment by Money
The following applies to students who stop pursuit of initial teacher certification:
• No grace period allowed• Scholarship converts to a loan • Students who are enrolled in an eligible
institution at least half-time may receive in-school deferments.
Payment by MoneyPayment by Money
KHEAA will attempt to make satisfactory
payment arrangements with
recipient
Failure to repayFailure to repay
• Account can default• Reported to credit bureaus• May be assigned to the KY
Department of Revenue for further collection activity including garnishment of wages & tax refunds
Important DisclosureImportant Disclosure
Please be sure to explain to students that this scholarship requires a qualified teaching
service requirement in Kentucky for each semester received.
Otherwise, it must be repaid.
Questions?Questions?
Jennifer TothKHEAA Scholarship/Conversion Loan Coordinator
Natasha MurrayKDE Program Consultant/KY Educator Placement Service
Coordinator & Educator/Recruitment Specialist502-564-1479