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EASFAA Conference 2013 Boston MA.

EASFAA Conference 2013 Boston MA. Anthony M. Sozzo Associate Dean Director of Student Financial Planning New York Medical College NASFAA GPIC Chair 2012-13. What Graduate Schools need to know about the Shopping Sheet Veterans and the Shopping Sheet

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EASFAA Conference 2013 Boston MA.

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  1. EASFAA Conference 2013Boston MA. Anthony M. Sozzo Associate Dean Director of Student Financial Planning New York Medical College NASFAA GPIC Chair 2012-13

  2. What Graduate Schools need to know about the Shopping Sheet Veterans and the Shopping Sheet How other schools will use the Shopping Sheet Audience Comments and Suggestions

  3. Historical Details Aid offer notification— • In regulations through late 1980’s • Replaced by disclosure requirement in late 1987 • Statutory changes— • In 1986—Federal Student Assistance Report • In 1992—“Federal” added to Title IV program names

  4. HEOA Requirement • HEOA requirement for model aid offer format • Refocused attention on communicating aid offers • Goal of helping families make informed decisions about college • Required public meeting to discuss improvements & offer recommendations • Required development & distribution of model aid offer format • Public meeting held 9/13/11

  5. Work with CFPB • After public meeting, began working with the Consumer Financial Protection Bureau • Logical connection— • Their focus on information to help consumers make good financial choices • Aid offer sets up conditions for financial transaction between student & school • Experience in developing and testing tools

  6. Work with CFPB • “Thought-starter” format discussed at 2011 FSA conference and later posted on CFPB website • CFPB expertise and 1,000+ comments helped develop the current version • Valuable suggestions on structure and organization • Work led to Financial Aid Shopping Sheet announced by Secretary Duncan in July

  7. Shopping Sheet for 2013-14 • Single sheet, standardized format • Can use as cover sheet with aid offer notification or as standalone notice of aid awards • Value as a consumer comparison tool • Designed for undergrads and may be modified for graduate students • Transparency and consistency in providing information to all students • Use is voluntary but strongly encouraged • Fulfills information requirements for key pieces of Executive Order 13607

  8. Shopping Sheet for 2013-14 Student information School information Student’s cost of attendance Information supplied by ED— Graduation Rate Loan Default Rate Median Borrowing Gift aid Net costs Work and loans Loan repayment information Other funding options Contact information Customized information

  9. COA – Grants = Net Costs

  10. Work, Loan, & Other Options

  11. Outcome Metrics

  12. Implementation for 2013-14 • Implementation • HTML code distributed 9/12 • Software providers • EDExpress • Questions via ShoppingSheet@ed.gov

  13. Shopping Sheet Communications • 7/24/12: Secretary’s open letter to college presidents • 7/25/12: DCL to financial aid administrators • 8/30/12: DCL to institutions that agree to comply with the principles in Executive Order 13607 • 9/11/12: EA with implementation details

  14. Shopping Sheet Communications • 9/25/12: Secretary’s blog post on ED.gov • 9/28/12: EA with HTML specs • Updates on OPE’s webpage • Annotated Shopping Sheet

  15. The Order directs the Departments of Defense and Veterans Affairs to require those institutions to provide each of their prospective veteran and service member students with a personalized and standardized form describing the cost of the educational program and the amount of that cost that may be covered by available Federal education benefits and financial aid.  The Shopping Sheet provides this kind of information.   The Order is available at: http://www.gpo.gov/fdsys/pkg/FR-2012-05-02/pdf/2012-10715.pdf. 

  16. Contact Information We appreciate your feedback and comments and can be reached at: • Phone: 202-219-7031 • E-mail: Marty.Guthrie@ed.gov • Phone: 202-502-7446 • E-mail: Jessica.Shedd@ed.gov

  17. Examples of Graduate school use of the Shopping SheetBank Street College of EducationandMiami University School of Law

  18. Bank Street College of Education

  19. Miami University School of Law

  20. An all size, fits all Shopping Sheet, does not work for all sectors. • The Shopping Sheet was primarily created with undergraduate students in mind. • Graduate-specific challenges: • We are not allowed to customize the sheet to remove all undergraduate-specific programs. For example, the Federal Pell Grant and Federal Subsidized Stafford Loans are not needed for graduate students, since they are not eligible. • We are not allowed to include the PLUS Loan for graduate students under Loan Options, unless you include it under Federal Direct Unsubsidized Loan or you just include an explanation in the Customized Box area. • Required Metrics (cannot use a N/A designation, had to put 0 and explain in cusutomized box) • Graduation Rate (this is an undergraduate metric, not graduate) • Loan Default Rate (in some, if not most cases, this is a combined institution rate that includes undergraduate data) • Median Borrowing (this is an undergraduate metric, not graduate) Challenges of the Shopping Sheet

  21. Shopping Sheet is currently not required. • University of Miami signed the MOU. • Shopping Sheet not appropriate for graduate and professional students in its current format. • Felt it would cause more confusion or questions, rather than a “clear” consumer tool to assist in making informed decisions as it was intended. Institution Review

  22. Since the University of Miami signed the MOU we decided to only use the Shopping Sheet in 2013-14 for our active military and veterans. Institution Decision

  23. University of Miami signed the MOU • Shopping Sheet is made available to law students that have self-reported a military status using any of the following methods: • LSAC Admission Application • Contact with Veterans Affairs Certifying Official in the University's Office of the Registrar. • Contact with Military & Veterans Primary Contacts available in the School of Law • Office of Financial Aid • Dean of Students in Student Services • Referral to OFA and DOS, if contact with other administrative staff or faculty at the university Shopping Sheet

  24. Sample Shopping Sheet

  25. Sample Shopping Sheet Cost of Attendance

  26. Sample Shopping Sheet Grants & Scholarships

  27. Sample Shopping Sheet Net Costs

  28. Sample Shopping Sheet Loan Options

  29. Sample Shopping Sheet Customized Box

  30. Sample Shopping Sheet Graduation Rate

  31. Sample Shopping Sheet Loan Default Rate

  32. Sample Shopping Sheet Median Borrowing

  33. Military and Veteran Information (on the Office of Financial Aid website) http://www.law.miami.edu/financial-aid/veterans.php?op=8

  34. Contact InformationBrenda M. BrownDirector of Financial AidUniversity of Miami School of Lawbbrown@law.miami.edu(305) 284-5032

  35. Your thoughts…Thank You Tony SozzoNew York Medical College

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