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Generic Inservice presentation

Generic Inservice presentation. For College Faculty and Student Services Staff. Students need money. We’re All In This Together!. COLLEGE FINANCIAL AID OFFICE. Whom We Serve. What We Do. 2011 College Family Income. College Financial Aid Volume 2011-12.

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Generic Inservice presentation

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  1. Generic Inservicepresentation For College Faculty and Student Services Staff

  2. Students need money We’re All In This Together!

  3. COLLEGE FINANCIAL AID OFFICE Whom We Serve What We Do

  4. 2011 CollegeFamily Income

  5. College Financial Aid Volume2011-12 84% of enrolled students filed a FAFSA 82% received some type of financial aid award 59% received a Pell Grant

  6. Sources of College Financial Aid2011-12

  7. WHY IS financial aid SO crazy?

  8. Free Application for Federal Student Aid • Everybody hates it • 106 invasive questions • Requires prior year tax and current asset info (+ parent info if <24) • Determines eligibility for Pell, Loans, Work, A+, and more

  9. Each type of financial aid has its own criteria, rules and regulations… Pell grants Student loans • High financial need • Undergraduate • HS diploma/GED • Regular student • Program approved by DE • Selective Service • No drug conviction • Homeland security status • Pass verification • Attend Class • Return to Title IV • Academic progress • All Pell requirements • At least half time • Counseling • No default • Not borrowed limit A+ Benefits • Full time • Certified by HS • No repeats • 2.5 GPA

  10. 2011-12 FAFSA Verification Process781(51%) Students

  11. How We Calculate Financial Aid Who gets what? How much is left? College Cost +Average Living Expenses - FAFSA Family Contribution = Financial Aid Eligibility Total Amount of Aid Awarded - Student Account Charges = Financial Aid Refund $5,100 Pell $7,122 Loan $12,222 $12,772 $500 $3,120 $12,222 $9,102

  12. Strings Attached… • Program Reviews • Reporting • Annual Audit • New Laws • Clarified Old Laws • Information Security • Disclosures • R2T4 Calculations • Loan Default Rate

  13. College Loan Volume

  14. How students see borrowing

  15. How we see borrowing

  16. Remember this?

  17. Loan Repayment

  18. Financial Aid Students are required to • Establish attendance ineach course • Stay in class • Maintainsatisfactory academic progress

  19. To preserve the right to distribute federal student aid, the College must • Demonstratethat each financial aid recipient attended each class at least once • Capture a Last Date of Attendance for Fs and Xs • Calculateearned vs. unearned financial aid when a student withdraws or stops attending all classes • Monitor and take action when an FA recipient does not meet our satisfactory academic progress policy

  20. Meet Samantha May 14 Enrolled in four classes for Fall July 16 Awarded $2,535 Pell Grant & $4,000 Loan Sept 11 $4,975 refund check mailed Sept 28 Instructor #1 reported Sam never attended Dec 15 Instructor #2 reporter her LDA Sept 2 Dec 15 Instructor #3 reported her LDA Sept 11 Dec 15 Instructor #4 reported her LDA Sept 28

  21. Dec 18 The Collegecalled Samantha who said she never attended any classes and assumed the “reward” check could be used for expenses until she re-enrolled. She’d spent the $4,975. Samantha wins a ticket to Accounts Receivable City and Collections Town…

  22. ATTENDANCE =participation in an academically-related activity In other words…

  23. Go

  24. Handout from the ProvostAttendance and Return of Title IV Federal Financial Aid Funds • How the U.S. Department of Education views class attendance for Title IV purposes • How the College proves attendance for Title IV purposes • How the U.S. Department of Education defines attendance in an academically-related activity for Title IV purposes • How the Financial Aid Office calculatesand treats earned and unearned Title IV funds

  25. Satisfactory Academic Progress

  26. To continue to receive funding, College financial aid recipients must • Maintain at least a 2.0 cumulative grade point average • Pass67% of the credit hours they attempt • Complete their program of study within 150% of the length of the program Note: There is a limited appeal process when mitigating circumstances prevent satisfactory progress.

  27. Return to Title IV--the Feds Want their DUEAn FA award is a contract to complete course work—if the student doesn’t fulfill it, money is owed back.

  28. r2t4 A Cautionary Tale

  29. For want of a nail… • A Mythical Community College wrote off more than $400,000 in federal aid in one year • This was the result of attendance not being reported in a timely manner • The aid had been awarded then had to be returned to the federal programs because students didn’t “earn” it (didn’t attend or stopped attending) • AMCC paid the Feds then had to try to collect back from students—they got all but the $400K

  30. Take Aways

  31. Financial Aid is essential to the College and its students ($10,000,000+ and growing) • Financial Aid is big and complicated • Our Financial Aid operation is now compliant and successful • Everyone plays a critical part in ensuring continued funding : • Students go to class and make progress • Faculty keep required records • Administrators interpret the regulations and ensure compliance • Staff process financial aid and inform students

  32. We’re All In This Together! As part of ourTitleIV Federal Student Aid Participation Agreement, the College must “…communicate to the individual designated to be responsible for administering Title IV programs, all the information received by any institutional office that bears on a student's eligibility for Title IV, HEA program assistance. “ --34 CFR 668.16 Code of Federal Regulations

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