generic inservice presentation
DESCRIPTION
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. - PowerPoint PPT PresentationTRANSCRIPT
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GENERIC INSERVICE PRESENTATION
For College Faculty and Student Services Staff
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STUDENTS NEED MONEY
We’re All In This Together!
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Wh
at W
e D
oCOLLEGE FINANCIAL AID OFFICE
Wh
om
We S
erv
e
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2011 College Family Income
# of enrolled students who filed a FAFSA
# with family income below poverty level (< $24,000)
% with family
income below
poverty level
1,529 654 43%
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College Financial Aid Volume2011-12
Enrolled Students 1,829
FAFSAs from Enrolled Students
1,529
Students w/Fin Aid Awards 1,491
Pell Grants 1,084
Loan Borrowers 754
A+ Awards 22184% of enrolled students filed a FAFSA
82% received some type of financial aid award59% received a Pell Grant
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Sources of College Financial Aid2011-12
Federal $8,576,266
State $862,202
Institutional $340,391
Other $282,844
Total $10,061,703
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WH
Y I
S F
INA
NC
IAL A
ID S
O
CR
AZ
Y ?
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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
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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
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2011-12 FAFSA Verification Process781(51%) Students
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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
$12,772
$500
$12,222 $9,102
$3,120
$5,100 Pell$7,122 Loan
$12,222
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Strings
Attached…
• Program Reviews• Reporting • Annual Audit• New Laws• Clarified Old Laws• Information Security• Disclosures• R2T4 Calculations• Loan Default Rate
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College Loan Volume
Enrolled
Students
Student Borrowe
rs
Total Loan Amounts
Average Loan
per Student
2009-10 1,916 672 $3,897,051
$5,799
2010-11 1,956 816 $4,730,416
$5,797
2011-12 1,829 754 $4,474,035
$5,934
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HOW STUDENTS SEE BORROWING
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HOW WE SEE
BORROWING
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Remember this?
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Loan Repayment
Borrowed Amount
10-Year Monthly Payment
Student in Example (one year)
$7,122 $70.09
Student in Example (two years)
$14,244 $140.19
Maximum College (two years) $21,000 $206.68
Maximum Undergraduate $57,500 $565.90
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Financial Aid Students are required to
Establish attendance in each course
Stay in class Maintain satisfactory
academic progress
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To preserve the right to distribute federal student aid, the College
must Demonstrate that each financial aid
recipient attended each class at least once
Capture a Last Date of Attendance for Fs and Xs
Calculate earned 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
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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
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Dec 18 The College called 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…
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ATTENDANCE =participation in an academically-related activity
In other words…
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Go
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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 calculates and treats earned and unearned Title IV funds
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Satisfactory Academic Progress
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To continue to receive funding, College financial aid recipients
must Maintain at least a 2.0 cumulative
grade point average Pass 67% 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.
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Return to Title IV--
the Feds Want their
DUE
An FA award is a contract to
complete course work—if the
student doesn’t fulfill it, money is
owed back.
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R2T4A Cautionary Tale
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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
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TAKE AWAYS
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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
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We’re All In This Together!
As part of ourTitle IV 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