oacac articulation workshop 2008 financial aid update

OACAC Articulation Workshop 2008

Financial Aid Update

OASFAA DisclaimerThe Ohio Association of Student Financial Aid Administrators (OASFAA) is a non-profit organization and provides the following information as a free service to access staff and high school counselors. High school counselors and access staff have permission to copy and distribute these materials to their 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: [email protected]

http://www.oasfaa.org/

State Updates

▼ Soon after taking office, Governor Strickland announced that he wants an additional 230,000 Ohioans enrolled in college within 10 years, and he wants improved graduation rates.

▼ As one of his first steps toward making college more accessible and affordable, state supported schools of higher education agreed to freeze tuition with a $1 billion incentive from the state. The tuition freeze continues for the 2008-09 academic year.

▼ Chancellor Fingerhut has introduced a 10 year Strategic Plan for Higher Education. The plan promises to raise the overall educational attainment of the state of Ohio and builds upon the principles put forth last year in creating the University System of Ohio.– The Strategic Plan is available online at:

http://universitysystem.ohio.gov/

State Updates

Ohio Instructional Grant (OIG)—▼ The 2008-2009 academic year is the last year

for OIG.– All students who attended college prior to July

1, 2006 will still be considered for the OIG when completing the Free Application for Federal Student Aid (FAFSA).

– The maximum awards are $2190--2 yr & 4 yr public schools; $5466-4 yr private; $4632-proprietary.

▼Part-time OIG eliminated beginning in 07-08 ▼ The deadline to apply is October 1.

State Updates

Ohio College Opportunity Grant (OCOG)—▼ Began with the 2006-07 academic year for all first time

college students. It is based on the family’s Expected Family Contribution (EFC) as determined by the FAFSA. The maximum EFC for OCOG eligibility is 2190 and the family income limit is $75,000.– Part-time students are eligible.

▼ The maximum awards are $2496—2 yr & 4 yr public schools; $4992-4 yr private schools; $3996-proprietary schools.

▼ The deadline to apply for OCOG is October 1.

State Updates

Ohio Student Choice Grant (OCG or OSCG)—

▼The maximum award for 2008-09 is $660. This grant is for residents who attend an Ohio private, non-profit college for the first time after 1984. It is not based on financial need at this time

State Updates

▼Ohio’s College Access Information Hotline:1-877-428-82461-877-I-ATTAIN

▼www.OhioCAP.org Ohio College Access Portal

http://www.knowhow2go.org/

State Updates

▼The Ohio GI Promise– http://universitysystem.ohio.gov/– 1-877- VETS-OH-1

▼Ohio Teachers Corp▼ A qualifying teacher is:▼ A first-year teacher defined as first day of teaching falling on or after

July 1, 2008 ▼ Appropriately licensed and assigned to teach in the subject area of

foreign language, science or mathematics ▼ Under contract to teach in a hard-to-staff school and commits to

continue to do so for a minimum of five (5) years – http://regents.ohio.gov/sgs/otc/

Federal Financial Aid Information and Updates

▼Pell Grant—this is a federal grant, need based as determined by the Free Application for Federal Student Aid (FAFSA)

▼Maximum award for 2008-09 is $4731.


▼ Academic Competitiveness Grant (ACG)—• Students must be Pell Grant eligible. • The maximum award for a first year student

is $750; a second year student (as determined by the school) is $1300.

• Full time students only and must be U.S. Citizen.

• Student must have graduated after January 1, 2005 for second year and January 1, 2006 for first year.


▼To qualify for an ACG, any one of the following scenarios meet the “Rigorous secondary school program of study” requirement.

▼Therefore, the eligibility options for a student graduating from secondary school in Ohio during the 2008 calendar year are:


1. A set of courses similar to the State Scholars InitiativeThis scenario requires passing grades in all of the following: • Four years of English; • Three years of math (including Algebra I and a

higher level course such as Algebra II, geometry, or data analysis and statistics);

• Three years of science (including at least two courses from biology, chemistry or physics);

• Three years of social studies; and • One year of a foreign language.


2. The Ohio Honors Diploma

3. Advanced Placement (AP) or International Baccalaureate (IB) courses and test scoresThis scenario requires a minimum of two Advanced Placement (AP) or International Baccalaureate (IB) courses in high school. Students must score 3 or higher on AP exams and 4 or higher on IB exams.


How can counselors assist the financial aid office? ▼ Spread the word about the ACG▼ As counselors, you can encourage students to take the right

courses that meet the definition for a “rigorous program.”▼ Assist students with submission of an official final high school

transcript. At colleges with open enrollment, the Admissions Office may not require a final high school transcript. The ACG requires the financial aid office to certify eligibility.

▼ Stamp “Honors Diploma,” if applicable, on final transcript.▼ Assist the FAO interpret the required coursework for a rigorous

program of study. Because when classes are called so many different things it makes satisfying this requirement a challenge.


▼ SMART Grant (National Science and Math Access to Retain Talent Grant)—

• Awarded to students in specific majors in the areas of Science, Math and Language Studies

• Students must have a college GPA of 3.0• A federal grant awarded to third and fourth year

college students. • Must be Pell eligible, full-time, and a US Citizen• Eligibility is certified by the school. • The maximum award is $4,000 per year.


▼TEACH Grant– New for 2008-09– provides grants of up to $4,000 per year to

students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.

– Maximum of $16,000 for undergraduate and post-baccalaureate students

– $8,000 for graduate students or current or former teachers or retirees

▼Must file the FAFSA– Question #32 on the paper FAFSA asks if the

student plans to become a teacher– US Citizen or eligible non-citizen– Pro-rated for less than full-time– Must have scored above the 75th percentile on

1 battery of an admissions test –or- have and maintain a 3.25 GPA


▼Must be repaid as a Direct unsubsidized Loan if student does not teach –

– For at least four years within eight years of completing program, as a

• Highly Qualified Teacher

• At a Title I school

• In a specified subject area


▼ Federal Stafford/Federal Direct Loan

A federal loan program with two types of awards—

1. Subsidized• Need based.• Interest is fixed at 6.0% for all new loans disbursed after

July 1, 2008. Interest is subsidized while the student is in school during deferment.

2. Unsubsidized• Not based on financial need.• Interest is fixed at 6.8% for all new loans disbursed after

July 1, 2006. Interest accrues from time of disbursement

of the funds.


▼NEW: for 2008-09, annual loan limits increased for all students:• A first-year student may borrow up to $5,500

per year.• A Sophomore may borrow up to $6,500 per

year.• Juniors and seniors may borrow up to $7,500

per year.


▼ Federal Stafford/PLUS and William D. Ford Direct Stafford/ PLUS Loan are basically the same program. With the Direct loan, the funds are drawn down by the school directly from the federal government, thus the name. The FFEL Stafford loan, the funds are secured by a bank or lender through a guarantee agency and sent to the school for the student. The school selects the federal program in which they wish to

participate.

▼ Schools in the FFEL Stafford Loan Program and PLUS program may use a Preferred Lender ListMany schools have a preferred lender list. These lists are established with the borrower’s best interest in mind. Schools take time to review borrower benefits for the student and parent. But, it is import to stress that students have a right to borrow fromany lender they choose.

FAFSA Updates

▼2009-10 Free Application for Federal Student Aid (FAFSA)

▼Paper Format– Instructions – 4 pages– Application – 6 pages

▼Pantone colors– Students: Green Pantone 390C - 75%– Parents: Purple Pantone 263

FAFSA Updates

▼Worksheets incorporated into the application– Worksheet A – deleted– Worksheet B – becomes question 47

(student) and 95 (parent)– Worksheet C – becomes question 46

(student) and 94 (parent)

FAFSA Updates

▼Data Elements Added– Expansion of Dependency Criteria

• Individuals who were in foster care• Emancipated minors• Minors in Legal Guardianship• Unaccompanied Youth• Homeless• At-risk of being homeless

– TEACH Grant question added to paper FAFSA (question #32)

FAFSA

▼ PIN—Personal Identification NumberThe PIN can act as • an electronic signature for the FAFSA • an electric signature for other federal documents such as the

Master Promissory Note (MPN) for federal student loans It also allows the student/parent access to federal information such

as the National Student Loan Database (NSLDS) www.nslds.ed.gov

▼ A major change for 2008-09• Real-Time PIN• Issued upon request (FOTW or PIN Site)• Valid for FAFSA unless subsequent SSA match fails

For more information or to register: www.pin.ed.gov

FAFSA

▼4Federal Student Aid Information Center: 1-800-433-32431-800-4FEDAID

▼www.federalstudentaid.ed.gov

▼www.fsa4counselors.ed.gov

FAFSA

FAFSA4caster http://www.fafsa4caster.ed.gov/

Developed to:• Foster early awareness with the financial aid

application process and form • Serve as an early analysis tool informing

college affordability • Reduce the time required to submit the

"official" financial aid application in the student's senior year of high school

FAFSA

FAFSA4caster will:• Automatically generate a Federal Student Aid

PIN for use when signing the FAFSA• Instantly calculate eligibility for federal student

aid• Generate a FAFSA—a FAFSA populated with

student FAFSA4caster data will be available when the student is ready to file the official FAFSA

http://www.fafsa4caster.ed.gov/

College Goal Sunday

Sunday, February 8, 2009 2:00 PM▼ Locations throughout Ohio▼ College Goal Sunday offers the opportunity to have expert

help completing the Free Application for Federal Student Aid (FAFSA).

▼ Financial aid professionals from Ohio colleges & universities will be available walk you and your family through the financial aid process.

▼ College Goal Sunday is brought to you by the Ohio Association of Student Financial Aid Administrators (OASFAA).

▼ Need Information for College Goal Sunday?

Call Ohio’s College Access Information Hotline1-877-428-8246

OASFAA Counselor Workshops 2008

▼Save the date!▼Registration begins

the week of Oct. 6▼www.oasfaa.org

Tuesday - December 2, 2008

▼ University of Northwestern Ohio

▼ Hocking College

▼ Belmont Technical College

▼ Xavier University

Wednesday – December 3, 2008

▼ Kent State University

▼ Bowling Green State University

Thursday - December 4, 2008

▼ Baldwin-Wallace College

▼ Ashland University

▼ Shawnee State University

Friday – December 5, 2008

▼ Stark State College

▼ University of Dayton

▼ Columbus State Community College

Questions?

www.oasfaa.org

oacac articulation workshop 2008 financial aid update

Documents

state of ohio

ohio private

ohio college access

nonprofit college

academic year

yr private schools

time college students

year teacher