1 / 20

State Update

State Update. Presented by Anne Wohlfert January 28, 2014. Anne Wohlfert, Acting Director. Student Financial Services Bureau (SFSB). Student Financial Services Bureau. Three Divisions Michigan Education Trust (MET) Student Loan Programs (SLP) Student Scholarships and Grants (SSG).

flynn
Download Presentation

State Update

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. State Update Presented by Anne Wohlfert January 28, 2014

  2. Anne Wohlfert, Acting Director Student FinancialServices Bureau (SFSB)

  3. Student Financial Services Bureau • Three Divisions • Michigan Education Trust (MET) • Student Loan Programs (SLP) • Student Scholarships and Grants (SSG)

  4. SFSB - Michigan Education Trust (MET) 529 Savings Programs Michigan Education Savings Plan (MESP) MAP Charitable

  5. SFSB - Student Loan Programs (SLP) Michigan Guaranty Agency FFELP and MI-LOAN Servicing and Collections

  6. SFSB - Student Scholarships and Grants (SSG) • 11 programs and services • Children of Veterans Tuition Grant (CVTG) • Dual Enrollment (DE) • GEAR UP College Day Scholarship • GEAR UP Michigan! Scholarship • Michigan Competitive Scholarship (MCS) • Michigan Tuition Grant (MTG) • Police Officer’s and Fire Fighter’s Survivors Tuition Grant (STG) • Tuition Incentive Program (TIP) Three programs do not currently receive funds for awarding, however SSG continues to help past awardees with loan reductions. • Michigan Merit Award (Merit) • Michigan Nursing Scholarship (MNS) • Teacher Loan Cancellation List (TCLI)

  7. Student Financial Services Bureau Bureau Advisory Group Bureau-wide customer service center Bureau-wide Outreach Services Bureau Web site changes Gov.delivery technology

  8. Student Financial Services Bureau Expected Governor’s budget for 2014-15 will be same – no increases but no cuts!

  9. SSG Focus • Branding • Programs At A Glance • QR Code Cards • Affording College in Michigan Guide • Tuition Incentive Program • Poster • Flyer • Video

  10. TIP Video

  11. Consortium Agreements Both institutions must have a consortium agreement. One institution must be declared as the home institution. The home institution must handle the financial aid records for the student. Reimbursement for the second institution cannot exceed the lower of the two rates.

  12. Consortium Agreements (continued) TIP Whether your school is a Phase I or Phase II school or both: If the home school’s student is enrolled in a bachelor’s degree program, they are NOT eligible for Phase I funds – even if they are attending a community college that has Phase I funding. Phase I funds are for student pursing an associate or certificate program ONLY.

  13. Mandatory Fees Mandatory fees are those fees which are charged to all students as a condition of enrollment. These fees must be identified in the college catalogue or on the school’s Web page. SSG auditors will be checking to ensure that fees charged meet the definition of mandatory. When mandatory fees are charged per hour, schools can only calculate with credit hours and NOT with total billable hours (contact hours).

  14. Satisfactory Academic Progress All programs require that students meet SAP in order to remain eligible for program funding. SAP is determined according to institutional policy. Yes – this does apply to TIP as well.

  15. Grade Point Average GPA is a factor with two of the state’s programs: Michigan Competitive Scholarship (2.0) Children of Veterans Tuition Grant (2.5) GPA is to be verified once annually at the end of the academic year. This is done for the purpose of determining if the student is eligible to have his/her award renewed for the next academic year.

  16. Contact Hours The State of Michigan does NOT recognize contact hours for any of it’s programs. All awards are based on credit hours. Contact hours or billable hours cannot be submitted for reimbursement.

  17. TIP and Gift Aid TIP (Phase I) is designated for tuition and mandatory fees. Due to demand for limited dollars, the billable credits are capped at 24 semester or 36 term credits per academic year. When a TIP student receives other tuition specific gift aid, that must be applied to costs first, and TIP will cover the remaining cost. This reduces what TIP pays and saves money for the overall program. Institutions cannot divide out the percentage of costs covered by TIP and recalculate a lesser number of credits covered. If a TIP student is full time with 12 hours, but other tuition specific gift aid covers half of the costs – you cannot say that you will only bill for 6 credit hours and therefore the student has another six hours left. This is to be treated just as you do for MCS when a student has other gift aid. The MCS award may be reduced due to other aid, but they are still a full-time student.

  18. TIP – Last Dollar TIP is always last dollar. All other known sources of tuition specific aid must be applied first before TIP dollars are used. The ONLY time this is not true is if the student is part of a Promise Zone. This is NOT the Kalamazoo Promise.

  19. New Financial Aid System The contractor for our new system is: NelNet Diversified Solutions Work begins in February 2014 October-November 2014 implementation

  20. Questions? ????????????????????????

More Related