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Admissions Administrators Legislative Update. Curt Gaume Director of Financial Aid Canisius College. Topics for Discussion. Where have Been Need Analysis Changes Loan Increases ACG/SMART Grants Where are we Going 2008-2009 FAFSA Budget Reconciliation Reauthorization of HEA.

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admissions administrators legislative update

Admissions AdministratorsLegislative Update

Curt Gaume

Director of Financial Aid

Canisius College

topics for discussion
Topics for Discussion
  • Where have Been
    • Need Analysis Changes
    • Loan Increases
    • ACG/SMART Grants
  • Where are we Going
    • 2008-2009 FAFSA
    • Budget Reconciliation
    • Reauthorization of HEA
need analysis changes
Need Analysis Changes
  • Increase Student Income Protection Allowance
  • Reduce the % of student contibution from assets from 35% to 20%
  • Elimination of Family Owned & Controlled Business from asset considerations
loan limit increases
Loan Limit Increases
  • 1st Year/2nd Year Loan Limits Increase
    • 1st Year - $2,615 to $3,500
    • 2nd Year - $3,500 to $4,500
  • No Change to the Aggregate Loan Limit
  • Fixed Interest vs. Variable Rate
    • 6.8% for Loans disbursed after 7/1/06
rigorous h s program
Rigorous H.S. Program
  • Graduate from H.S. with an Advanced or Honors Diploma (i.e.. Regents with Honors)
  • Minimum of two AP or IB courses with scores of 3 for AP & 4 for IB.
  • Passing Grades in the following courses:
    • 4 Years of English
    • 3 Years of Math (Algebra I and higher)
    • 3 Years of Science (2 must beBiology, Chemistry or Physics)
    • 3 years of social studies
    • 1 year of a foreign language
negotiated rulemaking acg smart
Negotiated RulemakingACG/SMART
  • Rigorous secondary school programs.
    • Generally same as current.
  • Mandatory institutional participation.
  • No eligibility of certificate programs.
  • Use of grade point average
  • Academic year progression
  • Determination of eligible SMART majors
fafsa 2008 2009
FAFSA 2008-2009
  • Color is Orange/Purple (New Color)
  • Question 21 Selective Service
    • Applicant must bubble either male/female
  • Question 27 High School Graduation Requirement
    • Must answer H.S. Diploma, GED, Home Schooled, or Other
fafsa 2008 2009 cont
FAFSA 2008-2009 (Cont.)
  • Instructional Notes
    • Question 16 - Student’s Marital Status: Tells student that if the marital status changes after filing it can’t be changed
    • Questions 71-75 & 92-96 – Federal Means Test – Explains to filer that by answering ‘Yes” will not reduce eligibility for student aid or federal benefits
budget reconciliation first steps
Budget ReconciliationFirst Steps
  • House Education and Labor Committee
    • Chair – Congressman Miller
    • College Cost Reduction Act (H.R. 2669)
  • Senate Committee on Health, Education, Labor, & Pensions
    • Chair – Senator Kennedy
    • Higher Education Access Act of 2007
budget reconciliation provisions pell grants
Budget ReconciliationProvisions – Pell Grants
  • Senate
    • $5,400 for academic year 2008-2009
    • $5,700 for academic year 2009-2010
    • $6,000 for academic year 2010-2011
    • $6,300 for academic year 2011-2112
  • House
    • Increase awards by at least $500 over the next five years to a maximum of $$5,200
budget reconciliation provisions student loans
Budget ReconciliationProvisions – Student Loans
  • House
    • Increase Annual Loan Limit – from $5,500 to $7,500 for 3rd,4th, & 5th years
    • Increase Aggregate loan limits from $23,000 to $30,500
    • Reduce fixed interest rtae from 6.8% in 2007-2008 to 3.4% in 2012-2103
budget reconciliation provisions student loans17
Budget ReconciliationProvisions – Student Loans
  • Senate
    • Economic hardship deferments – extended from three to six years
    • Increase minimum requirements for hardship deferments from 100% of the poverty line to 150%
    • Income-based repayment plan – monthly repayment equal to 15% of average gross income
    • Forgiveness of loans after 25 years of repayment (hardship deferments would be excluded from 25 year time period.
budget reconciliation other provisions
Budget ReconciliationOther Provisions
  • Increase Auto-Zero EFC Threshold from $20,000 to $30,000 (H & S)
  • Worksheet A would no longer be considered as untaxed income (H)
  • 529 Plans, Prepaid tuition plans, and Coverdell Education Savings Accounts would be exempt from need analysis (H)
  • Eliminate the drug question from the FAFSA (S)
reauthorization of hea senate only
Reauthorization of HEASenate Only
  • Grant Increases (Pell Grant & SEOG)
  • Simplifying the Student Aid Process
    • Create an EZ FAFSA
    • Phase-out of the paper FAFSA
  • Prohibition Against Inducements
    • Annual reporting to the DE
  • Additional Disclosures to Students
  • Direct-to-Consumer Marketing Regulated
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