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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 AdministratorsLegislative Update

Curt Gaume

Director of Financial Aid

Canisius College


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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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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


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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





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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


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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



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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


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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


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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


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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


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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


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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.


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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)


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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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