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EASFAA Conference 2013 Boston MA. Anthony M. Sozzo Associate Dean Director of Student Financial Planning New York Medical College NASFAA GPIC Chair 2012-13. What Graduate Schools need to know about the Shopping Sheet Veterans and the Shopping Sheet

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easfaa conference 2013 boston ma

EASFAA Conference 2013Boston MA.

Anthony M. Sozzo

Associate Dean

Director of Student Financial Planning

New York Medical College

NASFAA GPIC Chair 2012-13

slide2

What Graduate Schools need to know about the Shopping Sheet

Veterans and the Shopping Sheet

How other schools will use the Shopping Sheet

Audience Comments and Suggestions

historical details
Historical Details

Aid offer notification—

  • In regulations through late 1980’s
  • Replaced by disclosure requirement in late 1987
  • Statutory changes—
    • In 1986—Federal Student Assistance Report
    • In 1992—“Federal” added to Title IV program names
heoa requirement
HEOA Requirement
  • HEOA requirement for model aid offer format
  • Refocused attention on communicating aid offers
  • Goal of helping families make informed decisions about college
  • Required public meeting to discuss improvements & offer recommendations
  • Required development & distribution of model aid offer format
  • Public meeting held 9/13/11
work with cfpb
Work with CFPB
  • After public meeting, began working with the Consumer Financial Protection Bureau
  • Logical connection—
    • Their focus on information to help consumers make good financial choices
    • Aid offer sets up conditions for financial transaction between student & school
    • Experience in developing and testing tools
work with cfpb1
Work with CFPB
  • “Thought-starter” format discussed at 2011 FSA conference and later posted on CFPB website
  • CFPB expertise and 1,000+ comments helped develop the current version
  • Valuable suggestions on structure and organization
  • Work led to Financial Aid Shopping Sheet announced by Secretary Duncan in July
shopping sheet for 2013 14
Shopping Sheet for 2013-14
  • Single sheet, standardized format
  • Can use as cover sheet with aid offer notification or as standalone notice of aid awards
  • Value as a consumer comparison tool
  • Designed for undergrads and may be modified for graduate students
  • Transparency and consistency in providing information to all students
  • Use is voluntary but strongly encouraged
  • Fulfills information requirements for key pieces of Executive Order 13607
shopping sheet for 2013 141
Shopping Sheet for 2013-14

Student information

School information

Student’s cost of attendance

Information supplied by ED—

Graduation Rate

Loan Default Rate

Median Borrowing

Gift aid

Net costs

Work and loans

Loan repayment information

Other funding options

Contact information

Customized information

implementation for 2013 14
Implementation for 2013-14
  • Implementation
  • HTML code distributed 9/12
  • Software providers
  • EDExpress
  • Questions via [email protected]
shopping sheet communications
Shopping Sheet Communications
  • 7/24/12: Secretary’s open letter to college presidents
  • 7/25/12: DCL to financial aid administrators
  • 8/30/12: DCL to institutions that agree to comply with the principles in Executive Order 13607
  • 9/11/12: EA with implementation details
shopping sheet communications1
Shopping Sheet Communications
  • 9/25/12: Secretary’s blog post on ED.gov
  • 9/28/12: EA with HTML specs
  • Updates on OPE’s webpage
  • Annotated Shopping Sheet
slide15

The Order directs the Departments of Defense and Veterans Affairs to require those institutions to provide each of their prospective veteran and service member students with a personalized and standardized form describing the cost of the educational program and the amount of that cost that may be covered by available Federal education benefits and financial aid.  The Shopping Sheet provides this kind of information.  

The Order is available at: http://www.gpo.gov/fdsys/pkg/FR-2012-05-02/pdf/2012-10715.pdf. 

contact information
Contact Information

We appreciate your feedback and comments and can be reached at:

slide17
Examples of Graduate school use of the Shopping SheetBank Street College of EducationandMiami University School of Law
slide25

An all size, fits all Shopping Sheet, does not work for all sectors.

  • The Shopping Sheet was primarily created with undergraduate students in mind.
  • Graduate-specific challenges:
    • We are not allowed to customize the sheet to remove all undergraduate-specific programs. For example, the Federal Pell Grant and Federal Subsidized Stafford Loans are not needed for graduate students, since they are not eligible.
    • We are not allowed to include the PLUS Loan for graduate students under Loan Options, unless you include it under Federal Direct Unsubsidized Loan or you just include an explanation in the Customized Box area.
    • Required Metrics (cannot use a N/A designation, had to put 0 and explain in cusutomized box)
      • Graduation Rate (this is an undergraduate metric, not graduate)
      • Loan Default Rate (in some, if not most cases, this is a combined institution rate that includes undergraduate data)
      • Median Borrowing (this is an undergraduate metric, not graduate)

Challenges of the Shopping Sheet

slide26

Shopping Sheet is currently not required.

  • University of Miami signed the MOU.
  • Shopping Sheet not appropriate for graduate and professional students in its current format.
  • Felt it would cause more confusion or questions, rather than a “clear” consumer tool to assist in making informed decisions as it was intended.

Institution Review

slide27

Since the University of Miami signed the MOU we decided to only use the Shopping Sheet in 2013-14 for our active military and veterans.

Institution Decision

slide28

University of Miami signed the MOU

  • Shopping Sheet is made available to law students that have self-reported a military status using any of the following methods:
    • LSAC Admission Application
    • Contact with Veterans Affairs Certifying Official in the University\'s Office of the Registrar.
    • Contact with Military & Veterans Primary Contacts available in the School of Law
      • Office of Financial Aid
      • Dean of Students in Student Services
    • Referral to OFA and DOS, if contact with other administrative staff or faculty at the university

Shopping Sheet

slide30

Sample Shopping Sheet

Cost of Attendance

slide31

Sample Shopping Sheet

Grants & Scholarships

slide34

Sample Shopping Sheet

Customized Box

slide35

Sample Shopping Sheet

Graduation Rate

slide36

Sample Shopping Sheet

Loan Default Rate

slide37

Sample Shopping Sheet

Median Borrowing

slide38

Military and Veteran Information

(on the Office of Financial Aid website)

http://www.law.miami.edu/financial-aid/veterans.php?op=8

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