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Session 53. Financial Aid For Techies. Presented by…. Wood Mason U.S. Department of Education Federal Student Aid COD Systems Operations Branch COD Customer Service. Objective. What is Financial Aid, where did it come from and how does it work…

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Session 53

Session 53

Financial Aid For Techies


Presented by
Presented by…

Wood Mason

U.S. Department of Education

Federal Student Aid

COD Systems Operations Branch

COD Customer Service


Objective
Objective

  • What is Financial Aid, where did it come from and how does it work…

  • How do I make the Financial Aid folks like me…

  • What in Sam Hill do all those acronyms stand for anywho…


But first
But First…

It’s Picture Time!


History
History…

  • U.S. Department of Education

    • 1867

    • Later became part of the U.S. Department of Health, Education and Welfare

    • Latest iteration PL 96-88 Department of Education Organization Act

    • In business May, 1980


History1
History…

  • Harvard University

    • May 9, 1648

      • Lady Ann Radcliffe Mowlson endowed Harvard’s first scholarship fund

    • 1840

      • Harvard’s first loan program


History2
History…

  • GI Bill

    • June 22, 1944

      • Serviceman’s Readjustment Act of 1944


History3
History…

  • 1950’s

    • Sputnik

    • PL 85-864 created Nat’l Defense Education Act

      • Nat’l Defense Student Loan Program (morphed into Perkins Loan Program)


History4
History…

  • Higher Education Act of 1965

    • PL 89-329

    • Guaranteed Student Loan Program (Stafford Loan Program – Direct and FFELP)

    • Educational Opportunity Grant (Pell Grant)


In a nutshell
In a Nutshell…

  • Student applies

  • We figure out how much the family should contribute to the effort

  • School calculates how much he or she is eligible for and builds the award package

  • Student benefits

    • As do all of us…an educated citizenry

  • Loans repaid by borrower


Application
Application

  • Aid Eligibility Determination

    • FAFSA (Free Application for Federal Student Aid)

    • HS Diploma or GED

    • ATB (Ability to Benefit)


Application1
Application

Students *

Schools

Central Processing System

SAIG

EFC Calc

DB Matches

NOTE: All COD interfaces routed through EAI except DCS.

*FOTW – FAFSA on the web


Application2
Application

  • Aid Eligibility Determination - CPS

    • EFC (Expected Family Contribution)

    • NSLDS (National Student Loan Database System)

    • Immigration, SSA, SSS, IRS, State Agencies


Application3
Application

  • Output Documentation from CPS to School

    • ISIR (Institution Student Information Record)

      • contains EFC and other data

    • SAR (Student Aid Report)


Awarding
Awarding

  • Aid Eligibility Determination at School

    • COA (Cost of Attendance)

    • EFA (Estimated Financial Assistance)


Awarding1
Awarding

  • Grant Programs

    • Pell Grant Program

    • ACG (Academic Competitiveness Grant)

    • National SMART Grant (Science and Mathematics Assistance to Retain Talent)


Awarding2
Awarding

  • Campus Based Programs

    • FSEOG (Federal Supplemental Educational Opportunity Grant)

    • FWS (Federal-Work Study Program)

    • Perkins Loan Program


Awarding3
Awarding

  • Loan Programs

    • William D. Ford Federal Student Direct Loan Program

    • Federal Family Education Loan Program

    • Alternative loans

  • MPN (Master Promissory Note)

    • paper

    • e-MPN (Electronic Master Promissory Note)


Awarding4
Awarding

  • Loan Documents

    • Disclosure Statement

      • Plain Language Disclosure

      • Borrower’s Rights & Responsibilities


Awarding5
Awarding

  • Loan Types

    • Subsidized Loan (undergraduate/graduate)

    • Unsubsidized Loan (undergraduate/graduate)

    • PLUS (Parent Loan Undergraduate Students)

      • parent borrowers

      • graduate and professional student borrowers


Awarding6
Awarding

  • Award Package on Award Letter

    • Grants

    • Loans

    • Work

    • Scholarships

    • Other


The cod boogie
The COD Boogie

Debt Collection Services (DCS)

Student Data Storage

(NSLDS)

Central

Processing

System

(CPS)

Post Secondary Education Participant System

(PEPS)

School Eligibility Data

Student Applicant

Data

Student Pell Payment Data

Student Level Direct Loan Data

Student Level Pell Data

ACG, SMART, Direct Loan and Pell Origination, Change and Disbursement data

Common Origination & Disbursement (COD)

Schools

Loan Servicing System(DLSS)

SAIG

Transaction

Processing

Web

Reports

Loan Bookings & Disbursements

Applicant Services

Customer Service Center

Batch and web-generated Responses

Funding Transactions

Payment Transactions

Payment Transactions

FMSS / GAPS

Financial Mgt System

(FMS)

Drawdowns

NOTE: All COD interfaces routed through EAI except DCS.


Origination disbursement
Origination & Disbursement

  • Common Origination & Disbursement (COD)

    • Pell

    • ACG

    • National SMART Grants

    • Direct Loans


Origination disbursement1
Origination & Disbursement

  • On-Line

  • Batch

    • Common Record

    • Origination data

    • Disbursement Data

      • pending and actual

    • Individual or the whole 9 yards


Origination disbursement2
Origination & Disbursement

  • Routing ID Number (RID)

    • Static ID across all COD programs

    • School, 3rd Party Servicers, Corporate Office

    • Used in Entity ID tag

      • Source

      • Destination

      • Reporting

      • Attending


Origination disbursement3
Origination & Disbursement

  • Acknowledgements

  • Response

    • Batch

      • full

      • standard

    • Web-generated


Origination disbursement4
Origination & Disbursement

  • GAPS - Grant Administration and Payment System

  • Current Funding Level (CFL)

    • Advance Pay

    • Pushed Cash


Origination disbursement5
Origination & Disbursement

  • Booking Notification

    • Data sent to Direct Loan Servicing System and becomes Department of Education liability


Friends for life
Friends For Life

  • Laugh at their jokes

  • Appear sympathetic at their puzzled look and acute inability to speak coherently when you ask “what’s the matter?”

  • Don’t boast about your “week-end to remember” as they as likely as not spent their week-end at their desk processing aid to get caught up…all the while cussing at the IT system for running at what appears to them to be pre-1960 clock speeds


Friends for life1
Friends For Life

  • Remember this phrase when talking to the Financial Aid Office folks…”Silly computer system…really, it’s not your fault…I’ll get right on it and you’ll be back up and running in no time”


Other systems
Other Systems…

  • Common Services for Borrowers

    • DCS (Debt Collection Services)

    • DLSC (Direct Loan Servicing Center)

    • DLCS (Direct Loan Consolidation Center)


Other systems1
Other Systems…

  • PEPS (Postsecondary Education Participation System)

  • NSLDS (National Student Loan Data System)

  • CPS (Central Processing System)

    • R2T4


Other systems2
Other Systems…

  • GAPS (Grant and Administrative Payment System)

  • E-Apps (Eligcert)


Other terms
Other Terms…

  • POP (Potential Overaward Process)

  • MRR (Multiple Reporting Record)

  • FISAP (Fiscal Operations Report and Application to Participate)


Other terms1
Other Terms…

  • ACA (Administrative Cost Allowance)

  • CDR (Cohort Default Rate)

  • School Participation Team


Other terms2
Other Terms…

  • CSC (Customer Service Center)

  • CSR (Customer Service Representative)

  • SRC (School Relations Center)


Other terms3
Other Terms…

  • FAA (Financial Aid Administrator)

  • FAO (Financial Aid Office or Officer)

  • FAD (Financial Aid Director)


Other terms4
Other Terms…

  • IFAP (Information for Student Aid Professionals…www.ifap.ed.gov)

    And Finally…


Other terms5
Other Terms…

  • ISYAGTIO (I’m Sure Y’all Are Glad This Is Over)


Questions
Questions?

I appreciate your feedback and comments. I can be reached at:

Name: Wood Mason

Phone: 404.562.6270

Email: wood.mason@ed.gov