1 / 21

State Update

State Update. April 20, 2011 Wilmington, North Carolina Steven E. Brooks Executive Director North Carolina State Education Assistance Authority. Who is CFNC? It is YOU!. 2. 3.69 million total accounts since 2000. 3. 2.2 million total applications since 2000. 4.

karan
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 April 20, 2011 Wilmington, North Carolina Steven E. Brooks Executive Director North Carolina State Education Assistance Authority

  2. Who is CFNC? It is YOU! 2

  3. 3.69 million total accounts since 2000 3

  4. 2.2 million total applications since 2000 4

  5. 432 thousand high school transcripts since 2003 5

  6. Training and Outreach • Training by SEAA since October 2003 • 646 “new” FAAs in 24 workshops • 115 “intermediate” FAAs in four workshops • 82 FAAs through VA/New GI Bill webinars. • 42 FAAs through three additional webinars, two “Application” and “Nuts & Bolts” • 379 SECU staff at 13 locations statewide • 43 FAAs at four sites for NC Grants Training Workshops These numbers include training done so far in 2010-11 6

  7. Training and Outreach (2) • 581 school counselors received aid training - fall 2010 •  Upcoming Community College Training Workshops • April 20 (at CFCC following NCASFAA) • May 16 (Alamance CC) • May 17 (AB Tech) • FAFSA DAY – 2011 • Over 4,800 students and their family members • Over 1,700 volunteers • No snow • Much appreciation to NCASFAA members for this effort – it really makes a difference in many lives 7

  8. 8

  9. 9

  10. Year-end percentage increases may well resemble these YTD 10

  11. 11

  12. 529 Program Update All data as of March 31, 2011 • $784.7 million in investments • 89,713 accounts held by 54,900 participants • Average account balance - $8,771 • Average balance per participant - $14,293 • Account breakdown by investment option • $389.4 million Vanguard Age-Based Funds • $302.5 million Vanguard Individual Funds • $70.3 million State Treasurer’s Dependable Income Fund • $19.8 million SECU Money Market Fund • $2.6 million Met Life Protected Stock Fund (closed) 12

  13. As of March 31, 2011 13

  14. 529 Program Update • State Tax Deduction on Contributions • Senate Bill 247 – Senators Hartsell, Atwater, Rucho • Removes prospective income caps on state tax deduction • Why it matters: New Accounts Per Month Prior to any tax deduction 224 With a means test 748 Since no means test 1,327 Money Magazine: NC one of three “top picks” in nation Morningstar: NC Plan rated “Above Average” 14

  15. State Grant Update, 2011-2012 • UNC Need Based Grant • Governor proposed even funding with last year • House budget is $127 million, a 21.6% reduction ($35 million less) • Temporary modifications to the formula to accommodate lower budget • Progressive assessment of adjusted available income rather than the flat 18% used for past several years • Student self help set at $5,200 rather than $4,500 • Minimum award set at $500 (maximum still $3,800) • Tax credit for non-Pell Grant set at $2,500 15

  16. State Grant Update (2) • Student Incentive Grant • LEAP abolished by Congress • NC House budget proposal has zero for NCSIG • Community College Grant • Payment schedule already distributed • House budget lowers available funds to $16.5 million • Payment schedule based on estimated $17.4 million • Greater likelihood of closing system earlier – please use care in awards and match with CFNC system • NCLTG and SCSF • House budget has 10% cut; details not yet clear • Education Lottery Scholarship • Payment schedule already distributed • No changes anticipated 16

  17. Consolidation & Simplification of State Aid Programs • Joint Select Legislative Committee (JSC) • Work Group • Two issues/recommendations of the work group were considered by the JSC • Forgivable Loan for Service • College Access and Success Grant • Purpose today is to give you an update 17

  18. Forgivable Education Loan for ServiceNC FELS Consolidate eight programs into one new program • Nurse Educators of Tomorrow • Nurse Scholars Program • Nurse Education Scholarship Loan Program • Board of Governors Medical Scholarship Loans • Board of Governors Dental Scholarship Loans • Health, Science and Mathematics Student Loan Program • Prospective Teacher Scholarship Loan Program • Teacher Assistant Scholarship Program Full implementation to begin 2012-2013 academic year, with publicity to begin fall 2011 and loan offers to begin spring 2012; awards disbursed Fall 2012 (pending General Assembly Approval - S137 and H120) 18

  19. North Carolina College Access and Success Grant • Work group proposed a consolidated UNC and CC grant payment schedule that • Leverages federal tax credits and Pell Grants • Recognizes sector differences in COA • Results in some changed total amounts of state aid among UNC campuses, which has raised some concerns • JSC asked work group to “examine how to integrate a tuition differential into the payment schedule” • Work Group is asking for more time in light of the budget uncertainties at both federal and state levels • At minimum will need to re-examine the payment schedule suggested last year in happier budget times 19

  20. New Golden LEAF Scholarship Programfor North Carolina Resident Students 215 awards for incoming students in 2011-12 Freshmen and community college transfer students attending North Carolina public 4-year and private non-profit institutions Freshmen award of $3,000/year renewable for 3 additional years Transfer award of $3000/year renewable for up to 2 additional years, depending on program and credits Eligibility criteria: financial need, minimum of 2.5 GPA (weighted high school) and intent to return to rural community after college No longer limited by other grant assistance to be received (old 75% rule)  Former NCICU and UNC Golden LEAF programs being phased out Current recipients eligible for renewal if they meet the renewal criteria 20

  21. Questions? 21

More Related