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Central Oklahoma Guidance Network. Financing College: Trends, Changes and Challenges. Financing College: Trends, Changes and Challenges. Financial Aid Gift aid Grants Scholarships Self-help aid Loans Work study Federal Grants, Loans and Work (http://www.fafsa.gov)

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central oklahoma guidance network

Central Oklahoma Guidance Network

Financing College: Trends, Changes and Challenges

financing college trends changes and challenges
Financing College: Trends, Changes and Challenges
  • Financial Aid
    • Gift aid
      • Grants
      • Scholarships
    • Self-help aid
      • Loans
      • Work study
  • Federal Grants, Loans and Work (http://www.fafsa.gov)
  • State Scholarships and Grants (http://www.okcollegestart.org)
  • Institutional/Foundation Scholarships/Grants
  • Private Scholarships/Grants/Loans
  • Others-Veteran’s Administration etc.
financing college trends changes and challenges1
Financing College: Trends, Changes and Challenges

Federal Financial Aid (Grants, Loans and Work)

  • Pell Grant
  • Federal Supplemental Educational Opportunity Grant (FSEOG)
  • TEACH
  • Direct Stafford Loans-subsidized/unsubsidized
  • Perkins Loans
  • Federal PLUS Loans to Parents and Graduate Students
  • Federal Work Study
financing college trends changes and challenges2
Financing College: Trends, Changes and Challenges

Federal Financial Aid (Trends, Changes and Challenges)

  • Simplification of the application filing process
  • Completion initiatives
  • Federal budget reconciliation
financing college trends changes and challenges3
Financing College: Trends, Changes and Challenges

Simplification of the application filing process

  • “Skip logic” for online applications
  • System assumptions
  • IRS Data Retrieval Tool (DRT) for online applications
  • Logical organization and online help
financing college trends changes and challenges4
Financing College: Trends, Changes and Challenges

Completion Initiatives

States and Institutions:

  • Requiring 30 completed hours each year for certain types of state aid
  • “Paying” students to graduate from high school early
  • Remediation changes
  • Reserving some aid for late filers
  • Concurrent enrollment-Associate’s degree at High School graduation
  • Reverse transfer
financing college trends changes and challenges5
Financing College: Trends, Changes and Challenges

Budget Reconciliation

  • Consolidated Appropriations Act of 2012
    • Pell lifetime limit-6 full time years including all past payments
    • Ability to benefit options deleted
    • Subsidized “grace period” cancelled for some borrowers (two years)
    • Auto zero EFC threshold lowered
financing college trends changes and challenges6
Financing College: Trends, Changes and Challenges

Additional Legislation

  • Public Law 112-141

July 1, 2012 Federal Direct Subsidized Loan Interest rates were set to double to 6.8%.

This law prevented that for one year and also restricted student eligibility for subsidized loans to 150% of the published length of the educational program beginning with new borrowers after July 1, 2013.

financing college trends changes and challenges7
Financing College: Trends, Changes and Challenges

State Scholarships and Grants

  • Oklahoma Academic Scholars Program
  • Regional University Baccalaureate Scholarship
  • Oklahoma Tuition Aid Grant
  • Oklahoma Tuition Equalization Grant
  • Oklahoma’s Promise
financing college trends changes and challenges8
Financing College: Trends, Changes and Challenges

Specialized State Scholarship and Grant Programs:

  • Chiropractic Education Assistance Scholarship
  • Future Teachers Scholarship
  • George and Donna Nigh Public Service Scholarship
  • Independent Living Act-(Foster Care Tuition Waiver)
  • National Guard Tuition Waiver
  • Scholars for Excellence in Child Care
  • SREB Academic Common Market
  • Teacher Shortage Employment Incentive Program
  • Heroes Promise
financing college trends changes and challenges9
Financing College: Trends, Changes and Challenges

State Scholarships and Grants (Trends, Changes and Challenges)

  • Limited funding-Academic Scholars

Non-resident participation

  • Limited funding-OTAG

Loss of LEAP (federal) funding

  • Limited eligibility-Oklahoma’s Promise

Legislation to contain costs

financing college trends changes and challenges10
Financing College: Trends, Changes and Challenges
  • Undocumented Student Eligibility for current high school students (as of 1/31/2013)

Concurrent tuition waivers

  • Eligibility as regular post secondary students

Non-resident tuition waiver

If lived in state with a parent or guardian for at least two years prior to graduation AND

Graduated from an Oklahoma high school

Oklahoma Tuition Aid Grant Program-with application for legal status

Oklahoma’s Promise-with lawful presence

  • Deferred Action for Childhood Arrivals

Does not change state eligibility

financing college trends changes and challenges11
Financing College: Trends, Changes and Challenges

Oklahoma’s Promise Program Requirements Changes for 2012:

  • All subject to federal satisfactory academic progress. All OKP students will be subject to the institution’s SAP policy beginning in fall of 2012.
  • College GPA requirement of 2.0 at the end of the sophomore year and 2.5 for all classes taken after
  • Family income limit of $100,000 at the time the student begins post secondary education
financing college trends changes and challenges12
Financing College: Trends, Changes and Challenges

How do I help students prepare to pay for college?

Advice from a former college financial aid administrator.

  • Start Early.
  • Encourage students to work now to minimize remediation.
  • Create the idea that college is real, attainable and worthwhile.
  • Focus on what they can do now to prepare for college.
  • Help students watch for opportunities/deadlines.
  • One day at a time-even experienced higher education professionals can be overwhelmed.
  • Learn how to assist students with the FAFSA.
  • Introduce vocabulary.
  • Foster an environment of Q & A.
financing college trends changes and challenges13
Financing College: Trends, Changes and Challenges

How do I help students prepare to pay for college?

Advice from a former college financial aid administrator. (cont.)

  • Encourage AP classes, concurrent enrollment and CLEP.
  • Take the ACT early and more than once.
  • Encourage making a plan and sticking to it. Don’t change majors or schools.
  • Encourage borrowing the absolute minimum.
  • Encourage students to use summer wisely.
  • Emphasize accountability-”go to class”.
financing college trends changes and challenges14
Financing College: Trends, Changes and Challenges

Irala K. Magee

Director of Scholarship and Grant Administration

Oklahoma State Regents for Higher Education

imagee@osrhe.edu

(405) 225-9100 (extension 9378)