Financial Aid For Techies

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Session 53

• Financial Aid For Techies

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Presented by

• Wood Mason
• U.S. Department of Education
• Federal Student Aid
• COD Systems Operations Branch
• COD Customer Service

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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

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But First
Its Picture Time!
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(No Transcript)
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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

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History

• Harvard University
• May 9, 1648
• Lady Ann Radcliffe Mowlson endowed Harvards
  first scholarship fund
• 1840
• Harvards first loan program

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History

• GI Bill
• June 22, 1944
• Servicemans Readjustment Act of 1944

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History

• 1950s
• Sputnik
• PL 85-864 created Natl Defense Education Act
• Natl Defense Student Loan Program (morphed into
  Perkins Loan Program)

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History

• Higher Education Act of 1965
• PL 89-329
• Guaranteed Student Loan Program (Stafford Loan
  Program Direct and FFELP)
• Educational Opportunity Grant (Pell Grant)

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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 usan educated citizenry
• Loans repaid by borrower

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Application

• Aid Eligibility Determination
• FAFSA (Free Application for Federal Student Aid)
• HS Diploma or GED
• ATB (Ability to Benefit)

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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
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Application

• Aid Eligibility Determination - CPS
• EFC (Expected Family Contribution)
• NSLDS (National Student Loan Database System)
• Immigration, SSA, SSS, IRS, State Agencies

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Application

• Output Documentation from CPS to School
• ISIR (Institution Student Information Record)
• contains EFC and other data
• SAR (Student Aid Report)

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Awarding

• Aid Eligibility Determination at School
• COA (Cost of Attendance)
• EFA (Estimated Financial Assistance)

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Awarding

• Grant Programs
• Pell Grant Program
• ACG (Academic Competitiveness Grant)
• National SMART Grant (Science and Mathematics
  Assistance to Retain Talent)

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Awarding

• Campus Based Programs
• FSEOG (Federal Supplemental Educational
  Opportunity Grant)
• FWS (Federal-Work Study Program)
• Perkins Loan Program

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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)

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Awarding

• Loan Documents
• Disclosure Statement
• Plain Language Disclosure
• Borrowers Rights Responsibilities

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Awarding

• Loan Types
• Subsidized Loan (undergraduate/graduate)
• Unsubsidized Loan (undergraduate/graduate)
• PLUS (Parent Loan Undergraduate Students)
• parent borrowers
• graduate and professional student borrowers

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Awarding

• Award Package on Award Letter
• Grants
• Loans
• Work
• Scholarships
• Other

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The COD Boogie
Debt Collection Services (DCS)
Central Processing System (CPS)
Student Data Storage (NSLDS)
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
Customer Service Center
Applicant Services
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.
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Origination Disbursement

• Common Origination Disbursement (COD)
• Pell
• ACG
• National SMART Grants
• Direct Loans

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Origination Disbursement

• On-Line
• Batch
• Common Record
• Origination data
• Disbursement Data
• pending and actual
• Individual or the whole 9 yards

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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

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Origination Disbursement

• Acknowledgements
• Response
• Batch
• full
• standard
• Web-generated

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Origination Disbursement

• GAPS - Grant Administration and Payment System
• Current Funding Level (CFL)
• Advance Pay
• Pushed Cash

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Origination Disbursement

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

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Friends For Life

• Laugh at their jokes
• Appear sympathetic at their puzzled look and
  acute inability to speak coherently when you ask
  whats the matter?
• Dont 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 upall
  the while cussing at the IT system for running at
  what appears to them to be pre-1960 clock speeds

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Friends For Life

• Remember this phrase when talking to the
  Financial Aid Office folksSilly computer
  systemreally, its not your faultIll get right
  on it and youll be back up and running in no
  time

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Other Systems

• Common Services for Borrowers
• DCS (Debt Collection Services)
• DLSC (Direct Loan Servicing Center)
• DLCS (Direct Loan Consolidation Center)

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Other Systems

• PEPS (Postsecondary Education Participation
  System)
• NSLDS (National Student Loan Data System)
• CPS (Central Processing System)
• R2T4

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Other Systems

• GAPS (Grant and Administrative Payment System)
• E-Apps (Eligcert)

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Other Terms

• POP (Potential Overaward Process)
• MRR (Multiple Reporting Record)
• FISAP (Fiscal Operations Report and Application
  to Participate)

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Other Terms

• ACA (Administrative Cost Allowance)
• CDR (Cohort Default Rate)
• School Participation Team

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Other Terms

• CSC (Customer Service Center)
• CSR (Customer Service Representative)
• SRC (School Relations Center)

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Other Terms

• FAA (Financial Aid Administrator)
• FAO (Financial Aid Office or Officer)
• FAD (Financial Aid Director)

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Other Terms

• IFAP (Information for Student Aid
  Professionalswww.ifap.ed.gov)
• And Finally

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Other Terms

• ISYAGTIO (Im Sure Yall Are Glad This Is Over)

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Questions?

• I appreciate your feedback and comments. I can
  be reached at
• Name Wood Mason
• Phone [phone]
• Email wood.mason_at_ed.gov