Financial Aid Solutions in Michigan

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Financial Aid Solutions in Michigan

• Welcome!

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Financial Aid Solutions in Michigan

• PRESENTERS
• Stephanie Bogard Trapp, Director
• Office of Financial Aid
• Lansing Community College
• Tom Freeland, Deputy Director
• Office of Scholarships and Grants
• Student Financial Services Bureau
• Michigan Department of Treasury

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Financial Aid Solutions in Michigan

• Financial Aid Solutions Session Goals
• Overview of Financial Aid World
• State Aid Programs
• State Role / College Role in Administering Aid
• Collaboration Partnerships
• Current Issues
• Q A Answers to Your Questions

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The Financial Aid World

• Various Sources of Aid
• Federal
• State
• Institutional
• Private
• Aid
• Grants, Scholarships, Loans, Work-Study

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Government Programs

• Began at Federal Level with GI Bill, National
  Defense Student Loan
• HEA of 1965 BEOG, Loans, Work-Study
• Philosophy
• Access, Equity, Choice
• Family has Primary Financial Responsibility
• Aid Available for Needy Students

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State Programs

• Seed money provided to states by Fed
• Many states followed lead of HEA, began aid
  programs
• Michigans first aid program established in 1964

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State Programs

• Governors Proposal
• Michigan College Access Grant
• Consolidate six current need-based programs
• Michigan Promise Scholarship
• Retain
• Tuition Incentive Program (TIP)
• Children of Veterans Tuition Grant

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State Programs

• Student loans
• Provide general information to public
• Work with FAOs and H.S. counselors
• MET prepaid tuition program
• MESP college savings program

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Paradigm Shift

• College became thought of as available and for
  all, not just privileged few.
• Changes in society made college more necessary.
• Today, universally agreed that postsecondary
  education is a necessity, however, cost seen as
  huge barrier. Access threatened.

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Current Issues

• NATIONAL
• Costs, costs, costs
• Funding, funding, funding
• Simplify the application (FAFSA)
• Direct (government) vs. bank originated student
  loans
• Demographics / enrollments
• Loan availability (credit crunch)

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Current Issues

• STATE
• Costs, costs, costs
• Funding, funding, funding
• Economy / State budget
• Structure of aid programs
• Merit-based vs. Need-based mix
• Demographics / enrollments

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State/College Collaboration

• State Push Functions
• Award funds to students, pay funds to colleges
• Determine eligibility
• Promulgate rules, regulations, policies
• Colleges Pull Functions
• Receive funds, apply to student accounts
• Monitor student eligibility
• Account for funds (YE balancing), audits
• Coordinate all aid

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State/College Collaboration

• Micro Level
• Awarding Aid
• Accounting for Funds
• Individual Student Eligibility Cases
• Parent/Student Service Assistance
• Systems Development/Refinement

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State/College Collaboration

• Macro Level
• Mission
• Professional association (MSFAA)
• Professional development and training
• Legislative Issues
• Advocacy
• Partnerships (EduGuide, GEAR UP, CGS)
• Outreach (CGS, College Fairs, FA Nights, FA
  Awareness, Financial Literacy, Loan Counseling)

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The Process

• Free Application for Federal Student Aid (FAFSA)
• Student notified of eligibility
• College verifies student eligibility, coordinates
  and packages aid
• State makes payment to college
• College applies funds to students accounts
• College monitors, reduces award or refunds to
  state, if necessary
• College balances funds with state at YE

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Resources and Connections

• Bureau and colleges Shovel Ready Partners
• Resource network throughout the state
• Publications, Web resources, experts available to
  speak
• Bureaus outreach services, college financial aid
  and admissions officers

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Contact Information

• Stephanie Bogard Trapp
• Ph [phone]
• Email lees_at_lcc.edu
• Tom Freeland
• Ph [phone]
• Email freelandt_at_michigan.gov

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Helpful Web Sites

• www.Michigan.gov/studentaid
• www.Students.gov
• www.JumpStartCoalition.org
• www.EduGuide.org
• www.msfaa.org
• www.finaid.org

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Financial Aid Solutions in Michigan

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