Central Oklahoma Guidance Network

1
Central Oklahoma Guidance Network

• Financing College Trends, Changes and Challenges

2
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.g
  ov)
• State Scholarships and Grants (http//www.okcolleg
  estart.org)
• Institutional/Foundation Scholarships/Grants
• Private Scholarships/Grants/Loans
• Others-Veterans Administration etc.

3
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

4
Financing College Trends, Changes and Challenges

• Federal Financial Aid (Trends, Changes and
  Challenges)
• Simplification of the application filing process
• Completion initiatives
• Federal budget reconciliation

5
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

6
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-Associates degree at High
  School graduation
• Reverse transfer

7
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

8
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.

9
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
• Oklahomas Promise

10
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

11
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-Oklahomas Promise
• Legislation to contain costs

12
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
• Oklahomas Promise-with lawful presence
• Deferred Action for Childhood Arrivals
• Does not change state eligibility

13
Financing College Trends, Changes and Challenges

• Oklahomas Promise Program Requirements Changes
  for 2012
• All subject to federal satisfactory academic
  progress. All OKP students will be subject to
  the institutions 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

14
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.

15
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.
  Dont change majors or schools.
• Encourage borrowing the absolute minimum.
• Encourage students to use summer wisely.
• Emphasize accountability-go to class.

16
Financing College Trends, Changes and Challenges

• Irala K. Magee
• Director of Scholarship and Grant Administration
• Oklahoma State Regents for Higher Education
• imagee_at_osrhe.edu
• [phone] (extension 9378)