Federal Update Ohio PACE Spring Conference April 2014 Agenda - - PDF document
For training/discussion purposes only April 2014 Federal Update Ohio PACE Spring Conference April 2014 Agenda Application Processing 2014-15 Gainful Employment Potpourri 2 Application Processing 2014-15 Application Changes and
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− Income earned from work will transfer from IRS
− Income earned from work will transfer and populate view-only
− New worksheet dynamically displays so student/parent can
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− Legal means biological or adoptive − Both parents income and other data must be reported − Regardless of marital status or gender − Higher Education Act Section 475 includes the terms “parent”
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− If option selected, parents will not be presented option of
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− Applicants and/or parents must respond in accordance with
− New filers must respond in accordance with their legal marital
− Earlier filers may change marital status if as of the date the
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− May result in incorrect income amount reported on FAFSA
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− How do you know what documentation to ask for if the
− Flags will identify the specific reason why a student or parent
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− NSLDS subsidized usage limit applies (SULA) flag − NSLDS subsidized loan eligibility used flag
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− http://www.gpo.gov/fdsys/pkg/FR-2014-03-25/pdf/2014-
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− Annual debt-to-earnings rate − Discretionary debt-to-earnings rate − Program could pass, fail, or be in the “zone” − Calculated based on program completers
− Calculated like institutional cohort default rate but for the GE
− Program could pass or fail − Calculated based on all students enrolled in the program
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− Fails both debt-to-earnings measures in two out of three
− Fails or in the zone for four consecutive years − Fails the program cohort default rate for three consecutive
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− Earnings data from institutional surveys − Earnings data from state-sponsored data systems
− Fewer than 50% of all program completers incurred loan debt
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− Loan repayment rates − Completion rates − Withdrawal rates − Placement rates − Median loan debt − Percent of students borrowing − Program cohort default rate − Debt-to-earnings rates
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− For example, if effective date is July 1, 2015, report no later
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− For example – FY 08 2-year; FY 09 3-year; FY 10 2-year
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− Rate will update for loans first disbursed on or after July 1,
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− The only other information that can be required other than
− http://www.ifap.ed.gov/eannouncements/031814ApplicationP
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− Discounts for students paying early or who pay cash is not
− See Electronic Announcement March 18, 2014
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− Interest begins to accrue on the actual disbursement date
− 120-Day Rule – Borrowers are not responsible for paying any
− Origination fee and interest rate percentages are based on
− See Electronic Announcement January 29, 2014
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− SSN, Date of Birth, First Name and Last Name
− If student or borrower information is only available in CPS for
implementation, borrowers can complete the application via StudentLoans.gov
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− Schools should close out within two months of submitting
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− Checks will be returned to sender − See Electronic Announcement February 26, 2014
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− http://fsatraining.info − See DCL ANN-14-04 February 24, 2014 − Contains information about draft rates and the challenge
− Additional modules will be added in the coming months
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− Each cohort default rate challenge − Requests for adjustment − Appeals available
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− Evaluation form is specific to Byron Scott
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