campus based aid
DESCRIPTION
Campus Based Aid. The Leaves on Your Campus. Agenda. Federal Supplemental Education Opportunity Grant (FSEOG) Federal College Work-Study (FWS) Federal Perkins Loan Fiscal Operations. Federal Supplemental Educational Opportunity Grant (FSEOG). 34 CFR § 676. Student Eligibility. - PowerPoint PPT PresentationTRANSCRIPT
Campus Based Aid
The Leaves on Your Campus
Agenda
• Federal Supplemental Education Opportunity Grant (FSEOG)
• Federal College Work-Study (FWS)• Federal Perkins Loan• Fiscal Operations
Federal Supplemental Educational Opportunity
Grant (FSEOG)34 CFR § 676
Student Eligibility
• Eligible for other federal programs• Undergraduate only• Reasonable portions to part-time and
independent students• Exceptional need– Award in EFC order (start with $0)
Awards
• $100 annual minimum • $4,000 annual maximum• $4,400 annual maximum for approved
student abroad programs• Student enrolled less than full-time may
have award reduced
Federal Work Study Programs (FWS)
34 CFR § 675
Subparts
• Subpart A – Federal Work-Study Program (34 CFR § 675.1 – 34 CFR § 675.27)
• Subpart B – Job Location and Development Program (34 CFR § 675.31 – 34 CFR § 675.37)
• Subpart C – Work-Colleges Program (34 CFR § 675.41 – 34 CFR § 675.50)
Student Eligibility
• Eligible for other federal programs • Undergraduate or Graduate • Reasonable portions to part-time and
independent students• Financial need
Payments to Students
• Must be paid at least minimum wage • Must be paid at least monthly• Wages can be paid to student or toward
student account• Cannot be paid for receiving classroom
instruction
Eligible Employers
• Institution– Some exclusions for proprietary institutions
• Government, non-profit or private, for-profit– Must have agreement between institution and
organization
Community Service
• 7% of FWS allocation • Must have at least one student employed as: – Reading tutor project
OR– Family literacy project
Conditions
• May not: – Impair existing service contracts – Displace employees– Replace employees on strike– Construct, operate or maintain facility use for
religious worship or sectarian instruction– Be employed by U.S. Department of Education
Periods of Non-Attendance
• Must enroll for next regular session• Earnings must be counted in next term’s aid
package
Federal Share Limitations
• Institution, government, non-profit – 75% federal share
• Private, for-profit agency – 50% federal share – Max of 25% of FWS allocation per year – Must be related to major
Federal Perkins Loan34 CFR § 674
Student Eligibility
• Eligible for other federal programs• Undergraduate or Graduate• Financial need• MPN, Entrance and Exit Counseling required
Loan Limits
• Undergraduate– $5,500 annual limit– $27,500 lifetime aggregate
• Graduate– $8,000 annual limit – $60,000 lifetime aggregate
• $11,000 aggregate limit for first 2 years of academic work
Terms
• Interest rate – 5% fixed• 9 month grace period• 10 year repayment• Deferments, forbearance and cancellations
available
Deferments (no interest)
• In school• Attending graduate fellowship program• Graduate or post-graduate study outside US
(Fulbright scholar)• Rehabilitation training programs for disabled
persons• Seeking but unable to find employment (up to 3
years)• Economic hardship (up to 3 years)
Forbearance (interest accrues)
• Temporary postponement of payments, extension of time for making payments, OR acceptance of smaller payment amounts
• Economic hardship or lengthy illness• Request in writing with supporting
documentation• Not to exceed 3 years
Cancellation
• Teaching – up to 100%– Low income school or high need subject matter (math,
science, foreign language, special education)– Head Start programs/early intervention child care
• Employment – up to 100%– Nurse or medical technician, nonprofit child or family
service agency, early intervention, firefighter, law enforcement, corrections officer, faculty member at Tribal College, librarian w/ masters, or speech pathologist w/ masters
Cancellation
• Armed Forces– 50% in hostile area before August 14, 2008– 100% in hostile area after August 13, 2008
• Peace Corps service– 70% for Peace Corps service
Discharge
• Death• Total and permanent disability• Survivors of September 11, 2011 attacks
Fiscal Operations
Application
Administrative Cost Allowance
• First $2,750,000 – 5%• $2,750,000 - $5,500,000 – 4%• $5,500,000 and above – 3%
Matching Requirements
• 75% - federal share• 25% - institutional share• Title III waiver is available– http://
www2.ed.gov/programs/iduestitle3a/index.html
Transferring – up to 25%
Carry Forward/Back – up to 10%
Questions