easfaa conference 2013 boston ma. anthony m. sozzo associate dean director of student financial...
TRANSCRIPT
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EASFAA Conference 2013Boston MA.
Anthony M. SozzoAssociate Dean
Director of Student Financial PlanningNew York Medical College
NASFAA GPIC Chair 2012-13
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What Graduate Schools need to know about the Shopping Sheet
Veterans and the Shopping SheetHow other schools will use the Shopping Sheet
Audience Comments and Suggestions
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Historical Details
Aid offer notification—• In regulations through late 1980’s• Replaced by disclosure requirement in late 1987• Statutory changes—
– In 1986—Federal Student Assistance Report– In 1992—“Federal” added to Title IV program
names
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HEOA Requirement
• HEOA requirement for model aid offer format • Refocused attention on communicating aid
offers • Goal of helping families make informed
decisions about college• Required public meeting to discuss
improvements & offer recommendations• Required development & distribution of model
aid offer format• Public meeting held 9/13/11
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Work with CFPB
• After public meeting, began working with the Consumer Financial Protection Bureau
• Logical connection—• Their focus on information to help consumers
make good financial choices• Aid offer sets up conditions for financial
transaction between student & school• Experience in developing and testing tools
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Work with CFPB
• “Thought-starter” format discussed at 2011 FSA conference and later posted on CFPB website
• CFPB expertise and 1,000+ comments helped develop the current version
• Valuable suggestions on structure and organization
• Work led to Financial Aid Shopping Sheet announced by Secretary Duncan in July
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Shopping Sheet for 2013-14
• Single sheet, standardized format• Can use as cover sheet with aid offer notification or as
standalone notice of aid awards• Value as a consumer comparison tool• Designed for undergrads and may be modified for
graduate students• Transparency and consistency in providing information
to all students• Use is voluntary but strongly encouraged• Fulfills information requirements for key pieces of
Executive Order 13607
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Shopping Sheet for 2013-14
Student’s cost of attendance
Gift aid
Net costs
Student information School information
Work and loans
Other funding options
Customized information
Information supplied by ED—
Graduation RateLoan Default RateMedian Borrowing
Loan repayment information
Contact information
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COA – Grants = Net Costs
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Work, Loan, & Other Options
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Outcome Metrics
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Implementation for 2013-14
• Implementation• HTML code distributed 9/12• Software providers• EDExpress• Questions via [email protected]
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Shopping Sheet Communications
• 7/24/12: Secretary’s open letter to college presidents
• 7/25/12: DCL to financial aid administrators• 8/30/12: DCL to institutions that agree to comply
with the principles in Executive Order 13607• 9/11/12: EA with implementation details
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Shopping Sheet Communications
• 9/25/12: Secretary’s blog post on ED.gov• 9/28/12: EA with HTML specs• Updates on OPE’s webpage• Annotated Shopping Sheet
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The Order directs the Departments of Defense and Veterans Affairs to require those institutions to provide each of their prospective veteran and service member students with a personalized and standardized form describing the cost of the educational program and the amount of that cost that may be covered by available Federal education benefits and financial aid. The Shopping Sheet provides this kind of information.
The Order is available at: http://www.gpo.gov/fdsys/pkg/FR-2012-05-02/pdf/2012-10715.pdf.
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Contact Information
We appreciate your feedback and comments and can be reached at:
• Phone: 202-219-7031• E-mail: [email protected]
• Phone: 202-502-7446• E-mail: [email protected]
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Examples of Graduate school use of the Shopping Sheet
Bank Street College of Educationand
Miami University School of Law
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Bank Street College of Education
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Miami University School of Law
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Challenges of the Shopping Sheet• An all size, fits all Shopping Sheet, does not work for all sectors.• The Shopping Sheet was primarily created with undergraduate students in mind.• Graduate-specific challenges:
– We are not allowed to customize the sheet to remove all undergraduate-specific programs. For example, the Federal Pell Grant and Federal Subsidized Stafford Loans are not needed for graduate students, since they are not eligible.
– We are not allowed to include the PLUS Loan for graduate students under Loan Options, unless you include it under Federal Direct Unsubsidized Loan or you just include an explanation in the Customized Box area.
– Required Metrics (cannot use a N/A designation, had to put 0 and explain in cusutomized box)
» Graduation Rate (this is an undergraduate metric, not graduate)
» Loan Default Rate (in some, if not most cases, this is a combined institution rate that includes undergraduate data)
» Median Borrowing (this is an undergraduate metric, not graduate)
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Institution Review• Shopping Sheet is currently not required.• University of Miami signed the MOU.• Shopping Sheet not appropriate for graduate and
professional students in its current format.• Felt it would cause more confusion or questions,
rather than a “clear” consumer tool to assist in making informed decisions as it was intended.
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Institution Decision
Since the University of Miami signed the MOU we decided to only use the Shopping Sheet in 2013-14 for our active military and veterans.
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Shopping Sheet• University of Miami signed the MOU• Shopping Sheet is made available to law students that have self-
reported a military status using any of the following methods:– LSAC Admission Application– Contact with Veterans Affairs Certifying Official in the University's
Office of the Registrar. – Contact with Military & Veterans Primary Contacts available in the
School of Law• Office of Financial Aid• Dean of Students in Student Services
– Referral to OFA and DOS, if contact with other administrative staff or faculty at the university
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Sample Shopping Sheet
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Sample Shopping SheetCost of Attendance
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Sample Shopping SheetGrants & Scholarships
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Sample Shopping SheetNet Costs
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Sample Shopping SheetLoan Options
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Sample Shopping SheetCustomized Box
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Sample Shopping SheetGraduation Rate
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Sample Shopping SheetLoan Default Rate
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Sample Shopping SheetMedian Borrowing
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Military and Veteran Information(on the Office of Financial Aid website)
http://www.law.miami.edu/financial-aid/veterans.php?op=8
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Contact InformationBrenda M. Brown
Director of Financial AidUniversity of Miami School of Law
[email protected](305) 284-5032
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Your thoughts…
Thank You
Tony SozzoNew York Medical College