Session 9

Fiscal Operations Report and

Application to Participate

(FISAP) Form ChangesDorothy Dorsey

Mary Miller

Dan Madzelan

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What we will discuss –

• Brief Overview of the FISAP Form

• Upcoming Changes in 2007

• Potential Changes in 2008 and Beyond

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Brief Overview of the FISAP Form

• Schools must submit a FISAP to apply for and receive Title IV Campus-Based aid.

• The FISAP is used to determine the funding levels for the Federal Perkins Loan, Federal Supplemental Education Opportunity Grants, and Federal Work Study programs.

• Important dates will be posted in the Federal Register in March 2007.

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Brief Overview of the FISAP Form, cont’d.

• The FISAP is divided into three main sections –

– Part I - Identifying Information, Certifications,

and Warnings

– Part II - Application to Participate

– Parts III, IV, V, and VI - Fiscal Operations

Report.

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Upcoming Changes in 2007

• Changes to the certifications and disclosures due to

changes in Education Department General Administrative

Regulations.

– Minor changes to the Lobbying Certification.

– Debarment, Suspension, and Other Responsibility

Matters (Part 85) has been removed.

– Drug-Free Workplace (Part 84) has been removed.

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Upcoming Changes in 2007, cont’d.

• We will add two lines to Part II, Section E, after Line 23 due to the new programs added with the implementation of the Higher Education Reform Act –

- 23. Title IV, Part A, Subpart 1, Grants

– a. – Total Federal Pell Grant expenditures for the 2006-2007 award year

– b. – Total ACG expenditures for the 2006-2007 award year

– c. – Total National SMART Grant expenditures for the 2006-2007 award year

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Current View

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New View

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Upcoming Changes in 2007, cont’d.

• We will add four lines to Part III, Section A.

– Line 17 –

• Loan principal canceled for loans discharged for

survivors of victims of 9-11 terrorist attacks

– Line 38 –

• Cost of loan principal and interest canceled for

survivors of victims of 9-11 terrorist attacks.

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Upcoming Changes in 2007, cont’d.

– Line 42 –

• Balancing Adjustments Debits

– Line 43 –

• Balancing Adjustments Credit

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Current View

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New View

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New View

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FISAP Changes – 2008 and Beyond

• Part III, Section A - Fiscal Report (Cumulative)

as of June 30, 20XX

• Collecting Data by fiscal year for existing line

items

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Part III, Section A

• Pre-populate prior year reported cumulative data

• System will calculate annual data by subtracting

pre-populated prior year cumulate data from the

institution’s current year reported cumulative data

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Collecting Data by Fiscal Year for Existing Line Items

• Purpose –

– Bring Perkins Loan data inline with FFEL and

Direct Loan data

– Collect data on a Fiscal Year basis

– Collect “loan level” data

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Collecting Data by Fiscal Year for Existing Line Items, cont’d

• Part III, Section A

– By Cancellation Category

• Number of Borrowers

• Cost of loan principal and interest cancelled

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Part III. Federal Perkins Loan Program for Award Year July 1, 2006 through June 30, 2007

Section A. Fiscal Report (Cumulative) as of June 30, 2007Field Item Amount Number of Borrowers Debit Balances Credit Balances

(a) (b) (c) (d)

1.1. Cash on hand and in depository as of 6/30/2007 $__________

1.2. Cash on hand and in depository as of 10/31/2007 $_______

2. Funds receivable from federal government $__________

3. Funds receivable from school $__________

4. Funds advanced to students _________________ $__________

5. Loan principal collected _________________ $__________

6. Loan principal assigned to and accepted by the United

States _________________ $__________

Loan principal canceled:

7. -for teaching/military service (applies to loans made prior to

07/01/1972) _________________ $__________

8. -for certain subject matter teaching service (math,

science, foreign languages, bilingual education) _________________ $__________

9. -for all other authorized teaching service _________________ $__________

10. -for military service (applies to loans made 07/01/1972 and after) _________________ $__________

11. -for volunteer service _________________ $__________

12. -for law enforcement and corrections officer service _________________ $__________

13. -for child/family/early intervention service _________________ $__________

14. -for nurse/medical technician service _________________ $__________

15. -for death/disability _________________ $__________

16. -for bankruptcy _________________ $__________

17. -for survivors of victims of 9-11 terrorist attacks _________________ $__________

18. -for loans discharged due to closed schools _________________ $__________

19. Loan principal adjustments – other _________________ $__________

20. Federal Capital Contributions $__________

21. Repayments of fund capital to federal government $__________

22. Institutional Capital Contributions $__________

23. Repayments of fund capital to school $__________

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Part III. Federal Perkins Loan Program for Award Year July 1, 2006 through June 30, 2007

Section A. Fiscal Report (Cumulative) as of June 30, 2007Field Item Amount Number of Borrowers Debit Balances Credit Balances

(a) (b) (c) (d)

24. Interest income on loans $__________

25. Other income $__________

26. Reimbursements to the Fund of the amounts canceled

on loans made 07/01/1972 and after $__________

27.1. Administrative cost allowance $________

27.2. Collection costs $________

27.3. Administrative cost allowance and collection costs (control) $__________

Cost of loan principal and interest canceled:

28. -for teaching/military service (applies to loans made prior to

07/01/1972) $__________

29 -for certain subject matter teaching service (math, science,

foreign languages, bilingual education) $__________

30. -for all other authorized teaching service (applies to loans made

07/01/1972 and after) $__________

31. -for military service (applies to loans made 07/01/1972 and after) $__________

32. -for volunteer service in the Peace Corps or under the

Domestic Volunteer Service Act of 1973 $__________

33. -for law enforcement and corrections officer service $__________

34. -for child/family/early intervention service $__________

35. -for nurse/medical technician service $__________

36. -because of death/disability $__________

37. -because of bankruptcy $__________

38. -for survivors of victims of 9-11 terrorist attacks $__________

39. Cost of loan principal and interest assigned to and accepted

by the United States $__________

40. Cost of loan principal and interest canceled for loans

discharged due to closed schools $_________

41. Other costs or losses $__________

42. Balancing Adjustments (Debits) $__________

43. Balancing Adjustments (Credits) $__________

44. Total debits and credits (Sum of fields 1.1 through 43 $__________ $__________

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Collecting Data by Fiscal Year for Existing Line Items, cont’d

• Part III, Section B, Lines 7 through 9

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Part III. Federal Perkins Loan Program for Award Year July 1, 2006 through June 30, 2007

Section B. Fund Activity (Annual) During the 2006-2007 Award Year (July 1, 2006 through June 30, 2007)

Number of Borrowers Amount

(a) (b)

7. Total principal and interest repaid by borrowers from all sources during

the 2006-2007 award year _________________

$__________

8. Total principal repaid by borrowers from all sources during the 2006-2007 award

year for loans in default for more than 2 years but not more than 5 years _________________ $__________

9. Total principal repaid by borrowers from all sources during the 2006-2007 award

year for loans in default for more than 5 years _________________

$__________

 

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Collecting Data by Fiscal Year for Existing Line Items, cont’d

• Part III, Section D – Schools with 30 or More

Borrowers Who Entered Repayment

• Part III, Section E – Schools with Fewer than 30

Borrowers Who Entered Repayment

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Cohort Default Rate (Sections D and E)My school had less than 30 borrowers who entered repayment in the 2005-2006 award year. ____ yes ____ no

Section D. Schools with 30 or More Borrowers Who Entered Repayment in the 2005-2006 Award Year1.1. Number of borrowers who entered repayment in 2005-2006 __________________________

1.2. Number of borrowers from Field 1.1 above with loans in default by June 30, 2007__________________________

1.3. Cohort default rate ((Field 1.2 / Field 1.1) x 100) __________________________

Section E. Schools with Fewer than 30 Borrowers Who Entered Repayment in the 2005-2006 Award Year2.1. Number of borrowers who entered repayment in: 2.2. Number of borrowers with loans in default by:

(a) 2003-2004 (07/01/2003-06/30/2004) __________ (a) June 30, 2005 (those in 2.1(a) only) __________

(b) 2004-2005 (07/01/2004-06/30/2005) __________ (b) June 30, 2006 (those in 2.1(b) only) __________

(c) 2005-2006 (07-01/2005-06/30/2006) __________ (c) June 30, 2007 (those in 2.1(c) only) __________

2.3. Total number of borrowers who entered repayment during the three years above (fields 2.1(a) + 2.1(b) + 2.1(c)) __________

2.4. Total number of borrowers with loans in default during the three years above (fields 2.2(a) + 2.2(b) + 2.2(c)) __________

2.5. Cohort default rate ((Field 2.4 / Field 2.3) x 100) __________

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FISAP and the Campus-Based Formula

• Base Guarantee/Fair Share

• Institutional Need

– Cost of Attendance minus

• All Pell Grants

• Some State Grants

• Expected Family Contributions

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Part II, Sections E and F

• Pell, Academic Competitive, and National

SMART Grants

• Eligible Aid Applicants

– Dependent Undergraduates (2)

– Independent Undergraduates (2)

– Independent Graduate/Professional

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Part II, Section F

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Distribution of EAAs, 2003-04Dependent

Income Category Ugrads Income Category Ugrads Grad/Prof $0 to $2,999 1.03% $0 to $999 5.60% 7.73% $3,000 to $5,999 0.56% $1,000 to $1,999 1.82% 2.43% $6,000 to $8,999 0.79% $2,000 to $2,999 2.01% 2.68% $9,000 to $11,999 1.10% $3,000 to $3,999 2.11% 2.72%$12,000 to $14,999 1.41% $4,000 to $4,999 2.17% 2.65%$15,000 to $17,999 2.32% $5,000 to $5,999 2.24% 2.56%$18,000 to $23,999 7.87% $6,000 to $7,999 4.88% 4.75%$24,000 to $29,999 8.82% $8,000 to $9,999 4.33% 3.93%$30,000 to $35,999 7.82% $10,000 to $11,999 4.06% 3.66%$36,000 to $41,999 6.83% $12,000 to $13,999 3.81% 3.41%$42,000 to $47,999 6.37% $14,000 to $15,999 3.92% 3.22%$48,000 to $53,999 6.06% $16,000 to $17,999 4.12% 3.03%$54,000 to $59,999 5.61% $18,000 to $19,999 5.06% 3.00%$60,000 and more 43.40% $20,000 and more 53.86% 54.25%

100.00% 100.00% 100.00%

Independent

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Standard Campus-Based EFCs, 2003-04Dependent

Income Category Ugrads Income Category Ugrads Grad/Prof $0 to $2,999 $477 $0 to $999 $37 $294 $3,000 to $5,999 219 $1,000 to $1,999 28 402 $6,000 to $8,999 173 $2,000 to $2,999 31 417 $9,000 to $11,999 243 $3,000 to $3,999 25 442$12,000 to $14,999 298 $4,000 to $4,999 32 436$15,000 to $17,999 486 $5,000 to $5,999 33 467$18,000 to $23,999 954 $6,000 to $7,999 246 802$24,000 to $29,999 1,725 $8,000 to $9,999 606 1,483$30,000 to $35,999 2,654 $10,000 to $11,999 896 2,158$36,000 to $41,999 3,695 $12,000 to $13,999 1,186 2,785$42,000 to $47,999 4,750 $14,000 to $15,999 1,383 3,380$48,000 to $53,999 5,998 $16,000 to $17,999 1,627 3,842$54,000 to $59,999 7,453 $18,000 to $19,999 1,738 4,329$60,000 and more 19,818 $20,000 and more 5,624 11,938

Independent

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Campus-Based Programs:Cost of Attendance, 2003-04

Cost of Attendance Cost of AttendanceUp to $7,453 597 15.4% Up to $11,938 734 52.9%$7,454 to $19,818 2,769 71.6% $11,939 and Up 654 47.1%$19,819 and Up 501 13.0%

Up to $1,738 1 0.0%$1,739 to $5,624 46 1.2%$5,625 and Up 3,820 98.8%

Undergraduates Graduate/Professional

Institutions Institutions

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Future Eligible Aid Applicant Grid

?

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Campus-Based Programs Funding

• Follow the Students

• Provide More “Fair Share” Funding

• Align Formula EFCs with Actual EFCs

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We Appreciate Your Feedback and Comment

We appreciate your feedback and comments.

we can be reached at:

• Phone: 877-801-7168 (Campus-Based Call Center)

• Fax: 703-761-0220

• Email: CBFOB@ed.gov Dorothy.Dorsey@ed.gov Mary.Miller@ed.govDan.Madzelan@ed.gov