Session 53
description
Transcript of Session 53
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Session 53
Financial Aid For
Techies
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Presented by…
Wood Mason
U.S. Department of Education
Federal Student Aid
COD Systems Operations Branch
COD Customer Service
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Objective
• What is Financial Aid, where did it come from
and how does it work…
• How do I make the Financial Aid folks like
me…
• What in Sam Hill do all those acronyms stand
for anywho…
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But First…
It’s Picture Time!
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History…
• U.S. Department of Education
– 1867
– Later became part of the U.S. Department of
Health, Education and Welfare
– Latest iteration PL 96-88 Department of
Education Organization Act
– In business May, 1980
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History…
• Harvard University
– May 9, 1648
• Lady Ann Radcliffe Mowlson endowed
Harvard’s first scholarship fund
– 1840
• Harvard’s first loan program
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History…
• GI Bill
– June 22, 1944
• Serviceman’s Readjustment Act of 1944
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History…
• 1950’s
– Sputnik
– PL 85-864 created Nat’l Defense Education
Act
• Nat’l Defense Student Loan Program (morphed
into Perkins Loan Program)
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History…
• Higher Education Act of 1965
– PL 89-329
– Guaranteed Student Loan Program
(Stafford Loan Program – Direct and
FFELP)
– Educational Opportunity Grant (Pell Grant)
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In a Nutshell…• Student applies
• We figure out how much the family should
contribute to the effort
• School calculates how much he or she is eligible
for and builds the award package
• Student benefits
– As do all of us…an educated citizenry
• Loans repaid by borrower
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Application
• Aid Eligibility Determination
– FAFSA (Free Application for Federal Student
Aid)
– HS Diploma or GED
– ATB (Ability to Benefit)
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Application
NOTE: All COD interfaces routed through EAI except DCS.
SAIGSchools
EFC Calc DB Matches
Central Processing System
Students *
*FOTW – FAFSA on the web
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Application
• Aid Eligibility Determination - CPS
– EFC (Expected Family Contribution)
– NSLDS (National Student Loan Database
System)
– Immigration, SSA, SSS, IRS, State Agencies
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Application
• Output Documentation from CPS to School
– ISIR (Institution Student Information Record)
• contains EFC and other data
– SAR (Student Aid Report)
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Awarding
• Aid Eligibility Determination at School
– COA (Cost of Attendance)
– EFA (Estimated Financial Assistance)
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Awarding
• Grant Programs– Pell Grant Program– ACG (Academic Competitiveness Grant)– National SMART Grant (Science and
Mathematics Assistance to Retain Talent)
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Awarding
• Campus Based Programs– FSEOG (Federal Supplemental Educational
Opportunity Grant)– FWS (Federal-Work Study Program)– Perkins Loan Program
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Awarding
• Loan Programs– William D. Ford Federal Student Direct Loan
Program– Federal Family Education Loan Program– Alternative loans
• MPN (Master Promissory Note)– paper– e-MPN (Electronic Master Promissory Note)
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Awarding
• Loan Documents– Disclosure Statement
• Plain Language Disclosure• Borrower’s Rights & Responsibilities
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Awarding
• Loan Types– Subsidized Loan (undergraduate/graduate)– Unsubsidized Loan (undergraduate/graduate)– PLUS (Parent Loan Undergraduate Students)
• parent borrowers• graduate and professional student borrowers
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Awarding
• Award Package on Award Letter– Grants– Loans– Work– Scholarships– Other
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The COD Boogie
NOTE: All COD interfaces routed through EAI except DCS.
SAIG
Financial Mgt
System(FMS)
Loan Servicing System(DLSS)
ACG, SMART, Direct Loan and Pell Origination, Change and Disbursement data
Batch and web-generated Responses
CentralProcessing
System(CPS)
Loan Bookings & Disbursements
School
Eligibility
Data
Funding Transactions
Payment Transactions
Student Level Pell Data
Student Level Direct Loan Data
FMSS / GAPS
Schools
Drawdowns
Post Secondary Education Participant
System(PEPS)
Student
Applicant
Data
Payment Transactions
Student Data
Storage(NSLDS)
Common Origination & Disbursement (COD)
TransactionProcessing
Web Reports
Customer Service Center
Applicant Services
Debt Collection Services (DCS)
Student
Pell
Payment
Data
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Origination & Disbursement
• Common Origination & Disbursement (COD)– Pell– ACG– National SMART Grants– Direct Loans
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Origination & Disbursement
• On-Line• Batch
– Common Record– Origination data– Disbursement Data
• pending and actual
– Individual or the whole 9 yards
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Origination & Disbursement
• Routing ID Number (RID)– Static ID across all COD programs– School, 3rd Party Servicers, Corporate Office– Used in Entity ID tag
• Source• Destination• Reporting• Attending
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Origination & Disbursement
• Acknowledgements• Response
– Batch• full• standard
– Web-generated
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Origination & Disbursement
• GAPS - Grant Administration and Payment System
• Current Funding Level (CFL)– Advance Pay– Pushed Cash
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Origination & Disbursement
• Booking Notification– Data sent to Direct Loan Servicing System
and becomes Department of Education liability
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Friends For Life
• Laugh at their jokes• Appear sympathetic at their puzzled look and
acute inability to speak coherently when you ask “what’s the matter?”
• Don’t boast about your “week-end to remember” as they as likely as not spent their week-end at their desk processing aid to get caught up…all the while cussing at the IT system for running at what appears to them to be pre-1960 clock speeds
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Friends For Life
• Remember this phrase when talking to the Financial Aid Office folks…”Silly computer system…really, it’s not your fault…I’ll get right on it and you’ll be back up and running in no time”
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Other Systems…
• Common Services for Borrowers
– DCS (Debt Collection Services)
– DLSC (Direct Loan Servicing Center)
– DLCS (Direct Loan Consolidation Center)
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Other Systems…
• PEPS (Postsecondary Education Participation System)
• NSLDS (National Student Loan Data System)• CPS (Central Processing System)
– R2T4
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Other Systems…
• GAPS (Grant and Administrative Payment System)
• E-Apps (Eligcert)
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Other Terms…
• POP (Potential Overaward Process)• MRR (Multiple Reporting Record)• FISAP (Fiscal Operations Report and Application
to Participate)
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Other Terms…
• ACA (Administrative Cost Allowance)
• CDR (Cohort Default Rate)
• School Participation Team
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Other Terms…
• CSC (Customer Service Center)
• CSR (Customer Service Representative)
• SRC (School Relations Center)
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Other Terms…
• FAA (Financial Aid Administrator)• FAO (Financial Aid Office or Officer)• FAD (Financial Aid Director)
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Other Terms…
• IFAP (Information for Student Aid Professionals…www.ifap.ed.gov)
And Finally…
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Other Terms…
• ISYAGTIO (I’m Sure Y’all Are Glad This Is Over)
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Questions?
I appreciate your feedback and comments. I can
be reached at:
Name: Wood Mason
Phone: 404.562.6270
Email: [email protected]