The Power of Synergy: A Graduate/Professional Roundtable Discussion Hosted by Susan Bogart Director...
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Transcript of The Power of Synergy: A Graduate/Professional Roundtable Discussion Hosted by Susan Bogart Director...
The Power of Synergy:A Graduate/ProfessionalRoundtable Discussion
Hosted by Susan BogartDirector of Financial Aid
Penn State LawAnd
Meghan McCleanNASFAA
syn·er·gy [sin-er-jee]
noun, plural syn·er·gies.
• the interaction of elements that when combined produce a total effect that is greater than the sum of the individual elements, contributions, etc.; synergism.
From Dictionary.com
Loan Servicer Madness
• So many servicers…so few same procedures.
• How do they each calculate IBR eligibility?
• How do you advise your students?
Grad PLUS Denials
• It used to work, but now it doesn’t!
• Stricter credit criteria are causing more denials.
• We have to answer with more financial literacy education and help guiding our students through appeals and/or endorsers.
Problem solved!
• SAP rules prohibiting use of Title IV aid for retaking coursework only apply to undergrads.
• Excellent news for medical schools!
This is Better!
• There is now an electronic application for IBR.
• The application has an IRS Retrieval Tool
• Available at Studentloans.gov website.
Grants, Scholarships and Assistantships
• Is it getting harder to attract quality students without gift money?
• How do we make sure need-based gift money goes to neediest students?
• Are we spending more to get fewer students? And what effect does that have on the school’s budget?
Increases to Cost of Attendance
• When is enough enough?• What is allowable?• What is not allowable?• How do you say no to the student who
requests too much?• Any other PJ issues?
Has the Cost Become Too Much?
• Costs have risen rapidly over the last decade or two.
• Is graduate school no longer worth the cost?
• Are we in a tuition “bubble?”
IBR/Public Service Loan Forgiveness• How do you tell your students about these
programs?• What have you heard back from alumni
pursuing IBR?• Have you changed Loan Repayment Assistance
Programs to accommodate IBR and PSLF?• How do you handle students who want to
know the procedure to apply for PSLF?
A New Twist
• ICR-a will offer another option for income-based payments.
• Regulations are not yet final.
• Payments will be 10% of discretionary income.
• Forgiveness after 20 years.
Backup power
• How do you do exit counseling?– In person?– Online?
• Any follow-up after graduation?– Podcasts?– YouTube videos?
• Repayment/financial literacy education during enrollment?
What’s next in Washington?
• Consumer Disclosure Dizziness
• Sequestration• FY 2013 and 2014
budgets• Senator Durbin’s Know
Before You Owe Act & TILA
• Reauthorization
Anything We Missed?
• What else would you like to discuss?