HESC Update SUNYFAP 2011. HESC Update v 2011-12 State Budget Highlights.
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HESC Update SUNYFAP 2011
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Transcript of HESC Update SUNYFAP 2011. HESC Update v 2011-12 State Budget Highlights.
HESC Update
SUNYFAP 2011
HESC Update
2011-12 State Budget Highlights
Tuition Assistance Program
Eliminates the $75 across-the-board reduction to student TAP awards.
Eliminates the two percent reduction to scholarship awards.
Continues the maximum TAP award for students matriculated in certain two-year degree programs at up to $4,000.
Tuition Assistance Program
Authorizes TAP awards for students who attend institutions that are not currently under the supervision of the State Education Department.
Amends the New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program to require New York State residency and to clarify the calculation of applicable eligibility timeframes.
Satisfactory Academic Progress (SAP)
Maintains the requirement that minimum academic standards for non-remedial students be increased for continued TAP eligibility, but modifies the standards to be more attainable for students first receiving State aid in 2010-11 and thereafter.
Scholarships
Extends the statutory authorization for the Regents Physician Loan Forgiveness Program until 2015-16, and authorizes awards for prior obligations retroactively to 2009-10.
Extends the statutory authorization for:– New York State Licensed Social Worker Loan Forgiveness
Program,– Senator Patricia K. McGee Nursing Faculty Scholarship and the – Nursing Faculty Loan Forgiveness Incentive Program until
2016, and retroactively for prior obligations for the 2010-11 academic year.
NYHELPs
New York Higher Education Loan Program
Facts and Stats
$6 million originated through 3/20/2011 677 loans fully approved $8,863 = average loan amount Repayment breakdown:
– Fully deferred-45%– Interest only-22%– Immediate payment-33%
College Participation
86 colleges currently participate state wide
SUNY Participation– 15 SUNYs– 3 Community Colleges
Program Highlights
1% college fee covered for 2011-12 Fixed rate Covers back balances FICO score requirement starts at 660 Financial literacy requirement Allows for a sponsor to borrow on behalf of the
student Servicer covers all HEOA disclosures and notices Early outreach – 200 borrowers in repayment – 0%
delinquency rate
Getting Ready for 2011-12
Simplified application process Reduced documentation Enhanced functionality for colleges
– Online processing– Disbursement methods
Continue to sign on new colleges
HESC Update
Student Financial Aid Awareness FAFSA Completion Thank You for Your Help
HESC Update
Student Empowerment Grant Information will be focused on the
student– Net Price Calculator– Financial Literacy Driven– Free Money First– Student Loan Analytics Rating
HESC Update
Default Prevention1.2 million callsThe 500,000 borrowers that did not
default400,000 loans that were “PUT” last yearFinancial Literacy
HESC Update
The Transition of Guarantors Guarantor Services
Questions?
