State Financial Aid In Texas TASFAA ABC Workshop October 7, 2015 Shebah Spears Program Manager,...
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Transcript of State Financial Aid In Texas TASFAA ABC Workshop October 7, 2015 Shebah Spears Program Manager,...
State Financial Aid In TexasTASFAA ABC WorkshopOctober 7, 2015
Shebah SpearsProgram Manager, Grants and Special ProgramsStudent Financial Aid ProgramsTexas Higher Education Coordinating Board
There is no shortage of data in the world. Some is outdated, while some is skewed; some can make you depressed, while some can provide guidance and hope.
Data is EXTREMELY powerful. So it is EXTREMELY important that the data we are reporting is accurate.
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NEW DIRECTION
Goals For FY2016• Improving accuracy in reporting for state
financial aid programs• Implementing “Target Dates” to serve as a
guide for reconciling state aid funds• Disbursing requested funds within five
business days• Reconciling and returning funds in a timely
manner• Providing more training
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• Financial Aid Office
• Business Office
• Business Office
• Financial Aid Office
Determining Eligibility
Disbursing funds
Canceling award based on eligibility
Sending refunds
Reconciling accounts
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The ABC’s of State Financial Aid Programs
Grant, Scholarships, and Work Programs Funds awarded do not need to be repaid.
Educational LoansFunds awarded are used to cover cost of attendance.
Exemption ProgramsExempt from paying tuition and/or fees*.
Waiver Programs Waive tuition rates for non-resident students*.
* Certain groups of eligible students.
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TEXAS Grant – Initial Year (IY) Pathways
Four (4) IY Pathways: Graduated from an accredited
public or private high school (Includes Priority Model)
Earned an Associate’s Degree
Enlisted in military service
Texas Educational Opportunity Grant (TEOG)
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AREA REQUIREMENT(S)
Advanced Academic Program
12 hours of college credit (dual credit or AP courses), complete the Distinguished Achievement Program (DAP), or complete the International Baccalaureate (IB) Program .
TSI Readiness
Meet the Texas Success Initiatives (TSI) assessment thresholds or qualify for an exemption.
Class Standing
Graduate in the top one-third of the HS graduating class or have a “B” average.
Advanced Math
Complete at least one math course beyond Algebra II (as determined by the Texas Education Agency (TEA)).
Priority Model Consideration
TEXAS Grant – Continuation of Awards
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End of subsequent years: Program SAP:
2.5 cumulative GPA and 24 completed SCHs
End of 1st year: Institution’s SAP Policy
Enroll in at least 9 hours
Have Financial Need
Student Eligibility Ends when…
Student receives a Baccalaureate Degree
orStudent attempts 150 SCHs
TEOG – Eligibility
Student must:Enroll in at least 6 hours as an entering undergraduate student with no more than 30 hours:• includes all hours earned
that are being accepted by your institution
• excludes credits for dual enrollment or by examination.
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Renewal Year EligibilityInitial Year Eligibility
Have Financial Need
End of 1st year: Institution’s SAP Policy
End of subsequent years: Program SAP:
2.5 cumulative GPA and 24 completed SCHs
75% Completion Rate
TEOG – Award Amounts / End of EligibilityAward amounts are determined annually.Proration Required:
12 or more hours at census date – 100% of maximum award 9 to 11 hours at census date – 75% of maximum award 6 to 8 hours at census date – 50% of maximum award
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STOPTEOG eligibility ends when a
student….
obtains an Associate’s Degreeor
attempts more than 75 SCH’s
TEG – Program Highlights
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Eligibility Highlights: National Merit Finalist with at least $1,000
in scholarships.
Not concurrently receiving an athletic
scholarship.
Required to pay more tuition than is
required at a comparable public institution.
Enroll in at least 9 SCH’s as an
undergraduate or graduate student working
on the first associate’s, baccalaureate,
master’s, or doctoral degree that does not
lead to ordination or licensure to preach.
Have Financial
Need
75% completion Rate
24 completed SCHs
2.5 cumulative GPA
Enroll in 9 hours
Subsequent Award
Eligibility
Important Reminders
Awards are issued on a student-by-student basis. – Funds cannot be transferred to other eligible recipients unless
the funds are refunded and re-issued.
Awards are for FALL ONLY.– If the recipient does not enroll, please return the student’s
award. Students are not able to receive an award at another institution until the funds requested for the student are returned to THECB.
Award eligibility is based on hours enrolled as of census date.– If a student drops classes after the census date, the award does
not need to be refunded.
Top 10% Scholarship Program
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Disbursements and Refunds
Reconciliation of funds during the fiscal year:– Program disbursements and balances are
reconciled in February through the institution’s Progress Report.
End of the fiscal year:– Unused funds must be returned to THECB
before end-of-year report certification.Refunds must include cents, if applicable.
Texas College Work Study Program
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Disbursements and Refunds
CAL(College Access
Loan)
BOT (B-On Time)
The Coordinating Board has no way of knowing that a student’s loan was reduced or cancelled, and we must pursue repayment based on the signed promissory note. Failure to return funds on a timely basis results in many negative consequences for borrowers:
Late fees Tax payments on forgiven loans Collection charges and negative credit reports
for:Defaulted loans, andLate monthly loan payments after
graduation.
State Loan Programs
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November 1st – FY2015 Summer Update File (SAP Updates)
Date for institutions to update FY2015 End-of-Year (EOY) records for students that receive a fall award.
December 4th – TEOG and TEXAS Grant Date to submit funds requests for fall term.
December 15th – TEG, TEOG, TEXAS Grant, and Top 10%
Date to return funds for fall term.
May 1st – TEG, TEOG, and TEXAS Grant Date to return funds for spring term.
Target Dates
February 20th
Institutions lose claim to funds not requested by close of business on this date.
Deadline to:• request originally allocated funds.• submit reallocation requests (only
those schools with a zero original allocation balance).
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Deadline
• Financial Aid Office
• Business Office
• Financial Aid Office
• Business Office
Determining eligibility
Disbursing funds
Canceling award based on eligibility
Sending refunds
RECONCILING ACCOUNTS
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The Coordinating Board’s Role
Training Guidance
Contact Information
Grants and Special Programs Information Website
https://www1.thecb.state.tx.us/apps/SpecialPrograms/
General Contact [email protected]
512.427.6340 or 800.242.3062
General Websitewww.collegeforalltexans.com
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