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News to Know Office of Student Financial Assistance Florida Department of Education June 2005.

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Presentation on theme: "News to Know Office of Student Financial Assistance Florida Department of Education June 2005."— Presentation transcript:

1 News to Know Office of Student Financial Assistance Florida Department of Education June 2005

2 FASFAA Update Thank you to each of the FASFAA attendees that participated in the many OSFA related events during the Spring Conference: OSFA Vendor Booth, Navigating Your Financial Future Vendor Booth, OSFA Guarantor Update, State Programs (FSAG) Update, State Programs (Bright Futures) Update, and OSFA Training Lab and Cyber Café. If you were unable to attend the information packed updates, please contact your Outreach Representative for a copy of the presentations today! Congratulations also goes out to the multiple winners of the OSFA giveaways in the FASFAA Vendor area!

3 Introducing Robin Blank OSFA is pleased to announce that Robin Blank has joined the OSFA Outreach Team as the South Florida Outreach Representative. Robin is formerly of Palm Beach Community College and will begin her employment with us on July 11, Stay tuned for Robins contact information! In the interim, please continue to contact Lori Auxier, Manager of Outreach Services.

4 Loan Originations Staff –Allie Willis –Debby Terfinko –Tammy Lynn –Charles Faris For your Loan Origination needs, please do not hesitate to call on any of the Loan Origination Staff! They are here to serve you!

5 Interest Rates Interest Rates go into effect July 1st!

6 2005/2006 State Programs Appropriations

7 State Programs Disbursements Are you still receiving your State Program disbursements via paper check? If so, sign up for EFT today! Visit the Florida Department of Financial Services website and select the blue VENDORS option at the bottom of the page. This will direct you to a page of instructions on how to change or verify vendor information for receipt of payments from the State of Florida.Florida Department of Financial Services Need help? Call Karl Washington at !

8 Defaulted State Scholarship Loans In order to assist postsecondary institutions adhere to Section (5) (Florida Statutes), OSFA has created a link on SSFAD that provides a list of defaulted state scholarship loan recipients. From our home page, select:Section (5) (Florida Statutes)home page State Grants, Scholarships & Applications Postsecondary Institutions Defaulted State Loans

9 Academic Transcript Holds Question: Is a school required to place a hold on a borrower's academic transcripts if the school receives notification that the student has defaulted on a student loan until the default has been resolved? Or, is it only encouraged? –Answer: According to Florida Statute (5), no individual borrower who has been determined to be in default in making legally required scholarship loan, student loan, or guaranteed loan repayments shall be furnished with his or her academic transcripts or other student records until such time as the loan is paid in full or the default status has been removed.Florida Statute (5) Note, this Statute applies to both Defaulted State Scholarship and FFEL Loans!

10 Professional Judgement Question: Does an institution have the right to exercise professional judgment and deny a PLUS loan, even if the parent was approved by the lender? For example, what if the parent passes the credit check, but based on their extenuating circumstances(*), the FA Administrator knows that the parent cannot successfully repay the loan. Can the FA Administrator deny the PLUS loan and allow the student to borrow the additional unsubsidized loan, if they properly document the file to support their professional judgment? (*) For example, the parent only receives social security or disability, etc. and do not have the means to successfully repay an additional obligation such as a PLUS Loan. Answer - >

11 Professional Judgement Answer: Federal Regulation (e) states a school may refuse to certify a Stafford or PLUS loan application or may reduce the borrower's determination of need for the loan if the reason for that action is documented and provided to the borrower in writing provided - (1) The determination is made on a case-by case basis; (2) The documentation supporting the determination is retained in the student's file; and (3) The school does not engage in any pattern or practice that results in a denial of a borrower's access to FFEL loans because of the borrower's race, sex, color, religion, national origin, age, handicapped status, income, or selection of a particular lender or guaranty agency. Therefore, a school cannot refuse to certify a Stafford or PLUS loan based on income.

12 MYF Chats We are pleased to announce the following financial aid chats are available during the remainder of These chats are FREE to you and your students through our sponsorship of Mapping Your Future! –August 9, 2005, College Admissions and Standardized Testing –September 13, 2005, Debt Management Strategies –November 15, 2005, Managing your student loans, including repayment options, consolidation, and cancellation For more information on the MYF Chats, visit the MYF Website!MYF Website

13 2004/2005 FAFSA Deadlines FAFSAs must be received and accepted by the Central Processing System (CPS) no later than midnight, June 30, 2005 Corrections to processed applications, including signature pages, must be received and accepted by the CPS no later than midnight, September 15, 2005

14 For more information on these events and other future scheduled events, visit the FASFAA Website and click on Calendar FASFAA Website Important Dates July 3-6, NASFAA Conference, New York, NY October 25-27, FASFAA Fall 2005 Conference, Orlando, FL October 31 - November 3, SFA Electronic Access Conference, San Diego, CA November 29 - December 2, SFA Electronic Access Conference, Atlanta, GA February 12-15, 2006, SASFAA Annual Conference, Greensboro, NC April 5-7, 2006, 2006 SFA Spring Conference, San Antonio, TX

15 Mission Statement The Florida Department of Education, Office of Student Financial Assistance (OSFA), serves as a guarantor for the Federal Family Education Loan Program (FFELP), and the administrator of Floridas scholarship and grant programs. The OSFA Mission is to facilitate higher education access and services by providing exemplary customer attention, comprehensive financial aid information, and convenient and efficient products.

16 Philosophy As a public agency, OSFA has the ability to offer its partners and customers something few guarantors can: the ability to shape OSFA programs and services based on their specific concerns. Earnings generated from OSFAs loan programs are used to help fund scholarship and grant programs, financial aid workshops and publications, and to provide better services for our participants. When schools and students choose to use the OSFA guarantee for student loans, they are actually helping countless other needy and deserving students by investing in education programs. So, if a participant has a problem or suggestion, OSFA management listens and does whatever it takes to implement a solution that meets their needs. Public dollars deserve that kind of accountability in education finance.

17 Outreach Team Contact Information Ernest Smith, Director of Market Development – –Jacqueline Hill, Default Prevention Manager – –Lori Auxier, Manager of Outreach Services – –Karen Hurrell, Senior Outreach Representative – –Stephanie Durdley, Outreach Representative – –Kelly Bernhardt, Outreach Representative – Robin Blank, Outreach Representative –TBA

18 Regional Contact Information Lori Auxier, Manager of Outreach Services – (office) – (cell)

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