Presentation is loading. Please wait.

Presentation is loading. Please wait.

ILASFAA Annual Conference April 16-18, 2008 April 2008 Overview of Federal and State Programs.

Similar presentations


Presentation on theme: "ILASFAA Annual Conference April 16-18, 2008 April 2008 Overview of Federal and State Programs."— Presentation transcript:

1 ILASFAA Annual Conference April 16-18, 2008 April 2008 Overview of Federal and State Programs

2 ILASFAA Annual Conference April 16-18, 2008 Sources of Financial Aid Federal –U. S. Department of Education (ED) –Higher Education Act (HEA) of 1965, as amended –Title IV Programs –Federal Register –Free Application for Federal Student Aid (FAFSA) –Master Promissory Notes State –Illinois Student Assistance Commission (ISAC) –Higher Education Student Assistance Act –Scholarships, Grants, Loans and 529 Prepaid Tuition Plan –Administrative Rules –Free Application for Federal Student Aid (FAFSA) –Program-Specific Applications

3 ILASFAA Annual Conference April 16-18, 2008 About ED Mission: to ensure equal access to education and promote educational excellence –Establishes financial aid policies –Enforces federal statutes and ensures equal access Reauthorization Process through which legislation is adapted to meet changing needs of education

4 ILASFAA Annual Conference April 16-18, 2008 Recent ED Legislation Higher Education Reconciliation Act (HERA) of 2005 –Final regulations were published on Nov. 1, 2007 College Cost Reduction and Access Act (CCRAA) –Some provisions went into effect Oct. 1, 2007 –Other provisions go into effect in 2008 and 2009 –Negotiated rulemaking process is underway –Benefits to students Pell Grant increases TEACH Grants Student loan interest rate reduction Expanded loan forgiveness Revised deferments

5 ILASFAA Annual Conference April 16-18, 2008 General Title IV Eligibility Criteria U.S. citizen or eligible noncitizen High school diploma, GED or equivalent Valid Social Security Number Register with Selective Service Seeking a degree or certificate Maintain satisfactory academic progress Not be in default on a student loan or owe money on a federal student grant

6 ILASFAA Annual Conference April 16-18, 2008 Database Matches Social Security Administration (SSA) –SSN match –Master Death File match –Citizenship match Department of Homeland Security (DHS) –Verifies eligible noncitizen status Selective Service –Verifies registration with Selective Service National Student Loan Data System (NSLDS) –Checks for loan defaults, borrowing in excess of loan limits, and overpayments of Title IV funds Department of Veterans Affairs (VA) –Confirms student’s claim to be independent based on his or her veteran status Department of Justice (DOJ) –Identifies applicants who are debarred from Title IV funds because of drug conviction

7 ILASFAA Annual Conference April 16-18, 2008 Federal Title IV Programs Grant Programs –Federal Pell Grant –Academic Competitiveness (AC) Grant –National Science and Mathematics Access to Retain Talent (SMART) Grant –Teacher Education Assistance for College and Higher Education (TEACH) Grant Campus-Based Programs –Federal Supplemental Educational Opportunity Grant (FSEOG) –Federal Work-Study (FWS) –Federal Perkins Loan Student Loans –Federal Family Education Loan (FFEL) Program –Federal Direct Loan (DL) Program

8 ILASFAA Annual Conference April 16-18, 2008 Pell Grant Program Foundation of financial aid package –Portable –Unaffected by student’s other aid Can be used for any educational expense Awarded to students with lowest EFCs Available to undergraduate students Less-than-half-time students are eligible

9 ILASFAA Annual Conference April 16-18, 2008 Pell Grant Program maximum award: $4,310 –Minimum award: $400 –Maximum EFC to be eligible for an award: $4110 Mandatory funding will increase maximum appropriated Pell Grant award by: –$490 in and –$690 in and –$1,090 in maximum award: $4,731 $4241 appropriated amount + $490 –Minimum award: $523 $400 + proportionate amount of additional funding –Maximum EFC to be eligible for an award: $4041

10 ILASFAA Annual Conference April 16-18, 2008 Recipient must be Pell-eligible and a U.S. citizen –Eligible noncitizens do not qualify For students in first and second year of a program of undergraduate education Student must be enrolled full-time Award amount dependent upon grade level: –$750 for the first academic year –$1,300 for the second academic year AC Grant Program

11 ILASFAA Annual Conference April 16-18, 2008 Student must have completed a rigorous secondary program of study after January 1, 2006, if a first-year student and after January 1, 2005, if a second-year student. Rigorous programs include: –State Scholar Initiatives or other approved state programs –Advanced or Honors Diploma Program –Advanced Placement or International Baccalaureate courses (2 or more) –Required set of courses if no state program: 4 years of English 3 years of Math 3 years of Science 3 year of Social Studies 1 year of foreign language Second-year student must have a cumulative GPA of at least 3.0 (on a 4.0 scale) at the end of the first academic year of undergraduate education. AC Grant Program

12 ILASFAA Annual Conference April 16-18, 2008 Recipient must be Pell-eligible and a U.S. citizen For students in third and fourth year of an eligible program of undergraduate education Student must be in a designated major Student must be enrolled full-time and in at least one course required for their major Award amounts: –$4000 for the third academic year –$4000 for the fourth academic year National SMART Grant Program

13 ILASFAA Annual Conference April 16-18, 2008 Student must be: –Pursing an eligible major in physical, life, or computer sciences, engineering, technology, mathematics or a critical-need foreign language (as determined by the Director of National Intelligence). –Have a cumulative GPA of at least 3.0 (on a 4.0 scale). National SMART Grant Program

14 ILASFAA Annual Conference April 16-18, 2008 TEACH Grant Effective for Awards up to $4,000 a year for: –Students who plan on becoming teachers –Teachers who are obtaining graduate degrees Aggregate maximums –$16,000 for first baccalaureate student –$8,000 for graduate student

15 ILASFAA Annual Conference April 16-18, 2008 TEACH Grant Eligibility requirements –Be enrolled as an undergraduate, post-baccalaureate, or graduate student at an institution that has chosen to participate in the TEACH Grant Program. –Be enrolled in coursework that is necessary to begin a career in teaching or plan to complete such coursework –Meet certain academic achievement requirements scoring above the 75th percentile on a college admissions test, or maintaining a cumulative GPA of at least –Sign a TEACH Grant Agreement to Serve (ATS) Grant converts to a Direct Unsubsidized Stafford Loan if teaching commitment is not met

16 ILASFAA Annual Conference April 16-18, 2008 TEACH Grant Teaching requirements of the TEACH Grant ATS –Serve as a full-time teacher for four academic years within eights years of completing course of study –Teach at a public or private elementary or secondary Title I school –Meet requirements of a highly-qualified teacher –Teach in a field designated as high-need (e.g. math, science, special education) for more informationwww.teachgrant.ed.gov

17 ILASFAA Annual Conference April 16-18, 2008 FSEOG Program Eligibility criteria: –Undergraduate students with exceptional financial need (lowest EFCs) Priority given to Federal Pell Grant recipients –Available to full-time and part-time students Annual amounts: –$100 minimum –$4,000 maximum –$4,400 maximum for certain study abroad students

18 ILASFAA Annual Conference April 16-18, 2008 Federal Work-Study Program Eligibility criteria: –Undergraduate, graduate or professional students –Available to full-time and part-time students –May include periods of nonattendance (e.g., summer session) if student plans to re-enroll in next regular enrollment period

19 ILASFAA Annual Conference April 16-18, 2008 Federal Perkins Loan Program Eligibility criteria: –Undergraduate, graduate or professional students –Priority given for students with exceptional financial need, as defined by school –Determination of Federal Pell Grant eligibility (if undergraduate student) –Available to full-time and part-time students

20 ILASFAA Annual Conference April 16-18, 2008 Federal Perkins Loan Program Annual loan limits: –$4,000 for undergraduates –$6,000 for graduate or professional students Aggregate loan limits: –$8,000 if not yet completed 2 years of undergraduate study –$20,000 if completed 2 years of undergraduate study –$40,000 for graduate or professional students –May exceed annual and aggregate limits by 20% if reasonable study abroad costs exceed home school’s costs Interest rate = 5% –Interest does not accrue until student enters repayment following 9-month grace period No loan fees

21 ILASFAA Annual Conference April 16-18, 2008 FFEL and Direct Loan Programs Stafford Loans –Subsidized Need-based Interest paid by federal government during in-school, grace and deferment periods –Unsubsidized Not need-based Interest accrues during in-school, grace or deferment periods PLUS –For parents of dependent undergraduate students and graduate and professional students Consolidation Loans –Allows borrowers to combine multiple loans into one loan

22 ILASFAA Annual Conference April 16-18, 2008 FFEL and Direct Loan Programs Key Differences: –FFEL Private lenders provide capital Guaranty agencies insure loans Federal government reinsures guaranty agencies –Direct Loan Program Federal government provides loan funds

23 ILASFAA Annual Conference April 16-18, 2008 FFEL and Direct Loan Programs Student borrower must: –Be enrolled at least half time –Be a regular student, except for certain teacher certification programs and preparatory course work –Have determination of Federal Pell Grant eligibility –Not be incarcerated –Meet certain requirements if a prior loan was discharged due to total and permanent disability Student for whom PLUS is borrowed must meet general student eligibility criteria

24 ILASFAA Annual Conference April 16-18, 2008 FFEL and Direct Loan Programs Annual loan limits apply to academic year Aggregate limits apply according to dependency and degree level

25 ILASFAA Annual Conference April 16-18, 2008 FFEL and Direct Loan Programs Interest rates –Stafford Loans Disbursed on or after 7/1/06 – fixed rate of 6.8% Disbursed prior to 7/1/06 -- variable interest rates set each July 1, not to exceed 8.25% –PLUS Loans Disbursed on or after 7/1/06 – 8.5% for FFELP & 7.9% for DL Disbursed prior to 7/1/06: variable rate not to exceed 9.0% –Consolidation Loans Based on the weighted average of loans being consolidated, rounded to nearest 1/8 th of 1%, not to exceed 8.25%

26 ILASFAA Annual Conference April 16-18, 2008 FFEL & Direct Loans: CCRAA Interest Rate Reductions For Subsidized Stafford Loans made to undergraduate students, rate reduces to: 6% for loans first disbursed 7/1/2008 – 6/20/ % for loans first disbursed 7/1/2009 – 6/30/ % for loans first disbursed 7/1/2010 – 6/30/ % for loans first disbursed 7/1/2011 – 6/30/2012 Unsubsidized loan interest rate will remain at current fixed rate of 6.8%

27 ILASFAA Annual Conference April 16-18, 2008 FFEL & Direct Loan Fees FFEL –Stafford origination fees are being reduced each year until phased out 1.00% for loans disbursed on or after July 1, 2008 –PLUS origination fee – 3% –Default fee of 1% For , ISAC will pay one half of the fee (.5%) on behalf of the borrower Direct Loan –Stafford origination fees are being reduced each year until at 1.0% 2.0% for loans disbursed on or after July 1, 2008 –PLUS origination fee – 4% –No default fee

28 ILASFAA Annual Conference April 16-18, 2008 Packaging Priorities Pell grant is always awarded first, before all other federal student aid. Academic Competitiveness and SMART grants must go to Pell grant recipients who also meet academically related criteria. Priority for FSEOG must be given to Pell grant recipients who have the lowest EFCs. Perkins loan funds must be awarded to students who show exceptional financial need, as defined by the school. Federal Work Study in combination with other aid must not exceed the student's need.

29 ILASFAA Annual Conference April 16-18, 2008 Loan Forgiveness for Public Service Employees New program, effective July 1, 2008 –Balance of principal and interest forgiven on direct loans to borrowers working in public service sector –Loan can be forgiven after 120 payments have been For payments made after 10/1/2007 Program is for non-defaulted Direct Loan borrowers only –FFEL borrowers may consolidate into DL to receive benefit

30 ILASFAA Annual Conference April 16-18, 2008 Loan Forgiveness for Public Service Employees Must repay under any combination of: –Income-based repayment –Income-contingent repayment –10-year standard repayment –Any DL repayment based on 10-year repayment amounts Must be employed in public service during 120- payment period Must be employed in public service job at time of forgiveness

31 ILASFAA Annual Conference April 16-18, 2008 About ISAC Mission: making college affordable for Illinois students Products and services –State and federal gift assistance programs –Federal and alternative loan programs –529 prepaid tuition program –Outreach efforts for students and families –Training and technology for partners –Default prevention for borrowers –Secondary market services –College Zone Network

32 ILASFAA Annual Conference April 16-18, 2008 Institutional Eligibility To participate in ISAC Programs, institutions must: –Be a postsecondary institution located in Illinois –Offer a program of collegiate study that leads to a degree or certificate –Have a valid Program Participation Agreement with ED –Complete an ISAC Program Participation Agreement and be approved by ISAC to participate

33 ILASFAA Annual Conference April 16-18, 2008 ISAC Program Participants Lists of the Illinois postsecondary schools approved to participate in each ISAC program are made available for each academic year.

34 ILASFAA Annual Conference April 16-18, 2008

35 ILASFAA Annual Conference April 16-18, 2008 ISAC Eligibility Requirements for Students Must meet federal eligibility requirements Must be an Illinois resident Cannot be incarcerated Must meet program-specific requirements

36 ILASFAA Annual Conference April 16-18, 2008 Residency Requirements For a dependent student: –The parent who is required to complete the FAFSA must physically reside in Illinois and Illinois must be his/her fixed and permanent home For an independent student: –Must reside in Illinois at the time of application –Must have resided in Illinois for 12 continuous full months prior to the start of the academic year for which assistance is requested –Illinois must be his/her fixed and permanent home

37 ILASFAA Annual Conference April 16-18, 2008 Verifying Eligibility Students selected for federal verification must also be verified for ISAC programs. Acceptable documentation for verifying Illinois residency includes: –Income tax returns –Illinois driver’s license –Rent or utility or bills Schools must also verify that students are meeting satisfactory academic progress when payment is requested from ISAC.

38 ILASFAA Annual Conference April 16-18, 2008 Monetary Award Program (MAP) Need-based grant ISAC’s largest program Annually awards more than $380 million Pays tuition and mandatory fees – maximum annual award is $4,968 – estimated maximum annual award is $4,968

39 ILASFAA Annual Conference April 16-18, 2008 MAP Process FAFSA is the application for MAP –Priority consideration dates: August 15 for continuing applicants September 30 for first-time applicants –Key data elements State of legal residence (student and parent) Grade level Type of degree the student is working on At least one school choice needs to be an Illinois school

40 ILASFAA Annual Conference April 16-18, 2008 MAP Process ISAC –Receives FAFSA data from CPS and determines eligibility –Sends a general acknowledgement letter to students Schools –Receive eligibility and award information via MAPnet –Notify students about award amounts and changes in eligibility status –Request payment on behalf of the student

41 ILASFAA Annual Conference April 16-18, 2008 MAP Terminology MAP Paid Credit Hours (MPCH) –Method used to track students’ usage of MAP benefits –Based on credit hours in which they are enrolled –Eligible students may receive a maximum of 135 MPCH Equivalent of 4½ years of full-time enrollment –Students must reach junior level status before they can use more than 75 MPCH Helps to ensure that students have at least 60 MPCH for upper level courses

42 ILASFAA Annual Conference April 16-18, 2008 MAP Terminology MAP Formula –Method used to distribute appropriated funds a “start-up” formula is established each spring A “recompute” formula is applied after appropriations have been finalized MAP Suspension –Point at which projections indicate that appropriations have been exhausted –Can occur prior to the published MAP priority consideration dates For , announcement of MAP grants was suspended for students whose initial FAFSA was received on or after August 16, 2007

43 ILASFAA Annual Conference April 16-18, 2008 MAP Payment Schools request payment via MAPnet Payment amount is based on the number of credit hours in which a student is enrolled –Proration methodology: Multiply student’s maximum annual amount by a fraction: –Number of hours enrolled is the nominator and 15 hours is the denominator »Example: $2,000 x 12/15 = $1,600 for a student enrolled in 12 credit hours –Award amount is then divided by the number of terms »Example: $1600/2 semesters = $800 per term

44 ILASFAA Annual Conference April 16-18, 2008

45 ILASFAA Annual Conference April 16-18, 2008 MAP Payment Claim Deadlines Approved by the Commission at the beginning of each school year Payment claim deadlines for are: –January 10, st semester/2 nd quarter –April 1, nd semester/quarter –June 1, rd quarter/2 nd semester for institutions where the second semester begins after February 15

46 ILASFAA Annual Conference April 16-18, 2008 MAP Reconciliation Schools must: –Credit a student’s account within 30 days of receiving their MAP funds –Reconcile payments and make adjustments in MAPnet –Send refunds owed to ISAC within 30 days of the end of the school’s year Refund checks should not be sent to ISAC during the school year

47 ILASFAA Annual Conference April 16-18, 2008 Silas Purnell Illinois Incentive for Access (IIA) Grant Need-based grant program Requires completion of the FAFSA Available to freshmen with 0 – 500 EFC Award amounts, subject to appropriations : –Up to $1,000 for applicants with 0 EFC –Up to $500 for applicants with 500 EFC or less For , schools should award at the $500 level for students with 0 EFC

48 ILASFAA Annual Conference April 16-18, 2008 Silas Purnell Illinois Incentive for Access (IIA) Grant Award may be used for any expense used to calculate the cost of attendance Illinois residency verification requirements, payment process and claim deadline dates are the same as those for MAP As with MAP, suspension can also occur –For , announcement of IIA grants was suspended for students whose initial FAFSA was received by the CPS on or after August 7, 2007.

49 ILASFAA Annual Conference April 16-18, 2008 Military Programs Illinois Veteran Grant (IVG) Program Illinois National Guard (ING) Grant Program

50 ILASFAA Annual Conference April 16-18, 2008 Illinois Veteran Grant (IVG) Program Entitlement program –Awarded to all eligible applicants regardless of funding level –Available at all four-year public universities and public community colleges No minimum enrollment requirement Pays tuition and mandatory fees –Eligible students receive four full academic years of benefits (120 units) For students eligible for IVG and MAP, IVG must be used first

51 ILASFAA Annual Conference April 16-18, 2008 Illinois Veteran Grant (IVG) Program Application can be submitted anytime during academic year Student receives notice of eligibility from ISAC –Applicant must notify school of his/her eligibility no later than the last day of classes for the term for which the grant is requested Schools can access eligibility data and benefit history and request payment via My Zone at collegezone.com

52 ILASFAA Annual Conference April 16-18, 2008

53 ILASFAA Annual Conference April 16-18, 2008 Illinois National Guard (ING) Grant Program Entitlement program –Awarded to all eligible applicants regardless of funding level –Available at all four-year public universities and public community colleges No minimum enrollment requirement Pays tuition and certain fees –Eligible students receive four full academic years of benefits (120 units) For students eligible for ING and MAP, ING must be used first

54 ILASFAA Annual Conference April 16-18, 2008 Illinois National Guard (ING) Grant Program Application priority deadlines dates: –October 1 — first term –March 1 — second semester, second and/or third quarter –June 15 — summer term Student receives notice of eligibility from ISAC Announcement rosters are made available to schools in My Zone at collegezone.com Payment rosters are sent to schools each term after application deadline dates has passed

55 ILASFAA Annual Conference April 16-18, 2008 Teacher Education Programs Illinois Future Teachers Corps (IFTC) Program Minority Teachers of Illinois (MTI) Scholarship Program Illinois Special Education Teacher Tuition Waiver (SETTW) Program Golden Apple Scholars of Illinois Program Illinois Teachers and Child Care Providers Loan Repayment Program

56 ILASFAA Annual Conference April 16-18, 2008 Illinois Future Teacher Corps (IFTC) Program For academically talented students who are pursuing a teaching career in Illinois Eligibility criteria: –At or above the junior level –Must be enrolled at least half-time Requires five-year teaching commitment

57 ILASFAA Annual Conference April 16-18, 2008 Illinois Future Teacher Corps (IFTC) Program Awards –Up to $5,000 or $10,000 a year, depending upon teaching commitment made Hard-to-Staff School and/or Teacher Shortage Discipline –Can be used for tuition, fees, room and board or commuter charges (cannot exceed COA) Award Selection Criteria –Priority given to timely renewal applicants –Combination of other factors Grade point average, financial need, minority status and teaching commitment

58 ILASFAA Annual Conference April 16-18, 2008 Minority Teachers of Illinois (MTI) Scholarship Program For minority students enrolled in a teacher education program Eligibility Criteria: –Undergraduate or graduate student includes freshmen may give preference to juniors and above –Must be enrolled at least half-time Requires a one-year teaching commitment for each year of scholarship received

59 ILASFAA Annual Conference April 16-18, 2008 Minority Teachers of Illinois (MTI) Scholarship Program Awards –Up to $5,000 per year for 8 semesters/12 quarters –Can be used for tuition, fees, room and board or commuter charges (cannot exceed COA) Award Selection Criteria –Priority given to timely renewal applicants Preference for those in junior status and above –30% of funds are reserved for male students until January 1

60 ILASFAA Annual Conference April 16-18, 2008 IFTC and MTI = TESP These two programs are referred to as Teacher Education Scholarship Programs or TESP Same application for both programs: –Teacher Education Scholarship Programs Application –Interactive online application Requires State of Illinois digital ID Cannot receive both awards in one academic year Renewal applicants are notified when new application is available Priority application filing date is March 1 (prior to the start of the academic year)

61 ILASFAA Annual Conference April 16-18, 2008 Special Education Teacher Tuition Waiver (SETTW) For undergraduate and graduate students pursuing a degree in special education Exempts recipients from tuition and mandatory fees at any of the 12 public universities in Illinois Requires a teaching commitment 250 waivers awarded each year

62 ILASFAA Annual Conference April 16-18, 2008 Special Education Teacher Tuition Waiver (SETTW) Applicants must complete the Illinois Special Education Teacher Tuition Waiver Application Priority consideration deadline is March 1 (prior to start of the academic year) A Notice of Eligibility is sent to each qualified applicant by July 1 –Qualified applicants not selected are also notified For students eligible for SETTW and MAP, SETTW must be used first

63 ILASFAA Annual Conference April 16-18, 2008 Golden Apple Scholars of Illinois Provides scholarships to students pursuing teaching degrees Students are nominated by teachers, counselors, principals –Nomination period: April 1 – November 30 Scholars receive $2,500 scholarships per year for four years, along with the benefits of a mentoring program Requires a five-year teaching commitment Eligibility, application process, awarding and payment is handled by Golden Apple Foundation –www.goldenapple.org

64 ILASFAA Annual Conference April 16-18, 2008 Illinois Teachers & Child Care Providers Loan Repayment To be eligible: –Must first qualify for Federal Stafford Loan Cancellation for Teachers Program Cancels up to $5,000 if the borrower teaches full-time for five consecutive years in a low-income school –Note: The Federal Child Care Provider Loan Forgiveness Program is no longer being funded and new applications are not being accepted. –Must complete teaching requirement at an Illinois school Applicants must: –Complete an ISAC application –Provide documentation of teaching service in Illinois

65 ILASFAA Annual Conference April 16-18, 2008 High School Scholarship Programs (HSSP) State Scholar Program Merit Recognition Scholarship (MRS) Robert C. Byrd Honors Scholarship

66 ILASFAA Annual Conference April 16-18, 2008 State Scholar Program Currently a recognition-only program with no monetary award Eligibility criteria –attend an approved high school –be a U.S. citizen or eligible non-citizen and an Illinois resident –take ACT or SAT I test between September 1 and June 30 of junior year in high school –rank in upper half of high school class at end of 6th semester or have an ACT/SAT I equivalent score at or above the 95th percentile (score of 30 or above) –graduate from high school in the year named an Illinois State Scholar

67 ILASFAA Annual Conference April 16-18, 2008 State Scholar Program Recent legislation added a monetary component to the State Scholar Award, subject to appropriation. –Public Act Effective January 1, 2009, each State Scholar who enrolls or is enrolled in an institution of higher learning in Illinois shall receive a one-time grant of $1,000 to be used for tuition and mandatory fees. –Grant will be paid directly to the postsecondary institution. Students cannot receive both the Merit Recognition Scholarship and State Scholar Award in the same qualifying year.

68 ILASFAA Annual Conference April 16-18, 2008 Merit Recognition Scholarship (MRS) Program Rewards academic achievement $1,000 award during freshman year of college –Subject to appropriation –No funds were appropriated for Award can be used at an Illinois institution or one of the four U.S. Military Service Academies Student must be due to graduate from an Illinois high school by end of the academic year in which the award is made

69 ILASFAA Annual Conference April 16-18, 2008 Robert C. Byrd Honors Scholarship Program Federally-funded program that rewards academic excellence Provides $1,500 per year for up to four years Can be used at most approved institutions of higher education in the United States Must be a U.S. citizen or eligible non-citizen and resident of Illinois when initially awarded Must demonstrate outstanding academic achievement –Class rank, GPA and ACT, SAT or PSAE score

70 ILASFAA Annual Conference April 16-18, 2008 Byrd Notification and Payment Process A list identifying eligible students are sent to high schools by May 1 Notices are sent to new and renewal Byrd Scholars in April with an Eligibility Certification Form that is due to ISAC by July 15 Payment request rosters are sent to postsecondary schools in the fall

71 ILASFAA Annual Conference April 16-18, 2008 Other Targeted Programs Bonus Incentive Grant (BIG) Program Grant Programs for Dependents of Police/Fire/Correctional Officers Higher Education License Plate (HELP) Program Optometric Education Scholarship Program Student-to-Student (STS) Grant Program

72 ILASFAA Annual Conference April 16-18, 2008 Bonus Incentive Grant (BIG) Provides an incentive to use proceeds from Illinois College Savings Bonds at Illinois colleges and universities Incentives range from $40 to $440 Application becomes available on College Zone Web site on August 1 –Deadline to submit is May 30 of the academic year for which BIG is being requested. –Should submit as soon after August 1 as possible

73 ILASFAA Annual Conference April 16-18, 2008 Grant Programs for Dependents of Police/Fire/Correctional Officers Grant program for the spouse and children of Illinois police, fire and correctional officers killed or at least 90% disabled in the line of duty Recipients must be enrolled at least half-time in undergraduate or graduate study Provides payment toward tuition and mandatory fees for 8 semesters or 12 quarters For students eligible for P/F/C and MAP, P/F/C must be used first

74 ILASFAA Annual Conference April 16-18, 2008 Grant Programs for Dependents of Police/Fire/Correctional Officers Application deadlines for these programs: –October 1 for consideration for all terms –March 1 for consideration for second semester/second and third quarter –June 15 for consideration for summer term Payment request rosters are sent to postsecondary schools each term after the application deadline has passed.

75 ILASFAA Annual Conference April 16-18, 2008 Higher Education License Plate (HELP) Program Provides grant money to students who attend Illinois institutions that participate in the special collegiate license plate program A portion of the proceeds of plates sold are used to fund the program Funds are sent to each institution at the beginning of ISAC’s fiscal year Institutions determine the amount of each grant according to program guidelines Recipients must complete the FAFSA and show financial need

76 ILASFAA Annual Conference April 16-18, 2008 Optometric Education Scholarship Provides scholarship to students pursuing a graduate degree in optometry at the Illinois College of Optometry Pays tuition and mandatory fees for two semesters or three quarters 10 scholarships are awarded each year Recipients must agree to practice optometry in Illinois for one year for each year of assistance received

77 ILASFAA Annual Conference April 16-18, 2008 Student-to-Student (STS) Grant Program Need-based program for undergraduate students enrolled on at least a half-time basis Funds are from voluntary contributions of students at the college or university and matching grants from ISAC

78 ILASFAA Annual Conference April 16-18, 2008 Nurse Educator Scholarship Program Covers tuition and fees and provides a cost of living stipend not to exceed $10,000 for up to eight semesters of study Recipient is required to work in Illinois for five years as a nurse educator Application/promissory note is available on College Zone 17 schools participating

79 ILASFAA Annual Conference April 16-18, 2008 Nurse Educator Loan Repayment Program Provides grants of up to $5,000 per year to nurse educators who have instructed practical or professional nurses in an approved Illinois institution for at least the past 12 consecutive months prior to the date of each application –Grant dollars must be used to pay existing student loan debt –Can receive for a period of no more than four years Administrative rules and application are available on College Zone

80 ILASFAA Annual Conference April 16-18, 2008 Veterans’ Home Nurse Loan Repayment Program New program for Provides grants of up to $5,000 per year to nurses who have worked in veterans’ homes in Illinois for 12 consecutive months Grant dollars are to be used to pay down recipient’s existing student loan debt. Administrative rules and application are available on College Zone

81 ILASFAA Annual Conference April 16-18, 2008 College Illinois! 529 Prepaid Tuition Program 10 th annual enrollment period continues through April 29, 2008 “Buy-A-Year” initiative introduced –Encourages parents, grandparents and other gift- givers to start a prepaid tuition contract with just one year of coverage using one of the program’s installment options. Additional semesters can be purchased later at a rate based on the original purchase. Visit for program information.

82 ILASFAA Annual Conference April 16-18, 2008 College Illinois! Capstone Loan Program Pilot program for academic year Intended for college seniors in Illinois Provides loan funds to help them complete their final semester(s) prior to graduation Interest rate starts at 8% and is reduced if students: –Obtain employment in Illinois –Have an annual income under $50,000 or $30,000 –Have an annual income of $30,000 or less and make 12 consecutive on-time payments

83 ILASFAA Annual Conference April 16-18, 2008 Other State Programs Illinois Department of Public Health –Allied Health Care Professional Scholarship Program –Medical Student Scholarship Program –Nursing Education Scholarship Program Illinois General Assembly members –General Assembly Scholarship Program Illinois Department of Veterans’ Affairs –MIA/POW Scholarship Program Office of Rehabilitation Services –Provides financial assistance for those with physical or mental disabilities Illinois Department of Children & Family Services

84 ILASFAA Annual Conference April 16-18, 2008 Questions/Comments?? Thank for you attending … and enjoy the rest of the conference!


Download ppt "ILASFAA Annual Conference April 16-18, 2008 April 2008 Overview of Federal and State Programs."

Similar presentations


Ads by Google