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Higher Education Services Corporation 2011 Update.

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Presentation on theme: "Higher Education Services Corporation 2011 Update."— Presentation transcript:

1 Higher Education Services Corporation 2011 Update

2 HESC Update v State Budget Highlights

3 Tuition Assistance Program v Eliminates the $75 across-the-board reduction to student TAP awards. v Eliminates the two percent reduction to scholarship awards. v Continues the maximum TAP award for students matriculated in certain two-year degree programs at up to $4,000.

4 Tuition Assistance Program v Authorizes TAP awards for students who attend institutions that are not currently under the supervision of the State Education Department. v 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.

5 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 and thereafter.

6 Satisfactory Academic Progress  Effective for the academic year and thereafter, New York State Education Law requires:  A non-remedial student, whose first award year is in and thereafter, must meet new standards of satisfactory academic progress (SAP).  Non-remedial students whose first year is through must meet the SAP requirements enacted in  Those meeting the definition of "remedial student" are not subject to the new SAP standards, but will use the requirements established in  The law enacted in 2006 mandated minimum standards of satisfactory academic progress for students receiving their first State award in academic year year.  Students who received their first award prior to the academic year continue to be subject to the standards of satisfactory academic progress approved by the Commissioner of Education. However, institutions may choose to adopt for all students standards mandated in Education Law by requesting State Education Department approval.

7 Remedial Definition v “Remedial student” is defined as a student: (a) whose scores on a recognized college placement exam or nationally recognized standardized exam indicated the need for remediation for at least two semesters, as certified by the college and approved by the State Education Department (SED); or (b) who was enrolled in at least six semester hours of non-credit remedial courses, as approved by SED, in the first term they received a TAP award; or (c) who is or was enrolled in an opportunity program (HEOP, EOP, SEEK CD).

8 Semester – Baccalaureate Non-remedial and thereafter Before Being Certified for This Payment 1 st 2 nd 3 rd 4 th 5 th 6 th 7 th 8 th 9 th 10 th A Student Must Have Accrued at Least This Many Credits With At Least This Grade Point Average

9 Semester – Associate Non-remedial whose first year is and thereafter Before Being Certified for This Payment 1 st 2 nd 3 rd 4 th 5 th 6 th A Student Must Have Accrued at Least This Many Credits With At Least This Grade Point Average

10 Semester – baccalaureate Students who meet “remedial definition” and whose first year is through Before Being Certified for This Payment 1 st 2 nd 3 rd 4 th 5 th 6 th 7 th 8 th 9 th 10 th A Student Must Have Accrued at Least This Many Credits With At Least This Grade Point Average

11 Semester – Associate Students who meet “remedial definition” and whose first year is through Before Being Certified for This Payment 1 st 2 nd 3 rd 4 th 5 th 6 th A Student Must Have Accrued at Least This Many Credits With At Least This Grade Point Average

12 Scholarships v Extends the statutory authorization for the Regents Physician Loan Forgiveness Program until , and authorizes awards for prior obligations retroactively to v 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 academic year.

13 HESC Update v Student Financial Aid Awareness v FAFSA Completion v Thank You for Your Help

14 HESC Update v Student Empowerment Grant v Information will be focused on the student –Net Price Calculator –Financial Literacy Driven –Free Money First –Student Loan Analytics Rating

15 HESC Update  Default Prevention  1.2 million calls  The 500,000 borrowers that did not default  400,000 loans that were “PUT” last year  Financial Literacy

16 HESC Update v The Transition of Guarantors v Guarantor Services

17 Questions?


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