| Financial Aid 101 | Verification/FAFSA | PJ/EFC | Student Loans | Miscellaneous |
|---|---|---|---|---|
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What is the maximum Pell award for the 14/15 award year.
$5,730
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What is
1. When a person is required to file 2. What the correct filing status should be 3. That an individual cannot be claimed as an exemption by more than one person
Without being tax experts, these 3 basic laws are what Financial Aid counselors are expected to know
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What is the EFC
This number determines the student's eligibility for Federal aid
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What is
Unsub Sub Plus Pell FSEOG
The correct order of returned Title IV funds
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What is Cost of Attendance
The abbreviation for this term is COA
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What is the number of weeks in our Academic Year.
32 weeks
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What is review
You are generally required to do this with all subsequent ISIR transactions for a student for the entire processing year even if you verified an earlier transaction
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What is the student's financial need
This is determined by subtracting the EFC from the COA (cost of attendance)
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What is a first time borrower by definition of the 150% Subsidized eligibility rule
A borrower who has never borrowed a Title IV loan before July 1st 2013 or who as paid off their loan debt and borrowed new loans July 1st 2013 or after
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What is a Parent Plus Denial
We need this in order to award a Dependent student more than $2000 in Unsubsidized loans
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What is the amount of time required to perform an R2T4 calculation.
45 days from the Date of Determination
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What is the date we should no longer accept ISIRs that report "Will File"
October 15th 2014
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What is verification
This needs to be completed before a Professional Judgment can be performed
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What is the only POEs currently being identified every week on the R2T4 report and the only ones that will be reviewed by Patrick for an R2T4.
The current POE after add/drop week and the most recent past POE
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What is adding the student to the F Drive
This is the step after reducing a loan period so it can be accurately reported to COD
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What are the reasons for reviewing NSLDS before packaging
Default, overpayment on a grant or loan, annual or aggregate limits
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-Being the age of 24
-Married or Separated (but not Divorced) -Enrolled in Master's degree program or Grad Cert -Active Duty or Veteran -Supporting Children more than 51% -Supporting dep. other than children or spouse -court documented status
Three criteria for meeting the definition of an Independent student.
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What is the income threshold to qualify for an automatic zero EFC calculation
$24,000 or less
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What is when the loan is not originated
During an enrollment change, this is the only time a loan should be zeroed out
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What is IFAP.ed.gov
This is the website to locate the Federal Student Handbook
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What is Eligible Non-Citizen
The general requirement for this type of student is that they be in the U.S. for other than a temporary purpose with the intention of becoming a citizen or lawful permanent resident
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1. payments to pension & retirement savings plans
2. child support received 3. housing, food, and other living allowances 4. veterans' non education benefits 5. money received or paid on student's behalf 6.in-kind support -relative or government agency
In addition to items in a Standard Verification Group, these 3 items are untaxed income that must be verified on a V6
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What is the only things you are allowed to modify with documentation during a PJ
Cost of Attendance and values of specific data elements used in the EFC calculation
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What is originate a Direct Loan
This can not be done for a loan period in which the student is no longer enrolled on at least a half-time basis, even if the student is otherwise still enrolled at the school
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What is R2T4
Title IV funds are awarded to a student under the assumptions that the student will attend school for the entire period for which the assistance is awarded. This is part of the general requirement for this process/regulation
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