Memo
To:Roger Miller, Dennis Bertch, Meily Lightcap, Michael McCall, Steve Doherty, Carol Heeter, Makida Coulter, Mike Collins, Erick Martin, Laura Cosby, Rick Garthe
From:Sue Newington
CC:Institutional Effectiveness Council, Nancy Young (Archives)
Date:11/15/2018
Re:Financial Aid Advisory Council Minutes – October 11, 2012
Present:Miller, Coulter, Heeter, Cosby, McCall, Doherty, Lightcap, Collins, Newington
Absent:Martin, Bertch, Garthe, Lawrence
Approval of Minutes Minutes from April 11, 2012were approved as submitted.
Welcome and Introductions
Membership
Millerdistributed an updated listing of Council membership and mentioned Rick Garthe will now be a new member of this council.
Financial Aid Advisory Council Charge
Miller distributed a copy of the Financial Aid Advisory council’s charge, as described in the KVCC Governance/Communications Manual and encouraged by the Department of Education Administrative Capability rules.
Old Business
Federal Title IV Program Review from September 3-6, 1996 update
Miller reported this program review is still outstanding.
2010 Final Cohort Default Rate
Miller reported the 2010two-year final cohort default rate is 16.7%. This percent is based on 1,780 borrowers in repayment representing $9,401,251 and 298 borrowers in default representing $1,378,502. He reported beginning in 2014, the two-year default rate will be transitioned to a three-year default rate. Our 2009 three-year default rate is 22 %. This percent is based on 1,280 borrowers in repayment representing $5,929,636 and 282 borrowers in default representing $1,256,851. If our three-year consecutive default rate is 30% or higher, this carries consequences. A summary chart was distributed.
New Business
Tuition Delay Update – Summer 2012
This was tabled.
Satisfactory Academic Progress Update – Winter and Summer 2012
Newington distributed the winter and summer semester Satisfactory Academic Progress summary reports.
2012/2013 Financial Aid Update
Newington reported there were quite a few changes to financial aid processing beginning with the 2012 fall semester. Changes were made in the following areas: Ability to Benefit - Students who first enroll in a program of study after July 1, 2012 must now have a high school diploma or GED. For these students, the ATB alternatives are no longer available. There are no longer work-around options for students that do not have a high school diploma or GED. Pell Grant Lifetime Eligibility – The maximum number of equivalent full-time semesters a student is eligible to receive a Pell Grant has dropped from 18 to 12 semesters. Changes Affecting Verification – We can no longer accept copies of IRS tax returns. Students who don’t use the IRS Data Retrival Tool when completing the FAFSA, and are selected for verification, will now be required to submit an IRS Tax Transcript directly from IRS. Student Changes Affecting Loans – More fees (1%) will be taken out of loan funds, interest rate for undergraduates will increase to 6.8% on subsidized loans, and the interest subsidy offered during the six-month grace period on subsidized loans is eliminated for all new loans beginning July 1, 2012. Book and Supply Authorizations- The book and supply maximum authorization was increased by $50 to $650, and can only be used for books and supplies needed for coursework. Changes Affecting Students Who Have Previously Attended Another College/University – These students will be required to complete our Financial Aid Transfer Student Certification Form. A detailed summary of these financial aid changes are attached.
Scholarship Update Newington reported that 35 KVCC Foundation-Sponsored scholarships are currently being promoted through the Financial Aid Office for the fall semester, with a deadline date of October 30, 2012 to submit applications. A listing of these scholarships was distributed to the group.
Independent Audit (A-133)
Miller reported the A-133 audit has not yet been finalized by Plante and Moran.
Fall 2012 Financial Aid Credit Balance/Refund-HigherOne-Update
This item was tabled.
2012 Constitution Day Compliance
Miller reported that colleges are required to recognize Constitution Day on an annual basis. This observance day is always scheduled for September 17 but may be earlier or later if this day falls on a weekend. Miller gave kudos to Bruce Kocher for coordinating activities in support of this requirement.
2011/2012 FISAP
Miller reported the FISAP was submitted prior to the Oct. 1 deadline date. If needed, a FISAP edit is due by December 15.
Executive Order 13607- Principles of Excellence President Obama issued an executive order aimed at increasing transparency and oversight for higher educational programs that serve veterans. The order establishes Principles of Excellence for Educational Institutions serving Service members, Veterans, spouses, and other family members. The principles strengthen consumer protection for Service members, Veterans, and their families, as well as ensure they have access to the information they need to make informed decisions concerning the use of their well-earned educational benefits. The Order directs the Department of Defense, Veterans Affairs, and Education to: collect and disseminate data regarding the cost and outcomes of academic programs; develop a uniform system to receive reports of abuse or fraud; enhance current support services; and limit recruiting practices of students eligible for veterans’ educational benefits. The components of this Order are to be implemented on or before the start of the 2013-2014 award-year.
Shopping Sheet The Shopping Sheet was introduced by the U.S. Department of Education and the Consumer Financial Protection Bureau. The intent of the Shopping Sheet is to make information about the cost of college and financial aid packages more transparent and comparable for students and parents. This template can replace or supplement the college’s Financial Aid Award Letter. Colleges are encouraged to adopt the Shopping Sheet format on or before the start of the 2013-2014 award-year. Colleges agreeing to President Obama’s Executive Order 13607 are required to adopt the Shopping Sheet format and make available to those populations covered by the Order. Ellucian officials report that Banner will support this new template and will make available in January of 2013. Copy of Shopping Sheet format was distributed.
Net Price Indicator Update Miller reported that net price indicator information has been posted to the College’s web page to comply with DOE program integrity regulations. This information will be updated with the Department’s release of the 2011-2012 template in late October.
Gainful Employment Update
Miller reported that Steve Cannell and Mike Hall in Institutional Research and Bob Bechtel in IT have been key players in the development of required data for the Gainful Employment data submission to C.O.D. Gainful employment data represents certificate programs and the associated program completion and job placement rates and loan funds borrowed. Gainful employment evolved out of the program integrity regulations signed into law by President Obama in October 2010. It was noted that the standardized template for this information has not been released by the Department.
Other
McCall reported the Clearinghouse should be up and running beginning with the 2013 winter semester.
Agenda Items Next Meeting Miller asked for any agenda items for next meeting be submitted to himself or Newington.
Next Meetings
Thursday, December 13, 2012
Thursday, February 14, 2013
Thursday, April 11, 2013
(All meetings held in room 4380 at 3:00 pm)
Meeting Adjourned
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