Memo
To:Roger Miller, Dennis Bertch, Meily Lightcap, Michael McCall, Steve Doherty, Carol Heeter, Makida Coulter, Mike Collins, Erick Martin, Laura Cosby, Rick Garthe, Lauren Beresford
From:Sue Newington
CC:Institutional Effectiveness Council, Nancy Young (Archives), Alisha Cederberg
Date:04/20/2019
Re:Financial Aid Advisory Council Minutes – October 10, 2013
Present:Miller, Coulter, Heeter, Cosby, McCall, Doherty, Lightcap, Collins, Martin, Garthe, Beresford, Newington
Absent:Bertch,
Guest:Alisha Cederberg
Approval of Minutes Minutes from April 11, 2013were approved as submitted.
Welcome and Introductions
Miller welcomed Alisha Cederberg, Assistant Director of Financial Aid, as a guest speaker.
Membership
Millerdistributed an updated listing of Council membership. We hope to have our student representative back for the 2014 winter semester.
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.
Final Cohort Default Rate - 2011
Miller reported the 2011two-year final cohort default rate is 22.7%. This percent is based on 3,059 borrowers in repayment representing $18,347,443 and 298 borrowers in default representing $1,378,502. He reported beginning in 2014, the current two-year cohort default rate formula will be transitioned to a three-year cohort default rate formula.
If our three-year cohort default rate is 30% or higher for 3 consecutive years or is 40% or higher for one year, the Department of Education may impose sanctions. A summary table of our two-year default rate was distributed. Discussion followed regarding the high default rate as well as “bad debt” at the college. Rick Garthe, Erick Martin and Roger Miller will meet to discuss how faculty can get involved to address this issue.
Executive Order 13607 – Principles of Excellence
Miller reported 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, including 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.
This Order went into affect with the 2013 fall semester. Colleges agreeing to President Obama’s Executive Order 13607 are required to adopt a Shopping Sheet format and make available to those populations covered by the Order. Miller distributed a copy of the Shopping Sheet that veterans will have access to.
National Student Clearinghouse Update
McCall reported that enrollment records for the 2013 summer semester were transmitted to the Clearinghouse on September 10, 2013 and 2013 fall semester enrollment records were transmitted on September 27, 2013. They are currently exploring the option of using the NSC to issue official grade transcripts.
New Business
Tuition Delay Update – Summer 2013
Miller reported the Financial Aid Office approved 130 tuition delays for this past 2013 summer semester, compared to 151 tuition delays during the 2012 summer semester. The Financial Aid Office practices duediligence when approving these delays as well as ensuring that delays will be closed out during the semester issued.
Satisfactory Academic Progress Update – Winter and Summer 2013
Newington distributed the winter and summer semester Satisfactory Academic Progress summary reports.
2013/2014 Financial Aid Update
Newington distributed a copy of the Financial Aid Office Terms and Conditions which all students receiving financial aid are required to read and accept through their My Valley account. The front page reflects the changes that were new to financial aid students for 2013/2014.
Alisha Cederberg gave an update on the changes for 13/14:
-First-time Direct Stafford Loan borrowers at KVCC, must complete the KVCC Loan Request/Adjustment form requesting a loan, as well as completing Financial Aid Awareness Counseling and attaching proof of completion to their Loan Request Form.
-Students may be asked to submit academic transcripts or grade reports from institutions they previously attended to determine whether academic credit was earned during the award years in which they received Pell Grant funds.
- As part of new verification requirements, students may be asked to submit a copy of their high school diploma or GED or home school credential
-As part of new verification requirements, students may be asked to appear in person at the Financial Aid Office to verify their identity by presenting a valid government-issued photo identification. Student may also be required to sign, in the presence of an institution official, a Statement of Educational Purpose.
-Beginning July 1, 2013, a first-time Direct Stafford Loan borrower will only qualify for a subsidized loan for a time period equal to 150% of their program’s published length, and their subsidized loan may become unsubsidized if the student exceeds that program’s length.
Scholarship Update Newington reported that 44KVCC Foundation-Sponsored scholarships are currently being promoted through the Financial Aid Office for the fall semester, with a deadline date of October 31, 2013 to submit applications. A listing of these scholarships was distributed to the group.
KVCC Foundation Funding 2013/2014
Miller reported the KVCC Foundation approved $300,000 to award scholarships to students through the KVCC Foundation Assistance fund for 2013/2014. Miller thanked Steve Doherty for all his efforts with the KVCC Foundation Board to allow the Financial Aid Office to continue receiving funding for students. Having these funds available to assist students is not only beneficial to the students, but also to financial aid advisors who are meeting with students to discuss financial aid options, Garthe asked how many students were awarded scholarships through this fund in 2012/2013. Newington said she would provide this information at the next meeting.
Independent Audit (A-133) 2013/2014
Miller reported the A-133 audit has not yet been finalized by Plante and Moran.
Fall 2013 Financial Aid Credit Balance/Refund-HigherOne-Update – Fall 2013
Lightcap distributed an update and summary comparison sheet reflecting number of students and dollars disbursed over the last 4 years.
Constitution Day Compliance 2013
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 Dennis Bertch for coordinating activities in support of this requirement.
2013/2014 FISAP
Miller reported the FISAP was submitted by the Oct. 1 deadline date. If needed, a FISAP edit is due by December 15.
Other
Miller reported Joy Arra, Financial Aid Advisor in the Financial Aid Office will be retiring at the end of October and this vacant position will be filled.
Martin asked about the Noel-Levitz report which he read and stated there were many comments in this report in regards to financial aid and if this will be addressed.
Agenda Items Next Meeting Miller asked for any agenda items for next meeting be submitted to himself or Newington.
Next Meetings
Thursday, December 12, 2013
Thursday, February 13, 2014
Thursday, April 10, 2014
(All meetings held in room 4380 at 3:00 pm)
Meeting Adjourned
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