2007 Financial Aid Workshop
Effective Student Aid Packaging
at The Mohegan Sun
Thursday - June 21, 2007
The Boston Education Network will be returning to the Mohegan Sun Resort and Casino in Uncasville Connecticut for our annual Title IV update workshop. This year’s workshop is scheduled for June 21st. The workshop agenda is not finalized but rooms are blocked with a reservation cut off deadline of May 28, 2007. Please reserve early as there is a small block of guaranteed rooms that could be expanded if necessary but not after May 15th. Please note that there is no charge for attendance for clients of The Boston Educational Network. There is a $75 per person charge for all other participants.
To make a room reservation, please contact Mohegan Sun’s, toll free Group Reservation line on 1-877-Mohegan (664-3426). The Group Code is BOSEDU2. The group rate is $ 199 per night.
Entertainment options at the Mohegan Sun are available at www.mohegansun.com. Travel information can also be found there. A great time was had by all last year at the Mohegan Sun and we look forward to seeing as many of you as possible at this year’s workshop. The agenda and registration information will be finalized and published here by April 2nd. We will be starting at approximately 8:30 AM on the 21st.
IMPORTANT NOTICE
Please be advised that the Department of Education has “re-issued” the monthly direct loan delinquency statements for the month of March. The updated version is now available for your review
Verisign SSL Security
Over the last couple of months The Boston Educational Network has been gradually implementing Verisign Security for critical aspects of the website. If you are prompted with a message asking if you want to display nonsecure items make sure to click "YES".
2007-2008 Financial Aid Awards
President Bush recently signed the Higher Education Bill, which will increase Pell Grant awards for the 2007-2008 Award Year.
The maximum (zero EFC) Pell Grant for an Award Year will be $4310. Currently, the maximum (zero EFC) Pell Grant for an Award Year is $4050. In addition, to qualify for the minimum ($400) Pell Grant award, the qualifying EFC has increased to 4110. Currently the maximum eligible EFC is 3850. The new Pell Grant Schedules for 2007-2008 can be accessed at www.ifap.ed.gov. Please look in the bottom right hand section of the IFAP page to find these schedules.
This increase follows a Student Loan increase for the 2007-2008 award year. If you recall for any loan certified or originated after July 1, 2007, first year subsidized loan limit has increased to $3500.00 First Year Unsubsidized Loan Limits remain the same at $4000. Second Year Subsidized Loan Limits have increased to $4500 and Second Year Unsubsidized Loan Limits have remained the same at $4000.
Below is a quick reference chart beginning July 1, 2007
| Program | Period | Max. Qualifying Amount | Definition |
| Pell Grant | Academic Year Zero (0) EFC | $4310 | 24 Credits and 30 Wks or - 900 clock Hrs and 26 weeks |
| Subsidized Loans | First Year | $3500 | Entire A/Y definition |
| Unsubsidized Loans | First Year | $4000 | Entire A/Y definition |
| Subsidized Loans | Second Year | $4500 | Entire A/Y definition |
| Unsubsidized Loans | Second Year | $4000 | Entire A/Y Definition |
2005 Cohort Default Rate Draft Reports Now Available
Please visit your Reports section of the School Management Portal to view your initial Cohort Default Rate draft reports. You are required to format the Detailed section of the report for proper viewing in Microsoft Word. You will only be able to view the report if one exists for your school. Please read this guide, provided by the Department of Education for details on how to format your Detail report.
If you wish to challenge the data on the report, you can do so by following the guidelines in PART FOUR of the Default Rate Guide located at http://www.ifap.ed.gov/drmaterials/finalcdrg2.html#SingleCDRG.
Contact us at The Boston Edcational Network for any other questions regarding your default rate report.
Cohort Default Rate Release Dates for Draft and Official FY 2005 Cycles
The Draft FY 2005 Cohort Default Rates will be calculated by NSLDS on January 6, 2007 and released to all schools, that have one or more borrowers that entered into repayment during the FY 2005 period, on February 12, 2007.
The Official FY 2005 Cohort Default Rates will be calculated by NSLDS on July 28, 2007 and released to all schools, that have one or more borrowers that entered into repayment during the FY 2005 period, on September 10, 2007.
If you have any other questions, please send an email to: fsa.schools.default.management@ed.gov or call the Default Prevention and Management hotline at (202) 377-4259.
Consumer Information – Reminder
Each institution must make available upon request to prospective and enrolled students “any refund policy with which the school must comply; the requirements for the treatment of Title IV funds when a student withdraws; and the requirements and procedures for officially withdrawing from the school.
An institution should provide sufficient information for a student or prospective student to be able to determine the financial consequences of withdrawing and how to officially withdraw (34 CFR 668.43).
For clock hour and nonstandard term schools, the school must indicate whether the calculation is being performed on the basis of a payment period or a period of enrollment.
For students who withdraw from standard term-based educational programs (semester, trimester, or quarter) a school must determine the treatment of the student’s Title IV program assistance on a payment period basis. For students who withdraw from a nonstandard term-based or nonterm-based (clock hour) educational program, the school has a choice of determining the treatment of the student’s Title IV program on either basis. The institution must use the same basis (payment period or period of enrollment) in its calculation for all students within a program who cease attendance. An exception is allowed for students who transfer to or reenter a school that offers nonterm-based (clock hour) or a nonstandard term-based educational programs. For students who transfer to or reenter a nonterm-based or a nonstandard term-based educational program a school may make a separate selection of payment period or period of enrollment to use in calculating their Return of Title IV funds.
The periods used for transfer and reentry students do not have to be the same. A school may choose to use payment period for transfer students and period of enrollment for reentry students.
All these policies must be in writing and readily available to prospective and enrolled students!!
