EASFAA Conference 2013 Boston MA

EASFAA Conference 2013Boston MA.

Anthony M. SozzoAssociate Dean

Director of Student Financial PlanningNew York Medical College

NASFAA GPIC Chair 2012-13

What Graduate Schools need to know about the Shopping Sheet

Veterans and the Shopping SheetHow other schools will use the Shopping Sheet

Audience Comments and Suggestions

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Historical Details

Aid offer notification—• In regulations through late 1980’s• Replaced by disclosure requirement in late 1987• Statutory changes—

– In 1986—Federal Student Assistance Report– In 1992—“Federal” added to Title IV program

names

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HEOA Requirement

• HEOA requirement for model aid offer format • Refocused attention on communicating aid offers • Goal of helping families make informed decisions

about college• Required public meeting to discuss improvements

& offer recommendations• Required development & distribution of model aid

offer format• Public meeting held 9/13/11

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Work with CFPB

• After public meeting, began working with the Consumer Financial Protection Bureau

• Logical connection—• Their focus on information to help consumers

make good financial choices• Aid offer sets up conditions for financial

transaction between student & school• Experience in developing and testing tools

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Work with CFPB

• “Thought-starter” format discussed at 2011 FSA conference and later posted on CFPB website

• CFPB expertise and 1,000+ comments helped develop the current version

• Valuable suggestions on structure and organization

• Work led to Financial Aid Shopping Sheet announced by Secretary Duncan in July

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Shopping Sheet for 2013-14

• Single sheet, standardized format• Can use as cover sheet with aid offer notification or as

standalone notice of aid awards• Value as a consumer comparison tool• Designed for undergrads and may be modified for

graduate students• Transparency and consistency in providing information to

all students• Use is voluntary but strongly encouraged• Fulfills information requirements for key pieces of

Executive Order 13607

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Shopping Sheet for 2013-14

Student’s cost of attendance

Gift aid

Net costs

Student information School information

Work and loans

Other funding options

Customized information

Information supplied by ED—

Graduation RateLoan Default RateMedian Borrowing

Loan repayment information

Contact information

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COA – Grants = Net Costs

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Work, Loan, & Other Options

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Outcome Metrics

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Implementation for 2013-14

• Implementation• HTML code distributed 9/12• Software providers• EDExpress• Questions via ShoppingSheet@ed.gov

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Shopping Sheet Communications

• 7/24/12: Secretary’s open letter to college presidents

• 7/25/12: DCL to financial aid administrators• 8/30/12: DCL to institutions that agree to comply

with the principles in Executive Order 13607• 9/11/12: EA with implementation details

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Shopping Sheet Communications

• 9/25/12: Secretary’s blog post on ED.gov• 9/28/12: EA with HTML specs• Updates on OPE’s webpage• Annotated Shopping Sheet

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The Order directs the Departments of Defense and Veterans Affairs to require those institutions to provide each of their prospective veteran and service member students with a personalized and standardized form describing the cost of the educational program and the amount of that cost that may be covered by available Federal education benefits and financial aid. The Shopping Sheet provides this kind of information.

The Order is available at: http://www.gpo.gov/fdsys/pkg/FR-2012-05-02/pdf/2012-10715.pdf.

Contact Information

We appreciate your feedback and comments and can be reached at:

• Phone: 202-219-7031• E-mail: Marty.Guthrie@ed.gov

• Phone: 202-502-7446• E-mail: Jessica.Shedd@ed.gov

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Examples of Graduate school use of the Shopping Sheet

Bank Street College of Educationand

Miami University School of Law

Bank Street College of Education

Miami University School of Law

Challenges of the Shopping Sheet• An all size, fits all Shopping Sheet, does not work for all sectors.• The Shopping Sheet was primarily created with undergraduate students in mind.• Graduate-specific challenges:

– We are not allowed to customize the sheet to remove all undergraduate-specific programs. For example, the Federal Pell Grant and Federal Subsidized Stafford Loans are not needed for graduate students, since they are not eligible.

– We are not allowed to include the PLUS Loan for graduate students under Loan Options, unless you include it under Federal Direct Unsubsidized Loan or you just include an explanation in the Customized Box area.

– Required Metrics (cannot use a N/A designation, had to put 0 and explain in cusutomized box)

» Graduation Rate (this is an undergraduate metric, not graduate) » Loan Default Rate (in some, if not most cases, this is a combined

institution rate that includes undergraduate data)» Median Borrowing (this is an undergraduate metric, not

graduate)

Institution Review• Shopping Sheet is currently not required.• University of Miami signed the MOU.• Shopping Sheet not appropriate for graduate and

professional students in its current format.• Felt it would cause more confusion or questions,

rather than a “clear” consumer tool to assist in making informed decisions as it was intended.

Institution DecisionSince the University of Miami signed the MOU we decided to only use the Shopping Sheet in 2013-14 for our active military and veterans.

Shopping Sheet• University of Miami signed the MOU• Shopping Sheet is made available to law students that have self-

reported a military status using any of the following methods:– LSAC Admission Application– Contact with Veterans Affairs Certifying Official in the University's

Office of the Registrar. – Contact with Military & Veterans Primary Contacts available in the

School of Law• Office of Financial Aid• Dean of Students in Student Services

– Referral to OFA and DOS, if contact with other administrative staff or faculty at the university

Sample Shopping Sheet

Sample Shopping SheetCost of Attendance

Sample Shopping SheetGrants & Scholarships

Sample Shopping SheetNet Costs

Sample Shopping SheetLoan Options

Sample Shopping SheetCustomized Box

Sample Shopping SheetGraduation Rate

Sample Shopping SheetLoan Default Rate

Sample Shopping SheetMedian Borrowing

Military and Veteran Information(on the Office of Financial Aid website)

http://www.law.miami.edu/financial-aid/veterans.php?op=8

Contact InformationBrenda M. Brown

Director of Financial AidUniversity of Miami School of Law

bbrown@law.miami.edu(305) 284-5032

Your thoughts…

Thank You

Tony SozzoNew York Medical College