state update spring 2010 wrightsville beach, north carolina steven e. brooks executive director...
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State Update State Update
Spring 2010Wrightsville Beach, North Carolina
Steven E. Brooks Executive Director
North Carolina State Education Assistance Authority
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The New CFNC – Rose Mary Stelma
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State agency responsible for statewide college aid programs – grants scholarships, loans, 529 savings
501(c)(3) nonprofit -administers grants, loans and savings program on behalf of the state
State-funded K-16 partnership (NCDPI, NCCCS, NCICU, UNC) administered by UNC General Administration
What Is CFNC?
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To increase the college-going rate in North Carolina with particular attention toward “first-generation” college students.
GOAL
Why CFNC?
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1,786,166Online Admissions
ApplicationsSubmitted
3,174,879Student Accounts
Created
10,392Daily Visitors 9 min/ visit
230,585High School
Transcripts Delivered
CFNC Statistics
As of March 31, 2010
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CFNC.org is Changing!
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An Emphasis on Who You Are
• Role-based– Student:• Middle School• High School• College
– Adult Learner– Parent– Military– Education
Professional– Account Holder
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Students
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Elementary Students – Paws In Jobland
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Elementary Students – Financial Literacy
• Videos– Goals– Money Grows– Spend or Save
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Middle and High School Students
• Career Exploration• Academic Planning:– High School– College– Transfer
Navigator– Test Prep
• Paying for College
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Interest Profiler
• Match interests and careers – and it’s all FREE!
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Career Information - North Carolina Specific• Education required• NC average earnings• How the career
matches the student’s interests
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Career Information – North Carolina Specific
• More details, including skills you need, average earnings and outlook for North Carolina, and real life activities to help you decide if this is the career for you!
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Plan For High School
• Middle School students can plan for high school
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Plan For College
• High School students can plan for college
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Match Career Interests And Academic Majors
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Match Academic Majors To Campuses
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Explore North Carolina Colleges And Universities
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Transfer Student Navigator
• How will my Community College credits transfer to a 4-year institution?– Select CC courses– Select 4 year college/university• 16 UNC campuses• 23 Independent/private campuses (as of
3/31/10)– Review equivalent courses
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On-Line Applications
• College admission– Electronic High School Transcripts
• FAFSA link• State grants and
scholarships
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Paying For College
• Scholarships and grants• Financial aid information• Frequently asked questions• Financial Literacy• Tools and calculators
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Financial Literacy
• On-line interactive course• Include it as part of your loan counseling
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Tools And Calculators – Smart Borrower Calculator
• Smart Borrower Calculator
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Tools And Calculators – Financial Aid Estimator
• Financial Aid Estimator• Detailed information about state and federal
grant aid• Specific to North Carolina campus• Great planning tool for students and parents
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Adults
• Explore educational opportunities• Explore careers• Resume builder• Interview practice
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Account Holders
• NC529 College Savings Plan• Loan borrowers• CFIPP (Payment Plan)
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Education Professionals
• School Counselors• Financial Aid Administrators
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Financial Aid Administrators
• The good news is that you’ll feel right at home at CFNC.org– You already use a role-based approach on
CFNC.org– Same login requirement to access your
school’s information– Access to the same information
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Financial Aid Administrators
• Grant System • College Payment Plan Administration• Default Prevention• Services • Forms and publications
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CFNC.org
Same Great FREE ServicesExciting New Look!
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Impact of Federal SAFRA Legislation - NC
• CFI/SEAA NC FFEL Program has paid for– Loans
• higher level of service/default prevention• lower prices for borrowers
– Grant Administration – all state grants at SEAA and CFI– Saving Administration – NC 529 Program– Outreach
• CFNC web and telephone services• FAA and Counselor Training • Counselor Internships• FAFSA Day• And more
Something’s happening here… what it is ain’t exactly clear
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SAFRA jeopardizes or ends all these services
Immediate Casualties and “Collateral Damage”• July 1 - no new FFEL loans
• Still plan to service existing portfolio for many years• Make every effort to offer continuity of service to borrowers
• Counselor internships• Marketing/media for CFNC and 529 ProgramIntermediate and Longer Term Issues• State funding and/or user fees for grant
administration, 529 administration, and CFNC• College Access Challenge Grant?• This is a very difficult time to seek State funding
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Impact of SAFRA
• We intend to find every way possible to continue to provide you and your students with the level of service you have come to expect on grants, CFNC, 529, and servicing loans – Hope for Direct Loan servicing and Direct Loan default prevention
contracts but have no information on when and whether we will have an opportunity to participate
– Hope for College Access Challenge Grant for default prevention and financial literacy activities per the expressed Congressional intent
• We will need your help as we work through a difficult transition period - there will be some difficult choices based on financial considerations
• But we expect to emerge strong, able to offer you excellent State services
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State Grants and Scholarships Reminders
Continuation Budget for 2010-11 Student Aid
Conflicting aid start-up and legislative calendars
Escheat Fund at issue
All start up budgets, as always, are subject to legislative changes
Governor’s Budget Proposal
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Joint Select Committee on State-Funded Student Financial Aid
Consolidation of Programs Proposal
Erskine Bowles & Scott Ralls at meeting of April 13
1. Consolidate need based grants– Consolidate UNC Need Based Grant, Community
College Grant and Education Lottery Scholarship (public share)
– One formula, based on federal EFC
– Maintain proportionality of funds – currently $154 million UNC and $33 million Community Colleges
– Much modeling to be done, with your help • “winners and losers” in the process • issue is returning students and legislative intent
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Joint Select Committee on State-Funded Student Financial Aid
Consolidation of Programs Proposal, continued
2. Consolidate 8 scholarship loans
– NESLP, NSP, NET, HSM, PTSL, Teacher Assistant, BoG Dental & BoG Medical
– One “forgivable loan for service” program
– SEAA will need an advisory group on identifying shortage areas and allocating new funds
– SEAA recommends that all current scholarship-loan recipients be grandfathered into new program so long as they maintain continuous enrollment
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Joint Select Committee on State-Funded Student Financial Aid
Committee is expected to charge SEAA and three sectors (UNC, CC, Independents) to work together to accomplish both consolidations and to report back to them by October– Timetable uncertain for implementation – hope
for 2011-2012 awards– We will solicit FAA involvement as SEAA moves
forward
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529 Savings Program Update
• Investments exceeded $600 million on April 14
• 14 investment options available: – 3 Vanguard age-based; 8 Vanguard individual funds– 2 North Carolina Managers
– Active Core Equity Fund with NCM Capital Management
– Dependable Income Fund with NC State Treasurer– NEW! Federally-Insured Deposit Account (SECU)
• North Carolina state tax deductible contributions– $5,000 on joint return; $2,500 individual– No income limit
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Questions
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