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July 2, 2009 |
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- Updated July 1 Interest Rate Chart Available
- House and Senate Pass HEA Technical Corrections Bill
- RESEARCH REVIEW: Undergraduate Enrollment Levels Increase
- Visit Us at NASFAA
- Holiday Processing Schedule
- Dollars and Sense
- Compliance Corner
- Tools for Schools
- Did You Know...
- Team NSLP. Recruiting Winners.
- Calendar of Events
- This and That and On That Note
- Subscribe to Newsbriefs
UPDATED JULY 1 INTEREST RATE CHART
AVAILABLE
NSLP’s Interest
Rate Chart has been updated to include rates for FFELP loans
based on the most recent information from ED. The updated
rates are effective July 1.
On June 30, the Federal Reserve issued the 1-year constant maturity yield rate of .48. This rate is added to a differential that determines the new variable rate for certain PLUS and SLS loans.
For PLUS and SLS loans that were disbursed between July1, 1987 and September 30, 1992, the variable rate is 3.73%. For SLS loans disbursed after October 1, 1992 and for PLUS loans disbursed between October 1, 1992 and June 30, 1998, the rate is 3.58%.
HOUSE AND SENATE PASS HEA TECHNICAL CORRECTIONS
BILL
On June 23, the House and Senate unanimously approved legislation that approves technical corrections to the
Higher Education Act.
NSLP is currently working on an analysis of the bill and will publish a summary in Newsbriefs once we have completed our analysis.
UNDERGRADUATE ENROLLMENT LEVELS INCREASEData shows patterns of grade-level enrollment increasing for all undergraduate students and more specifically for students in the two larger degree programs, Associate’s and Bachelor’s. Learn what this could mean for your school in this edition of Research Review.
VISIT WITH US AT NASFAA
Be sure to join us at NASFAA, NSLP booth #413, to test
your knowledge about personal finances by playing our Financial
Literacy Challenge or steer clear of defaults by starting your
engine at our Default Prevention Raceway. Find out how NSLP meets the challenge to get students
excited about understanding their personal finances.
HOLIDAY PROCESSING SCHEDULE
We will be closed Friday, July 3 in honor of Independence Day.
Applications received July 3 will be processed Monday, July 6,
and your response files will be ready at approximately 11 a.m.
Central time.
Applications received before and after the holiday will be processed as usual. NSLP Customer Service and FES Client Support for ELITE will be available to answer your questions about application processing before and after the holiday.
Dollars and Sense
NSLP's Financial Literacy team—experts on money management issues—provide helpful tips for your students in each edition of Dollars and Sense.
TIPS FOR MAKING THE MOST OF YOUR CHARITABLE
CONTRIBUTIONS
In this economy charitable contributions can be difficult to give
but it’s critical to sustain the service orientated non-profits
that many depend upon. If performed correctly giving doesn’t
have to be as big of an expense as you might think. Independentsector.org
provides these tips to help make the most of your charitable
contributions:
- Be a proactive giver
Incorporate contributions into your budget by planning a giving strategy. Contact the charitable organizations meaningful to you and discuss how your gifts can make a difference in your community. - Keep records
For gifts of less than $250, a cashed check or receipt from the charitable organization is sufficient proof of contribution. - Know how much is tax-deductible
If you are making a purchase in exchange for your gift, the amount of your tax deduction is reduced by the fair market value of the item. You can turn down the incentive item if you wish to claim a deduction for the full amount of your gift. - Ask about matching gifts
Many employers match gifts made by their employees or make grants to organizations recommended by their employees. - Consider alternative forms of giving
Don't overlook the benefits to you and your cause received from bequests, charitable gift annuities, endowments and other creative ways of giving. Ask your tax advisor or attorney to help you make the best plan for you and your family. Don’t forget about organ donation, platelets, and blood! - Volunteer
In addition to financial support, consider giving your time and skills. Not only could you make contacts and gain experience, but you'll also be helping others.
Follow these tips and you can continue to give in this time of need. “Service to others is the payment you make for your space here on earth.” Mohammed Ali
Do you have a question about personal money management issues? Send it to Ask Financial Literacy, and our team of experts will quickly respond with an answer you can rely on!
For more great advice from our Financial Literacy experts, subscribe to our biannual newsletter, AFC Money Watch, and get the information you want sent directly to your inbox.
Compliance Corner
Compliance Corner is a recurring feature highlighting recent questions from schools and lenders. Read what your colleagues are asking, and find answers to questions you may have.
Q. A student has applied for admission to a college and classifies himself as an "undocumented" (illegal) citizen/alien. The student has been living in the United States more than 10 years and his parents are applying for citizenship. The student possesses a high school diploma and if the student can be accepted for admission to a college, is he considered an eligible non-citizen for financial aid purposes?
A. In this situation the student would not be considered an eligible non-citizen and would not be eligible to receive Federal Financial Aid. A high school graduate possessing a diploma has no bearing on their eligibility for FSA funds. However, their citizenship status does.
According to the 2008-2009 FSA Handbook (Chapter 2, Volume 1) a student is only an eligible non-citizen if they can provide the proper documentation. The Department of Education doesn’t specify, but a school can choose which documents to accept as proper documentation.
Tools For Schools
NATIONAL STUDY PROVIDES FINANCIAL AID DATA
The National Center for Education Statistics (“NCES”) is the U.S.
Department of Education’s primary entity for collecting and
analyzing data related to national and international
education. One NCES study is the quadrennial National
Postsecondary Student Aid Study (“NPSAS”) that obtains a
representation of how postsecondary students and their families pay
for postsecondary education. Results include general
demographics, types of aid and amounts received – including
cumulative student loan debt; cost of attending college;
combinations of work, study, and borrowing; and enrollment
patterns.
The latest NPSAS focused on postsecondary students in the 2007-08 academic year. Results for this study plus prior studies can be accessed directly through NCES’ Data Lab. The established Data Analysis System is still available to use, or the new, more user-friendly Quick Stats option can access data as well.
Check out the data and see how your students compare to the nation as a whole or perhaps to your sector nationally. The 2007-08 study oversampled six states (California, Texas, Illinois, Minnesota, New York and Georgia) so the NPSAS data for these states is representative as well.
Did You Know . . .
NSLP has an easy tool for schools to track the consumer information requirements. The Consumer Information Checklist helps schools comply with and track consumer information requirements by aggregating the requirements into a single, simple-to-use form.
Team NSLP. Recruiting Winners.
At various times, NSLP scouts for qualified candidates to join its winning team. Learn more about NSLP and career opportunities online, or contact Human Resources for more information.
Calendar of Events
You can view the Calendar and find NSLP's Business Development team exhibiting and presenting at many of the upcoming events. Stop by our booth or call 800-735-8778, ext. 6618 for a personal consultation to learn how you can streamline your student loan process.
This and That . . .
The average American drinks about 600 sodas a year.
On That Note . . .
"After silence, that which comes nearest to
expressing the inexpressible is music."
-Aldous Huxley
Questions or Comments?
If you have questions or comments, contact NSLP Customer Service
at 800-735-8778,
ext. 6300 or e-mail nslpcs@nslp.org.
Subscribe to Newsbriefs. . .
You can subscribe to Newsbriefs online at Connect with NSLP or e-mail newsbriefs@nslp.org and include
your name, organization, address, phone, fax, and
e-mail. To discontinue receiving Newsbriefs, e-mail newsbriefs@nslp.org
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NSLP is a private non-profit guarantor of loans made
under the Federal Family Education Loan Program. This publication
is intended to provide NSLP's clients with current information on
guarantor policies and procedures. The information is not intended
to be legal advice. NSLP disclaims all responsibility for any claim
arising from reliance on the information provided. Direct
questions, copy requests or address changes to: NSLP
Customer ServiceP.O. Box 82507, Lincoln NE 68501-2507 phone 800-735-8778, ext. 6300 402-475-8686 fax 402-479-6658 e-mail nslpcs@nslp.org |
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Editors: Carol Ash and Amanda Boltz |
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