DCLPublicationDate: 2/1/97 DCLID: CB-97-1 AwardYear: Summary: Changes in the 1998-99 FISAP for the Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) Programs. CB-97-1 (Mailed to Campus-based list only) February 1997 SUMMARY: Changes in the 1998-99 FISAP for the Federal Perkins Loan, Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) Programs. REFERENCE: The Student Financial Aid Handbook, Chapters 5, 6, 7 and 8. Dear Financial Aid Administrator: We are planning to make certain data collection changes to the 1996-97 Fiscal Operations Report/1998-99 Application to Participate (FISAP). Even though these proposed changes are still subject to the approval of the Office of Management and Budget (OMB), we are advising you of them well in advance of the distribution of the Electronic FISAP materials in July. Enclosed is a copy of the requirements for your planning purposes. Please review the following 1998-99 changes and compare them to the 1997-98 FISAP to ensure that your institution is completely updated on the proposed new data collection requirements. PART I - IDENTIFYING INFORMATION, CERTIFICATIONS AND WARNING No changes. PART II - APPLICATION TO PARTICIPATE SECTIONS A, & B No changes. SECTION C Beginning with the 1998-99 award year, we are changing the Federal Perkins Loan-Expanded Lending Option (ELO) participation procedure. Part II, Section C, Line 6 will now allow institutions that meet the criteria (a cohort default rate of 15 percent or less and a 1998-99 award year Federal capital contribution) to apply for participation directly on the FISAP. An Institutional Agreement, unique to ELO, will be included in the Electronic FISAP software. Institutions applying for ELO must sign the agreement and return it with the FISAP signature page. SECTION D A new Line item 7 will allow institutions to indicate that they no longer want to participate in the Federal Perkins Loan Program and need to liquidate their Perkins Loan portfolios. Sections C, D, & E of the 1997-98 FISAP have now been changed to accommodate the new Sections C & D. They are now Sections E, F, & G. Note that there are line item number changes in Part II from lines 6 to 42. PART III - FEDERAL PERKINS LOAN PROGRAM REPORT SECTIONS A & B No changes. SECTION C New Lines 5.3 and 5.4 have been added so institutions can report loans that have been in default more than two years but less than 5 years (5.3), and in default more than 5 years (5.4). Note that default loan data in line 5.2 now includes loans in default only "up to 2 years". PART IV - FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT PROGRAM SECTIONS A, B, C, D, E, & F No changes. PART V - FEDERAL WORK-STUDY PROGRAM SECTIONS A, B, C, D, E, F, G, & H No changes. PART VI - PROGRAM SUMMARY SECTION A & B No changes. If you have any questions regarding these FISAP changes, please direct them to your Campus-Based Programs Financial Management Specialist identified on the attached listing. Sincerely, Michele Selvage, Director Institutional Financial Management Division Enclosure INSTITUTIONAL FINANCIAL MANAGEMENT DIVISION CAMPUS-BASED PROGRAMS FINANCIAL MANAGEMENT SPECIALISTS Mrs. C. Franklin-Jones (202) 708-9183 alternate - Carolyn Short AL,AK,AZ,CO,CT,DE, GA KY,RI,VT Mrs. Rhonda Herbert (202) 708-9191 alternate - Jim Porter AR,DC,HI,TN,TX,VA,PI, GU Mr. Joseph Morris (202) 708-8745 ID,IL,IN,IA,KS,MO alternate - Alice Payne Ms. Dinah Nelson (202) 708-8759 FL,MS,OH,PA alternate - Vicki Roberson Mrs. Alice Payne (202) 708-9754 CA,SC alternate - Joseph Morris Mr. Jim Porter (202) 708-7752 alternate - Rhonda Herbert NC,ND,OK,OR,SD,WA, WV,WI,WY Ms. Vicki Roberson (202) 708-7747 alternate - Dinah Nelson LA,ME,MD,MA,MI, MN,MT Ms. Carolyn Short (202) 708-9184 alternate - C. Franklin-Jones NE,NV,NH,NJ,NM, NY,PR,UT,VI Financial Management Specialist Fax (202) 260-0522 (202) 401-0387 If ultimately you are unable to reach your Financial Management Specialist at the above telephone number, you may call the alternate identified below the name of your Financial Management Specialist or call (202) 708-7741. |