| Publication Date: March 16, 2007 Author: G. Kay Jacks, General Manager, Application, Operations and Delivery Services, Federal Student Aid Summary: Upcoming CPS Reprocessing of Certain 2007-2008 ISIRs Due to 2007-2008 Award Year Federal Pell Grant Program Payment and Disbursement Schedule Revisions Posted on 03-16-2007 Federal Student Aid would like to alert schools to the upcoming reprocessing of certain Free Application for Federal Student Aid (FAFSA) data. As we explained in an Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site (http://ifap.ed.gov) on March, 1, 2007 (http://www.ifap.ed.gov/eannouncements/0301CPSReprocessingDate.html), this reprocessing will occur on March 22, 2007 and use the newly announced 2007-2008 maximum Federal Pell Grant (Pell Grant)-eligible Expected Family Contribution (EFC) of 4110 and maximum Pell Grant award amount of $4,310. Schools will begin receiving Institutional Student Information Records (ISIRs) on March 23, 2007. The 2007-2008 Award Year Federal Pell Grant Program Payment and Disbursement Schedules, which have been revised to reflect the eligibility and award amount changes, are available in Dear Colleague Letter P-07-01 (http://ifap.ed.gov/dpcletters/P0701.html) on the IFAP Web site (http://ifap.ed.gov). Changes based on the new maximum Pell Grant-eligible EFC of 4110 and award amount of $4,310 were implemented in the Central Processing System (CPS) on March 14, 2007. Effective March 15, 2007, all application data is processed and reported in ISIRs and on Student Aid Reports (SARs) according to these new amounts. ** Records That Will Be Reprocessed ** CPS transactions created prior to March 15, 2007 that have an EFC greater than 3850 and less than 4111 will be reprocessed using the new EFC and maximum award amounts for 2007-2008 Pell Grant eligibility. The reprocessed records will result in new transactions with revised 2007-2008 SARs and ISIRs being generated and sent to students and the institutions listed on their records. In addition, on March 22, 2007, Federal Student Aid will begin sending notifications to applicants with reprocessed records who now appear to meet the eligibility requirements for an Academic Competitiveness Grant (ACG). This notification will inform the applicant that he or she can provide ACG self-identification information online via FAFSA on the Web (http://fafsa.ed.gov) or by calling the Federal Student Aid Information Center at 800/4-FED-AID (800/433-3243). Students with valid e-mail addresses on file will receive the notification via e-mail. Those without e-mail addresses will receive paper letters. ** How to Identify Reprocessed ISIRs ** ISIRs that result from this reprocessing can be identified in the following ways: * Transaction Data Source Code = "5" (ISIR field #121, Position 545) ** For More Information ** If you have any questions regarding the CPS reprocessing, contact CPS/SAIG Technical Support at 800/330-5947 (TDD/TTY 800/511-5806) or by e-mail at CPSSAIG@ed.gov. |