Posted Date:May 23, 2011
| Author: | William Leith, Service Director, Program Management, Federal Student Aid |
Subject: Restored 2011-2012 Federal Perkins Loan Program Level of Expenditure Data on 2011-2012 Campus-Based Final Funding Worksheets
We are pleased to notify you that we have restored the 2011-2012 Federal Perkins Loan (Perkins) Program Level of Expenditure data noted as incorrect in the May 17, 2011 Electronic Announcement.
The Final Funding Worksheets for the 2011-2012 Campus-Based Authorizations recalculated with funding levels provided in the Department of Defense and Full-Year Continuing Appropriations Act, 2011 (P. L. 112-10) were updated on May 20, 2011 to include 2011-2012 Perkins Program Level of Expenditure data and are now available on the Self-Service page on the eCampus-Based (eCB) Web site. There were no changes to the 2011-2012 Federal Supplemental Educational Opportunity Grant (FSEOG) or Federal Work Study (FWS) final awards that were provided on May 17, 2011.
For your convenience, information explaining the Campus-Based program awards as provided in previous electronic announcements dated April 1, 2011 and May 6, 2011 is repeated below.
A school’s 2011-2012 final award for each Campus-Based program is based on the applicable statutory formula and on the amount of funds appropriated by Congress for that program. A school will not receive a 2011-2012 final funding authorization for a Campus-Based program that is in excess of its request for funds made on the Fiscal Operations Report for 2009-2010 and Application to Participate for 2011-2012 (FISAP) that the school previously submitted to the Department.
2011-2012 Campus-Based funds are available for drawdown. The total 2011-2012 Federal funds available for allocation to schools under the FWS, FSEOG, and Perkins programs are:
Program | Total Federal Funds Available for Allocation to Schools |
FWS | $ 972,543,016 |
FSEOG | $ 735,990,070 |
Perkins Loan | $ 0 |
How the Campus-Based Awards for a School are Determined
A school’s final awards for each of the Campus-Based programs are determined in accordance with provisions of the Higher Education Act of 1965, as amended (HEA), by the implementing regulations at 34 CFR Part 673and on the amount of funds appropriated by Congress for each program. A school will not receive a 2011-2012 final funding authorization for a Campus-Based program that is in excess of its request for funds made on the Fiscal Operations Report for 2009-2010 and Application to Participate for 2011-2012 (FISAP) that the school previously submitted to the Department.
The final funding worksheets posted on the eCB Web site will show the derived figures used in calculating the school’s 2011-2012 Campus-Based allocations.
Returning More Than 10 Percent of the 2009-2010 Allocation for One of the Campus-Based Programs Affects a School’s 2011-2012 Allocation
As required by the HEA, unless a waiver had been granted, if a school returns more than 10 percent of its Perkins Loan, FWS, or FSEOG program allocation for an award year, the school’s allocation for that program in the second succeeding award year will be reduced by the amount returned. Thus, underutilization of 2009-2010 funds could impact a school’s allocation of 2011-2012 funds.
We accepted requests for a waiver of any 2011-2012 Award Year penalty for the underuse of 2009-2010 Award Year funds with the initial submission of the FISAP or with any FISAP edit submissions received through the February 11, 2011 waiver request deadline. We reviewed all of the waiver requests we received, notified the Financial Aid Administrators at the requesting schools of our decisions, and posted the decision letters to the eCB Web site. Any school that underutilized its 2009-2010 allocation by more than 10 percent and did not receive approval of a waiver request will see an adjustment in the applicable final funding worksheet on the line labeled "Allocation Reduction."
Notification of 2011-2012 Campus-Based Allocations
Schools are notified by e-mail after the 2011-2012 Campus-Based allocation information has been posted to the eCB Web site. We will send this e-mail to each school’s Financial Aid Administrator, as provided in the school’s most recently submitted FISAP or as updated via the "Contact Info" page on the eCB Web site. Following receipt of this e-mail, a school can access its 2011-2012 Campus-Based allocation information as follows:
- Awards for each Campus-Based program in which the school participates will be reflected in the school’s 2011-2012 Statement of Account on the eCB Web site. To access the Statement of Account, log in to the eCB Web site, select the "Self-Service" link from the top navigation bar, and scroll to the "Campus-Based Notifications for All Available Award Years" section. Then, scroll to the "Statement of Account" bullet and select the "2011-2012" link next to it.
- Final funding worksheets for each Campus-Based program in which the school participates are posted on the eCB Web site. To access the final funding worksheets, log in to the eCB Web site, select the "Self-Service" link from the top navigation bar, and scroll to the "Campus-Based Notifications for All Available Award Years" section. Then, scroll to the "Final Awards" bullet and select the "2011-2012" link next to it.
Attached to this announcement is an explanation of the calculation of the final funding authorization contained in the worksheet for each program.
Reallocation of Additional Campus-Based Funds for the 2011-2012 Award Year
All of the Federal Campus-Based funds available for the 2011-2012 Award Year have been allocated in the final award process. The amounts have been calculated according to the statutory formula and are not subject to appeal. However, some schools may qualify for supplemental 2011-2012 Campus-Based funds based upon a reallocation of funds not spent by institutions from 2010-2011 allocations. Specific information on the reallocation process, including an application (Reallocation Form E40-4P), for requesting additional funds will be provided in subsequent communications.
"Total Authorized Level of Expenditure" or "LOE" for the Federal Perkins Loan Program
The level of expenditure shown on a school’s Statement of Account and Perkins Loan final funding worksheet represents the maximum amount the school is authorized to expend from its Perkins Loan fund for the 2011-2012 Award Year. If the school wants to request an increase in its level of expenditure, it must contact the School Participation Team at the Department of Education’s regional office that serves the state in which the school is located. School Participation Team Contact Information is available on the Information for Financial Aid Professionals (IFAP) Web site.
Contact Information
For additional information about 2011-2012 Campus-Based allocations, contact the Campus-Based Call Center at 877/801-7168. Customer service representatives are available Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). You may also e-mail CBFOB@ed.gov.