Unveiling Financial Aid Solutions at SCASFAA
Navigate the intricacies of financial aid confidently with SCASFAA's FA Solutions. Stay updated on PowerFAIDS releases, Pell Grant calculations, enrollment intensity, selection sets, and reporting FWS to COD for a seamless process. Explore valuable tips and best practices to optimize your financial aid operations. Dive into this comprehensive guide for a smoother financial aid journey.
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DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA FA Solutions is one of PowerFAIDS preferred third party servicers. Allison Sullivan and Nicole Par
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Today s Agenda Powerfaids Releases 29.0- Released on 08/03 29.1- Release early October 29.2- Tentative release early January (will support the 24-25 ISIR layout) Pell grant calculation Selection Sets Reporting FWS to COD Cloud Version Tips, Tricks and best practices
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Pell grant calculation Pell Grant Calculation - Calculating reduced Pell Grant for POEs where the student is attending less than full time will no longer reference the Class Load (POE-LOAD) in each POE - For standard terms, for federal purposes, full-time is considered 12 credit hours. PowerFAIDS will look for the Pell Grant Award Rule associated to the student, then evaluate the Credits (CDT-POE) to determine if the Pell Grant needs to be prorated - For non-standard terms, PowerFAIDS will look for the Pell Grant Award Rule associated to the student then evaluate the Hours per year and weeks (POE-WEEKS) per year indicated in that rule
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Enrollment Intensity Enrollment intensity is the percentage of full-time enrollment at which a student is enrolled, rounded to the nearest whole percent
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Selection sets It is recommended that you generate the standard report for selection sets to assist you in identifying which processes will be affected. Areas we know selection sets/processes will be affected include: Number in College FM Year in School EFC Rejected ISIRs SAR C Flags Professional Judgement Adjustments to name a few It is suggested that you review materials available on the FSA Knowledge Center > FAFSA Simplification and material provided through various NASFAA webinars addressing the changes.
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Reporting FWS to COD Institutions must report the federal work-study earnings for their students for the calendar year 2022 to COD prior to the processing of 2024-2025 ISIRS.
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Reporting FWS to COD In the calendar year 2022, the student could have FWS earnings paid from the 2021- 2022 award year for the first part of the calendar year and FWS earnings paid for the second part of the calendar year 2022 attributed to the 2022-2023 award year. When the Campus-Based COD information exports, PowerFAIDS retrieves the CPS Transaction # posted to the award year used to award the FWS for that award year. For the calendar year 2022, in the student record, you can update FWS earnings multiple times until the Final FWS Earnings Reported flag is set. The Final FWS Earnings flag shows that FWS earnings posted in the student record are final and the record is ready to export through the Campus-Based COD Reporting process. The data in this view provides you with the information needed for the new COD Campus-Based Reporting process supported in this release.
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Reporting FWS to COD 2021-2022 Federal Campus Based Work-Study Within the 2021-2022 Award Year > Federal Campus-Based Data is not displayed within the views: Annual Federal Work-Study Data Reporting Data Resolution This occurs for students that are only within the Award Year 2021-2022 and did not apply for the 2022- 2023 Award Year: Data is not able to be viewed from within the 2021-2022 award year Importing Annual FWS Earnings CSV file for a student with only 2021-2022 award year data will add the data to the Federal Campus-Based Data table for calendar year 2022 but will not display within the views above. To resolve: We recommend that you migrate those students forward to 2022-2023 to view them in Federal Campus-Based Data
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Cloud Version Next generation of PowerFAIDS, a new cloud-based financial aid management system. Unique opportunity for you to reevaluate work processes and to educate campus decision-makers on the importance of the financial aid function. Early adoption is underway for the 2024-25 award year. General adoption is slated to begin in calendar year 2024 for the 2025-26 award year and conclude in calendar year 2026 for the 2027-28 award year.
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Tips, Tricks and Best Practices The ability to utilize custom data fields for the nuance individuality of your school ie criteria for endowments, specialist scholarships or even state grants awarding estimates/actuals. The ability to combine messages, with docs, fund types, etc to create a true customized communication to each student with little to no manual work if the system is properly programmed. Using tasks to catch and review repeating compliance issues - and setting a disbursement rule to block disbursements for accounts with incomplete tasks. The ability of nesting your selections sets to home in a specific search criteria. After completing parm roll, you will need to complete each new set up in both years. 29.0 You can upload your direct loan rebuild files
DONT BE SPOOKED BY FINANCIAL AID, FIND YOUR home IN SCASFAA Questions? Contact Info: Resources: Allison Sullivan Campus Director/Lead FA Solutions, LLC asullivan@getfasolutions.com Powerfaids Resource Center Powerfaids Release notes Powerfaids Quick Chats Nicole Par Campus Director/Lead FA Solutions, LLC Npare@getfasolutions.com
