[Oasfaa] FW: University of Science & Arts of Oklahoma 150% Loans question

[Laura Coponiti]

Hello All,

 

I went ahead and sent my question to Ian with the Department of Ed, below is
his response.  I thought I would share this with you all in case some of you
have questions on the issue.

 

Thanks Mendy for your response, you were right on track this just help
explain what to do if we wanted to do BBAY vs SAY.

 

Laura

 

 

From: Foss, Ian [mailto:Ian.Foss at ed.gov] 
Sent: Wednesday, January 08, 2014 3:52 PM
To: Laura Coponiti
Subject: Re: University of Science & Arts of Oklahoma 150% Loans question

 

Hi Laura,

 

For students for whom you're tracking annual loan limits under an SAY, their
academic year would be fall-spring even if they start in the spring.  For
student for whom you're tracking annual loan limits under a BBAY, their
academic year would be spring-summer.

 

If you had originally reported a fall/spring loan period, and the student
does not show up for spring, then you would change the loan period to
fall-only and leave the academic year as fall-spring.

 

Examples of all of this are available in DCL GEN-13-13.

 

Ian

 

On Jan 8, 2014, at 12:50, Laura Coponiti <lcoponiti at usao.edu> wrote:





 

 

 

Hello Ian,

 

Our loan person came to me with a question and I am not sure that I know the
correct answer so your help is appreciated.

 

We have some students that are starting for the first time this spring (did
not attend anywhere in fall) who are taking out loans.  Would you list as
their academic year as 09/03/2013 - 04/25/2013 and their loan period as
01/10/2014 - 04/15/2014 even if they did not attend in fall or would you
give them a spring/summer academic year?  And if you give them a
spring/summer academic year if they end up not attending in the summer them
do you go back and change the academic year to 01/10/2014 to 04/15/2014?
Our school does both AY and BBAY loans on a case by case bases.

 

I thought I had this figured out but now that she is asking me and
questioning it I am not sure anymore.  All I can remember for sure is that
at FSA you said the academic year can never start out as just one term.

 

Also if a student had a fall/spring loan and does not return in the spring
do we go back and change their academic year to fall only?

 

Thanks for your help in advance!!

 

Laura Coponiti

University of Science & Arts of Oklahoma

 

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