Federal Updates

ED provides guidance on academic year for Academic Competitiveness Grant and National SMART Grant
On Friday, October 20, ED released Dear Colleague Letter (DCL) GEN-06-18. GEN-06-18 provides guidance to schools on how to define an academic year when awarding the Academic Competitiveness Grant and National SMART Grant. The DCL describes how schools should evaluate both the credit hour and weeks of instruction components of the academic year in awarding the grants, and also provides clarification on awarding the National SMART Grant to fourth-year students.

ED releases DCL on special allowance payments on loans made or acquired with funds from a tax-exempt obligation
This month, ED published Dear Colleague Letter (DCL) FP-06-15, which clarifies the applicability of the interim final regulations published by ED on August 9, 2006, as they relate to the payment of special allowance at the 9.5 percent minimum return rate for certain loans made or acquired by a lender using funds from a tax-exempt obligation.

Current consolidation forms still OK until revised forms approved
The current FFELP consolidation loan forms are set to expire today, October 31, 2006. However, ED has stated that the FFELP industry can continue to use the current forms until such time as the revised forms are approved (the forms are currently in their final 30-day community comment period). Shoptalk Online will keep you informed when the revised consolidation loan forms are available.

TG Updates

Apply to TG's Financial Aid Leadership Symposium today
Finding a leadership development program that serves the specific needs of financial aid professionals isn't an easy thing. However, TG addresses this important need by offering its own program, a week-long workshop specifically designed to enhance the leadership skills of mid-level managers in college and university financial aid offices.

Meet Jeff Webster, assistant vice president of research and analytical services
TG’s research and analytical services team creates customized reports for hundreds of inquiries per year. They write public policy reports and provide statistical predictive modeling and forecasting services. Jeff Webster, assistant vice president for the research team, began his career with TG, and he’s guided the team since its inception.

Help your students understand the FFELP with TG's enhanced brochure
Ask any financial aid administrator how long it takes to explain the FFELP to a freshman college student and they'll tell you straight: How much time do you have? To tutor students on the ins and outs of the FFELP, administrators oftentimes rely on publications like TG's brochure for students: the Federal Family Education Loan Program: Your guide to borrowing for education.

Share your opinion about Shoptalk Online: Watch for the survey in next week's issue
Over the next several weeks, we'll provide a link to a survey on Shoptalk Online so we can get your feedback on the newsletter's content and format.

Trends and Issues

Question of the week
What items must a school verify if ED selects a student's FAFSA for verification?

This, That, and the Other...

More and more in the coming decade, the "new" student on community college campuses will have an average age of 55 or older. As baby-boomers near retirement, a significant percentage of them are seeking second careers and going back to school — generally to community colleges — to get training in their new professions. The nation's 1,200 or so community colleges are taking notice, adding classes to prepare these retirees or tailoring current coursework to the needs of such students. However, many community colleges are just now recognizing the change in their student populations, which means they have some catching up to do.

To learn more about the "second act" of baby-boomers, read this New York Times article at www.nytimes.com/2006/10/24/business/retirement/24educ.html?_r=1&ref=education&oref=slogin.