2015-16 CORE Modules

Information in the modules build upon each other. Knowledge of material in previous modules is assumed.

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1: Overview of the Student Aid Programs

Introduces the federal student aid programs, provides information on the Title IV programs, state aid, the Health and Human Services (HHS) programs, and other sources of financial assistances.

2: Application Process

Introduces the application and delivery system processes, including the electronic and paper financial aid applications.

3: Student Eligibility

Provides an overview of general student eligibility criteria and documentation requirements. The module acquaints participants with the role of the Central Processing System (CPS), the student eligibility database matches, and the National Student Loan Data System (NSLDS). The module also provides information on how certain educational programs affect student eligibility.

4: Verification

Provides an overview of verification principles and guides the financial aid administrator through the verification process.

5: Cost of Attendance

Introduces the concept of cost of attendance, describes each cost component used to develop student budgets, and presents how financial aid administrators develop the cost of attendance for their institutions.

6: Federal Methodology

Provides an overview of need analysis and an explanation of the Federal Methodology (FM) models, formulas, and Automatic Zero EFC alternative for determining the expected family contribution (EFC). Examples are used to demonstrate the computation of an expected family contribution under the Federal Methodology.

7: Campus-based Programs

Provides an overview of the campus-based programs and the requirements institutions must meet when spending these funds.

8: Calculation of Federal Pell Grant and Iraq and Afghanistan Service Grant (IASG) Awards

Provides an overview of the Federal Pell Grant formulas and award calculations as well as basic information on IASG. Case studies are used to demonstrate specific concepts as well as the Federal Pell Grant formulas.

9: TEACH Grant Program

Describes the Teacher Education Assistance for College and Higher Education (TEACH) Grant, including student and institutional eligibility.

10: Federal Direct Loans (2 parts)

 10A - Reviewing Program Requirements and Calculating Loan Amounts: introduces the eligibility requirements and application processes for the Federal Direct Student Loan (Direct Loan) program, discusses the frequency with which students may borrow, and explains how loan amounts are calculated; and

10B - Repayment Features and Counseling Requirements: provides an overview of the major repayment features in the Federal Family Education Loan (FFEL) and Direct Loan programs.

11: Packaging & Notification of Awards

Discusses the goals and considerations involved in packaging, and provides information concerning the award notification process.

12: Return of Title IV Funds

Provides an overview of the Return of Title IV funds provisions, including determining the withdrawal date and the length of the period.

13: Professional judgment (PJ)

Discusses professional judgment principles and special circumstances that may warrant its use, including possible considerations, potential adjustments, and examples of documentation.

14: CORE Toolkit

Provides general reference documents in three areas: Cash Management – chart listing of requirements for requesting, maintaining, and disbursing Title IV aid funds as well as notification and authorization requirements; Program Participation Agreement – chart identifying conditions which trigger a reporting requirement, the effect the condition has on the institution’s Title IV eligibility, and when these changes should be reported; and Reporting, Disclosure, and Recordkeeping – chart outlining reporting, disclosure, and recordkeeping requirements related to the administration of the Title IV student aid programs. (NOTE: this module does not contain an Instructor Guide or PowerPoint as the handouts are self-explanatory.)

Updated Impact of Sequestration

The information NASFAA provided in the 2015-16 edition of CORE regarding the impact of sequestration on the Title IV programs was accurate as of the date (April 21, 2015) NASFAA released CORE. On April 23rd, the U.S. Department of Education published Dear Colleague Letter GEN-15-07 detailing the impact of sequestration on awards first disbursed on or after October 1, 2015.

These changes impact the material presented in the following CORE modules:

  • Overview of the Student Aid Programs;
  • Cost of Attendance;
  • Calculation of Federal Pell Grant and Iraq and Afghanistan Service Grant (IASG) Awards;
  • TEACH Grant Program; and
  • Federal Direct Loans: Reviewing Program Requirements and Calculating Loan Amounts.

Please refer to the chart below to determine how sequestration impacts awards first disbursed on or after October 1, 2015, and include the information when presenting loan fee and award information in the listed modules.

Title IV Program   Sequestration Impact on 2015-16 Awards First Disbursed Before 10/1/15  Sequestration Impact on 2015-16 Awards First Disbursed On or After 10/1/15 
Direct Subsidized and Unsubsidized Loan Fees 1.073% 1.068%
Direct PLUS Loan Fees 4.292% 4.272%
IASG 7.3% 6.8%
TEACH Grants 7.3% 6.8%

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