Hundreds of colleagues gathered at the Cape Codder Resort in Hyannis to get industry updates, learn a thing or two and greet fellow financial aid professionals. The conference which took place from November 19-21 was a time to reflect on change (a new President) and strategize about how changes would impact our dealings with students, administration officials and regulators.

Keynote speakers informed and made us laugh a little while sessions presented timely updates. Here are a few highlights:

Federal Update – Higher Education Opportunity Act Part 1
Presenter: Lynne Myers, College of the Holy Cross

The Higher Education Act has been reauthorized with the signing of the Higher Education Opportunity Act of 2008. This session presented new disclosures, changes to need analysis, changes to specific programs, as well as information regarding negotiated rulemaking and general timelines for implementation.

Transitioning from FFELP to DL
Presenter: Tony Erwin, Northeastern University & Adrienne Montgomery, Pine Manor College

This session featured expert advice on how to move from FFELP processing to DL: What you need to know about communication, systems, procedures, and policies, from informing parents and students to reconciling loan records was presented.

Income Based Repayment (IBR) and Public Service Loan Forgiveness
Presenters: Brian Murphy Clinton, Northeastern University, Patricia Reilly, Tufts University  and Linda Schoendorf, Northeastern University School of Law

The College Cost Reduction and Access Act outlines the new IBR and Public Service Loan Forgiveness Program. This session provided information about how these new provisions will aid graduate students with high debt-to-income ratios, as they seek to find employment in lower-paying job sectors. Presenters outlined the basics of the proposed Income Based Repayment plan and highlighted the federal loan forgiveness benefits. In addition, the session illustrated how a local university has launched its own institutionally-run public service loan forgiveness program.

Building Bridges:  Working with Non-Traditional Advising and Mentioning Programs to Enroll High Need Students
Presenter: Heather Woodcock Ayers, Wellesley College

This session discussed working with advisors, community groups, and agencies outside of the usual high school guidance offices. It explored how we can work more effectively with them and how they can help us build a bridge to educational success for youngsters and adults in communities that are not well-served by traditional sources of information and advice. Financial aid requirements can be confusing and some, like non-custodial parent requirements, can be traumatic.

General Session

Fraud and Abuse in Student Financial Assistance Programs
Presenters: Mark Deckett and Matthew Wardle, U.S. Department of Education, Office of Inspector General

The presentation provided information on the role and authority of the Department’s, Inspector General’s Office. There was also discussion on how to report fraud to the Inspector General’s Office and ways financial aid officers can help prevent fraud in student financial assistance programs. Presenters shared information on some recent criminal and civil prosecutions that involved fraud in student financial assistance programs.

MASFAA Looks to the Future: Strategic Planning and the Professional Reputation and Image of Financial Aid Professionals
Presenter: Tony Erwin, Northeastern University

The Past President of MASFAA, Tony Erwin shared MASFAA’s plan to examine the organization’s strategic direction so that we are positioned for the future. Tony also discussed a separate but related ad hoc committee specifically addressing the professional reputation and image of financial aid professionals. “We are a darned good group of people, highly knowledgeable and committed to higher education” stated Tony. Discussion centered on our level of recognition on-campus, in the media and among our clients.

Financial Literacy: The Conversation Starts Here
Presenters: Crystal Finefrock, Plymouth State University and John Brown, Boston College

A significant number of students in today’s colleges and universities are actively involved with consumer credit and student loans without fully understanding the consequences of how their debt may affect them after graduation. Should personal financial literacy education be available to students within our institutions? The answer was a resounding “yes.” Programs that have been implemented to address this issue at Boston College and Plymouth State University, are $uccessful Start and $MART (Student Monetary Awareness and Responsibility Today), respectively. These programs hold sessions that cover topics such as budgeting, money management, credit, credit cards, loan management, student loan consolidation, investments and taxes.

Those are but a few of the many sessions offered at the 2008 MASFAA Conference. Did we miss your favorite topic?

Feel free to write a brief article and send it along for publication in a future edition of the MASFAA Newsletter.