(Project Grants) FY 08 $4,925,225; FY 09 est $4,667,838; FY 10 est $4,667,838 Range and Average of Financial Assistance: Not available. PROGRAM ACCOMPLISHMENTS: Fiscal Year 2008: In FY 2008, 146 new fellowships were awarded. Fiscal Year 2009: 116 new fellowships were awarded. Fiscal Year 2010: 116 new fellowships are expected to be awarded. REGULATIONS, GUIDELINES, AND LITERATURE: Final regulations published in 34 CFR 662, and in the Education Department General Administrative Regulations. Regional or Local Office: None. Headquarters Office: Amy Wilson, International Education Programs Service, Office of Postsecondary Education, Department of Education, 1990 K St NW, Room 6084, Washington, District of Columbia 20006 Email: ddra@ed.gov Phone: (202) 502-7689. Website Address: http://www.ed.gov/programs/iegpsddrap/. 19.400 Educational Exchange_Graduate Students; 19.401 Educational EXAMPLES OF FUNDED PROJECTS: Fiscal Year 2008: Imagined Democracies, Nocturnal Communities: The The selection criteria for this program are from 34 CFR 662.21 and are listed in establish appropriate and sufficient research contacts and affiliations abroad (10 points); (5) the applicant's plans to share the results of the research in progress and a copy of the dissertation with scholars and officials of the host country or countries (10 points); and (6) the guidance and supervision of the dissertation advisor or committee at all stages of the project, including guidance in developing the project, understanding research conditions abroad, and acquainting the applicant with research in the field (10 points). Qualifications of the applicant (40 points): In determining the qualifications of the applicant, the Secretary considers (1) the overall strength of the applicant's graduate academic record (10 points); (2) the extent to which the applicant's academic record demonstrates strength in area studies relevant to the proposed project (10 points); (3) the applicant's proficiency in one or more of the languages (other than English and the applicant's native language) of the country or countries of research, and the specific measures to be taken to overcome any anticipated language barriers (15 points); and (4) the applicant's ability to conduct research in a foreign cultural context, as evidenced by the applicant's references or previous overseas experience, or both (5 points). Subject to change. Contact program officer for further information. 84.027 SPECIAL EDUCATION_GRANTS TO STATES FEDERAL AGENCY: Office of Special Education and Rehabilitative Services, Department of Education AUTHORIZATION: Individuals with Disabilities Education Act (IDEA), as amended, Executive To provide grants to States to assist them in providing a free appropriate public education to all children with disabilities. TYPES OF ASSISTANCE: USES AND USE RESTRICTIONS: Funds are used by State and local educational agencies, in accordance with the IDEA, to help provide the special education and related services needed to make a free appropriate public education available to all eligible children and, in some cases, early intervening services. Applicant Eligibility: State educational agencies in the 50 States, District of Columbia, Puerto Rico, American Samoa, Commonwealth of the Northern Mariana Islands, Guam and Virgin Islands, the Department of the Interior, and freely associated States. Local educational agencies apply to their State educational agency for subgrants. Beneficiary Eligibility: Children with disabilities will benefit. Credentials/Documentation: The designated plan review agencies must be given an opportunity to review the State's policies and procedures. Costs will be determined in accordance with OMB Circular No. A-87 for State and local governments. OMB Circular No. A-87 applies to this program. Preapplication Coordination: Preapplication coordination is required. Environmental impact information is not required for this program. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Application Procedures: OMB Circular No. A-102 applies to this program. This program is excluded from coverage under OMB Circular No. A-110. States are eligible to receive funds under this program if the State establishes eligibility for funds under Section 612 of Part B of the IDEA. Local education agencies establish eligibility by meeting local application eligibility requirements of Section 613 of Part B of the IDEA. Award Procedure: Once the State application has been approved, a grant award is forwarded to the State department of education. Notification of the award is made to Chief State School Officer. Deadlines: Apr 01, 2009: The submission date for State applications is April 1 to expedite funding, but plans or amendments are accepted throughout the fiscal year. The submission date for State applications is April 1 to expedite funding, but plans or amendments are accepted throughout the fiscal year. Range of Approval/Disapproval Time: From 60 to 90 days. Within 90 days. Appeals: The Department must give a State educational agency an opportunity for a hearing before taking any action involving the proposed disapproval of a State plan and the withholding of payments. If a State disagrees with a final action, it may, within 60 days after notice of such action, file a petition for review of that action with the U.S. Circuit Court of Appeals. A State may also engage in a hearing with the Department if the State disagrees with the action taken regarding a request for a waiver of the Part B supplementing and supplanting requirements. Renewals: Not Applicable. Formula and Matching Requirements: Statutory Formula: Part B. Matching Requirements: funds are awarded based on a statutory formula. In general, subject to minimum and maximum funding requirements, if the funds available to States increase from one year to the next, each of the states first received what it received in 1999. Eighty-five percent of the remaining funds are distributed based on the relative number of children with disabilities in the age range for which States mandate services; 15 percent of the remaining funds are distributed based on the ralative numbers of those children living in poverty. If the amount available to these entities decreases from one year to the next, each entity receives what it did in 1999. Remaining funds are distributed in proportion to the increased these entities received between 1999 and the present year. Most of the funds must be distributed to local education agencies directly serving children. States may retain the remaining funds for state-level activities including administration of, support of, and direct services to children with disabilities. There are non-supplanting and excess cost requirements. The MOE requirements for this program applies to both State Educational Agencies and local educational agencies and is based on the amount of State and local expenditures for the previous fiscal year. Contact the program office for further details. This program has MOE requirements, see funding agency for further details. Length and Time Phasing of Assistance: Grants are issued each fiscal year. The Federal obligation period is a 15-month period from July 1 through September 30. States and local education agencies have an additional 12-month period to obligate funds they receive. See the following for information on how assistance is awarded/released: Contact the program office for this information. Reports: Annual data report and performance reports are submitted to the Department of Education from the State departments of education. No cash reports are required. Grantees are required to submit annual performance and progress reports. 34 CFR 80.40. No expenditure reports are required. Grantees are required to submit annual performance and progress reports. 34 CFR 80.40. Audits: In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. Records: As required by EDGAR for State administered programs (34 CFR 76.730-731). Also, all records supporting claims for Federal funds or relating to the accountability of the grantee for the expenditure of such funds must be accessible for administrative review. Account Identification: 91-0300-0-1-501. Obligations: (Formula Grants) FY 08 $10,947,511,571; FY 09 est $11,505,211,000; FY 10 est $11,505,211,000 Range and Average of Financial Assistance: In FY 2009, regular annual allotments to States, including DC and Puerto Rico, Not Applicable. REGULATIONS, GUIDELINES, AND LITERATURE: Program regulations are at 34 CFR 300, and 34 CFR 76-77,79,80-82,84-86, and 97-99. Regional or Local Office: None. Headquarters Office: Ruth Ryder, Office of the Assistant Secretary for Special Education Programs, http://www.ed.gov/about/offices/list/osers/osep/index.html. RELATED PROGRAMS: 84.173 Special Education_Preschool Grants; 84.181 Special Education-Grants for Infants and Families; 84.323 Special Education - State Personnel Development; 84.324 Research in Special Education; 84.326 Special Education_Technical Assistance and Dissemination to Improve Services and Results for Children with Disabilities; 84.327 Special Education_Technology and Media Services for Individuals with Disabilities; 84.328 Special Education_Parent Information Centers; 84.329 Special Education_Studies and Evaluations; 84.373 Special Education_Technical Assistance on State Data Collection; 84.391 Special Education Grants to States, Recovery Act EXAMPLES OF FUNDED PROJECTS: Fiscal Year 2008: Federal funds are combined with State and local funds to provide free appropriate public education to children with disabilities. This includes special education and related services. Funds are used for salaries of teachers and other personnel, education materials, related services--such as special transportation or occupational therapy that allow children with disabilities to access education services--and other education-related needs. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available CRITERIA FOR SELECTING PROPOSALS: States and other eligible entities qualify for funding based upon applications approved under IDEA, Section 612. 84.031 HIGHER EDUCATION_INSTITUTIONAL AID Office of Postsecondary Education, Department of Education Higher Education Act of 1965, as amended, Title V; Higher Education Act of To help eligible colleges and universities to strengthen their management and fiscal operations and to assist such institutions to plan, develop, or implement activities including endowment building that promise to strengthen the academic quality of their institutions. TYPES OF ASSISTANCE: PROJECT GRANTS USES AND USE RESTRICTIONS: Eligible institutions may apply under Part A or B of Title III. Part A includes Strengthening Institutions Program (SIP), the American Indian Tribally Controlled Colleges and Universities (TCCUs), Alaska Native and Native Hawaiian serving (ANNH) institutions, and Asian American and Native American Pacific Islander-serving Institutions (AANAPISI). Part B includes the Historically Black Colleges and Universities (HBCUs) program and the Historically Black Graduate Institutions (HBGI) program. Part A provides funds to eligible institutions to plan, develop, and implement activities for development of faculty, funds, and administrative management, and improvement of academic programs, acquisition of equipment for use in strengthening academic programs and institutional management, and joint use of facilities such as libraries, laboratories, and student services. Part B provides funds to undergraduate HBCUs and graduate HBGIs. Funds may be used for purchase, rental, or lease of scientific equipment; construction, maintenance, renovation, improvement in classroom, library and other instructional facilities; support of faculty exchanges and fellowships; academic instruction in disciplines in which Blacks are underrepresented, purchase of library books, periodicals, and other educational materials; tutoring, counseling, and student services; funds and administrative management; acquisition of equipment for use in funds management; endowment funds; and joint use of facilities. Title V Developing Hispanic Serving Institutions (HSIs) program provides funds to eligible HSIS for activities such as: faculty development; funds and administrative management; development and improvement of academic programs; endowment funds; curriculum development; scientific or laboratory equipment for teaching; renovation of instructional facilities; joint use of facilities; academic tutoring; counseling programs; and student support services. Title III, Part F, Section 371 authorizes funds for Hispanic Serving Institutions STEM and Articulation Programs to support the kinds of activities being supported under the existing Title V program, except that priority is given for applications that propose to increase the number of Hispanic and other low income students attaining degrees in fields of science, technology, engineering, and mathematics (STEM) and to applications that propose to develop model transfer and articulation agreements between the 2-year and 4-year HSIS in such fields. Funds provided for Title III and Title V may not be used for activities other than those in an approved application, activities that are inconsistent with any applicable State plan of higher education or State plan for desegregation, a school or department of divinity or any religious worship or sectarian activity; general operating and maintenance expenses; indirect costs; or supplanting of other funds available to the institution. These programs are subject to non-supplanting requirements and must use a restricted indirect cost rate which is referenced under 34 CFR 76.563. For assistance call the Office of Chief Financial Officer/Indirect Cost Group on (202) 377-3838. Applicant Eligibility: An institution of higher education that qualifies as eligible using criteria as specified in the regulations. Under Part A, specific and basic requirements as stated in the program regulations must be met. Eligible applicants include institutions that have: (1) A low average per FTE educational and general expenditure; (2) a substantial percentage of students having Pell Grants or other Federal need-based financial aid. However, a waiver of the low educational and general expenditure requirement and the needy student enrollment requirement may be granted to institutions meeting the criteria specified in the existing regulations. Under Part B HBCUs, certain historically Black institutions that were established prior to 1964, whose principal mission was, and is, the education of Black Americans are eligible. A listing of those institutions is published in program regulations; these HBCUs are also eligible under the Endowment Challenge Grant Program. Institutions eligible for HBGI program grants are specified in Title III Section 326(e)(1) of the HEA. Under the Title V HSIS program, an HSI is defined as an institution that has an enrollment of undergraduate full-time equivalent students that is at least 25 percent. Beneficiary Eligibility: Applicant institutions of higher education, including those in the territories and possessions that meet statutory eligibility requirements will benefit. Credentials/Documentation: Institutions must document that they are accredited a nationally recognized accrediting agency or that they are making satisfactory progress toward such accreditation. A 4-year institution must have authority to award a bachelor's degree. A 2-year institution must offer a program acceptable for full credit towards a bachelor's degree, or a two year program in engineering, mathematics, or the physical or biological sciences designed to prepare the student to work as a technician at a semiprofessional level. This program is excluded from coverage under OMB Circular No. A-87. Preapplication Coordination: An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Environmental impact information is not required for this program. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Application Procedures: This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Applications for funding are available from the program office. Application deadlines are published in the Federal Register. Award Procedure: Title III Part A applications and Title V Developing HSIS program applications are evaluated by external reviewers who are experts in postsecondary education. The Department makes final awards based primarily on the scores assigned to the applications by the external reviewers and the recommendations submitted by the staff of Institutional Development and Undergraduate Education Service, Office of Postsecondary Education. Deadlines: Contact the headquarters or regional office, as appropriate, for application deadlines. Range of Approval/Disapproval Time: Appeals: Not Applicable. Renewals: Under the Strengthening Institutions Program, priority is given to applicants who are not already receiving a grant. Institutions that received a 5-year development grant are not eligible to receive an additional grant until 2 years after the date on which the 5-year terminates. After fulfilling the wait-out requirement, institutions applying for another grant under the Strengthening Institutions Programs must reapply for eligibility. Formula and Matching Requirements: This program has no statutory formula. Matching Requirements: Funds are allocated to TCCUs, HBCUs, and HBGIS based on a statutory formula. Title III, Part A, Section 316(d), Title III, Part B, Sections 324 and 326(f). Under the Strengthening Institutions Program, Tribally Controlled Colleges and Universities, Historically Black Colleges and Universities, and Hispanic Serving Institutions, institutions of higher education may use no more than 20 percent of grant funds to establish or increase an institution's endowment fund. The endowment funds must be matched at a rate of one non-Federal dollar for each Federal dollar. Under the HBGIS program, eligible institutions that have project grants over $1,000,000 must match the entire Federal share on a dollar-for-dollar basis. This program does not have MOE requirements. Under the Strengthening Institutions Program, TCCUs, ANNH, AANAPI and HSIS, planning grants are for a period of up to 1 year, development grants are for a period of 5 years. See the following for information on how assistance is awarded/released: This information is included in the award document. Reports: As required by the Special Grant Terms and Conditions. No cash reports are required. No progress reports are required. No expenditure reports are required. No performance monitoring is required. Audits: This program is excluded from coverage under OMB Circular No. A-133. Subject to a Federal audit any time during the term of the grant and within a period of 3 years after the termination of Federal support. Records: Must be retained for 5 years after the end of the fiscal year during which the expenditures were made or until the grantee is notified that the records are no longer needed. Account Identification: 91-0201-0-1-502. Obligations: (Project Grants) FY 08 $265,791,196; FY 09 est $26,579,000; FY 10 est $12,158,000 - Strengthening ANNH. (Project Grants) FY 08 $323,095,530; FY 09 est $323,095,000; FY 10 est $250,000,000 - Strengthening HBCUs. (Project Grants) FY 08 $5,000,000; FY 09 est $7,500,000; FY 10 est $2,625,000 Strengthening AANAPI. (Project Grants) FY 08 $8,577,487; FY 09 est $8,577,000; FY 10 est $9,006,000 - MSEIP. (Project Grants) FY 08 $53,158,232; FY 09 est $53,158,000; FY 10 est $24,316,000 - Strengthening TCCUS. (Project Grants) FY 08 $78,145,523; FY 09 est $80,000,000; FY 10 est $84,000,000 Strengthening Institutions (Part A). (Project Grants) FY 08 $56,903,225; FY 09 est $58,500,000; FY 10 est $61,425,000 - Strengthening HBGIS. (Project Grants) FY 08 $15,000,000; FY 09 est $15,000,000; FY 10 est $7,785,000 - Strengthening PBIs. (Project Grants) FY 08 $5,000,000; FY 09 est $5,000,000; FY 10 est $2,625,000 - Strengthening NASNTI. Range and Average of Financial Assistance: Varies by competition. PROGRAM ACCOMPLISHMENTS: Fiscal Year 2008: Approximately 600 grants were made in fiscal year 2008 in the Title III and Title V programs. Fiscal Year 2009: Approximately 610 grants are expected to be made in FY 2009. Fiscal Year 2010: Approximately 560 grants are expected to be made in FY 2010. REGULATIONS, GUIDELINES, AND LITERATURE: 34 CFR 607, 608, 609, 628, the Education Department General Administrative Regulations. Regional or Local Office: None. Headquarters Office: James Laws, Department of Education, Office of Postsecondary Education, Office of Higher Education Programs, 1990 K St., N.W., Washington, District of Columbia 20202 Email: james.laws@ed.gov Phone: (202) 502-7719. Website Address: http://www.ed.gov/about/offices/list/ope/idues. RELATED PROGRAMS: Not Applicable. EXAMPLES OF FUNDED PROJECTS: Fiscal Year 2008: The Education Department awarded grants: (1) To develop a management information system at the applicant institution; (2) to develop curriculum; (3) to develop management capabilities among administrators; (4) to develop computer-assisted instruction; and (5) to develop funds management procedures. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available CRITERIA FOR SELECTING PROPOSALS: (a) Under Title III and Title V, the Department appoints review panels to provide comments and recommend ratings for the applications. The reviewers numerically rate each application assigned and provide the Secretary with comments on each. Criteria are published in the Federal Register along with the point value for each criterion. (b)Under HBCUs and HBGIS, funds are allocated based on a statute-driven formula. To be eligible to receive a grant under the Strengthening HBCUs program, an institution must be designated by the Secretary of Education as a Historically Black College or University. HBGIS receiving discretionary grants are specified in the program statute. 84.032 FEDERAL FAMILY EDUCATION LOANS FEDERAL AGENCY: Office of Student Financial Assistance Programs, Department of Education Higher Education Act of 1965, as amended, Title iv, Part B. To encourage lenders such as banks, credit unions, savings and loan associations, pension funds, insurance companies, and schools to make loans to vocational, undergraduate, and graduate students enrolled at eligible postsecondary institutions to help pay for educational expenses. The loans are insured by a State or private nonprofit guaranty agency and reinsured by the Federal government. TYPES OF ASSISTANCE: GUARANTEED/INSURED LOANS USES AND USE RESTRICTIONS: To help defray costs of education at a participating school. Repayment on Federal Stafford Loans begins six months after the student ceases to carry at least one-half the normal full-time academic workload. Repayment of principal and interest on PLUS Loans generally begins within 60 days of disbursement of the last installment; repayment of a Consolidation loan begins within 60 days after the proceeds of the loan have been used to discharge the liability of the borrower on the loans selected for consolidation. Deferments and forbearance of payment may be granted for certain authorized periods. Applicant Eligibility: Under the Federal Stafford Loan Program, any U.S. citizen, national, or person in the United States for other than a temporary purpose, who is enrolled or accepted for enrollment in a degree or certificate program on at least a half-time basis as an undergraduate, graduate, or professional student at a participating postsecondary school may apply. An otherwise eligible student is eligible for loans during a single 12-month period in which the student is enrolled in a non-degree/non-certificate course of study that the school has determined is necessary in order for the student to enroll in a program leading to a degree or certificate. Under the Federal PLUS Loan program, parents may borrow for dependent students, and beginning July 1, 2006, graduate students may borrow to support their own education. Under the Federal Unsubsidized Stafford Loan program, graduate or professional students, and independent undergraduate students may apply; under certain circumstances, a dependent undergraduate student may apply for an Federal Unsubsidized Stafford Loan. Students who are enrolled at an eligible institution on at least a half time basis in a program that is required by a State for elementary or secondary teacher certification are also eligible for Federal Family Education Loan Program (FFEL) aid (Stafford, Unsubsidized Stafford and PLUS). Under the Federal Consolidation Loan program, a borrower may have his or her Stafford, Unsubsidized Stafford, PLUS, Perkins (formerly NDSL), and Health Professions Student loans consolidated, provided that the borrower is in a grace period or repayment status on all loans being consolidated, or is a delinquent or defaulted borrower who will reenter repayment through consolidation, and does not have another application for a consolidation loan pending. Only U.S., citizens or nationals may receive a loan to attend eligible foreign postsecondary schools. A student presently enrolled at a participating institution must maintain satisfactory academic progress in the course of study he/she is pursuing. Also, the borrower may not owe a refund on any Title IV grant or be in default on any Title IV loan received for attendance at any school. The borrower must also file a statement of registration compliance (Selective Service). To receive a subsidized Stafford Loan, all borrowers must undergo a financial need analysis to determine eligibility for Federal interest and special allowance benefits. Unsubsidized Federal Stafford, PLUS, or Consolidation loans are non-need based programs. A Stafford Loan applicant who is an undergraduate student who attends a school that participates in the Pell Grant program must receive a determination of his or her Pell Grant eligibility or ineligibility before the school may certify an application for a loan. If the applicant is determined to be eligible for a Pell Grant, the applicant must apply for a Pell Grant for the enrollment period before the institution may certify an application for a FFEL loan. An Unsubsidized Stafford Loan applicant must also receive a determination of need for a loan under the Stafford Loan program and, if eligible, must apply for a Stafford Loan prior to the school's certification of the Unsubsidized Stafford Loan application. Beneficiary Eligibility: Generally, for the Federal Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan programs, any U.S. citizen, national, or person in the United States for other than a temporary purpose, who is enrolled or accepted for enrollment in a degree or certificate program on at least a half-time basis as an undergraduate, graduate, professional, or vocational student at a participating postsecondary school benefits. If a student is enrolled in a non-degree/noncertificate course of study, the student may be eligible for Stafford or Unsubsidized Stafford loans for one consecutive twelve-month period, if the school determines that the course of study is necessary in order for the student to enroll in a program leading to a degree or certificate. A student enrolled on at least a half-time basis in a program required by a State for a professional credential or certificate for employment as a teacher in an elementary or secondary school located in that State is eligible to receive aid under the Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan programs. Consolidation Loan borrowers need not be enrolled in any school to be eligible. Credentials/Documentation: For the Federal Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan programs, the student will need certification of eligibility from the school, and may be required to supply documentation to verify the accuracy of data used in the Stafford Loan need analysis. 87. This program is excluded from coverage under OMB Circular No. A-87. Preapplication Coordination: Information regarding application procedures may be obtained from lenders, schools, the Department of Education, States, or guaranty agencies. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372. Application Procedures: This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Applications for the Federal Stafford Loan, Unsubsidized Stafford Loan, and PLUS Loan programs are obtained from a participating lender, guaranty agency, or school. FFEL Consolidation Loan applications are obtained from lenders. The borrower completes his or her portion of a Stafford, Unsubsidized Stafford, or PLUS loan application and submits it to the school. The school must certify the student meets eligibility requirements for the loan, including a certification that the student is enrolled, or accepted for enrollment as at least a half-time student, and that the student is making satisfactory progress. The school must also certify the type and amount of loan the student is eligible to receive. The lender then completes its portion of the application and forwards it to the guarantor for commitment. In some States, the guarantor issues the notice of guarantee prior to sending the application to the lender. Award Procedure: If the lender agrees to make the loan, the application is forwarded to the guarantor for insurance. The lender disburses the proceeds of a Stafford, Unsubsidized Stafford, or PLUS loan to the school or, if the student is attending a foreign school, directly to the borrower. Consolidation Loan proceeds are disbursed directly to the holders of the loans selected for consolidation. In most cases, a loan must be disbursed in more than one installment over the length of the period of enrollment for which the loan was intended, based on a disbursement schedule provided to the lender by the school on behalf of the borrower. This multiple disbursement requirement does not apply to Consolidation Loans. The borrower is required to pay an insurance premium of one percent of the principal amount of a subsidized Stafford Loan, Unsubsidized Stafford Loan, or PLUS Loan. The charging of the insurance premium and the amount is determined by the guarantor. In addition, for a Stafford, Unsubsidized Stafford, or PLUS loan, the borrower is required to pay a three percent "origination fee" (on loans disbursed on or after July 1, 1994) which is used to help defray program costs. These origination fees are normally deducted proportionately from each disbursement of the loan proceeds. Under the Higher Education Reconciliation Act (HERA) of 2005, these fees were reduced to 2 percent on July 1, 2006; 1.5 percent on July 1, 2007; 1 percent on July 1, 2008; and 0.5 percent on July 1, 2009; or Stafford and insubsidized Stafford. The fees would be eliminated as of July 1, 2010. Plus loans retain a 3 percent origination fee. Deadlines: Not Applicable. Range of Approval/Disapproval Time: Varies. Appeals: Not Applicable. Renewals: Not Applicable. Formula and Matching Requirements: This program has no statutory formula. Applicants may apply for a loan for any year of school. The College Cost Reduction and Access Act (CCRAA) of 2007 authorized phased reductions to the interest rates for Subsidized Stafford loans borrowed by undergraduates with the rate cut in half to 3.4 percent on July 1, 2011. Repayment generally is made over a period of 10 years for Federal Stafford, and PLUS Loans, excluding periods of authorized deferment and forbearance, but extended repayment plans are available. The repayment period for a Consolidation Loan depends on the amount of the loan and may be up to 30 years, exclusive of periods of authorized deferment and forbearance. CCRAA created a new income-based repayment plan for those borrowers meting a standard of "partial financial hardship" based on their annual repayment amount in relation to their adjusted gross income. Generally a borrower would not have to repay on a monthly basis more than 15 percent of their discretionary income. Any outstanding balance would be forgiven after 25 years of repayment in the income-based repayment option. See the following for information on how assistance is awarded/released: Contact the program office for information. Reports: Lenders submit quarterly reports of loans outstanding in order to receive interest benefits and special allowance payments. Guaranty agencies submit reports in order to receive reinsurance and administrative payments. Additional operational reports are required for specific purposes. Cash reports are not applicable. Progress reports are not applicable. Expenditure reports are not applicable. Performance monitoring is not applicable. Audits: This program is excluded from coverage under OMB Circular No. A-133. Lenders, schools (except foreign schools), and guaranty agencies are subject to examination and program review by the Department of Education. Generally, program reviews are performed on a fiscal year basis. Participating schools must have an independent audit of all Stafford Loan Program transactions at least annually. Guaranty agencies must have independent financial and compliance audits annually. Guaranty agencies must conduct annual reviews of the ten largest loan volume lenders in their areas as well as schools with default rates above 20 percent that do not have a default management plan approved by the Secretary. Records: Lenders must maintain records to support and identify loan transactions, interest billings, and/or special allowance. Guaranty agencies must maintain complete records to support and identify their activities. Federal regulations specify administrative and fiscal records required to be maintained by schools. Account Identification: 91-4251-0-1-502. Obligations: (Direct Loans) FY 08 $62,352,000,000; FY 09 est $75,827,000,000; FY 10 est $45,535,000,000 - FFEL Consolidation volume: FY 08 est $10,745,000,000; FY 09 est $1,018,000,000; FY 10 est $812,000,000. Range and Average of Financial Assistance: No Data Available. PROGRAM ACCOMPLISHMENTS: |