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Grant Community.com Catalog of Federal Domestic Assistance Program Descriptions |
CATALOG OF FEDERAL DOMESTIC
ASSISTANCE
84.038: Federal Perkins Loan Program: Federal Capital Contributions
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| PROGRAM AND AWARD | FINANCIAL AND INFORMATION CONTACTS |
| ELIGIBILITY REQUIREMENTS | FINANCIAL AND ADMINISTRATIVE INFO. |
| APPLICATION AND AWARD PROCESS | INFORMATION CONTACTS |
| RELATED PROGRAMS | ASSISTANCE CONSIDERATIONS |
| PROGRAM ACCOMPLISHMENTS | POST ASSISTANCE REQUIREMENTS |
Applicant Eligibility: Higher education institutions (public, private nonprofit, postsecondary vocational, and proprietary) meeting eligibility requirements.
Beneficiary Eligibility: Undergraduate, graduate, or professional students enrolled or accepted for enrollment as regular students in an eligible program, are maintaining satisfactory academic progress in accordance with the standards and practices of the institution, have financial need, do not owe a refund on a Title IV grant, are not in default on a Title IV loan, file a statement of educational purpose, file a statement of registration compliance (Selective Service) and meet citizen/resident requirements.
Credentials/Documentation: Institutions must document their eligibility and students must demonstrate financial need. This program is excluded from coverage under OMB Circular No. A-87.
Preapplication Coordination: Representatives of the appropriate ED Regional Office are available for consultation. See listing of ED Regional Offices in Appendix IV. Students should contact the institution(s) they attend or plan to attend. This program is excluded from coverage under E.O. 12372. This program is excluded from coverage under OMB Circular No. A-102.
Application Procedure: Participating institutions submit a Fiscal Operations Report/Application to Participate in Federal Student Financial Aid Programs (ED Form 646-1) which is mailed to institutions of postsecondary education each summer by the Office of Student Financial Assistance. New institutions submit only the application form. This program is subject to the provisions of OMB Circular No. A-110.
Award Procedure: The Office of Student Financial Assistance determines final awards and notifies participating institutions.
Deadlines: Specified on the application (usually in October 1).
Range of Approval/Disapproval Time: Notices of tentative awards sent by February 1 and final award notification sent by April 1.
Appeals: None.
Renewals: Annual.
Criteria for Selecting Proposals: Not applicable.
Examples of Funded Projects: Not applicable.
Range and Average of Financial Assistance: The average award for a fiscal year 1999 loan was $1,516.
In award year 1999, 698,000 Perkins loans were awarded.
Federal Agency: OFFICE OF STUDENT FINANCIAL ASSISTANCE, DEPARTMENT OF EDUCATION
Type of Assistance: Direct Payments for Specified Use.
Obligations: (Federal capital contribution) FY 99 $100,000,000; FY 00 est $100,000,000; and FY 01 est $100,000,000.
Budget Account Number: 91-0200-0-1-502.
Authorization: Higher Education Act of 1965, Title IV, Part E, as amended, Public Law 103-394, 20 U.S.C. 1087aa-1087hh.
Regulations, Guidelines, and Literature: 34 CFR 674; Student Guide, no charge; Student Financial Aid Handbook, no charge; notification to Members of Congress, list of grantees published annually or as required, no charge; Federal Needs Analysis Methodology Booklet, no charge; Verification Handbook, no charge; training materials, no charge.
Regional or Local Office: Students should contact the educational institution(s) they attend or plan to attend. Educational institutions should contact the Regional Administrator for Student Financial Assistance in appropriate ED Regional Office. See Appendix IV of the Catalog.
Headquarters Office: Policy Development Division, Office of Student Financial Assistance, Department of Education, 400 Maryland Ave., SW., Washington, DC 20202-5446. Contact: Pamela A. Moran, Chief, Loans Branch. Phone: (202) 708-8242. Use the same number for FTS.
(See Appendix IV for more contact info.)
Formula and Matching Requirements: Funds for the 1999-2000 award year are allocated to institutions on the basis of award year 1985-86 allocations and demonstrated need for funding. Institutions award funds to students on the basis of financial need as determined by the Federal Needs Analysis Methodology specified in statute. The institutional capital contribution (ICC) for institutions is one-third of the FCC (or 25 percent of the combined FCC and ICC) for the 1994-95 and subsequent award years.
Length and Time Phasing of Assistance: Funds are awarded for use by participating institutions for one award year at a time following the year of application.
Uses and Use Restrictions: Institutions use funds to make loans to needy, eligible students for meeting educational expenses. The maximum annual loan amount limit for an eligible student attending an institution for the 1999-2000 award year is $6,000 for a graduate or professional student or $4,000 for a student who has not successfully completed a program of undergraduate education. The maximum aggregate loan amount for an eligible student attending an institution is $40,000 for a graduate or professional student, including loans borrowed as an undergraduate student, or $20,000 for a student who has successfully completed 2 years of a program of undergraduate study and $8,000 for any other student. For a program of study abroad that has reasonable costs in excess of the home costs, the annual and aggregate limits may be exceeded by 20 percent. An institution is entitled to an administrative cost allowance for an award year if it advances funds to students in that year under the Federal Perkins Loans Program, in an amount equal to five percent of the first $2,750,000 in expenditures, plus four percent for expenditures greater than $2,750,000 but less than $5,500,000, plus three percent for expenditures in excess of $5,500,000.
Reports: A single combined Fiscal Operations Report/Application form for Federal Perkins Loans, FSEOG, and FWS (ED Form 646-1) is submitted by each institution at the close of each award year of operation (June 30).
Audits: Institutions must have a nonfederal audit done on at least an annual basis at its own expense. Audits may also be performed at Government expense by the Department of Education's Office of the Inspector General as often as its time schedule will allow or when deemed necessary by the Secretary.
Records: Except for loan records and records of expenditures questioned in audits or Departmental program reviews, an institution must keep records for an award year for three years after submitting its Fiscal Operations Report for an award year, or until final resolution of an applicable audit or program review, whichever is later. An institution must keep loan repayment records for at least three years from the date of satisfaction of the loan or assignment of the loan to the United States, or it is canceled.
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Last Updated, November, 2000
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