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TEACH Grant Presentation

In-person counseling presentation created by UNI Office of Student Financial Aid employee, Rachel Smithart
by

UNI Financial Literacy

on 16 October 2013

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Transcript of TEACH Grant Presentation

Foundation
Statistics
Facts & Figures
Low-income Schools
Accepting
Program
Only for students pursuing a teaching
career

Must agree to teach full-time
For at least 4 years (within an 8 year period)
As a highly qualified teacher (degree from UNI based on UNI's accreditation)
In a low-income school
In a high-need field (major/minor program)

Grant will convert to a Direct Unsubsidized Loan if agreement is not met
Background
Estimated 70-80% of TEACH Grants will be converted into Direct Unsubsidized Loans

158 out of 1082 students at UNI (i.e. 15%)

UNI is 2nd in public institutions for dollar amount and number of students receiving the TEACH Grant
TEACH Grant
Up to $3,712 per year
Total of $16,000 (undergraduates)
Total of $8,000 (graduates)

Prorated based on hours of enrollment
for that semester
Full-time = 12 hours = $1,856
Half-time = 6 hours = $928

Must fulfill the service requirements
even if the student receives the grant
for one semester
30% of students apply for free or reduced lunch program

Department of Education's low-income school directory (website for directory on pg. 4 of packet); Indian Reservations are automatically considered low-income

If a school is taken of the low-income list, the student is not penalized
All students who qualify for the TEACH Grant have been awarded (based on declared major/minor of high-need).

Can accept the TEACH Grant through the "Student Center" option of My UNIverse

Will not disburse until the
Entrance Counseling
and
Agreement to Serve
have been completed at
www.teach-ats.ed.gov

Qualifications: GPA -or- ACT
Office of Student Financial Aid
To increase the number
of teachers in low-income schools
Approximately 1,400 low-income schools in Iowa alone

To emphasize the importance of a teacher in student success
Federal
grant
offered through the federal government
Bill passed in October 2007, went into effect fall 2008
(Packet created by the Department of Education)
Purpose
Note: A second BA does not qualify students for the TEACH Grant
Separate TEACH Grant Service Obligations
Student must complete a 4-year service obligation for each academic program for which you receive the TEACH Grant

8-year period beings after completion of the students academic programs
Before the student completes a 2nd program, years of service can only be applied toward the first program
High Need Fields
At the Federal level:
Mathematics
Science
Foreign Language
Bilingual Education
English Language Acquisition
Special Education
Reading Specialist
In the State of Iowa:
Early Childhood Education
Note: The student is required to teach over half of their day in the high need field (especially important for Elementary Education).

The student is still able to complete their teaching service if their high-need field is taken off the list. However, the student cannot receive the grant for that program (during the remaining time) if that program is taken off the list.
Example 1
Student completes their undergraduate, enrolls
in a graduate program right away

Requests and receives a temporary suspension

After completing the second program, only a total of 4 years
Student completes their undergraduate course work and teaches for one year

Student enrolls in a second degree program (graduate), requests and receives a suspension

After completing their second program, must complete 4 year service obligation

Total of 5 years
Student graduates with their undergraduate program, teaches for one year

Enrolls in a second degree program, continues to teach full-time

After completing their second program, must complete their 4 year service obligation

Total of 7 years
Example 2
Example 3
Documentation
Must keep FedLoan Servicing informed

Notify them within 120 days of completing the degree program

Half-year of teaching can be considered under certain conditions
Each Year
of Teaching
Must provide documentation to FedLoan Servicing of employment

Form for documentation will be made available from FedLoan Servicing
Must notify FedLoan Servicing at least once a year that you are still intending to satisfy your service obligation
Each Year
Not Employed
Conditions covered under the Family and Medical Leave Act (i.e. maternity or sick leave)

Call to active duty for more than 30 days

With these, the school employer must agree that you have fulfilled the contract requirements
Temporary Suspension
May be granted if you:
Return to school and enroll in a TEACH eligible degree program
Have a condition covered under the Family and Medical Leave Act
Have been called to active duty

Suspension requests form can be found through FedLoan Servicing
Note:
Can only be granted for 1 year increments

Cannot exceed a total of 3 years (except in the case of military service - unlimited)

8-year period resumes at the end of that suspension
Discharge of TEACH Grant
Service obligation will be canceled if the student:
Becomes deceased
Becomes permanently disabled

The students TEACH Grant will not be converted into a Direct Unsubsidized Loan
From Grant to Loan
The TEACH Grant will be converted if:
the student requests that if be converted
the student does not complete the program for which they received the TEACH Grant
the student fails to notify FedLoan Servicing within 120 days of program completion
the student was not determined eligible for a temporary suspension
the student did not enroll into a TEACH eligible program
the student has not begun their qualifying teaching service obligation
the student completes their degree program but does not confirm with FedLoan Servicing at least once a year
other conditions (i.e. felony conviction)
Required to repay the full amount of the TEACH Grant funds
with interest (
3.86% fixed
) charged from the date each TEACH Grant was disbursed
6-month grace period

Note: Amounts do not count towards annual/aggregate loan limits
Loan repayment is similar to information received during Entrance Counseling for federal loans

Be sure to keep in touch with FedLoan Servicing with any concerns and do not ignore a problem.
Avoid
delinquency
(30 days late after payment is due) and
default
(270 days late after payment is due)
Students who qualify by their GPA must maintain a GPA of
3.25
cumulative each semester after their freshman year.

Students who qualify by their ACT must have an ACT score
above the 75th percentile
in
one
of the five scores. This will count the entire time the student receives the TEACH Grant at UNI.
Additional Information
Teacher Loan
Forgiveness Program
Student agrees to serve for five consecutive years in a low-income school ($5,000 loans forgiven)

And serve in a high-need field: limited to mathematics, science, and special education ($17,000 loans forgiven)

Must teach the full five years before getting in contact with FedLoan Servicing
Resources
FedLoan Servicing
www.myfedloan.org
Who the student works with for repayment

Agreement to Serve and Entrance Counseling
Must be completed annually
www.teach-ats.ed.gov

Teacher Loan Forgiveness Program
www.studentaid.ed.gov
If you are still enrolled in your TEACH eligible program of study but do not continue to receive the TEACH Grant, you need to certify that you intend to teach annually so that the Department of Education knows that you plan to satisfy your service obligation. You will be notified as soon as FedLoan Servicing knows you have not received another TEACH Grant to give you the opportunity to certify your intent to teach.
Full transcript