50 Years of Putting Students first
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50 Years of putting students first IOWA COLLEGE STUDENT AID COMMISSION ANNUAL REPORT 2012-2013 CONTENTS Page 2 Message from the Executive Director Page 3 About Iowa College Aid Page 5 Board of Commissioners Page 6 State-Funded Financial Aid Programs Page 7 Filing for Financial Aid Page 8 State Grants Page 12 State-Administered Scholarships Page 13 Grants for Youth inTable Foster Care of Contents Page 15 State Loan Forgiveness Programs Page 19 College & Career Readiness Page 21 GEAR UP Iowa Page 23 College Application Campaign Page 24 Financial Literacy Page 25 Public Awareness Page 26 Postsecondary Registration Page 27 Unaudited Combined Balance Sheet Page 28 Unaudited Statement of Revenues, Expenditures, and Changes in Fund Balance MILESTONES FROM THE PAST 50 YEARS The Higher Education Facilities Commission was created, which would later become the Iowa College Student Aid Commission, with the purpose of administering federal 1963 grants for the construction and renovation of campus buildings. 1 FY 20102013 Annual Report MESSAGE FROM THE EXECUTIVE DIRECTOR Reflecting on 50 Years - Looking to the Future Over the past 50 years the Iowa College Student Aid Commission has evolved and grown beyond its original role. What was once an agency established to implement the federal assistance program for construction of academic facilities is now an agency focused on putting students first. Ensuring higher education opportunities are accessible, attainable and affordable for all Iowans is essential to establish a skilled, job-ready workforce. Higher education is no longer a luxury; it is a requirement for Iowa’s future economic growth. By 2018, it is projected that 1.1 million jobs in Iowa, or 62 percent, will require postsecondary education1. However, only 36.4 percent of Iowa’s population over the age of 25 has an associate’s degree or higher2. Even today there exists a mismatch between the number of jobs in Iowa and the available workers who possess the skills needed to fill them3. Iowa College Aid is working to narrow this gap. I invite you to read this report which highlights Iowa College Aid’s many programs, services and initiatives that help Iowans on the path to postsecondary education. As we look to the future, Iowa College Aid will stay true to its mission to help students and families as they explore, finance and complete educational opportunities. Because future During the 2012-2013 year, job opportunities in our state increasingly require college degrees, overcoming barriers to higher education is essential. While we are proud of what we have accomplished over Iowa students received the past 50 years, our work is not done. Iowa College Aid will continue to collaborate over $68 million in grants, and work with partners throughout the state to launch collective impact initiatives aimed at increasing educational attainment in Iowa. scholarships and other awards administered by Iowa College Aid to help Karen Misjak Executive Director, Iowa College Aid pay higher education costs. 1Georgetown University Center on Education and the Workforce (June 2010). Projections of Jobs and Education Requirements through 2018. 2U.S. Census Bureau. American Community Survey 3-year estimates. Educational Attainment. 3Iowa Workforce Development (July 2013). MIddle-Skill Jobs in Iowa. The State of Iowa Scholarship Program was enacted to provide recognition and 1965 financial honorarium to Iowa’s academically-talented high school seniors. 2 FY 2013 Annual Report ABOUT IOWA COLLEGE AID MISSION Created in 1963 by the Iowa General Assembly, the Iowa College Student Aid Commission (Iowa College Aid) has served as the State of Iowa’s student financial aid agency for 50 years. Originally established to implement the federal assistance program for construction of academic facilities provided by the Higher Education Act of 1963, the scope of the agency’s responsibilities has evolved to serve Iowans as they plan, prepare and pay for college. The Iowa College Student Aid Commission administers: MISSION Ɣ 13 state-funded, need-based scholarship, grant and loan forgiveness programs Ɣ The Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP) We advocate for Grant, and the College Access Challenge Grant for the state of Iowa and help Iowa Ɣ I Have A Plan Iowa® - Iowa’s designated career planning system students and Ɣ The Iowa Financial Literacy Program and other financial literacy programs for students families as they Ɣ The American College Application Campaign for the state of Iowa. explore, finance and complete During FY 2013, Iowa College Aid transferred its Federal Family Education Loan Program (FFELP) portfolio to the Great Lakes Higher Education Corporation. This action, which was educational approved by the U.S. Department of Education, ended Iowa College Aid’s 34-year role as the state-designated guarantor. opportunities No new FFELP loans were originated after July 1, 2010 due to provisions included in the beyond high Health Care and Reconciliation Act of 2010 that eliminated authority to originate new loans school. through the program. The decision to transfer Iowa College Aid’s outstanding FFELP loan portfolio preserves the agency’s operating fund, provides additional revenues and enables Iowa College Aid to continue to assist Iowa students and families plan, prepare and pay for college. United Student Aid Funds, on behalf of the Iowa Higher Education Facilities Commission, guaranteed the first Iowa student loans. The Commission provided loan 1966 reserve funds to administer these early guarantees. 3 FY 20102013 Annual Report IOWA COLLEGE AID MOTTO| VISION | VALUES | STRATEGIC GOALS Removing Barriers to College Iowa College Aid is not waiting for the next 50 years to happen; we are being proactive and taking several steps to MOTTO Because college changes everything. remove barriers to higher education for at-risk populations and to address the needs of Iowa’s changing population. Projections indicate that Iowa’s population under the age of VISION 24 will continue to decline through 2030 and will account for All Iowans can achieve an education beyond high 1 a smaller percent of the state’s total population . To increase school. the proportion of college graduates, we will need to address the needs faced by adult students. Iowa’s population is also expected to become more diverse. VALUES African-American and Hispanic students are expected to • Put students first. represent as much as 23 percent of the state’s high school • Uphold the public trust. graduating class by 20222. • Develop and empower a motivated, With this in mind, Iowa College Aid has set the following strategic initiatives to guide us as we move forward: compassionate and professional team. 1. Educate and engage Iowans on the individual and • Create and nurture partnerships that benefit our community impact of a college education. customers. 2. Increase the number of low-income and underrepresented college-ready students who enroll in postsecondary • Provide services to our customers that exceed education. 3. Increase the number of low-income and underrepresented expectations and address their changing needs. students who complete a degree or certificate. 4. Research services needed to increase the number of non- • Respect and honor the dignity of each other and traditional students who enroll/re-enroll and complete a degree or certificate. all those we serve. 1U.S. Census Bureau (2010). U.S. Population Projections, Population Pyramids and Demographic Summary Indicators for States. 2Western-Interstate Commission for Higher Education (2008). Knocking at the College Door: Projections of High School Graduates by State and Race/Ethnicity, 1991-2020. 4 FY 2013 Annual Report BOARD OF COMMISSIONERS As of June 30, 2013 A board of Commissioners governs the operation of the Iowa College Student Aid Commission. As specified by Iowa statute, they are selected to represent each sector of Iowa higher education, as well as lenders, postsecondary students and the general public. FY 2013 Commissioners are listed below. MS. JANET ADAMS1, Chair SENATOR RANDY FEENSTRA5 Represents the General Public Represents the Iowa Senate Appt. 06/01/04 -- Term expires 06/30/14 Appt. 02/05/09 -- Term expires 01/14/13 MR. DOUG SHULL1 MR. FREDERICK MOORE1 Represents the General Public Represents Iowa Independent Colleges and Universities Board of Supervisors, Warren County President, Buena Vista University Appt. 07/01/11 -- Term expires 06/30/15 Appt. 07/01/07 -- Term expires 06/30/15 MR. ROGER CLAYPOOL1 SENATOR HERMAN C. QUIRMBACH3 Represents the General Public Represents the Iowa Senate Appt. 06/13/12 -- Term expires 06/30/17 Associate Professor, Economics, Iowa State University Appt. 03/04/03 -- Term expires 01/12/15 MR. BOB DONLEY2 Represents the State Board of Regents MR. JEREMY VARNER Executive Director, Board of Regents, State of Iowa Represents the Iowa Department of Education Division Appt. 08/07/08 -- Term expires 09/11/2013 Administrator, Division of Community Colleges and Workforce Preparation, Iowa Department of Education MR. ROBERT DENSON1 Appt. 06/08/12 -- Serves as the designee of the Director, Represents Iowa Community Colleges Department of Education President, Des Moines Area Community College Appt. 10/23/06 -- Term expires 06/30/13 REPRESENTATIVE CINDY WINCKLER6 Represents the Iowa House of Representatives KAROLYN WELLS1 Appt. 08/01/07 -- Term expires 01/12/15 Represents Iowa Lending Institutions President & CEO, Ed Co Community Credit Union MS. ELIZABETH SULLIVAN1 Appt. 11/19/11 -- Term expired 06/30/14 Represents Iowa Postsecondary Students Student, University of Northern Iowa REPRESENTATIVE RON JORGENSEN6 Appt. 07/31/12 – Term expires 06/30/14 Represents the Iowa House of Representatives Appt. 02/08/2011 -- Term expires 01/12/15 1 Appointed by the Governor 2 Appointed by the Board of Regents 3 Appointed by the President of the Senate MS. CRYSTAL FORD, Vice Chair 4 Appointed by the Speaker of the House Represents Borrowers with Student Loans 5 Appointed by the Senate Minority Leader Guaranteed by the Commission 6 Appointed by the House Minority Leader Appt.