2007-2008 Federal Student Aid Handbook Errata and Updates

Award Year: 2007-2008

Chapter: --2007-2008 Federal Student Aid Handbook Errata and Updates

Section: --2007-2008 Federal Student Aid Handbook Errata and Updates

Posted on 01-18-2008

2007-2008 Federal Student Aid Handbook Errata and Updates Unless otherwise indicated, the errata and updates below are items that were amended after the initial PDF files were posted to the Web and before the Handbook went to print. For questions about the Handbook contents, you can contact the Schools Publications staff at: fsaschoolspubs@ed.gov

Application and Verification Guide

• P. 28 At the bottom of the page, under "Parents' state of residence," the number at the end of the sentence was changed from 67 to 68.
• P. 85 In the chart at the bottom of the page, three line items were corrected: for income tax paid, the numbers went from 36 and 10 in the 1040A and EZ columns to 35 and 11 respectively, and the earned income credit line in the 1040A column went from 41a to 40a.

Volume 4: Processing and Managing Federal Student Aid Funds

The following correction is not reflected in the PDF files for Volume 4.

• P. 17 In the sidebar Requesting EFT or master check from lender, the second bullet should say "13 days" not "3 days."

Volume 3: Calculating Awards and Packaging

• 3-54 Formula 2 Summary graphic. In step 5 disregard guidance given and substitute the following:

  Proration required unless alternate calculation is used.

  Annual award × weeks of instructional time in fall through spring terms/weeks of instructional time in program's academic year definition. Divide the result of this calculation by 2 if semesters or trimesters or by 3 if quarters.

  OR

  For alternate calculation: Annual award ÷ number of terms in the award year.

  Note that this calculation is the same as that listed for Step 5 of Formula 2 in the 2006-2007 Handbook.
• 3-114 In the shaded box at the bottom of the page entitled "Examples of Estimated Financial Assistance," the second bullet under the heading "NOTE:" should read "When determining eligibility for subsidized DL or FFEL, you must exclude the entire amount of Americorps benefits or Chapter 30 veterans educational benefits from Estimated Financial Assistance."
• 3-115 The margin note "Prepaid tuition plans" should read "Prepaid tuition plans are no longer considered EFA; instead, they are treated the same as Coverdell education and 529 savings accounts: their value is an asset of the owner of the account, unless..." (rest of margin note unchanged)
• 3-120 In the first paragraph under the heading "Veterans and Americorps benefits," the third sentence should read "However, for Campus-Based and ACG/SMART Grant purposes, you may exclude as EFA a portion of any subsidized DL or FFEL loan that is equal to or less than the amount of the student's Chapter 30 Montgomery GI Bill benefits and/or Americorps benefits paid for the cost of attendance."