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: firstname.lastname@example.org
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.
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.
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
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."