DOUBLE CHECK YOUR 2017-2018 CAMPUS BASED FUNDING AUTHORIZATIONS

Last month we reported that the Department announced the 2017-2018 Final Funding Authorizations for the Campus Based Programs, however just days later the Department announced that they discovered an error in the underlying calculations for the Federal Work-Study and Federal Supplemental Educational Opportunity Grant. In a July 5, 2017 Electronic Announcement, the Department announced that they would temporarily postpone G5 drawdowns for several days while they recalculated schools’ final awards. Subsequently on July 13, the Department announced that the 2017-2018 Campus Based Program Awards Funding Authorizations had been corrected. On average schools saw a decrease in funding after the recalculation of less than $3,500 for FSEOG and less than $2,500 for FWS. If you haven’t done so already, be sure to double check your school’s 2017-2048 Campus Based Funding Authorizations to ensure that you are using the corrected authorization levels when budgeting for 2017-2018.

2017-2018 CAMPUS BASED FINAL FUNDING AUTHORIZATIONS

The Final Authorizations for the 2017-2018 Campus-Based programs has been posted to the Department’s eCB website. Awards for each Campus-Based program in which a school participates is reflected in the school’s 2017-2018 Statement of Account.

Each institution that applied for funds under the Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS), and/or Federal Perkins Loan (Perkins Loan) programs for the 2017-2018 Award Year receives a tentative funding level which is based on a Base Guarantee and a Fair Share Increase. However, if the amount of unexpended 2015-2016 funds exceeds 10% of the institution’s 2015-2016 allocation and no waiver for that unexpended amount was approved, the allocation is reduced by the unexpended amount. The final funding worksheets posted on the eCB website will show the information that was used in the calculation of each school’s 2017-2018 Campus-Based allocations.

The total 2017-2018 federal funds available for allocation to schools under the FWS, FSEOG, and Perkins Loan programs are as follows:

Program           Total Federal Funds Available for Allocation to Schools

FWS                  $989,728,000
FSEOG              $733,130,000
Perkins Loan    $0

For more information about the 2017-2018 Final Funding Authorizations read the Department’s Electronic Announcement Here.

Schools that wish to request supplemental Federal Work Study funds for 2017-2018 may do so by completing the campus based reallocation form by Monday August 14, 2017. Supplemental FWS funds may only be used for the purpose of employing students in community service jobs and only if the school had a FWS shortfall in their 2017-2018 final funding worksheets.

As a reminder, schools MUST determine whether there will be any unexpended funds available from their 2016-2017 allocations. Unexpended 2016-2017 funds will be used to provide supplemental FWS and/or FSEOG funds in 2017-2018 to other eligible schools, but only if unexpended funds are reported by the deadline.
For more information about the Campus Based Reallocation process click here.