FedUpdatesLogo (1)


Important Dates:

  • 07-31-17 – Direct Loan closeout deadline for the 2015-2016 Program Year (For additional information, see update in  April 13, 2017 Fed-Updates issue on the FA Solutions website)
  • 06-16-17 – Deadline for the public to submit comments for the Draft of 2018-2019 Federal Student Aid Application Materials

Reminder from FA Solutions: At the end of each issue of the Fed-Updates Newsletter are links to a few informational pages on the Information for Financial Aid Professionals (IFAP) website. Since we are unable to post all Federal updates and deadlines in this newsletter, schools/organizations are encouraged to review the IFAP website weekly to stay current on various financial aid topics — especially deadlines.


Comment Request – Draft 2018-2019 Federal Student Aid Application Materials: The Department of Education is proposing a revision of the existing information collection for the 2018-2019 application forms used by individuals applying for federal student aid, including the Free Application for Federal Student Aid (FAFSA) form and the response documents, the Student Aid Report (SAR), and the SAR Acknowledgement. Interested persons are invited to submit comments on or before June 16, 2017. Please review the April 17, 2017 electronic announcement for additional information.

Revision of the Military Service and Post-Active Duty Student Deferment Request: An April 17, 2017 Dear Colleague Letter (GEN-17-03) is available that announces the approval of a revised version of the Military Service and Post-Active Duty Student Deferment Request form for the Direct Loan. There are no substantive changes to the prior version of the form. Revisions include some minor formatting and language changes for greater clarity and simplicity. Please review the April 17th Dear Colleague Letter for additional information and to access a copy of the revised form.

Summer Term Enrollment Reporting to the National Student Loan Data System (NSLDS): The Federal Student Aid Office has posted guidance on how schools should report a student’s enrollment to NSLDS during the summer when the student was enrolled in the preceding spring term and is expected to enroll for the upcoming fall term. Please review the April 20, 2017 electronic announcement for additional information.

NSLDS Enrollment Reporting – Compliance Notifications: The Department will soon begin sending Enrollment Reporting Compliance Notifications to schools via email. These notifications will be sent by the National Student Loan Data System (NSLDS) to schools that are not reporting academic program-level enrollment information for at least 90% of the students who are on the school’s NSLDS Enrollment Reporting roster. The threshold is set at 90% to allow for instances where a school may have a small percentage of the students included on its NSLDS Enrollment Reporting roster who are not enrolled in academic programs. While these students are not receiving aid at the reporting institution, they are enrolled in, for example, continuing education coursework. NSLDS will base these notifications on the school’s Enrollment Reporting Statistics, which can be found on the NSLDS Professional Access website and which are calculated for each of a school’s locations (at the 8-digit OPEID-level). Therefore, a separate notification will be sent for each of the school’s locations that fall below the 90% threshold. Please review the April 21, 2017 electronic announcement for additional information.

NSLDS Enrollment Reporting – Submission Dates, Effective Dates and Certification Dates: Schools are required to report enrollment data to the National Student Loan Data System (NSLDS) at least every 60 days. Schools are required to certify the enrollment status of all students who appear on the NSLDS Enrollment Roster sent to the school (or its designated third-party servicer), either in batch or online using the Enrollment Maintenance page of the NSLDS Professional Access website. Schools are strongly encouraged to add a new or transfer student who has received Title IV aid at another school, even if the student is not receiving aid at the new school. Many schools report enrollment information monthly, which NSLDS recommends as it allows for more current enrollment status changes. Several dates are used by NSLDS in processing student enrollment data: Enrollment Status Effective Date, Certification Date, and Received Date. Because each date has a different meaning and use, it is important for schools to understand the differences. Please review the April 20, 2017 electronic announcement for additional information.

Upcoming Implementation of FSA ID Enhancements: Based on feedback from users and financial aid professionals, on May 14, 2017 the Federal Student Aid (FSA) office will implement several enhancements to improve the FSA ID experience. This ID is required for students, parents, and borrowers to authenticate their identity and access their federal student aid information online. The websites that require an FSA ID to log in are fafsa.gov, NSLDS Student Access, StudentAid.gov, StudentLoans.gov, and the Federal Student Aid Feedback System (when a customer chooses to authenticate). Please review the April 18, 2017 electronic announcement for additional information.

Health Education Assistance Loan (HEAL) Maximum Interest Rates: The new maximum interest rates for the quarter ending June 30, 2017 for the Health Education Assistance Loan (HEAL) Program are now available. This information can be accessed directly on the HEAL information page on the IFAP website or via the hyperlinks to that page included in the April 13, 2017 electronic announcement.

Federal Family Education Loan Program Special Allowance Rates: The special allowance rates for the Federal Family Education Loan Program (FFEL) for the Quarter Ending March 31, 2017 are now available. Please review additional information for the special allowance rates for the Commercial Paper, Libor and Treasury Bill rates posted in the April 14, 2017, electronic announcement.

NSLDS School Portfolio Report Enhancements: The record layout for the National Student Loan Data System (NSLDS) School Portfolio Report has been updated. This report provides a school with information about all William D. Ford Federal Direct Loan (Direct Loan) and/or Federal Family Education Loan (FFEL) program loans associated with its school code.  The updated record layouts are now available on the NSLDS Record Layouts page of the Information for Financial Aid Professionals (IFAP) website. Please review the April 19, 2017 electronic announcement for additional information.

INFORMATION PAGES FOR SCHOOLS TO MONITOR  WEEKLY: The list below represents just a few of the information pages available on the IFAP website. Please review the organization’s website for additional guidance, resources, deadlines, and information related to the administration and processing of Title IV federal student aid.

  • The “What’s New” page lists all of the latest postings within the past 14 days
  • Operational communications and guidance, technical documents, and related information specific to the COD System are provided on the COD System page — including a COD Processing Update and COD Peak Processing Reminders
  • The Gainful Employment (GE) page is dedicated to deadlines and updates relevant to GE regulations — including the most updated information pertaining to requirements for Title IV eligible educational programs that are required to lead to gainful employment in a recognized occupation (GE programs). The page also includes postings of recent and older Dear Colleague Letters and Electronic Announcements that include critical updates and guidance on GE requirements and reporting
  • The Cash Management page provides links to relevant Dear Colleague Letters, Electronic Announcements, webinars, and other cash management resources relevant to the cash management regulations published on October 30, 2015
  • The Perkins Loan FAQs page provides information and operational guidance on the Perkins Loan Program

Thank you for taking the time to review our newsletter!

Rob Wright
email: rwright@getfasolutions.com
(P) (813) 435-6227
www.getfasolutions.com —–> We can instant chat here
LinkedIn <———– Let’s connect!

Disclaimer of Liability: Every effort is made to provide accurate and complete information in FA Solutions’ newsletters. However, FA Solutions makes not claims, promises or guarantees about the accuracy, completeness, or inadequacy of the contents of the newsletters and expressly disclaims liability for errors and omissions in the contents of its newsletters. Although FA Solutions may include links providing direct access to other Internet resources, including Websites, FA Solutions is not responsible for the accuracy or content of information in these sites.

 

 

 

Share
This

Post a comment