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FinAid – Ever changing and ALWAYS challenging.

If you would like to inquire about one of our services, please submit an FA Solutions contact form or contact us directly at the email addresses below. In the meantime, please visit our website and take a look at our school partner testimonials. Thank you!
Rob Wright,  rwright@getfasolutions.com
Pam Notemyer, pnotemyer@getfasolutions.com


Important Dates: (Reminder:  Deadlines are always subject to change as determined by the Department of Education.)

  • 09/04/17 – Labor Day Holiday
  • 09/05/17 & 09/07/17 – Live Internet Webinar: COD System Update
  • 09/29/17 – (Reminder) Deadline for Submitting the FISAP
  • 10/06/17 – Institutions must submit a notice of intent that they will submit an alternate earnings appeal by October 6, 2017(Gainful Employment)
  • 02/01/18 – Deadline for institutions to submit an alternate earnings appeal (Gainful Employment)

Reminder from FA Solutions: Because our newsletter updates are excerpts from the original electronic announcements obtained through the the Information for Financial Aid Professionals (IFAP) website, please review the original update in its entirety by clicking links to the original posting included with each update. As a reminder, we are unable to post all Federal updates and deadlines in this newsletter. Therefore, you are strongly encouraged to review additional information on the IFAP website to stay current on various financial aid topics — especially deadlines.


Labor Day Federal Holiday Processing and Customer Service Hours:  The Department of Education / Federal Student Aid Offices, including Title IV processors and contact centers will be closed on Monday, September 4, 2017 to observe the Labor Day federal holiday. Please see the attachment in the August 25, 2017 electronic announcement for additional information.

Live Internet Webinar – COD System Update: Federal Student Aid will offer instructor-led, 2 ½ hour long, online training session that provides information on recent and upcoming changes to the COD System on September 5, 2017 and on September 7, 2017. This training is intended for financial aid office personnel at both domestic and foreign schools who are interested in learning more about changes to COD System processing and will focus on the operational aspects of the COD System modifications. Please review the August 18, 2017 Dear Colleague letter (ANN-17-09) for additional information.

Gainful Employment Electronic Announcement # 108 – Announcement of Appeals Deadlines: On August 18, 2017, the Department announced in the Federal Register new deadlines for institutions to submit an alternate earnings appeal. An institution must submit a notice of intent that they will submit an alternate earnings appeal by October 6, 2017.  The deadline to submit an alternate earnings appeal is February 1, 2018. Institutions should follow the instructions in electronic announcement #95 to submit a notice of intent. Please review the August 18, 2017 electronic announcement for additional information.

Reminder – September 29, 2017 Deadline for Submitting FISAP: This is a reminder of the upcoming deadline for submitting the Fiscal Operations Report for 2016-2017 and the Application to Participate for 2018-2019 (FISAP) for the Federal Perkins Loan (Perkins Loan), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs. As announced in the Campus-Based Programs 2017-2018 Deadline Dates, published in the Federal Register on January 4, 2017 (82 FR 828), the date by which a school must submit the FISAP and the required signature page is Friday, September 29, 2017.  Please review the August 16, 2017 electronic announcement for additional information.

Pell Grant Administrative Cost Allowance Payments for 2015-2016 & 2016-2017 Award Years: The Federal Pell Grant (Pell Grant) regulations at 34 CFR 690.10 provide for an Administrative Cost Allowance (ACA) payment of $5.00 to each participating school for each student who receives a Pell Grant at that school for an award year.  These funds may be used only to defray the costs of administering the Pell Grant, Federal Supplemental Educational Opportunity Grant, Federal Work-Study, and Federal Perkins Loan programs. A school’s calculated Pell Grant ACA payment will be posted in G5 as an Available Balance. Once posted, a school must sign in to the G5 website and process a drawdown transaction in G5 to receive the funds. ACA payment amount notifications will be sent to reporting schools. Processing of the third and final ACA payments for schools for the 2015-2016 Award Year and for the second ACA payments for the 2016 – 2017 Award Year began August 23, 2017.

For details on how the ACA payments are calculated and paid out, please review both August 24, 2017 electronic announcements on this topic. Each electronic announcement contains information specific to each academic year:  2015-2016 and 2016-2017.

2018-2019 Verification Suggested Text Package: The Department of Education (the Department) has offered suggested text in an August 16, 2017 electronic announcement for each of the required 2018–2019 verification items that were identified in the May 5, 2017, Federal Register Notice. While use by an institution of the suggested text fulfills the regulatory verification requirements, institutions are not required to use the Department’s suggested text and formats, except as noted in the August 16th announcement. Instead, institutions may develop and use their own text, forms, documents, statements, and certifications that are specific to the items required to be verified for a particular student or group of students. The one exception is that institutions must use the exact language provided by FSA for students who are placed in Verification Tracking Groups V4 or V5. Please review the August 16th announcement for additional information.

Teacher Cancellation Low Income Directory Updates: Federal Student Aid is advising post-secondary schools that the Department of Education (the Department) has sent emails to the states and territories regarding their submission of updated lists of low-income schools and educational service agencies for inclusion in the Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. This directory is also known as the Teacher Cancellation Low Income Directory (TCLI Directory). The TCLI Directory is a list of elementary and secondary schools and educational service agencies that serve low-income families and is used to determine the eligibility of teachers for loan cancellation under certain programs. The list is also used to determine if a teacher has satisfied certain aspects of the teaching obligation in the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program. For additional information, please review the August 15, 2017 electronic announcement.

RESOURCES:

Volume 6 – The Campus-Based Programs [2017-2018 Federal Student Aid Handbook]: This resource is now available on the IFAP website. For additional information, and to access the Handbook, please review the August 14, 2017 electronic announcement.

FEDERAL REGISTER NOTICES (FRN):

August 25, 2017 FRN – Regulatory Reform; Public Hearings (postsecondary education):    In accordance with Executive Order 13777, ‘‘Enforcing the Regulatory Reform Agenda,’’ the Department of Education is seeking input on Department regulations related to postsecondary education that may be appropriate for repeal, replacement, or modification. Two public hearings will be held this year in September and October at which interested parties may provide input.The Department will post transcripts of the hearings to https://www2.ed.gov/​policy/​highered/​reg/​reform/​2017/​index.html. Please review the Federal Register Notice 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.

 

 

 

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