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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 Rogers, pnotemyer@getfasolutions.com


Please note that deadlines and event dates noted in all of our newsletters are always subject to change as determined by the Department of Education.


Important note 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, schools and organizations are strongly encouraged to review additional information on the IFAP website to stay current on various financial aid topics — especially deadlines.


Release of the 2018 Gainful Employment (GE) Disclosure Template and Upcoming Deadline: Institutions have deadline of April 6, 2018 to update disclosures for each of their GE programs, using the updated 2018 GE Disclosure Template. The template is available via a link in the January 19, 2018 Gainful Employment electronic announcement #110. Please see the announcement for additional information including additional GE deadlines. 

Application for Participation in the Work Colleges Program: Information is now available about the application process for schools interested in participating in the Work Colleges Program under the Federal Work-Study Program for the 2018–19 Award Year. Please note that the Work Colleges Application is not an application to participate in the Federal Work-Study Program.  Any school interested in participating in the Work Colleges Program for the 2018–19 Award Year (including schools that are participating in the 2017–18 Award Year) must apply electronically via the eCB website no later than March 5, 2018. Schools must meet certain requirements to participate in the program and submit specific documentation to demonstrate eligibility. Due to the transition of the Campus-Based programs to the Common Origination and Disbursement (COD) System in March 2018, the eCB website will be closed to schools effective February 6, 2018. If your school is unable to complete the electronic submission of the Work Colleges Application and Agreement in eCB by February 5th, but still wishes to apply before the March 5th deadline, contact the Campus-Based Call Center for assistance. Please review the January 17, 2018 electronic announcement for full details on the application process and special instructions for submitting the signature pages. The announcement also includes important attachments.

Potential Government Closure – Federal Student Aid Processing and Customer Service Guidance: In the event of a closure of the federal government (more commonly referred to as a shutdown or furlough), there will be minimal impact on students, borrowers, schools, lenders, and guaranty agencies and their ability to participate in the Title IV Programs. The Department of Education has outlined how a closure would impact Federal Student Aid’s communications, customer service contact centers, scheduled system outages, processing systems, training events, scheduled program reviews and other services. Please review the January 19, 2018 electronic announcement for additional information including an attachment.

Loan Servicing Information – Reporting Student Loan Interest Payments for 2017: As tax time approaches, Federal Student Aid wants to make the financial aid community aware that student loan interest payments are reported to both the Internal Revenue Service (IRS) and the borrower. The borrower who made the payments may be eligible to deduct a portion of the interest on their federal tax return. Please review the January 19, 2018 electronic announcement regarding the 2017 tax year for additional information.

Correction of Two Issues Identified with Data Flags Associated with IRS DRT Process on fafsa.gov Website: Federal Student Aid (FSA) has identified and scheduled a correction of two issues that are occurring with data flags associated with the Internal Revenue Service Data Retrieval Tool (IRS DRT) process in the 2018–19 fafsa.gov website that are either providing conflicting processed results or preventing the use of the IRS DRT and financial data corrections on impacted transactions. Both issues will be resolved in the near future. Please review the January 16, 2018 electronic announcement for a detailed explanation of each issue, workarounds, and FSA’s plan for resolving each issue.

New NSLDS Change of Affiliation (COA) for Cohort Default Rate (CDR) Report for Schools: A new National Student Loan Data System (NSLDS) School Change of Affiliation (COA) for Cohort Default Rate (CDR) Report (SCHCD1) is now available. The School COA for CDR Report provides school users with contact and loan information for all borrowers who may impact the school’s cohort default rate as a result of a change of affiliation. Specifically, schools involved in mergers or acquisitions should find this report useful. The new report is available as an ad-hoc report on the Report tab of the NSLDS Professional Access website. Please review the January 23, 2018 electronic announcement for additional information.

Federal Register Notice (FRN):

Adjustment of Civil Monetary Penalties for Inflation: The Department of Education (Department) has issued final regulations to adjust the Department’s civil monetary penalties (CMPs) for inflation. These final regulations provide the 2018 annual inflation adjustments being made to the penalty amounts in the Department’s final regulations published in the Federal Register on April 20, 2017 (2017 final rule). These regulations are effective January 15, 2018. The adjusted CMPs established by these regulations are applicable only to civil penalties assessed after January 15, 2018, whose associated violations occurred after November 2, 2015. Please review the FRN, Volume 83, Number 10 as published on January 16, 2018.


FA Solutions Services:  There’s more to review below, but if you’re interested in learning more about FA Solutions’ services, please take a moment to reach out to us.  Ask us about our third-party financial aid processing, interim staffingfinancial aid processing supportand Student Experience Center. You can connect with us through our contact form, instant chat or contact us directly:

Rob Wright – (813) 435-6227 rwright@getfasolutions.com
Pam Notemyer Rogers – (617) 967-7955, pnotemyer@getfasolutions.com


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.

Thank you for taking the time to review our newsletter!

Rob Wright

Disclaimer of Liability: Every effort is made to provide accurate and complete information in FA Solutions’ newsletters. However, FA Solutions makes no claims, promises or guarantees about the accuracy, completeness, or adequacy 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 contained in these sites.

 

 

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