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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.)

  • 07/31/17 – 2015-2016 Direct Loan Program Year Closeout Deadline
  • 09/29/17 – 2017 deadline for submission of the FISAP
  • 01/01/18 – New deadline for institutions to comply with certain applicable Cash Management Disclosure Requirements
  • 07/01/18 – New deadline for institutions to comply with certain Gainful Employment disclosure requirements

See related updates below for additional details.


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/organizations are strongly encouraged to review additional information on the IFAP website to stay current on various financial aid topics — especially deadlines.


Incorrect 2017-2018 Funding Authorizations for the Campus-Based Programs: On June 2, 2017, FSA announced that final 2017-2018 Campus-Based programs funding worksheets and the 2017-2018 Statement of Account for each of the Campus-Based programs were posted to the eCampus-Based (eCB) website. FSA recently discovered an error in the underlying calculations for the Federal Work-Study (FWS) and Federal Supplemental Educational Opportunity Grant (FSEOG) tentative and final awards for some schools for 2017-2018. To address this situation, FSA recalculated the final awards. While the recalculations were being completed, FSA placed a temporary hold on FWS and FSEOG drawdowns in G5. This hold has been lifted and those funds are now available in G5. Schools will also be notified about their final recalculated awards as explained in the July 13, 2017 electronic announcement.

Additional 2015-2016 Direct Loan Program Year Closeout Information: In the July 6, 2017 issue of the Fed-Updates Newsletter we provided a reminder about the closeout deadline for the 2015-2016 Direct Loan Program Year. Federal Student Aid (FSA) issued another electronic announcement on July 6, 2017 to supplement the previous guidance provided in earlier announcements from February and May 2017. The closeout deadline to submit records is 8:00 P.M. (ET) on July 31, 2017. The COD System subsequently must accept all records submitted by the closeout deadline to be included in the school’s final Ending Cash Balance for 2015-2016. Any 2015-2016 batches or records received after the closeout deadline will be rejected and returned to the school. Drawdowns and/or drawdown adjustments must also be requested and/or completed by the processing deadline of 8:00 P.M. (ET) on July 31, 2017. Please review the July 6, 2017 electronic announcement for additional information about the closeout process.

eCampus-Based (eCB) Electronic Signature (eSignature) Reminder for FISAP: In preparation for the September 29, 2017 deadline for submission of the Fiscal Operations and Application to Participate (FISAP), FSA is encouraging schools to utilize the eSignature option for the Chief Executive Officer (CEO) signature on the FISAP as well as the Lobbying form, Work Colleges Application form, Work Colleges Expenditure Report, and Expenditure Report for Title IV Aid to Students with Intellectual Disabilities, as applicable.The eSignature for the FISAP and other forms within the eCB website will become available by August 1, 2017.  Please review the July 11, 2017 electronic announcement for additional information.

(Cash Management)  Publication of a Federal Register Notice Regarding the Final Format of Disclosures for Student Financial Accounts: The Department of Education will be publishing a Federal Register Notice that will include the final suggested disclosure format for student financial accounts. The Notice will also include an announcement that gives institutions additional time–until January 1, 2018–to comply with certain cash management disclosure requirements. While the notice is expected to be published in the Federal Register in the next several days, to ensure that institutions have access to this important information as early as possible, an unofficial copy of the Federal Register notice to is attached to the July 3, 2017 Cash Management electronic announcement #8. Please review the announcement for additional information.

(Gainful Employment) Extension of Compliance Date for Certain Disclosure Requirements and Alternate Earnings Appeals: The Department of Education recently announced that it will give institutions until July 1, 2018, to comply with certain Gainful Employment disclosure requirements related to the distribution of GE data to students and in promotional materials. The Department is also extending the deadline for programs to file alternate earnings appeals in light of the Court Order in American Association of Cosmetology Schools v. DeVos. A Federal Register notice will be issued within the next 30 days to specifically implement the Court Order and will include information on establishing a new deadline for earnings appeals. For additional information, please review the June 30, 2017 GE electronic announcement #106, as well as the July 5, 2017 Federal Register notice.

Federal Family Education Loan (FFEL) Program Special Allowance Rates: The FFEL Program rates for the quarter ending June 30, 2017 are now available. Please review the July 1, 2017 electronic announcement for additional information.

Health Education Assistance Loan Interest Rates:  The maximum Health Education Assistance Loan (HEAL) Program interest rates are now available for the quarter ending September 30, 2017. For additional information, please review the July 14, 2017 electronic announcement for additional information.

RESOURCES:
2017-2018 Federal Student Aid Handbook Glossary (Appendix A) Is Now Available: The Federal Student Aid Handbook consists of the Application and Verification Guide, six numbered volumes, and appendices. For additional information, please review the July 6, 2017 electronic announcement.

2018-2019 EDE Technical Reference (Final): The complete version of the 2018-2019 Electronic Data Exchange (EDE) Technical Reference is now available. The EDE Technical Reference provides programmer specifications, record layouts, and other detailed information for schools or other organizations that need to design software systems to interface with Federal Student Aid’s application processing system. For additional information, please review the July 10, 2017 electronic announcement.

2018-2019 Expected Family Contribution (EFC) Formula Guide: The 2018-2019 EFC Formula Guide is now available. The guide includes EFC worksheets and tables for the 2018-2019 processing cycle. The worksheets and tables in this guide can be used to calculate an estimated EFC for students. The methodology for determining the EFC is found in Part F of Title IV of the Higher Education Act of 1965, as amended (HEA). For additional information and to access the Guide, please review the July 10, 2017 electronic announcement.

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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