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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:

  • 07/14/17 – 07/16/17 – COD Batch Processing Suspension and Website Outage
  • 07/31/17 – Direct Loan Closeout deadline for 2015-2016 Program Year
  • 09/29/17 – Deadline for schools to submit the 2018-2019 FISAP

Please review related updates below.

 


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.


Reminder – Direct Loan Closeout Deadline: The Direct Loan closeout deadline for the 2015-2016 Program Year is July 31, 2017. All school data must be received and accepted by this date to be included in a school’s final Ending Cash Balance for the year. Exceptions to the last processing day of the program year may be made on a case-by-case basis if the school’s processing period extends beyond the closeout deadline. Please review the February 7, 2017 announcement for additional information.

Update to April 25, 2017 Electronic Announcement Regarding Final FISAP Form and Instructions for 2017-2018: On June 30, 2017 FSA replaced the 2018-2019 FISAP Instructions PDF available through a web link in the April 25, 2017 electronic announcement. This was done to correct a typographical error in the deadline dates listed in the “What are the deadline dates for 2017-2018?” section of the Introduction. The date by which a school must submit its 2018-2019 FISAP electronically and the required signature pages by either manual or eSignature processes has not changed; the deadline remains September 29, 2017. We urge schools to review other 2017–2018 award year deadline dates listed in the April 25, 2017 electronic announcement for the submission of requests and documents from postsecondary institutions for the Federal Perkins Loan, Federal Work-Study (FWS), and Federal Supplemental Educational Opportunity Grant (FSEOG) programs (collectively, the ‘‘campus-based programs’’).

FY 18 Sequester-Required Changes to the Title IV Student Aid Programs: Because the Budget Control Act of 2011 (the sequester law) remains in effect, FSA has issued an announcement that provides information regarding sequester-required changes to Direct Loan fees and sequester-required changes in the percentage reduction that institutions must apply to awards in the Iraq-Afghanistan Service Grant and TEACH Grant programs where the first disbursement is on or after October 1, 2017. Please review the June 19, 2017 electronic announcement for additional information.

Implementation of Year-Round Pell Grants for 2017-2018 Award Year: A change has been made to the Federal Pell Grant Program that allows an eligible student to receive up to 150 percent of the student’s Federal Pell Grant Scheduled Award for an award year beginning with the 2017–2018 award year. This provision is effective beginning with the 2017–2018 award year. Please review the June 19, 2017 Dear Colleague Letter (GEN-17-06) for additional information.

TECHNICAL UPDATES: 

Social Security Number Corrections in the Central Processing System: FSA has issued a reminder regarding guidance previously provided to the Financial Aid community for the Social Security number (SSN) correction process with the Central Processing System. Please review the June 22, 2017 electronic announcement for additional information.

Year-Round Pell Grant Information – Preliminary COD System Implementation Information and School Processing Timeline: FSA plans to work on implementing the COD System functionality from October 13 – 15, 2017 to allow for Pell Grant awards in excess of 100% of the Pell Grant Scheduled Award for those students eligible to receive the additional funds. Until the COD System can accept Pell Grant awards that exceed the student’s Pell Grant Scheduled Award, schools can process as follows:

  • Now through October 15, 2017 – Schools can report Summer 2017 and Fall 2017 disbursements for the 2017-2018 Award Year. These awards and disbursements will be limited to the current 100% of the Pell Grant Scheduled Award.
  • After October 15, 2017 – Schools will be able to report updated information to indicate that a student is eligible to receive up to 150% of his or her Pell Grant Scheduled Award, and make award and disbursement adjustments as needed.

For additional information regarding the Common Origination and Disbursement (COD) System’s readiness for Pell Grant award processing related to the new provision, including, please review the June 20, 2017 electronic announcement.

COD System Changes for 150% Direct Subsidized Loan Limit to be Implemented July 14-16, 2017: During the period July 14-16, 2017, FSA plans to implement Common Origination and Disbursement (COD) System functionality that supports the processing of Federal Pell Grant (Pell Grant), Iraq and Afghanistan Service Grant, Teacher Education Assistance for College and Higher Education (TEACH) Grant, and William D. Ford Federal Direct Loan (Direct Loan) awards. The proposed COD System changes specific to the 150% Direct Subsidized Loan Limit are highlighted in an attachment available in the June 29, 2017 electronic announcement, #24. The changes are being made to improve processing and the accuracy of 150% Subsidized Loan Limit calculations. During the implementation period there will be COD Batch Processing Suspension and Website Outages. For additional information, please review the latest COD Processing Update as posted on the IFAP website’s COD System information page on June 30, 2017. You may also review the June 29, 2017 electronic announcement for further details.

Availability of MyStudentData Download Guide for 2018-2019 FAFSA: The 2018-2019 FAFSA MyStudentData Download guide is now available. This guide includes the record layout for the download file that will be available to users of the 2018-2019 Free Application for Federal Student Aid (FAFSA) on FAFSA.gov. The FAFSA MyStudentData Download function allows students to download processed results from their FAFSA into a machine-readable, plain text file. This function is available to students with a valid FSA ID for whom a FAFSA has been processed. The guide is made available to assist software vendors with designing new tools for students to maximize the usefulness of the data. Please review the June 20, 2017 electronic announcement for additional information.

Operational Guidance for Direct Loan Origination Fee Change October 1, 2017: On June 19, 2017 FSA issued an electronic announcement that explained the Fiscal Year 2018 sequester required changes to the Title IV federal student aid programs (see second update in this newsletter). The announcement noted decreased origination fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans (for both parent and graduate student borrowers) with a first disbursement on or after October 1, 2017 and before October 1, 2018. FSA issued a separate announcement on the same day to remind schools how the Common Origination and Disbursement (COD) System will process Direct Loans with the new origination fees and how to correct records if necessary. Please review the June 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.

 

 

 

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