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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:

  • 06/27/17 – Online Training Webinar – EDE Suite Software Upgrades for 2018-2019
  • 07/12/17 – Deadline to submit written comments to the DOE regarding proposed regulations to be developed by the Negotiated Rulemaking Committees and the Committee’s Agenda.
  • 07/10/17 and 07/12/17 – Public Hearings regarding the Negotiated Rulemaking Committee’s Agenda
  • 08/07/17 – Deadline for interested persons to submit comments for an extension of an existing information collection related to the HEAL Program
  • 09/01/17 – Deadline for Cash Management Tier One and Tier Two Contract Data Reporting
  • 09/29/17 –  Deadline for TEACH Grant Closeout for 2016-2017 Award Year

Please review related information 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.


Upcoming training webinar – EDE Suite Software Upgrades for 2018-2019: Federal Student Aid will offer an instructor-led, online training webinar on June 27, 2017 to provide information about a significant upgrade to the EDESuite software, beginning with the release of EDExpress 2018-2019, Release 1.0 later this year. This training is intended for financial aid office personnel who work with the EDESuite software or anyone who needs to know more about the upcoming functionality changes. This may include IT staff who would like to learn more about the changes to the minimum and optimal system requirements to successfully operate the EDESuite software. Advance registration is required for this training and will be available on a first-come, first-served basis. To allow for as many participants as possible, groups are strongly encouraged to view the webinar from a single location if accommodations allow. Please review the June 6, 2017 Dear Colleague Letter (ID ANN-17-04) for additional information.

Cash Management Tier One and Tier Two Contract Data Reporting Format: On October 30, 2015, the U.S. Department of Education (Department) published Final Regulations in the Federal Register amending the Cash Management regulations at 34 CFR 668.161 – 668.167. Under §668.164(e)(2)(vii) and §668.164(f)(4)(iv), by September 1, 2017, any institution with a Tier one (T1) arrangement, and/or a Tier two (T2) arrangement that meets or exceeds the credit balance thresholds under §668.164(f)(2)(ii) must post on its website T1 and/or T2 contract data pertaining to the total consideration paid or received by the contracting parties under the arrangement for the most recently completed award year. No later than September 1, 2017, each such institution must also post the mean and median costs its students incurred, as well as the number of students who had financial accounts under the contract at any time during the most recently completed award year, unless the institution had fewer than 30 enrolled students with accounts opened under the T1 or T2 arrangement. The regulations require that thereafter, these postings must be updated within 60 days after the end of each award year. Please review the June 16, 2017 electronic announcement for additional information.

TEACH Grant Closeout Information for 2016-2017 Award Year: The TEACH Grant closeout deadline for the 2016-2017 Award Year is September 29, 2017.  This is the last processing day of the award year.  A school must be aware of its closeout status even if its TEACH Grant processing is handled by a third party servicer. We encourage each school to communicate regularly with its third party servicer to ensure closeout is completed. It is the school’s responsibility to ensure that it finishes processing and completes closeout on time. Please review the June 6, 2017 electronic announcement for additional information.

FEDERAL REGISTER NOTICES:

Negotiated Rulemaking, Intent to Establish Negotiated Rulemaking Committees: The Department of Education (DOE) published a notice on June 16, 2017 in the Federal Register announcing its intent to establish two negotiated rulemaking committees to prepare proposed regulations to (1) revise the gainful employment regulations published by the Department on October 31, 2014, and (2) revise the regulations on borrower defenses to repayment of Federal student loans and other matters, published November 1, 2016, and the authority of guaranty agencies in the Federal Family Education Loan (FFEL) Program to charge collection costs to a defaulted borrower who enters into a repayment agreement with the guaranty agency.

Interested parties are invited to comment on the topics suggested by the DOE and may suggest additional topics that should be considered for action by the negotiating committees.  Comments may be submitted in writing to the DOE by July 12, 2017. Individuals may also present comments at the public hearings, but must register to do so by sending an email to an email address specified in the June 16, 2017 Federal Notice. Written comments will also be accepted at the hearings, which are scheduled for July 10 and July 12, 2017. Please review the June 16, 2017 electronic announcement to access the Federal Register Notice that provides additional information on how to submit comments. For more information about negotiated rulemaking in general, please see the DOE’s FAQs on this topic.

Request for Comment for the Health Education Assistance Loan (HEAL) Program Lender’s Application for Insurance Claim Form and Request for Collection Assistance Form: The DOE is proposing an extension of an existing information collection related to the HEAL Program forms named above and invites interested persons to submit comments on or before August 7, 2017. Please review the June 7, 2017 electronic announcement to access the Federal Register Notice that provides additional information.

Postponement of Certain Provisions of the Borrower Defense Regulations: On November 1, 2016, the DOE published final regulations entitled Student Assistance General Provisions, Federal Perkins Loan Program, Federal Family Education Loan (FFEL) Program, William D. Ford Federal Direct Loan Program, and Teacher Education Assistance for College and Higher Education Grant Program  (the final regulations) in the Federal Register. On May 24, 2017, the California Association of Private Postsecondary Schools (CAPPS) filed a Complaint and Prayer for Declaratory and Injunctive Relief in the United States District Court for the District of Columbia (Court). In light of the existence and potential consequences of the pending litigation, the Department has concluded that justice requires it to postpone, until further notice, certain provisions of the final regulations pursuant to the Administrative Procedure Act (APA), pending judicial review. The provisions to be postponed are listed in detail in the June 16, 2017 electronic announcement and in the related Federal Register Notice that can be accessed through that announcement.

TECHNICAL REFERENCE:

(EDE) suite – Availability of Direct Loan (DL) Tools for Windows, Release 17.0: The William D. Ford Federal Direct Loan (DL) Tools for Windows, Release 17.0, a supplemental software product for Direct Loan participants are now available for download on the Federal Student Aid Download website. Related  user documentation is also available on the website. Please review the June 9, 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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