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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:

  • July 2017 – June 2018 – FSA Fundamentals of Federal Student Aid Administration workshops (in-person training)
  • October 30 – November 3, 2017 –  FSA will offer one workshop exclusively for schools with clock-hour programs. 
  • July 25, 2017 deadline – Federal Register Notice Public Comment Request for the Integrated Partner Management System

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.


Spotlight on FA Solutions Services – Financial Aid Processing and Servicing: Our school partners have shared that the biggest concerns they had with their previous financial aid servicer was poor communication and delayed processing turn-around times. We pledge to be better than that. Our staff takes great pride in being highly responsive and in delivering exceptional customer service. They also embrace our mission to keep your students moving smoothly through the financial aid process. Whether it be assisting your office with specific financial aid processing functions or complete third party servicing, FA Solutions offers:

  • Expedited financial aid processing – typically 48 to 72 business hours once documents are received.
  • Quick responses to inquiries from our school partners through easy and direct access to our servicing team through instant messaging, email, and by phone.
  • Administration of financial aid for all populations and various calendars, including SAY, BBAY, Non-term, etc.
  • Flexibility to process aid within various systems, such as: Empower, CampusVue, PeopleSoft, Regent 8, Ellucian Suite of products, and PowerFaids. For schools that do not have their own financial aid system, we typically use our financial aid module — a cloud based system that allows the school to track their student financial aid progress in real time, 24 hours per day, 7 days per week. You’ll be able to view the student awards, as well as see and upload any missing documents that may be needed for verification.

If you are interested in learning more about our services, please email Pam Notemyer at pnotemyer@getfasolutions.com or use our contact form. We look forward to hearing from you!

Training Workshops – Fundamentals of Federal Student Aid Administration: Federal Student Aid (FSA) will be offering in-person training Fundamentals of Federal Student Aid Administration workshops from July 2017 through June 2018. All participants wishing to register for and attend one of these workshops must first successfully complete an online Introduction to Federal Student Aid course, which may take up to 20 hours to complete. FSA will also offer one workshop exclusively for schools with clock-hour programs. This workshop is scheduled for October 30–November 3, 2017 in Dallas, Texas. Please note that only schools with clock-hour programs will be allowed to attend this particular workshop. Clock-hour schools may, however, enroll in any workshop that is listed in this announcement and are not limited to the October 30–November 3, 2017 class in Dallas, Texas. All workshops cover material that is applicable to clock-hour schools. Please review the June 1, 2017 Dear Colleague Letter, ID: ANN-1703, for other important details about these workshops.

2017 Program Review Guide for Institutions: The 2017 Program Review Guide for Institutions is now available and provides information about the general guidelines established by the U.S. Department of Education for conducting program reviews of institutions participating in the Title IV financial assistance programs.  The Guide provides information to assist institutions in preparing for and participating in a program review process and follow up. The Guide is available on the IFAP website. Please review the June 2, 2017 electronic announcement for additional information.

2018-2019 Award Year – FAFSA Information to be Verified and Acceptable Documentation: In the May 25, 2017 issue of the Fed-Updates Newsletter we referenced a Federal Register notice that was published on May 5, 2017 announcing the 2018–2019 Free Application for Federal Student Aid (FAFSA) items that may require verification for an applicant selected for verification by the Department, as well as the acceptable documentation for those items. The 2018–2019 FAFSA items that may require verification are the same as those for the 2017–2018 award year. However, there were some changes to the acceptable documentation requirement for 2018–2019, as specified in the Federal Register notice. Please review the May 25, 2017 Dear Colleague Letter, ID: GEN-17-05 for details about these changes.

Federal Register Notice Public Comment Request – Integrated Partner Management System: In accordance with the Paperwork Reduction Act of 1995, The Department of Education (ED) is proposing a new information collection known as the Integrated Partner Management (IPM) System for application processing and financial reporting. The IPM System will include the application for approval for institutions and financial partners (including lenders) to participate in Federal Student Financial Aid programs. IPM will also allow institutions and financial partners participating in the Title IV HEA programs to submit the required audited financial statements and compliance audits.  ED is requesting public comment on or before July 25, 2017 on issues pertaining to IPM as outlined in the May 26, 2017 Federal Register notice.  Please review the May 26, 2017 electronic announcement to access the notice. Institutions may also monitor the IPM information page that can be accessed on the sidebar of the IFAP website homepage.

2017-2018 Final Funding Authorizations for the Campus-Based Programs:  In a January 9, 2017 Electronic Announcement, institutions were informed of tentative 2017-2018 funding levels for the Campus-Based programs. Final 2017-2018 Campus-Based programs funding worksheets and the 2017-2018 Statement of Account for each of the Campus-Based programs are now available and have been posted to the eCampus-Based (eCB) website. For additional information, including, but not limited to how individual schools will be notified when and how they can access their 2017-2018 campus based allocation, please review the June 2, 2017 electronic announcement.

(Loans) – IRS Data Retrieval Tool (DRT) Restored for Electronic IDR Plan Request: The Internal Revenue Service (IRS) Data Retrieval Tool (DRT) is now available for borrowers applying for an income-driven repayment plan. Extra security protections have been added to the IRS DRT for use by borrowers completing the Electronic Income-Driven Repayment (IDR) Plan Request, providing greater protection of taxpayer information. In March 2017, the IRS suspended use of the DRT because of privacy and security concerns. The suspension of the IRS DRT impacted the online Free Application for Federal Student Aid (FAFSA), as well as the Electronic IDR Plan Request available on the StudentLoans.gov website. A May 3, 2017 electronic announcement informed the financial aid community of the status of the IRS DRT for FAFSA processing and the solution that Federal Student Aid (FSA) will implement on October 1, 2017, for the 2018–19 FAFSA cycle. For additional information about the restoration of the IRS DRT for borrowers completing the Electronic IDR Plan Request, please review the June 2, 2017 electronic announcement.

Errata and Updates for the 2017-2018 FSA Handbook: Errata and updates were made to the Application and Verification Section of the 2017-2018 Federal Student Aid Handbook as described in an electronic announcement originally posted on November 28, 2016. Please review the updated November 28, 2016 electronic announcement for a list of the items from the handbook that were amended after the initial PDF files were posted to the Web. The announcement also includes links to specific pages in the handbook where the amendments were made.

Interest Rates for Direct Loans First Disbursed between July 1, 2017 and June 30, 2018: Information regarding Interest Rates for Direct Loans first disbursed during the above timeframe are available. Please review the May 30, 2017 electronic announcement for additional information.

Federal Stafford, Federal PLUS, Federal SLS, and Federal Consolidation Interest Rate Calculations for the Period July 1, 2017 – June 30, 2018: Information regarding the variable interest rates applicable to the loan programs noted above for the period July 1, 2017 – June 30, 2018 are available. Interest rates for variable-rate loans under these programs are determined annually. Please review the May 31, 2017 electronic announcement for additional information.

Technical Resource

NSLDS Delinquent Borrower Report Extract Record Layouts for Schools (DELQ01 and DELQ03): The Delinquent Borrower Report provides school users a report of borrowers who have been reported as delinquent in making loan payments to one of the federal loan servicers. This report does not include borrowers who have loans held by Guaranty Agencies. The CSV version of the layout has been updated to include header and trailer records, and three record types have been added to represent the header, detail, and trailer records. These updates have no impact on the length of the file layout. Please review the May 24, 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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