FinAid – Ever changing and ALWAYS challenging.
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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: Since our newsletter updates are excerpts from original electronic announcements from the Information for Financial Aid Professionals (IFAP) website, please review the update in its entirety by clicking the link to the original posting included with each update. As a reminder, we are not always able 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. The IFAP website includes helpful information pages dedicated to topics such as Gainful Employment (GE) and the COD System. Links to some of IFAP’s other information pages can be accessed at the end of this newsletter.
2019–2020 Award Year – FAFSA Information to be Verified and Acceptable Documentation: A March 29, 2018 Dear Colleague Letter (DCL ID: GEN-18-03) is available with information that supplements the 2019–2020 award year verification information provided in the Federal Register notice published on March 28, 2018. The DCL includes a table of 2019-2020 Verification Tracking Groups.
Single Audit Submission Requirements for Fiscal Years Ending Within Calendar Year 2018: The Department of Education issued an April 28, 2017 electronic announcement concerning Single Audits performed under 2 Code of Federal Regulations (C.F.R.) Section 200, OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) for fiscal years ending within calendar year 2017. For such audits, Single Audit filers were directed to continue using guidance provided in an August 5, 2016 electronic announcement.
The August 5, 2016 announcement detailed the requirement for Single Audit filers to submit an audit annually and, in the event that the Student Financial Assistance Cluster, which includes the Title IV programs, was not audited as a major program because it was identified as a low-risk program, the filer should contact its School Participation Division to report the low-risk determination. The latest guidance provided in a March 29, 2018 electronic announcement serves to update Single Audit filers of audit submission requirements for fiscal years ending within calendar year 2018.
Health Education Assistance Loan (HEAL) Program – Maximum HEAL Program Interest Rates for Quarter Ending June 30, 2018: An April 6, 2018 electronic announcement is available with information regarding new HEAL Program interest rates for the quarter ending June 30, 2018 and conforming updates to the maximum Interest Rates for Previous Three Quarters. Please review the announcement for additional information
Federal Student Aid (FSA) Posts New Reports to FSA Data Center: FSA has released six new reports highlighting the characteristics of Direct Loan (DL) borrowers in a ‘Repayment’ loan status. The new reports segment DL borrowers in a ‘Repayment’ loan status by those who are current on their payments and those who are delinquent, and highlight the following attributes of these borrowers: age, debt size, location, repayment plan, school type, and enrollment status. FSA has also posted a series of updates to the quarterly application, disbursement, and portfolio reports to include data through Dec. 31, 2017. Please review the April 6, 2018 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.
- COD System – Schools are urged to regularly monitor this page, which includes COD Processing News/Updates.
- NSLDS newsletters, user guides and technical documents
- Gainful Employment
- Early FAFSA
- Cash Management
- Loan Servicing and Collection
- Perkins Loan FAQs
- 150 Percent Direct Subsidized Loan Limit Information
- Application Processing (Electronic Announcements)
- The iFAP iLibrary includes many resources — including a consolidated list of Electronic Announcements, Dear Colleague Letters, and Federal Registers.
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