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.
Gainful Employment Electronic Announcement #114 – Distribution of Draft GE Completers Lists and 45-Day Corrections Period: Comprehensive information on the upcoming distribution of institutions’ Draft Gainful Employment (GE) Completers Lists and the 45-day corrections period is now available in an April 27, 2018 electronic announcement. Sending the Draft GE Completers Lists is the next step, following GE reporting by institutions to the National Student Loan Data System (NSLDS), in the multi-step process of calculating Debt-to Earnings (D/E) rates. The announcement describes in detail, the 45-day period for institutions to submit corrections to the Draft GE Completers Lists that began on Monday, April 30, 2018 and ends at 11:59 p.m. Eastern time (ET) on Wednesday, June 13, 2018. The announcement addresses the following topics:
- Distribution of Draft GE Completers List Files
- Viewing and Working with the GE Completers List File
- 45-Day Corrections Period
- Guidance on Determining Whether to Submit a Correction
- Guidance on Whether the Higher Credential Exclusion and Debt “Roll-Up” Apply
- Upcoming training for “Submitting Draft GE Completers List Corrections in NSLDS” webinar will be offered on May 9, 2018.
Please review the electronic announcement for additional information.
Workaround for Schools to Receive Third Step Verification Status Responses until DHS-SAVE User IDs are Issued: On February 26, 2018 Federal Student Aid (FSA) issued an electronic announcement indicating it would be transitioning from the Department of Homeland Security-United States Customs and Immigration Services (DHS-USCIS) paper Form G-845 (for third step verification) to an electronic process via DHS’ Systematic for Alien Verification for Entitlements (SAVE) system. The DHS-SAVE program began rejecting all paper Forms G-845 (requests for third step verification) on May 1, 2018 when the process went paperless. FSA and DHS are in the process of completing the operational tasks required to transition authorized school users to the electronic process. FSA’s best estimate of the date that log-on credentials will be issued is the last week of May 2018.
Until DHS/SAVE user IDs are issued to the school’s Primary Destination Point Administrator (PDPA), schools may follow the steps outlined in a May 4, 2018 electronic announcement to receive an updated Institutional Student Information Record (ISIR) through the Central Processing System (CPS). FSA will provide schools with the student’s third step immigration status response if it is available in the SAVE system. Please see the announcement for additional information.
2016-17 Federal Perkins Loan Service Cancellation Reimbursement: The Consolidated Appropriations Act, 2018 (Pub. L. 115-141) enacted on March 23, 2018 appropriated funds for Fiscal Year 2018 for the Campus-Based programs. Pub. L. 115-141 did not allocate funds for 2016–17 Federal Perkins Loan service cancellation reimbursements. As a result, there will be no reimbursement payments issued this year. Schools are not permitted to use funds from the Revolving Fund to reimburse themselves for cancellations. However, the 2016–17 reimbursement payment for which an institution would have been eligible to receive will be calculated using the process explained in a May 4, 2018 electronic announcement. Please review the announcement for additional information.
2018–19 Final Funding Authorizations for the Campus-Based Programs: As noted in an April 26, 2018 electronic announcement, Final 2018–19 Campus-Based programs funding worksheets and the 2018–19 Statement of Account for each of the Campus-Based programs have been posted to the Common Origination and Disbursement (COD) website. A school’s 2018–19 final funding authorization for each of the Campus-Based programs is based on the applicable statutory formula and on the amount of funds appropriated by Congress for that program.
A school will not receive a 2018–19 final funding authorization amount for a Campus-Based program that is in excess of its request for funds made for that program on the Fiscal Operations Report for 2016–17 and Application to Participate for 2018–19 (FISAP) that the school previously submitted to the Department of Education. The electronic announcement addresses the following topics:
- How the Campus-Based Awards for a School are Determined
- Returning more than 10 percent of the 2016–17 Allocation for one of the Campus-Based Programs Affects a School’s 2018–19 Allocation
- Notification of 2018–19 Campus-Based Allocations
- Reallocation of Additional Campus-Based Funds for the 2018–19 Award Year
- “Total Authorized Level of Expenditure” or “LOE” for the Federal Perkins Loan Program
Please review the April 26, 2018 electronic announcement for additional information.
Phone Number Update for COD Call Centers Effective June 17, 2018: To simplify call center information, Federal Student Aid is making updates to the phone numbers used to reach the Common Origination and Disbursement (COD) School Relations Center and the Student Loan Support Center. In short, FSA will use only one of two existing phone numbers for each call center. The update will occur on June 17, 2018. Please review the May 4, 2018 electronic announcement for additional information
2018-2019 Federal School Code List of Participating Schools (May 2018): The updated 2018-2019 Federal School Code (FSC) List of Participating Schools is now available on the Information for Financial Aid Professionals (IFAP) website. The Federal School Code List contains the unique codes assigned by the Department of Education for schools participating in the Title IV federal student aid programs. Students enter these codes on the Free Application for Federal Student Aid FAFSA to indicate which postsecondary schools will receive the processed application results. Please review the May 2, 2018 electronic announcement for additional information.
Loan Servicing Information – Performance Metrics and Allocation Information: The customer service performance results for each of the Department of Education’s federal loan servicers are now available on the Federal Student Aid Data Center for the following periods:
- July 1, 2017 through September 30, 2017
- October 1, 2017 through December 31, 2017
The allocations in effect from March 1, 2018 through August 31, 2018 are also available. Please review the May 7, 2018 electronic announcement for additional information.
National Advisory Committee on Institutional Quality Integrity (NACIQI) Meeting: A Federal Register Notice was published on April 9, 2018 that sets forth the agenda, time, and location for the May 22-24, 2018 meeting of the NACIQI, and provides information to members of the public regarding the meeting, including requesting to make oral comments. Since it reconvened in 2010, NACIQI has been advising the U.S. Secretary of Education on matters concerning accreditation, the Secretary’s recognition process for accrediting agencies, and institutional eligibility for federal student aid, through the Committee’s public meetings. For additional information, please see the Federal Register Notice attached to the April 11, 2018 electronic announcement.
Federal Preemption and State Regulation of the Department of Education’s Federal Student Loan Programs and Federal Student Loan Servicers: Recently, several States have enacted regulatory regimes that impose new regulatory requirements on servicers of loans under the William D. Ford Federal Direct Loan Program (Direct Loan Program). States also impose disclosure requirements on loan servicers with respect to loans made under title IV of the Higher Education Act of 1965, as amended (HEA). Finally, State regulations impact Federal Family Education Loan (FFEL) Program servicing. The Department of Education believes such regulation is preempted by Federal law. The Department has issued notice to clarify further the Federal interests in this area. For additional information, please see the Federal Register Notice attached to the March 12, 2018 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.
- 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
- Application Processing (Electronic Announcements)
- The iFAP iLibrary includes many resources — including a consolidated list of Electronic Announcements, Dear Colleague Letters, and Federal Registers.
Thank you for taking the time to review our newsletter!
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