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: FA Solutions’ newsletter updates are excerpts from original electronic announcements posted on the Information for Financial Aid Professionals (IFAP) website. Thus, it’s important to review each update in its entirety by clicking the link included with each posting. We’re not always able to post all Federal updates and deadlines in this newsletter, so please review additional information on the IFAP website to stay current on various financial aid topics — especially deadlines. The IFAP website includes information pages dedicated to topics such as Gainful Employment (GE) and the COD System. Links to some of those resource pages can be accessed at the end of this newsletter.
OUTAGE ALERT – Program Compliance systems (eApp and eZ-Audit) – July 3, 2018 – July 5, 2018: During this period, Federal Student Aid plans to complete important system migration work that will impact several school participation systems. This work is related to the transition to a new data center. Please review the June 6, 2018 electronic announcement for additional information.
Independence Day Federal Holiday Processing and Customer Service Hours: Federal Student Aid federal offices, including Title IV processors and contact centers will be closed on Wednesday, July 4, 2018 to observe the Independence Day federal holiday. Please see the See the attachment for the various centers’ operation status on the holiday. Please review the June 22, 2018 electronic announcement for additional information.
SAVE System Users Receiving “No Records Found” Error when Submitting Third Step Verification Requests: School users are receiving a “No Records Found” message even though the Department of Homeland Security (DHS) Verification number is valid. While DHS is working to quickly address the issue, schools should hold all third step verification requests, including submitting records to SAVE and requesting new DHS Verification numbers, until the SAVE system issue is resolved. Please review the June 8, 2018 electronic announcement for additional information.
FY 19 Sequester-Required Changes to the Title IV Student Aid Programs (correction): Federal Student Aid has updated an electronic announcement issued earlier this month to correct the Iraq-Afghanistan Service Grant Awards “Adjusted Award Amount” for the 2017-2018 Award Year first disbursed on or after October 1, 2017 and before October 1, 2018 (FY 18 Sequester). For additional information, please review the June 6, 2018 electronic announcement.
The Reallocation Process, the 2017–18 Campus-Based Reallocation Form, and the Process to Request Supplemental Federal Work-Study Funds for 2018–19: Important information regarding the reallocation process, the availability of the 2017–18 Reallocation Form, and the action schools need to take to request supplemental funds for 2018–19 recently became available. Schools use the reallocation process to release unexpended portions of their 2017–18 allocations in the Federal Work-Study (FWS) and/or Federal Supplemental Educational Opportunity Grant (FSEOG) programs or to request supplemental 2018–19 FWS funds that will be used to employ students in community service jobs. As announced in the Federal Register notice, “2018-2019 Award Year Deadline Dates for the Campus-Based Programs,” the deadline date by which a school must electronically submit its 2017–18 Campus-Based Reallocation Form is Monday, August 13, 2018. Please review the June 6, 2018 electronic announcement for additional information – including attachments.
TEACH Grant Closeout Information for 2017-18 Award Year: The Teacher Education Assistance for College and Higher Education (TEACH) Grant closeout deadline for the 2017–18 Award Year is Friday, September 28, 2018. This is the last processing day of the award year. 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. A school must be aware of its closeout status even if its TEACH Grant processing is handled by a third-party servicer. It is the school’s responsibility to ensure that it finishes processing and completes closeout on time. Please review the June 6, 2018 electronic announcement for additional information.
Announcement of Applicable Gainful Employment Compliance Dates: The Department of Education announced on June 18, 2018 in the Federal Register that it will allow additional time, until July 1, 2019, for institutions to comply with the requirements 34 CFR 668.412(d) and (e) of the Gainful Employment (GE) regulations: 1) including the disclosure template, or a link thereto, in their GE program promotional materials and 2) directly distributing the disclosure template to prospective students. Please review the June 18, 2018 GE electronic announcement #116 and the applicable Federal Register (FR) notice as attached to the June 18, 2018 FR electronic announcement. Public comments are invited and must be received on or before July 18, 2018. [FR Volume 83, Number 117, Proposed Rules, Pages 28177-28178]
FSA Research and Customer Care Center Retirement Effective 5/31/2018: As of May 31, 2018, Federal Student Aid (FSA) closed down its Research and Customer Care Center (RCCC) and was in the process of removing the RCCC’s name, phone number, and email references from its websites, documentation, and publications. FSA requests that members of the financial aid community do the same. Please review the May 31, 2018 electronic announcement for additional information.
Paper Versions of Direct Loan Counseling Guides and Direct Loan Master Promissory Notes Unavailable After June 30, 2018: In a May 23, 2018 Electronic Announcement Federal Student Aid (FSA) informed the Financial Aid community that after August 30, 2018, the Department of Education will no longer print or deliver FSA publications. In some cases, printed materials may become unavailable prior to August 30, 2018; specifically, paper Direct Loan Entrance Counseling and Direct Loan Exit Counseling materials will be unavailable after June 30, 2018. Please review the June 6, 2018 electronic announcement for additional information.
The 2018-2019 FAFSA Verification-IRS Tax Return Transcript Matrix: The 2018-2019 FAFSA Verification-IRS Tax Return Transcript Matrix that institutions can use for 2018-2019 verification of tax return information is now available. Since there has been no changes to FAFSA questions as it relates to IRS tax form line items, the tax matrix is the same as the matrix provided for the 2017-2018 FAFSA, except that the matrix now refers to the 2018-2019 FAFSA. Please review the June 6, 2018 electronic announcement, which includes a copy of matrix as an attachment, for additional information.
2019–2020 Verification Suggested Text Package: Federal Student Aid has made available suggested text for each of the required 2019–2020 verification items that were identified in the March 28, 2018, Federal Register Notice. Institutions may use the suggested language as a basis to develop their own verification text, forms, documents, statements, and certifications that are specific to the items required to be verified for a particular student or group of students. The one exception is that institutions must use the exact language provided in the “Statement of Educational Purpose” in APPENDIX A for students who are placed in Verification Tracking. Please review the June 8, 2018 electronic announcement for additional information – including attachments.
Availability of MyStudentData Download Guide for 2019–20 FAFSA: The 2019–2020 FAFSA MyStudentData Download Guide recently became available and includes the record layout for the download file that will be available to users of the 2019-20 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 can assist software vendors with designing new tools for students to maximize the usefulness of the data and is available as an attachment to the June 4, 2018 electronic announcement.
FEDERAL REGISTER NOTICE:
Correction to the Federal Need Analysis Methodology for the 2019-2020 Award Year: The need analysis methodology impacts the Federal Pell Grant, Federal Work-Study, Federal Supplemental Educational Opportunity Grant, William D. Ford Federal Direct Loan, Iraq and Afghanistan Service Grant, and TEACH Grant Programs. As published in a June 8, 2018 Federal Register Notice, the Department of Education has published a correction to the Federal Need Analysis Methodology for the 2019-2020 Award Year. Please review the FR June 8, 2018 electronic announcement, which includes the notice as an attachment. [Federal Register Volume 83, Number 111 (Friday, June 8, 2018) Notices, Pages 26662-26664, FR Doc No: C1-2018-10586]
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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