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Important Dates:

  • 09/29/17 – deadline to submit 2018-2019 FISAP
  • 07/31/17 – closeout deadline to submit all 2015-2016 Direct Loan records

Reminder from FA Solutions: At the end of each issue of the Fed-Updates Newsletter are links to a few informational pages on the Information for Financial Aid Professionals (IFAP) website. Since we are unable to post all Federal updates and deadlines in this newsletter, schools/organizations are encouraged to review the IFAP website weekly to stay current on various financial aid topics — especially deadlines.


Final FISAP Form and Instructions – Upcoming Deadline: The Fiscal Operations Report for 2016-2017 and Application to Participate for 2018-2019 (FISAP) has been approved by the Office of Management and Budget (OMB). The FISAP Form, Instructions, and Desk Reference have been posted to the Information for Financial Aid Professionals (IFAP) website. The FISAP itself will be available on the eCampus Based (eCB) website by August 1, 2017. Schools must submit their 2018-2019 FISAP electronically and the required signature pages by either manual or eSignature processes no later than Friday, September 29, 2017. Please review the April 25, 2017 electronic announcement for additional information, resources and important reminders that will assist schools in completing the 2018-2019 FISAP.

Reminder – Record Submission Deadline Upcoming for 2015-2016 Direct Loan Program Year Closeout: The closeout deadline for the 2015-2016 Direct Loan Program Year is 8:00 p.m. EST on Monday, July 31, 2017. To meet the closeout deadline, all records must be submitted to the COD System no later than that day and time. After this deadline, Direct Loan records will not be accepted by the COD System and you will no longer have Direct Loan funds available to draw down for the 2015-2016 Award Year. Please review the May 3, 2017 electronic announcement for additional information.

Changes to 2016-2017 and 2017-2018 Verification Requirements: The Department of Education is providing institutions with flexibilities they may choose to use as part of their verification procedures. These flexibilities begin immediately and apply to both the 2016-2017 and 2017-2018 FAFSA processing and verification cycles. Please review the Dear Colleague Letter GEN-17-04 for additional information.The guidance in this Letter replaces the guidance provided in the October 18, 2016 electronic announcement regarding alternative documentation for verifying 2015 income and tax information for the 2016-2017 FAFSA. The Letter also serves as the 2017-2018 guidance on alternative documentation that the October 18, 2016 electronic announcement stated would be provided at a later date.  Because of the move to “prior-prior,” both of these FAFSA years use the same 2015 income and tax year information.

Status of the FAFSA IRS Data Retrieval Tool: Below are some highlights regarding the status of the FAFSA IRS Data Retrieval Tool (DRT) as it relates to FAFSA processing. Please review the May 3, 2017 electronic announcement for additional information.

2018–19 FAFSA Cycle (Begins on October 1, 2017):

  • To address both privacy and security concerns related to the IRS DRT, the IRS and Federal Student Aid (FSA) have agreed to implement a solution that will reinstate the use of the IRS DRT beginning with the 2018–19 FAFSA cycle.  However, this solution will limit the information that displays to the applicant in order to enhance the security and privacy of sensitive personal data transferred to the FAFSA from the IRS.
  • Institutional Student Information Records (ISIRs) sent to institutions and to state grant agencies will include all of the tax return information that was transferred into the FAFSA using the IRS DRT.

2016–17 and 2017–18 FAFSA Cycles:

  • Currently, time and resources are being dedicated to the development, testing, and implementation of changes to the IRS DRT in time for the 2018–19 FAFSA launch on October 1, 2017. In the meantime, the IRS DRT will continue to remain unavailable to 2016–17 and 2017–18 FAFSA filers. A series of detailed communications about the 2018–19 solution will be available in upcoming weeks.

Audits Performed Under Uniform Guidance for Fiscal Years Ending in 2017: On April 28, 2017, the Department of Education posted an electronic announcement to clarify the reporting requirements for audits with a fiscal year ending date in calendar year 2017. Please review the announcement for additional information.

Update on Changes to the Listing of Colleges on ISIRs Provided to State Grant Agencies: Last June the Department of Education issued an electronic announcement that indicated that starting with 2018-2019 FAFSAs, ISIRs provided to state grant agencies would include the colleges listed on students’ FAFSAs in a random order and not in the order in which the student listed the colleges. The Department recently decided that they would not be implementing this change. Please review the April 25, 2017 electronic announcement for additional information.

NSLDS Newsletter #58: New Enrollment Reports, Enrollment Reporting Compliance Notifications, and Award ID Search Functionality: The National Student Loan Data System (NSLDS) newsletter #58 is now available. The newsletter describes two new reports for the NSLDS enrollment reporting process: the ER Program Level Certification Report (SCHER8) and the NSLDS-COD Program Comparison Report (SCHE10). Also discussed in the newsletter are the Enrollment Reporting Compliance Notifications, a reminder about Enrollment Reporting Statistics, and the new Award ID Search capability which allows users to search for a loan using an award ID. To access newletter #58, please do so using the attachment to the April 26, 2017 electronic announcement. Earlier issues of the NSLDS newsletter and NSLDS electronic announcements can be accessed on IFAP’s library page.

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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