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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:

-Memorial Day – Federal Holiday – 05/29/17
-Deadline to submit input for Disclosures for Student Financial Accounts – 06/08/17
-Deadline for institutions to remit the excess funds to the HHS for the 2016-2017 award year – 07/30/17
-NASFAA Conference – 06/26/17 thru 06/29/17
-National Advisory Committee on Institutional Quality and Integrity Meeting – 06/20/17 thru 06/22/17


Important note from FA SolutionsBecause 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 Solution Services – The Student Experience Center:  In addition to selecting other services, schools may engage in a professional partnership with FA Solutions to provide a high level Student Experience Center (SEC) support that is resourced with our FA Solutions financial aid/ student services professionals who can provide financial aid advising to current and/or prospective students.  The SEC team works as an extension of the school to provide much needed additional engagement support for their students and staff. We want our school partners to be available to meet the needs of their students in their offices fully confident that phone /email questions are answered and professionally handled by our SEC team — just as the school would. Our goal for our partners is to ensure all students are served during peak processing and throughout the academic year.

Our SEC services include:

  • Multiple experienced FA Solutions financial aid advisors available to answer incoming financial aid inquiries for the online non-traditional population.
  • Outbound phone and email correspondence to students advising them of missing documents and other issues that may be causing financial aid delays. This should allow the school to experience faster processing of aid and enhanced overall student experience.
  • Coordinated Correspondence – Our team also provides correspondence and advising to students who have been selected for verification.  This interaction will speed the verification process up significantly for many students.
  • Admissions/Retention support and follow-up registration assistance and appointment setting.

FA Solutions’ SEC solution is designed to mirror the culture of the school and ultimately enhance the student experience and improving the school’s financial aid processing turnaround times. The SEC helps to minimize interruptions of the school’s current financial aid staff and allows them to be more fully dedicated to meeting with students, as well as minimize interruptions for staff with phone calls and emails. Ultimately, this allows for enhanced financial aid advising and literacy and proactive student support that is necessary for schools to deliver an exceptional “student experience”. If you are interested in learning how the SEC center can help your school, please contact Pam Notemyer at pnotemyer@getfasolutions.com.

FA Solutions Team at NASFAA Conference – June 26-29, 2017: Brenda Wright and I, along with key members of our FA Solutions team, will be at the upcoming NASFAA conference from June 26 – June 29, 2017 at the San Diego Convention Center in California. The conference provides valuable, up-to-date information on the student aid programs from financial aid veterans. It is a unique training and professional development opportunity that equip student aid professionals with the tools they need to better serve students and families. For information regarding registration, please take a look at the NASFAA website conference registration page. Below are a few links to some of the conference sessions:

We hope to see you soon!

Memorial Day Federal Holiday Processing and Customer Service Hours: Federal offices, Title IV processors and contact centers will be closed on Monday, May 29, 2017 to observe the Memorial Day federal holiday. Please review the May 19, 2017 electronic announcement that includes an attachment with additional information.

Upcoming meeting – National Advisory Committee on Institutional Quality and Integrity (NACIQI): NACIQI was authorized and reconstituted by the Higher Education Opportunity Act of 2008. This Committee provides recommendations regarding accrediting agencies that monitor the academic quality of postsecondary institutions and educational programs for federal purposes. The next open meeting will take place June 20-22, 2017. For details regarding the location and time for the meeting and the meeting agenda, please review the May 11, 2017 electronic announcement.

FSA ID Enhancements Implemented on May 14, 2017: Students, parents, and borrowers may now add Short Message Service (SMS)/text messaging as a feature to their FSA ID accounts. An FSA ID gives individuals in these groups access to Federal Student Aid’s online systems and can serve as their legal signature. Please review the May 14, 2017 electronic announcement for additional information about this feature and other enhancements.

FAFSA Information to Be Verified for the 2018-2019 Award Year: For each award year, the Secretary of Education publishes in the Federal Register a notice announcing the Free Application for Federal Student Aid (FAFSA) information that an institution and an applicant may be required to verify, as well as the acceptable documentation for verifying FAFSA information. To access the notice for the 2018-2019 award year, please review the May 8, 2017 electronic announcement for additional information.

(Cash Management) Request for Public Comment Regarding Disclosures for Student Financial Accounts: The Secretary of Education is seeking information from the public regarding the major features and types of commonly assessed fees that postsecondary institutions must disclose under the cash management regulations under a Tier 1 (T1) or Tier 2 (T2) arrangement. The Secretary is also requesting feedback regarding the proposed format of these disclosures. As noted in a notice published in the Federal Register about this, comments must be submitted no later than June 8, 2017. Please review the May 18, 2017 electronic announcement for additional information and to access a copy of the Federal Register notice.

(Cash Management) Deadline for Remitting Excess Interest to the Department of Health and Human Services:  On October 30, 2015, the Department of Education (DOE) published in the Federal Register its final regulations for Program Integrity and Improvement related to cash management regulations and other sections of the Student Assistance General Provisions regulations issued under the under the Higher Education Act of 1965, as amended (HEA). The final regulations included a requirement at section 34 CFR 668.163(c), that institutions located in a State must maintain their Title IV, HEA program funds in an interest-bearing depository account unless one of the exceptions provided in 2 CFR 200.305(b)(8) apply. As specified in the regulations, any interest earned over $500 must be remitted to the Department of Health and Human Services (HHS). The deadline to remit the excess funds to HHS for the 2016-2017 award year is July 30, 2017. Institutions must remit excess funds using guidelines established by the DOE. Please review the May 19, 2017 electronic announcement for additional information.

2015-2016 Federal Perkins Loan Service Cancellation Reimbursement: Subpart D of the Federal Perkins Loan (Perkins Loan) Program regulations sets forth the conditions for service-based cancellation of borrowers’ Federal Perkins Loans. A Perkins Loan borrower may have all or part of his or her loan cancelled for certain types of employment, volunteer service, and additional service fields. Under the regulations at 34 CFR 674.63, the Secretary of Education reimburses an institution for all or part of the principal and interest cancelled during an award year under these provisions.

The Consolidated Appropriations Act, 2017 (Pub. L. 115-31) enacted on May 5, 2017 appropriated funds for Fiscal Year 2017 for the Campus-Based programs. Pub. L. 115-31 did not allocate funds for 2015-2016 Federal Perkins Loan service cancellation reimbursements. As a result, there will be no reimbursement payments issued this year. However, the Department of Education (DOE)  will calculate the 2015-2016 reimbursement payment for which an institution would have been eligible to receive and maintain a record of that amount. Although Federal Perkins Loan service cancellations are not funded, institutions must still offer and apply applicable cancellations to borrowers. Please review the May 19, 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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