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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 (Reminder:  Deadlines are always subject to change as determined by the Department of Education.)

  • 10/21/17 – 10/22/17 – Federal Student Aid Website and System Outages
  • 11/27/17 – Foreign Schools Preconference Day will be offered as a part of the Federal Student Aid (FSA)Training Conference for Financial Aid Professionals
  • 11/28/17 – 12/1/17  – 2017 FSA Training Conference (a free conference). Members of the FA Solutions team will be at the conference. We hope to see you there!

Please review related updates below.


Important note From FA Solutions: Because 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, schools and organizations are strongly encouraged to review additional information on the IFAP website to stay current on various financial aid topics — especially deadlines.


Federal Student Aid Website and System Outages:  During the period October 21-22, 2017, extended website maintenance and operating system upgrades will occur on several Federal Student Aid websites and systems. This work is in addition to the regular weekly maintenance that occurs each weekend. Please review the October 13, 2017 electronic announcement for information about the websites and systems that will be affected during the extended maintenance period.

2018-2019 FAFSA Email Campaign Launch: On October 16, 2017, Federal Student Aid began sending emails to 2017-18 Free Application for Federal Student Aid (FAFSA) filers (and parents of dependent 2017–18 FAFSA filers) who have not yet submitted a 2018–19 FAFSA form. Please review the October 12, 2017 electronic announcement for information about the goals of the email campaign and to access a copy of the email that is being sent out.

Guidance related to Title IV participants affected by Hurricane Irma: The Department of Education is taking numerous steps in response to the devastating impacts of Hurricane Irma, which is a federally declared major disaster. Please review the September 13, 2017 electronic announcement for helpful information available to students, parents, borrowers and institutions of higher education that have been impacted by a federally declared natural disaster.

The 2018-19 FAFSA form is now available: The 2018–19 FAFSA cycle began on October 1, 2016. The application is available until June 30, 2019 — but be sure to remind your students that some funds are limited, so it’s a good idea to apply as soon as possible. Tell students to apply at fafsa.gov. The IRS Data Retrieval Tool is also available for the 2018–19 FAFSA cycle. Please review the October 3, 2017 electronic announcement for additional information.

2018-2019 Free Application for Federal Student Aid (FAFSA ), FAFSA on the Web Worksheet, and the Student Aid Eligibility Worksheet for Question 23: The final versions of these documents are now available in English and Spanish, in Portable Document Format (PDF). The PDF versions of the FAFSA are provided to the community as a resource that can be used as a training tool or for financial aid presentations. These documents are available as attachments to an October 3, 2017 electronic announcement. These PDF version are also available on FAFSA.gov for submission to Federal Student Aid.

FSA Training Conference for Financial Aid Professionals November 28, 2017 – December 1, 2017: This year the U.S. Department of Education is hosting its annual Federal Student Aid (FSA) Training Conference for Financial Aid Professionals at the Swan and Dolphin Hotel in Orlando, Florida on the dates noted above. There is no registration fee to register for the conference, which provides a forum for the Department to share with the financial aid community at large the most up-to-date information on the Title IV Federal Student Aid programs.  A Foreign Schools Preconference Day will be offered as a part of the program on November 27, 2017 from 8:30 A.M. (EST) until 5:00 P.M. (EST).  The Multi-Regional and Foreign Schools Participation Division sent an email to foreign schools on September 14, 2017 about conference sessions specifically created for foreign schools.  Please review the September 18, 2017 and September 11, 2017 electronic announcements for additional information – including overflow Hotel and Resource Center Information and Agenda and Session Descriptions that have been added. FA Solutions will have members from their leadership team at the conference. We look forward to seeing you there!

Availability of the 2017-2018 Federal Student Aid Handbook Appendices B, C, D, and E [2017-2018 Federal Student Aid Handbook]: Please review the September 12, 2017 electronic announcement to access links to this resource, which is also posted on the Information for Financial Aid Professionals (IFAP) website.

LOAN PROGRAM RELATED UPDATES:

Loan Servicing Information – Performance Metrics and Allocation Information Now Available on the FSA Data Center:  Federal Student Aid has issued an announcement to inform the community of the availability of the customer service performance results for each of the Department of Education’s federal loan servicers. Please review the September 22, 2017 electronic announcement for additional information.

Perkins Loan Extension Act of 2015: A Dear Colleague letter (DCL ID: GEN-17-10) is available that provides additional information on the wind-down of the Federal Perkins Loan Program. The letter covers these topics: (1) expiration of the authority to make new Federal Perkins Loans, (2) distribution of the assets of institutions’ Federal Perkins Loan Revolving Fund, and (3) assignment of Perkins Loans to the U.S. Department of Education (the Department). Please review the October 6, 2017 Dear Colleague Letter for additional information.

Federal Perkins Loan Default Reduction Assistance Program (DRAP): The DRAP Program assists schools in contacting defaulted Federal Perkins Loan (Perkins Loan) borrowers before their accounts are sent to collection agencies. Please review the September 12, 2017 electronic announcement for additional information.

Perkins Loan Program – Excess Liquid Capital (ELC) Determinations and Timelines for 2017-2018:  The Department of Education will be delaying the 2017-2018 ELC notification and collection process until after the eCampus-Based System transition to the Common Origination and Disbursement (COD) System is completed next year.  ELC is the amount of the Revolving Fund’s “Cash On Hand” that is in excess of the institution’s estimated immediate needs for the Federal Perkins Loan Program. Please review the September 6, 2017 electronic announcement for additional information.

FY 2014 Official Cohort Default Rates Distributed September 25, 2017: On September 25, 2017, the Department of Education (Department) distributed the FY 2014 official cohort default rate (CDR) notification packages to all eligible domestic and foreign schools only. The rates were then publicly released on September 27, 2017. For information about the Department’s distribution of the official rates and the begin dates for appealing the official rates, please review the September 27, 2017 electronic announcement. Additional information is also available in a September 5, 2017 electronic announcement.

National Default Rate Briefings for FY 2014 Official Cohort Default Rates: Some schools have a small number of borrowers entering repayment.  At other schools, only a small portion of the student body takes out student loans. In such cases, the cohort default rate should be interpreted with caution. Please review the September 27, 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. Schools are urged to monitor this page regularly and the related COD Processing News/Updates posted on that page as a PDF.  A link to archived electronic announcements about the COD System is also available.
  • 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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