FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat!
Rob Wright, email: email@example.com, (P) (813) 435-6227
IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education.
- GE Completers List Corrections Period: June 14 to July 28, 2016.
- To meet the 2014-2015 Direct Loan closeout deadline, all records must be submitted to the COD System no later than 8:00 PM (EST) on July 29, 2016.
- TEACH Grant closeout deadline for the 2015-2016 Award Year is September 30, 2016.
- FSA Conference – November 29-December 2, 2016, at Georgia World Congress Center in Atlanta, GA
TRAINING WORKSHOPS – FUNDAMENTALS OF FEDERAL STUDENT AID ADMINISTRATION: A Dear Colleague letter posted by the Department of Education on July 1, 2016 announces the Fundamentals of Federal Student Aid Administration training workshops scheduled for July 2016 through June 2017. Please see the letter for a schedule of workshop dates and times.
2017-2018 CPS TEST SYSTEM USER GUIDE AVAILABLE ON FSA DOWNLOAD WEBSITE: Please see the June 27, 2016 electronic announcement that provides additional information and a link to the 2017-2018 Central Processing Test System User Guide now available on the Federal Student Aid Download Website.
ADDITIONAL GUIDANCE FOR THE 2014-2015 DIRECT LOAN PROGRAM YEAR CLOSEOUT: An electronic announcement posted by the Department of Education on June 30, 2016 provides additional guidance about the 2014-2015 Direct Loan Program Year closeout. The announcement focuses on the following:
- What school must do to be considered successfully closed out
- Additional information about the 8:00 pm (EST) deadline on July 29th
- The consequences of not meeting the deadline
- Who to call if you are concerned about potentially not meeting the deadline
Please see the electronic announcement for additional information.
PROTECTING STUDENT INFORMATION: The Department of Education posted an electronic announcement on July 1, 2016 to remind institutions of their legal obligations to protect student information used in the administration of the Title IV Federal student financial aid programs, as well as the methods the Department will use to assess institutions’ capabilities in securing that information. Please see the electronic announcement for additional information.
FEDERAL STUDENT AID LAUNCHES ONLINE FEEDBACK SYSTEM: On July 1, 2016, the Department of Education launched the Federal Student Aid (FSA) Feedback System. This online portal — that can be accessed at StudentAid.gov/feedback — will allow students, parents, borrowers, and others to submit complaints and compliments, as well as report allegations of suspicious activity related to their experience with federal student aid programs and receive timely, meaningful resolution to their issues. For additional information, please see the electronic announcement.
FEDERAL FAMILY EDUCATION LOAN PROGRAM SPECIAL ALLOWANCE RATES FOR THE QUARTER ENDING JUNE 30, 2016: On July 5, 2016 the Department of Education posted an electronic announcement regarding special allowance rates for the Federal Family Education Loan Program. Please see the electronic announcement for additional information.
E-CAMPUS BASED (eCB) ELECTRONIC SIGNATURE (eSignature): In preparation for the upcoming September 30, 2016 deadline for submission of the Fiscal Operations and Application to Participate (FISAP), the Department of Education encourages schools to utilize the eSignature option for the Chief Executive Office (CEO) signature. Please see the electronic announcement for additional information.
CASH MANAGEMENT – POSTING CONTRACT INFORMATION AND PROVIDING CONTRACT URL TO THE DEPARTMENT OF EDUCATION: The Department of Education posted a July 1, 2016 electronic announcement that provides additional information on the requirement that all institutions with either a Tier One (T1) or Tier Two (T2) arrangement post to the institution’s website any contracts or agreements establishing the T1 or T2 arrangements between the institution and a third-party servicer or financial institution, as applicable. Please see the electronic announcement for additional information.
DOCUMENT VERIFICATION REQUEST G-845 FORM MUST BE SENT TO LOS ANGELES DHS-USCIS FIELD OFFICE: FSA has been notified by the Department of Homeland Security, U.S. Citizenship and Immigration Services (DHS-USCIS) that the submission of the G-845 Form for students required to undergo additional verification of their eligible non-citizenship status must be submitted to the Los Angeles field office, regardless of the geographic location of the institution submitting the G-845 Form. Please see the July 19, 2016 electronic announcement for additional information.
HEALTH EDUCATION ASSISTANCE LOAN (HEAL) INFORMATION: On July 14, 2016, the Department of Education posted information regarding the interest rates for HEAL loans. This information is available on FSA’s website on their iLibrary. Please see the July 14, 2016 electronic announcement for additional information.
FEDERAL STUDENT AID HANDBOOK: Chapters 3 and 4 of the 2016-2017 Federal Student Aid Handbook have been released and posted to the Information for Student Professionals (IFAP) website. Please see the July 20, 2016 and July 21, 2016 electronic announcements for additional information and links to the chapters.
AVAILABILITY OF MYSTUDENTDATA DOWNLOAD RECORD LAYOUT FOR 2017-2018 FAFSA ON THE WEB: The Department of Education has announced the availability of the 2017-2018 FAFSA® MyStudentData Download guide, which includes the record layout for the download file that will be available to users of the 2017-2018 version of the FAFSA on the Web site. Please see the July 12, 2016 electronic announcement for additional information.
2017-2018 EXPECTED FAMILY CONTRIBUTION (EFC) FORMULA GUIDE: The Department of Education has posted the 2017-2018 EFC Formula Guide on the Information for Student Professionals (IFAP) Web site, which includes EFC worksheets and tables for the 2017-2018 processing cycle. Please see the July 14, 2016 electronic announcement for additional information and a link to the Guide.
LOAN SERVICING INFORMATION – CUSTOMER SERVICE PERFORMANCE METRICS FOR DEPARTMENT OF EDUCATION’S FEDERAL LOAN SERVICERS: This announcement informs the community of the availability of the customer service performance results for each of the Department of Education’s federal loan servicers for the period of January 1, 2016 through May 31, 2016 Please view the July 15, 2016 electronic announcement for additional information.
LOAN SERVICING INFORMATION – FEDERAL LOAN SERVICER TEAM CHANGE: One Not-for-Profit (NFP) servicer—VSAC Federal Loans—is ceasing operations as a vendor in the federal student loan servicing team. VSAC Federal Loans will be transferred to Nelnet in August 2016. Please see the July 21, 2016 electronic announcement for additional information.
ELECTRONIC VERSION OF THE REVISED PERKINS LOAN MASTER PROMISSORY NOTE: This letter provides schools that participate in the Federal Perkins Loan Program with an electronic version of the approved revised Federal Perkins Loan Master Promissory Note. Please see the July 18, 2016 electronic letter for additional information.
RESOURCES FOR SCHOOLS TO MONITER ON ONGOING BASIS:
COD SYSTEM PROCESSING UPDATES: Operational communications and guidance, technical documents, and related information specific to the COD System are provided on the COD System website maintained by FSA – including a COD Processing Update. Although schools are notified when a new edition is posted via a COD Web Message, they are encouraged to regularly check the COD website for important announcements.
GAINFUL EMPLOYMENT WEBSITE: FSA maintains a website dedicated to important deadlines and updates relevant to Gainful Employment 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 website also includes postings of recent and older Dear Colleague Letters & Electronic Announcements that include critical updates and guidance on Gainful Employment requirements and reporting.
EARLY FAFSA RESOURCES, REGULATIONS, AND FAQs: Click on one of the following topics, which link to the FSA website, to stay current on Early FAFSA changes:
- Early FAFSA Resources
- Early FAFSA Regulations
- Early FAFSA FAQs
- Dear Colleague Letters and Electronic Announcements
FSA’S LOAN SERVICING AND COLLECTION INFORMATION WEBPAGE: FSA has consolidated its servicing and collection information and resources onto a Loan Servicing and Collection Information webpage. The information and resources are organized into key topical areas as noted below and other useful contact, website, training, and guidance links. Each time FSA updates the webpage, a notice will appear on the IFAP Web site’s “What’s New” page and in the IFAP subscription e-mail.
- Loan Servicing and Collection Servicing Overview: Overall Approach, Multiple Servicer Situations, Loan Transfer Situations, and Performance Metrics and Allocations.
- Loan Servicing and Collection Communications: Loan Servicing and Loan Collection
Thank you for taking the time to review our newsletter!
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