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.
- September 30, 2016. TEACH Grant closeout deadline for the 2015-2016 Award Year.
- September 30, 2016. FISAP Submission (2015-16 Report & 2017-18 Application for funds) due to the Department of Education
- October 1, 2016. The 2017/2018 FAFSA will be available online.
- October 1, 2016. The deadline to report 2015/2016 Gainful Employment Program information.
- November 29-December 2, 2016, FSA Conference at Georgia World Congress Center in Atlanta, GA.
E-CAMPUS-BASED APPLICATION FOR THE FISCAL OPERATIONS REPORT FOR 2015-2016 AND APPLICATION TO PARTICIPATE FOR 2017-2018 (FIASP) NOW AVAILABLE: Schools that wish to request funding under the Campus-Based programs for the 2017-2018 Award Year, and schools that had Campus-Based expenditures for the 2015-2016 Award Year, are required to electronically submit a FISAP via the eCB Web site. The deadline for the electronic submission of the FISAP is 11:59 P.M. (ET) on September 30, 2016. Transmission must be completed by 12:00 midnight on September 30, 2016. Please refer to the July 25, 2016 electronic announcement for additional information.
GUIDANCE FOR SCHOOLS SEEKING NEW ACCREDITATION: An institution that is proactively seeking new accreditation must take certain steps in order to change its primary accrediting agency. Please review guidance on this topic in its August 5, 2016 electronic announcement.
APPLICABILITY OF SINGLE AUDIT ACT REGULATIONS TO THE TITLE IV PROGRAMS: The Department has received questions concerning audit requirements for institutions that are covered by the Single Audit Act (Single Audits) when it has been determined, pursuant to Single Audit Act regulations that no Single Audit of the Title IV student assistance programs needs to be conducted because the program did not meet the “high-risk” threshold of those regulations. Please review the August 5, 2016 electronic announcement for additional information.
REVISED SPECIAL HANDLING PROCESS FOR FAFSA FILERS UNDER THE AGE OF 13: The special handling process used to submit the Free Application for Student Aid (FAFSA®) for applicants under the age of 13 has been revised by the Department of Education. The revised process permits parents to directly download the appropriate award year PDF FAFSA application, complete it, and send the signed application directly to the processing center for processing on behalf of the under age 13 filers. Please see the August 4, 2016 electronic announcement for additional information.
PERKINS LOAN PROGRAM – EXCESS LIQUID CAPITAL DETERMINATIONS (ELC), TIMELINES, AND STEPS FOR RETURNING THE FEDERAL SHARE OF ELC: ELC is the amount of the Fund’s “Cash On Hand” that is in excess of the institution’s estimated immediate needs for the Perkins Loan Program. The statutory requirement for institutions to return ELC is not directly related to the wind-down of the Federal Perkins Loan Program. The Department posted an electronic announcement on August 1, 2016 detailing how it has modified the process for determining if ELC exists in an institution’s Revolving Fund and the steps institutions must take to return the Federal share of ELC to the Department. Please refer to the announcement for additional information.
2016-2017 SUPPLEMENTAL CAMPUS-BASED FUNDS: The Department of Education has posted an electronic announcement that explains how 2016-2017 supplemental award funds for each of the Campus-Based programs will be distributed and how schools will be notified of supplemental awards. Please refer to the August 1, 2016 announcement for additional information.
ERRATA AND UPDATES FOR 2016-2017 FSA HANDBOOK: This is an update that was previously published in the FA Solutions Fed-Updates newsletter regarding corrections and updates for the 2016-2017 FSA Handbook. If Schools have not had an opportunity to previously review the corrections and updates, please refer to the May 16, 2016 electronic announcement.
NEWSLETTER 55: NSLDS ENHANCEMENTS FOR ENROLLMENT REPORTING AND OTHER RESOURCES FOR SCHOOLS: The Department of Education posted electronic newsletter #55 on August 2, 2016 that provides links to information regarding enhancements to NSLDS and the new functionality for enrollment reporting, a recent update to the School Portfolio Report Import Tool, and the new Perkins Spreadsheet Submittal upload process. Please refer to the newsletter for additional information.
2017-2018 ELECTRONIC EXCHANGE (EDE) TECHNICAL REFERENCE: The complete version of the 2017-2018 Electronic Data Exchange (EDE) Technical Reference has been posted. This resource provides detailed information for schools or other organizations that need to design software systems to interface with Federal Student Aid’s application processing system. Please refer to the July 25, 2016 electronic announcement for additional information.
2017-2018 VERIFICATION SUGGESTED TEXT PACKAGE: A July 29, 2016 electronic announcement provides, in APPENDIX A, suggested text for each of the required 2017- 2018 verification items that were identified in the April 1, 2016 Federal Register Notice. Please refer to the announcement for additional information.
AVAILABILITY OF THE IRS ‘GET TRANSCRIPT ONLINE’ TOOL: The Internal Revenue Service has launched its Get Transcript Online tool and has made it available on their agency’s website tab. The Get Transcript Online tool allows the user to immediately receive an online PDF version of their IRS Tax Return Transcript or, if appropriate, a verification of non-filing. Please see the July 26, 2016 electronic announcement for additional information.
RENEWAL OF PRIVATE EDUCATION LOAN APPLICANT SELF-CERTIFICATION FORM FOR USE BY SCHOOLS AND PRIVATE EDUCATIONAL LOAN LENDERS: The Office of Management and Budget (OMB) has renewed a Private Education Loan Applicant Self-Certification form for use by institutions and private educational loan lenders. Please refer to the July 27, 2016 electronic announcement for additional information.
PARTICIPATION RATE INDEX (PRI) Worksheet Availability: The Default Prevention Participation Rate Index (PRI) Worksheet is now available. The PRI is a mitigating circumstance when a school can challenge its draft Cohort Default Rate (CDR) or appeal its official CDR if the school is facing a sanction for a high CDR. Please refer to the August 3, 2016 electronic announcement for additional information.
2016-2017 FEDERAL SCHOOL CODE LIST OF PARTICIPATING SCHOOLS: The updated 2016-2017 Federal School Code (FSC) List of Participating Schools is now available on the Information for Financial Aid Professional (IFAP) Web site. It is only available electronically as a Microsoft Excel (XLS) file. Please refer to the August 1, 2016 electronic announcement for additional information.
IMPORTANT WEBSITES 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
Thank you for taking the time to review our newsletter!
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