FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat!
Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227
IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education.

  • 2015-2016 V4/V5 verification results due no later than September 24, 2016 (see newsletter update)
  • 2016-2017 V4/V5 verification results due no later than 60 days following the institution’s first request to the applicant to submit the required V4 or V5 identity and high school completion documentation (see newsletter update)
  • Loan Counseling Experiment – Letters of Interest from schools due no later than September 29, 2016 (see newsletter update)
  • TEACH Grant closeout deadline for the 2015-2016 Award Year is September 30, 2016
  • FISAP Submission (2015-16  Report  & 2017-2018 Application for funds) due September 30, 2016 (see newsletter update)
  • 2015-2016 Gainful Employment Program Information – deadline to report program information is October 1, 2016
  • The 2017-2018 FAFSA will be available online October 1, 2016

REMINDER TO REPORT VERIFICATION RESULTS FOR GROUPS V4 AND V5 TO FAA ACCESS TO CPS ONLINE: The Department of Education (ED) reminds institutions that they must report 2015-2016 V4/V5 verification results no later than September 24, 2016. ED also reminds institutions that the V4/V5 reporting requirement continues for the current 2016-2017 FAFSA processing year no later than 60 days following the institution’s first request to the applicant to submit the required V4 or V5 identity and high school completion documentation. Please see the August 19, 2016 electronic announcement for additional details.
UPDATED INSTRUCTIONS FOR SUBMITTING 2017-2018 FIASP: On August 15, 2016, ED again replaced the 2017-2018 FISAP Instructions that it sent out on June 16, 2016 to correct additional date references in Part IV, Section B., Field 6. The deadline for submitting the FIASP remains the same – September 30, 2016. Please see the updates made to the instructions in the June 16, 2016 electronic announcement.
INSTITUTIONS INVITED TO PARTICIPATE IN LOAN COUNSELING EXPERIMENT:  As announced in a Federal Register notice, postsecondary educational institutions are invited to apply to participate in a new institutionally-based loan counseling experiment under the Experimental Sites Initiative (ESI). Letters of interest from institutions interested in participating in the experiment must be submitted to ED no later than September 29, 2016 to receive priority consideration. Please see the August 15, 2016 electronic announcement for additional information.
 
UPDATES FOR LOAN SERVICERS AND DEFAULT RESOLUTIONS GROUP:

  • ESA/EDfinancial, Federal Loan Servicer Name Change: ED has announced that ESA/Edfinancial, a federal loan servicer, has changed its name. Please see the August 17, 2016 announcement for additional details.
  • Loan Transfer & Transfer Related Reminders For VSAC Federal Loans: On July 21, 2016 ED posted an electronic announcement to notify the financial aid community that VSAC Federal Loans would be ceasing operations as a vendor of the federal loan servicer team and that this would result in transfers of the William D. Ford Federal Direct Loan (Direct Loan) Program loan accounts from VSAC Federal Loans to Nelnet. ED‘s August 15, 2016 electronic announcement provides information on transfer completion and transfer-related reminders. Please see the August 15, 2016  electronic announcement for additional information.
  • Changes To Contact Information For Default Resolution Group, Greenville, TXFederal Student Aid recently completed transition activities for school support services related to the ED’s collection of defaulted federal student loans and grant overpayment. The school support services provided by the Default Resolution Group remain in Greenville, TX, but the contact info that schools have used in the past have now changed. Please see the August 9, 2016 electronic announcement for updated contact information.
  • Third-Party Servicer Questions and Answers: ED published a Dear Colleague letter on August 18, 2016 that includes an attachment that provides guidance on issues related to third-party servicers. Please see the letter for additional information.

RESOURCES:

  • Teacher Cancellation Low-income Directory Updates: ED sent e-mails to the states and territories regarding their submission of updated lists of low-income schools and educational service agencies for inclusion in the Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. The Directory is a list of schools and educational service agencies that serve low-income families and is used to determine the eligibility of teachers for loan cancellation under certain federal loan programs. Please see the August 12, 2016 electronic announcement for additional information.
  • VOLUME 6 – The Campus-Based Programs [2016-2017 Federal Student Aid Handbook]: ED has announced the availability of Volume 6 of the Federal Student Aid Handbook – The Campus-Based Programs. Please see the August 18, 2016 electronic announcement for additional information.
  • EDExpress For Windows 2017-2018 Packaging Technical Reference Is Available: ED has announced that the 2017-2018 EDExpress for Windows Packaging Technical Reference in PDF format is now available. Please see the August 10, 2016 electronic announcement.
  • 2017- 2018 SAR Comment Codes & Text Guide: ED has announced that the 2017-2018 SAR Comment Codes and Text Guide is now available. Please see the August 10, 2016 electronic announcement for additional information.

TECHNICAL ISSUES & UPDATES:

  • Issues Alert: U.S. Department of Homeland Security Match Issue Impacting CPS Processing This Week (Updated August 17, 2016): On August 17, 2016, ED revised their August 16, 2016 announcement, which alerted all schools that the U.S. Department of Homeland Security (DHS) is experiencing a technical issue currently that is preventing it from providing the Central Processing System (CPS) with database match results. Please see the updated August 16, 2016 electronic announcement for additional details.
  • SAIG Message Class File Update: On August 19, 2016,  ED sent the message class table “MESSAGTB” via the Student Aid Internet Gateway (SAIG) to all user mailboxes. ED is also adding new message classes for the National Student Loan Data System (NSLDS) to the EDconnect message class table. Please see the August 11, 2016 electronic announcement for additional information.
  • No change to NSLDS TSM/FAH User Guide and Batch File for 2017-2018: ED announces no changes to the TSM/FAH information for 2017-2018. Please see the August 12, 2016 electronic announcement for additional information.

IMPORTANT WEBSITES FOR SCHOOLS TO MONITOR:

  • 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!
Rob Wright
email: rwright@getfasolutions.com
(P) (813) 435-6227
www.getfasolutions.com —–> We can instant chat here
LinkedIn <———– Let’s connect!

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2019-04-09T17:10:07+00:00