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 GE Program information
End of Federal Fiscal Year 2016 – Impact on Funds Availability for Pell Grant, Campus-Based, Iraq and Afghanistan Service Grant, TEACH Grant, and Direct Loan Programs (interruptions to G5 and COD systems): Friday, September 30, 2016 marks the end of the Federal fiscal year for the Department of Education (ED). Some of ED’s core financial systems, including G5, will be on a modified processing schedule while ED finalizes its processing and accounting for Fiscal Year 2016. These interruptions will begin early morning on Friday, September 30, 2016, and will impact how the Common Origination and Disbursement (COD) System will process financial data and when schools can obtain funds for the Federal student aid programs. Please review the electronic announcement regarding this update for additional information.
Pell Administrative Cost Allowance Payments for 2015-2016 and 2014-2015 Award Years: The Federal Pell Grant (Pell Grant) regulations at 34 CFR 690.10 provide for an Administrative Cost Allowance (ACA) payment of $5.00 to each participating school for each student who receives a Pell Grant at that school for an award year. Processing for the second ACA payment for the 2015-2016 Award Year and the Third and Final ACA payment for the 2014-2015 for schools began in late August 2016. Please review the electronic announcements below regarding this update for additional information.
Reminder – Operational Guidance on COD Processing of Pell Grant Overpayments when Referring to Department of Education: ED reminds schools when to report Pell Grant overpayments to the National Student Loan Data System (NSLDS) and when to make adjustments to Pell Grant information in the COD System. Please review the electronic announcement regarding this update for additional information.
Institutional Reporting of Fee Information under the New Cash Management Regulations: ED provides guidance to institutions and financial account providers about complying with new provisions requiring institutions to publicly disclose information about the costs incurred by students who elect to use a financial account offered under a Tier One or Tier Two arrangement. Please review the Dear Colleague letter regarding this update for additional information.
Important Information for Colleges and Counselors Regarding Supporting ITT Students: FSA is providing helpful information in a recent electronic announcement for education stakeholders willing to help ITT students with next steps in the wake of ITT’s closure.
Guidance on Campus Policing, Clery Act Disclosures, and Related Civil Rights Obligations: ED is calling upon leaders of institutions of higher education commit to adopt and implement in their own campus policing context applicable Task Force recommendations outlined in the Final Report of the President’s Task Force on 21st Century Policing. Schools are encouraged to use the recommendations as a template for self-assessment and organizational change. Please review the Dear Colleague letter regarding this update for additional information.
Third-Party Servicer Data Form – Reporting Requirement (Updated August 30, 2016): On August 30, 2016, ED revised its February 12, 2016 electronic announcement by adding a fillable pdf version of the Third-Party Servicer Data Form. Please review the electronic announcement regarding this update for additional information.
Comment Request; Gainful Employment Disclosure Template: Interested persons are invited to submit comments on or before November 14, 2016. Please review the electronic announcement regarding this update for additional information.
FY 2013 Official 3-Year Cohort Default Rates Distributed: On Monday, September 26, 2016, FSA released Cohort Default Rates to all schools, both domestic and foreign, guaranty agencies, and lenders only. Please see the electronic announcement regarding this update for additional information.
Federal Perkins Loan Default Reduction Assistance Program (DRAP): The Default Reduction Assistance Program (DRAP) assists schools in communicating with defaulted Federal Perkins Loan (Perkins Loan) borrowers before their accounts are sent to collection agencies. FSA has posted user information and tips for successful use of the fully electronic DRAP process. Please see the electronic announcement regarding this update for additional information.
- Federal Student Aid Posts Updated Reports to FSA Data Center: FSA has posted a series of updates to its FSA Data Center, the centralized online source for Federal Student Aid data. In addition to posting updates to the quarterly application, disbursement, and portfolio reports, FSA has added a new report relating to the Public Service Loan Forgiveness (PSLF) Program this quarter. The PSLF Employment Certification Forms (ECFs) Report provides information regarding the number and status of ECFs received from borrowers. Please review the electronic announcement regarding this update for additional information.
- 2017-2018 Summary of Changes for the Application Processing System Guide: ED has made available the 2017-2018 Summary of Changes for the Application Processing System guide. This guide provides information about changes made to the application processing system. Please review the electronic announcement regarding this update for additional information.
TECHNICAL ISSUES & SYSTEM UPDATES
- Issue Resolved – CPS Processing on August 19, 2016 for Records Held for U.S. Department of Homeland Security Match: FSA announced that a technical issue that arose in early August that prevented the Department of Homeland Security from providing match results to the Central Processing System (CPS) has been resolved. Please review the electronic announcement regarding this update for additional information.
- SAIG Message Class File Update: On September 2, 2016, FSA sent the message class “MESSAGTB” via the Student Aid Internet Gateway (SAIG) to all user mailboxes. FSA also plans to add new message classes for the National Student Loan Data System (NSLDS) to the EDconnect message class table. These new message classes will be used for future NSLDS gainful employment (GE) and enrollment reporting purposes. Please review the electronic announcement regarding this update for additional information.
- Enhancements to NSLDS MyStudentData Download Functionality: The National Student Loan Data system “MyStudentData” Download functuality has been enhanced on the NSLDS Student Access and StudentAid.gov websites. “MyStudentData” allows students to download their loan, grant, enrollment, overpayment, and program enrollment information from NSLDS into a machine-readable, plain text file. Please review the electronic announcement regarding this update for additional details.
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:
Thank you for taking the time to review our newsletter!
(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 no claims, promises or guarantees about the accuracy, completeness, or adequacy 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 contained in these sites.