FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat!
Rob Wrightemail: 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.

  • Schools who did not meet Cash Management Regulatory requirements to post title IV credit balance contract information to their website and providing URLS to the Department of Education for the institutionally posted contracts or agreements by September 1, 2016, must do so immediately following the instructions in the July 1, 2016, electronic announcement. Please review the update below regarding these requirements.

UPDATE #2: 2016 FSA TRAINING CONFERENCE FOR FINANCIAL AID PROFESSIONALS – AGENDA, SESSION DESCRIPTIONS & LODGING RATE INCREASE FOR FY 2017: The Federal Student Aid Training Conference for Financial Aid Professionals will be held in Atlanta, GA at the Georgia World Congress Center November 29 through December 2, 2016. Please review the September 30, 2016, electronic announcement for additional information.
CASH MANAGEMENT REGULATORY REQUIREMENTS – POSTING TITLE IV CREDIT BALANCE CONTRACT INFORMATION & PROVIDING URLS TO THE DOE: A July 1, 2016 electronic announcement posted by FSA discussed a regulatory requirement that institutions with either a Tier One (T1) or Tier Two (T2) arrangement post to their website any contracts or agreements they have with a financial institution or other third-party to provide students with Title IV student aid credit balances. These institutions were also advised that they are required to provide to the Department of Education (ED) the URL for the institutionally posted contracts or agreements so that those could be included in a Departmentally developed centralized database that will be accessible to the public. Institutions should have complied with these two requirements, posting of their T1 or T2 contracts or agreements and reporting the URL to ED, by September 1, 2016. Institutions that have not yet complied with either or both of these requirements must do so immediately following the instructions in the July 1, 2016, electronic announcement #2. Please review the September 30, 2016, electronic announcement #3 for additional information.
2017-2018 AWARD YEAR MAXIMUM PELL GRANT ANNOUNCED: The maximum Pell Grant for the 2017-2018 award year will be $5,920.  ED plans to post the Pell Grant Payment and Disbursement Schedules to IFAP by the middle of October. Please review the September 30, 2016, electronic announcement for additional information.
 
RESOURCES:

  • 2017-2018 FREE APPLICATION FOR FEDERAL STUDENT AID, FAFSA ON THE WEB WORKSHEET, AND THE STUDENT AID ELIGIBILITY WORKSHEET FOR QUESTION 23: The final versions of the 2017-2018 Free Application for Federal Student Aid (FAFSA®), 2017- 2018 FAFSA on the Web Worksheet, and 2017-2018 Student Aid Eligibility Worksheet for Question 23 are now available. Please see the September 23, 2016, electronic announcement for additional information.
  • OPERATIONAL INFORMATION FOR SCHOOLS PROCESSING TITLE IV AID FOR TRANSFER STUDENTS WHO HAVE BEEN AFFECTED BY A SCHOOL CLOSURE: FSA has outlined important guidance in a September 21, 2016, electronic announcement to assist schools in using NSLDS and COD System information as it relates to transfer students who attended a school that has closed. Please review the September 21, 2016, electronic announcement for additional information.
  • AVAILABILITY OF 2017-2018 CPS TEST SYSTEM DATA FILES AND COMMENT CODE TEXT: ED has announced that the test application and Institutional Student Information Record (ISIR) data files and ISIR Comment Code text is now available. Please review the September 22, 2016, electronic announcement for additional information.
  • FY 2013 3-YEAR OFFICIAL COHORT DEFAULT RATES DISTRIBUTED SEPTEMBER 26, 2016: ED has distributed the FY 2013 3-Year official cohort default rate (CDR) notification packages. Please review the September 26, 2016, electronic announcement for additional information.
  • COHORT DEFAULT RATE GUIDE FOR LENDERS AND GUARANTY AGENCIES: FSA has announced the availability of the “Cohort Default Rate Guide for Guaranty Agencies and Lenders.” The Guide is available via link in a September 28, 2016, electronic announcement.
  • DEFAULT PREVENTION RESOURCE INFORMATION: FSA has consolidated delinquency and default prevention resources in a Default Prevention Resource page on its website for schools. The information is organized into key topical areas and other useful contact, Web site, training, and guidance links. 

TECHNICAL ISSUES & UPDATES: 

  • COD COMMON RECORD XML SCHEMA VERSION 4.0c: In Spring 2017, ED plans to implement Common Origination and Disbursement (COD) System functionality that will begin using a new version of the COD Common  Record Extensible Markup Language (XML) Schema. The new schema version is 4.0c. Please see the September 23, 2016, electronic announcement for additional information.
  • AVAILABILITY OF 2017-2018 CPS WEB APPLICATIONS DEMONSTRATION (WEB DEMO) SYSTEM AND 2017-2018 CPS MAINFRAME TEST SYSTEM: The 2017-2018 Central Processing System (CPS) Web Applications Demonstration (WebDemo) System. Please see the September 26, 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.

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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2019-04-09T17:08:30+00:00