April 18, 2019
FinAid – Ever changing and ALWAYS challenging.
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Rob Wright,  rwright@getfasolutions.com
Pam Notemyer Rogers, pnotemyer@getfasolutions.com


Please note that deadlines and event dates noted in all of our newsletters are always subject to change as determined by the Department of Education.


Important Note:  FA Solutions‘ Fed-Updates Newsletter updates are excerpts from original announcements posted on the IFAP website so please review the entire update by clicking the link included with each posting. We’re not able to include all Federal updates and deadlines, but you will find additional information on the IFAP website


OUTAGE ALERT G5 System Outage April 24-29, 2019 – Impact to Federal Student Aid Processing and on Funds Availability for Title IV Programs Posted Date: During the period of April 24-29, 2019, the Department of Education  will perform extended system maintenance to its core financial systems, including G5. Please review the April 10, 2019 electronic announcement for additional information to determine how processing at your school will be affected.

Recommendations – What Postsecondary Institutions Should Work to Avoid When Issuing Financial Aid Offers: The U.S. Department of Education recognizes that stakeholders within the postsecondary education community continue to work to reach agreement on standard terminology and format for financial aid offers. In the meantime, the Department has guidance to offer on what schools should avoid when issuing financial aid offers. Please review the April 15, 2019 electronic announcement for additional information:

2018-19 Verification Reporting and Verification Status Code  “W”  Warning Message: The regulations that govern the verification of Title IV Federal student aid application information are set forth in 34 CFR Part 668 Subpart E (34 CFR 668.51-668.61). In accordance with these regulations, a school is required to complete verification of information submitted by an applicant on the Free Application for Federal Student Aid (FAFSA) in connection with the calculation of the applicant’s expected family contribution (EFC) for the Title IV Federal student aid programs if the applicant has been selected for verification.

For each Federal Pell Grant (Pell Grant) award disbursed to a student who was selected for verification, a school must report the student’s verification status to the Department of Education (the Department) via the Common Origination and Disbursement (COD) System. To do this, the school includes a verification status code (“W,” “V,” or “S”) in the Common Record document it submits to the COD System via batch processing or when it creates the award online via the COD Web Site. Federal Student Aid has issued some important verification status code reporting reminders in an April 12, 2019 electronic announcement, which also includes a link to a Federal Register notice with the verification deadline.

Gainful Employment Electronic Announcement #118 – Distribution of Final GE Completers Lists and Draft GE Completers Lists Correction Results: This Electronic Announcement provides information about the distribution of institutions’ Final Gainful Employment (GE) Completers Lists as well as information on how institutions may view the outcome of the U.S. Department of Education’s (the Department’s) review of corrections submitted by institutions on their Draft GE Completers Lists.

Consistent with the GE regulations at 34 CFR 668.405, institutions had 45 days to submit corrections to the information included in their Draft GE Completers Lists. The 45-day period ended on July 13, 2018. The Department has completed reviewing all institutionally-submitted corrections. The results from the Department’s review of the corrections to the Draft GE Completers Lists are final determinations. No additional data corrections will be accepted. Institutions were able to start retrieving their Final GE Completers Lists as of April 8, 2019. Please review the April 5, 2019 electronic announcement for additional information.

IFAP Update – Upcoming Transition of FSAdownload Content and Financial Partners Portal to IFAP Website (Updated April 17, 2019): Note: On April 17, 2019, Federal Student Aid updated this announcement to reflect an updated targeted transition implementation timeframe of May 2019. For additional information, please review the updated March 28, 2019 electronic announcement which provides a summary of the transition plan and guidance on how the financial aid community/users should prepare for the transition.

RESOURCES

  • 2019-04-15 HEAL Program Information – Maximum HEAL Program Interest Rates for Quarter Ending June 30, 2019
  • 2019-04-05 FFEL Special Allowance Rates During the Quarter Ending: March 31, 2019

INFORMATION PAGES FOR SCHOOLS TO MONITOR WEEKLY: The list below represents just a few of the information pages available on the IFAP website. Please review the organization’s website for additional guidance, resources, deadlines, and information related to the administration and processing of Title IV federal student aid.

Thank you for taking the time to review our newsletter!
Rob Wright
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.

2019-05-13T20:07:46+00:00