Fed-Updates Financial Aid Newsletter – July 9, 2019
Note: Fed-Updates newsletter updates are excerpts from original announcements posted on the IFAP website. 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’ll find additional information on the IFAP website. Reminder: Deadlines and event dates are noted in our newsletters are subject to change as determined by the Department of Education.
Additional COD System Implementation for 2019–20 Award Year (Updated July 24, 2019): On July 24, 2019, Federal Student Aid added an attachment to this announcement. The attachment, titled “Additional COD System Processing Function Modifications for 2019-20”, highlights the processing function modifications that they will implement during the July 26-28, 2019 period. COD outages will occur during this time. Please review the July 19, 2019 electronic announcement for additional information.
Early Implementation of the Rescission of the Gainful Employment Rule: On July 1, 2019, the Department of Education will publish a final rule rescinding the Department’s Gainful Employment (GE) regulations (2014 Rule) in the Federal Register. In this electronic announcement, guidance is provided to institutions on what the rescission means and what they can do should they choose early implementation. Please review the June 28, 2019 electronic announcement #122 for additional information.
Extension of the priority consideration date for the FWS experiment under the Experimental Sites Initiative: To allow more time for institutions to submit a letter of interest for participation in this new experiment, the Department is extending the date by which institutions may submit their letter of interest through September 23, 2019. Please review the June 28, 2019 electronic announcement for additional information.
July 11, 2019 Webinar for Experimental Sites Initiative’s Federal Work Study (FWS) Experiment: The Department will host a webinar on July 11, 2019, to provide an overview of the FWS experiment. The webinar will provide more information about the experiment, its regulatory exemptions, the application and selection process, and allow institutions to ask questions about the experiment. Please review the July 2, 2019 electronic announcement for additional information.
Additional 2017–18 Direct Loan Program Year Closeout Information: Over the past few months, Federal Student Aid has provided information about 2017–18 Direct Loan Program Year closeout (see the February 5, 2019 Electronic Announcement and the May 3, 2019 Electronic Announcement). As a reminder, the closeout deadline to submit records is 8 p.m. Eastern time (ET) on Wednesday, July 31, 2019. The latest July 2, 2019 electronic announcement supplements the previous guidance.
Invitation for Title IV Postsecondary Schools to Participate in the Payment Vehicle Account Program Pilot – A No-Cost Alternative For Delivering Credit Balance Funds: In October 2018, Federal Student Aid (FSA) announced its intention to launch a Payment Vehicle Account (PVA) Program pilot. The pilot provides students with a no-cost, state-of-the-art, e-banking product for receiving Title IV credit balance funds. FSA invites Title IV postsecondary schools to express their interest in participating in the FSA PVA Program pilot. FSA plans to launch the PVA Program pilot in fall 2019. The pilot will run through December 2020 with options for extension. FSA intends to invite a limited number of schools to participate in the PVA Program pilot. Interested schools are encouraged to submit the expression of interest as soon as possible, but no later than 5 p.m. Eastern time on July 24, 2019. Please review the July 3, 2019 electronic announcement for additional information.
Availability of Report on Best Practices for Financial Literacy and Education: This report provides recommendations for schools to teach financial literacy skills and provide useful information to assist students making decisions related to student borrowing. The report provides general best practices for financial education programs. Please review the July 1, 2019 electronic announcement for additional information.
Notice of the Updated Draft 2020-21 Federal Student Aid Application Materials: Draft versions of the proposed 2020-21 Free Application for Federal Student Aid (FAFSA) form, the Student Aid Report (SAR) and the SAR Acknowledgement are available for public comment. The comment period is an opportunity for the community to provide feedback and input on the information that Federal Student Aid collects on the FAFSA form. Interested persons are invited to submit comments on or before August 2, 2019. Please review the July 8, 2019 electronic announcement for additional information.
July 5, 2019 – FFEL Special Allowance Rates During the Quarter Ending: June 30, 2019
July 1, 2019 Experimental Sites Initiative: Federal Work Study
Helpful information pages: The following are a few helpful links to information pages available on the IFAP website: COD System, Gainful Employment, Cash Management, Processing Resources, FAFSA and the IRS DRT and iLibrary, which includes many resources, such as a consolidated list of Electronic Announcements, Dear Colleague Letters, and Federal Registers. Please review the IFAP website for additional guidance, resources, deadlines, and information related to the administration and processing of Title IV federal student aid.
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