Fed-Updates Financial Aid Newsletter – May 12, 2020 (updated May 18, 2020)

Newsletter topics: Spotlight on FA Solutions Services – Student Experience Center, Higher Education Emergency Relief Fund Reporting, 2018–19 Direct Loan Program Year Closeout, Annual DUNS Number Registration Renewal, Next Gen FSA, and various resources

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.


Spotlight on FA Solutions Services – Student Experience Center (SEC):  Our Student Experience Center service can be very helpful during peak periods and especially during this time when so many students are working on their degrees remotely. Our SEC solution can be tailored to fit your institutions unique needs and offers seamless, comprehensive support for Financial Aid, Admissions, Enrollment, and Reenrollment efforts. The SEC is staffed by our professional team of Financial Aid Advisers and Enrollment Specialists who will assist prospective and/or current students in these student service areas for short term or long term engagements. Our school partners are also currently utilizing this service to assist with student “care calls.” Please contact Pam Notemyer Rogers at pnotemyer@getfasolutions.com for additional information.

Memorial Day Federal Holiday Processing and Customer Service Hours: Department of Education federal offices, including Federal Student Aid, Title IV processors, and contact centers will be closed on Monday, May 25, 2020 to observe the Memorial Day federal holiday. Please see the May 15, 2020 electronic announcement for additional information See the attachment for the various centers’ operation status on the holiday. FA Solutions will also be closed for the holiday.

UPDATED Guidance for interruptions of study related to Coronavirus (COVID-19):  This May 15, 2020 electronic announcement provides updated information that expands upon the Department of Education’s March 5, 2020 and April 3, 2020 guidance. Here, we provide additional regulatory flexibilities due to the President’s declaration of a national emergency due to COVID-19 and provide information about the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Pub. L. No. 116-136, signed by President Trump on March 27, 2020. Additional guidance will be provided on the Department’s COVID-19 webpage as needed.

Higher Education Emergency Relief Fund Reporting- Emergency Financial Aid Grants to Students: In order to access Coronavirus, Relief and Economic Security Act, under section 18004 of the Act, all institutions must sign and return the Certificate of Funding and Agreement acknowledging the terms and conditions of the funding. Institutions must also fulfill other requirements as detailed in the May 6, 2020 electronic announcement. Additional information is available in a press release issued by U.S. Secretary of Education Betsy DeVos on April 30, 2020.

Record Submission Due Date for 2018–19 Direct Loan Program Year Closeout: Schools were previously informed in a January 31, 2020 Electronic Announcement that the closeout deadline for the 2018–19 Direct Loan Program Year is Friday, July 31, 2020. This is the last processing day before the end of the program year. All school data must be received and accepted by this date to be included in a school’s final Ending Cash Balance for the year. Please review the May 7, 2020 electronic announcement for additional information.

REMINDER–Annual DUNS Number Registration Renewal with System for Award Management Database: The G5 website verifies the Data Universal Numbering System (DUNS) number in the System for Award Management (SAM) website before carrying out administrative actions that involve a DUNS number. These actions could include making an award and performing DUNS number changes or reassignments. To ensure that administrative actions can be completed for Title IV recipients, schools must have “active” DUNS numbers by registering their grantee and payee DUNS numbers in the SAM website (https://www.sam.gov). This announcement is a reminder that all schools must complete the registration confirmation of their DUNS number annually. Please review the May 1, 2020 electronic announcement for additional information.

Next Gen FSA – Additional StudentAid.gov Website Features Starting April 2020: Forward progress continues on the Next Gen Federal Student Aid (FSA) initiative and StudentAid.gov, single front door on the web for students, parents, and borrowers. On April 26, 2020, Federal Student Aid (FSA) introduced additional features designed to promote financial literacy and improve the information and self-service tools available to FSA customers. The new features provide students, parents, and borrowers with clear, actionable information about the aid they have received and personalized guidance on the loan repayment process. This electronic announcement summarizes new and updated features that are now available.

FA Solutions – March 19, 2020 Update from our CEO – When FA Solutions was first established, we had the goal of being able to offer complete redundancy of coverage in the event Florida experienced a hurricane, or some other natural disaster. To do this, we invested heavily in cloud based technology to allow for remote staffing, and the ability for our employees to travel to unaffected areas if necessary so that work could be adequately performed, and service to students could continue with limited, or no interruption. We are happy to report that this has been heavily tested and fully operational. What we didn’t realize at the time was that together we built a business model that would be able to offer consistency of coverage even during a national emergency, such as the one being experienced today. As of now, FA Solutions expects full-service operations to continue without interruption. This includes the FA Solutions processing and leadership teams, as well as Student Communication through our Student Experience Center. We do ask that each of our school partners stay in complete communication with our teams, so that updates from both sides happen consistently. You are important to us!


 

RESOURCES:

  • 2020-05-01 Federal School Code List of Participating Schools (May 2020)

NSLDS: 

  • 2020-04-30 Subject: Newsletter 68: Implementation of 2020 CIP Codes in NSLDS
  • 2020-04-30 NSLDS Enrollment Reporting (ER) Deleted CIP Code Report Extract File Layout for Schools (SCHDC1)
  • 2020-04-30 NSLDS Enrollment Reporting Roster File Record Layouts (April 2020)
  • 2020-04-30 NSLDS Enrollment Reporting (ER) 2020 Invalid CIP Codes Report Extract File Layout for Schools (SCHCP4)
  • 2020-04-30 NSLDS Enrollment Submittal Template
  • 2020-04-30 NSLDS Enrollment Submittal Cover Letter

DEPARTMENT OF EDUCATION:

NASFAA:


We recently updated the web links in this section: The following are a few helpful links to information pages available on the IFAP website:  Early FAFSA, Grant and Direct Loan (COD) Processing InformationTraining Resources, and iLibrary, which includes many resources, such as a consolidated list of Electronic AnnouncementsDear Colleague LettersFederal Registers,and NSLDS reference materials and more. Please review the IFAP 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.

2020-05-18T21:27:15+00:00