Fed-Updates Financial Aid Newsletter – June 30, 2020 

Newsletter topics: Notification of Campus-Based Funding, Title IV Institutional Survey, Interruptions of study -COVID-19,TEACH Grant closeout, FY 21 Sequester-Required Changes, FAFSA Spring Campaign, New Call Center Hours for COD School Relations Center, Training Workshops, Next Gen FSA – StudentAid.gov Website Enhancements, Direct Loan Origination Fee Change, Spotlight on FA Solutions Services – Student Experience Center,  Federal Registers, 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.


2020-06-26 – Notification of Campus-Based Funding for the 2020–21 Award Year Posted Date: Awards for the Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS) programs, authorized under Title IV of the Higher Education Act of 1965, as amended, for the 2020–21 Award Year (July 1, 2020 through June 30, 2021) have been approved for the schools listed in the report attached to this electronic announcement. Please review this electronic announcement for additional information.

2020-06-29 Title IV Institutional Survey — Web Survey to Begin June 29, 2020: As part of ongoing efforts to ensure that Federal Student Aid and the Department of Education provide the school community with resources to assist them in administering the Title IV programs on their campuses, these offices have implemented a Title IV Institutional Survey. An independent vendor, CFI Group, will conduct the Title IV Institutional Survey electronically and will launch this web survey on June 29, 2020. The survey will close by July 31, 2020. Please review this electronic announcement for additional information.

2020-05-15UPDATED Guidance for interruptions of study related to Coronavirus (COVID-19) (Updated June 16, 2020): This electronic announcement was updated on June 16, 2020, extending the timeframe for relief from Return of Title IV Funds requirements provided under the CARES Act to periods that include March 13, 2020, or begin between March 13 and the later of December 31 or the last date that the national emergency is in effect. Federal Student Aid also clarified that an institution cannot automatically apply CARES Act Return of Title IV Funds relief to all students who withdraw during a payment period or period of enrollment unless a disruption to instruction occurred during that period. Please review this electronic announcement for additional information.

2020-06-02 TEACH Grant Closeout Information for 2019–20 Award Year: The Teacher Education Assistance for College and Higher Education (TEACH) Grant data submission deadline for the 2019–20 Award Year is Wednesday, September 30, 2020.  This is the last processing day of the award 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 this electronic announcement for additional information.

2020-06-23 FY 21 Sequester-Required Changes to the Title IV Student Aid Programs: Because the Budget Control Act of 2011 (the sequester law) remains in effect, with respect to the Title IV programs, this announcement provides information regarding sequester-required changes to Direct Loan fees and sequester-required changes in the percentage reduction that institutions must apply to awards in the Iraq-Afghanistan Service Grant and TEACH Grant programs where the first disbursement is on or after October 1, 2020. Please review this electronic announcement for additional information.

2020-05-20 2020–21 FAFSA Spring Campaign: The week of May 18, 2020, Federal Student Aid began sending emails and mobile app push notifications, when applicable, to 2019–20 Free Application for Federal Student Aid (FAFSA) filers (and parents of dependent 2019–20 FAFSA filers) who have not yet submitted a 2020–21 FAFSA form.

The goal of the campaign is to remind customers that the 2020–21 FAFSA form is available and should be completed soon for those going to school between July 1, 2020, and June 30, 2021. Students and parents can complete and submit the 2020–21 FAFSA form electronically via fafsa.gov or via the Apple or Android version of the myStudentAid mobile app using the myFAFSA function. Please review this electronic announcement for additional information.

2020-05-21 – New Call Center Hours for COD School Relations Center Effective May 26, 2020: On May 26, 2020, the hours for the COD School Relations Center changed. The new hours are listed in an attachment to the May 26, 2020 electronic announcement. Please review this electronic announcement for additional information.

2019-07-18(Updated May 21, 2020) Training Workshops – Fundamentals of Federal Student Aid Administration: This is an update on the Fundamentals of Federal Student Aid Administration training workshops that were cancelled due to COVID-19. Please review this electronic announcement for additional information.

2020-06-29 – Next Gen FSA – StudentAid.gov Website Enhancements Starting June 2020: Forward progress continues on the Next Gen FSA initiative and StudentAid.gov, Federal Student Aid’s single front door on the web for students, parents, and borrowers. On June 28, 2020, additional updates to features designed to promote financial literacy and improve the information and self-service tools available to Federal Student Aid. These updates continue to provide students, parents, and borrowers with clear, actionable information about the aid they have received and personalized guidance on the loan repayment process. Please review this electronic announcement for additional information.

2020-06-22 Reminder to report ownership/control by, and contracts/gifts from, foreign sources: This announcement is to remind institutions of their statutory reporting obligation under Section 117 of the Higher Education Act (“Section 117”) (20 U.S.C. § 1011f) and to announce the new system that institutions will use to discharge their statutory obligations. Section 117 requires institutions to disclose to the U.S. Department of Education information about ownership and control by foreign sources, contracts with foreign sources, and gifts from foreign sources. Please review this electronic announcement for additional information.

2020-06-29 Operational Guidance for Direct Loan Origination Fee Change Oct. 1, 2020: On June 23, 2020, Federal Student Aid published an Electronic Announcement that explains the sequester required changes to the Title IV federal student aid programs. The June 23, 2020 Electronic Announcement notes decreased origination fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans (for both parent and graduate student borrowers) with a first disbursement on or after Oct. 1, 2020 and before Oct. 1, 2021. In this announcement, we remind schools how the Common Origination and Disbursement (COD) System will process Direct Loans with the new origination fees and how to correct records if necessary. Please review this electronic announcement for additional information.

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.

FEDERAL REGISTERS

Federal Need Analysis Methodology for the 2021-22 Award Year – June 05, 2020

Annual Updates to the Income Contingent Repayment (ICR) plan formula – June 02, 2020

RESOURCES

Application Processing – May and June 2020

COD System (including the latest COD Peak Processing reminders) – May and June 2020

Final 2021–22 FISAP Form, Instructions, and Desk Reference – June 03, 2020

2021–22 Technical Reference for FISAP – June 2020

Federal Student Aid Posts New Reports to FSA Data Center – May 20, 2020

Application and Verification Guide [2020-2021 Federal Student Aid Handbook] – May 22, 2020

Complete 2019-2020 Federal Student Aid Handbook with Active Index – May 22, 2020

2020-2021 Federal Student Aid Handbook Errata and Updates – June 12, 2020

Interest Rates for Direct Loans First Disbursed Between July 1, 2020 and June 30, 2021 – May 15, 2020

Direct Loan Tools – June 2020

EDESuite – June 2020

EDE Technical Reference – May and June 2020

Quarterly SAIG Message Class File Update – June 2020

FFEL Variable Interest Rates – June 2020

Perkins TEF File Text File – June 2020

NSLDS GA TEF File Text File – June 2020

NSLDS Guaranty Agency (GA) Data Provider Instructions (Version 6.0) – June 2020

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.