Fed-Updates Financial Aid Newsletter – February 18, 2020

Newsletter topics: Transition of FSA download content, New Form for Forgery Loan Discharge Process, Pell Grant Program Reconciliation, Pell Grant Payment and Disbursement Schedules, Campus-Based Program, Reporting Student Loan Interest Payments, Direct Loan Closeout, FAFSA Winter Email Campaign, 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.


IFAP Update –Transition of FSAdownload Content and Financial Partners Portal to IFAP Website Implemented (Updated February 12, 2020): Note On February 12, 2020 this February 10, 2020 announcement was updated with the addition of two attachments: the IFAP Publication URL Crosswalk February 2020 and the IFAP Page URL Crosswalk February 2020. The crosswalks were developed to assist the financial aid community in finding the new URLs that need to be changed in web and document content. Please review the February 10, 2020 electronic announcement for additional information.

New Form for Forgery Loan Discharge Process for ED-held Loans: This electronic announcement provides Title IV, Federal student loan program participants with information concerning the existing false signature/identity theft discharge process used by the U.S. Department of Education (Department) and to explain the Department’s new process for addressing claims made by individuals that loans allegedly taken out by them are unenforceable due to forgery of their signatures. A copy of the new form that the Department will use to implement this process is attached to this announcement. Please review the February 12, 2020 electronic announcement for additional information.

Federal Pell Grant Program Reconciliation: In a November 19, 2019 Electronic Announcement Federal Student Aid (FSA) published general information regarding Title IV Aid Disbursement Reporting, Excess Cash, and Reconciliation Requirements. In addition, updated disbursement reporting and data submission timelines for all programs were published in a recent Federal Register Notice (Federal Register Volume 84, Number 212 (Friday, November 1, 2019) for the 2019–2020 deadlines). In this announcement, specific information is provided to assist your school in reconciling the Federal Pell Grant (Pell Grant) Program. Both the Financial Aid Office and Business Office should review this January 24, 2020 electronic announcement.

2020-2021 Federal Pell Grant Payment and Disbursement Schedules: Attached to this Dear Colleague letter are both PDF and Excel versions of the Payment and Disbursement Schedules for determining Federal Pell Grant awards for the 2020-2021 award year (July 1, 2020 through June 30, 2021) for full-time, three-quarter-time, half-time, and less-than-half-time students. Please review the January 31, 2020 letter for additional information.

Tentative 2020–21 Funding Levels for the Campus-Based Programs: Tentative funding levels and corresponding worksheets for the Federal Work-Study (FWS) Program and the Federal Supplemental Educational Opportunity Grant (FSEOG) Program for the 2020–21 Award Year (July 1, 2020 through June 30, 2021) were recently posted to the Common Origination and Disbursement (COD). These tentative funding levels are determined in accordance with the Higher Education Act of 1965, as amended (HEA). Please review the January 30, 2020 electronic announcement for information on how to access the worksheets and for important upcoming deadlines.

Loan Servicing Information – Reporting Student Loan Interest Payments for 2019: This electronic announcement provides general information with the financial aid community about federal loan servicer reporting of student loan interest payments. If a borrower made federal student loan payments in 2019, the borrower may be eligible to deduct a portion of the interest paid on the borrower’s 2019 federal tax return. Student loan interest payments are reported to both the Internal Revenue Service (IRS) and the borrower on IRS Form 1098-E, Student Loan Interest Statement. Please see the January 30, 2020 electronic announcement for additional information.

Direct Loan Closeout Information for 2018–19 Program Year: The Direct Loan established data submission (closeout) deadline for the 2018–19 Program Year is Friday, July 31, 2020. This is the last processing day of the program year, so 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 January 31, 2020 electronic announcement for additional information.

2020–21 FAFSA Winter Email Campaign: During the week of Feb. 3, 2020 Federal Student Aid began sending emails 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 email 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. Please review the February 10, 2020 electronic announcement for additional information.

RESOURCES:

January 29, 2020 – Newsletter 67: New NSLDS Reports for School Users

January 22, 2020 – HEAL Interest Rates

January 11, 2020 – ANN-20-03 Subject: Webinar Recordings – New Accreditation Regulations


 

Other helpful information pages  on the IFAP website: Grant and Direct Loan (COD) Processing Information, Gainful Employment, Cash Management, Processing Resources, FAFSA and the IRS DRT, Training Resources, and iLibrary, which includes many resources, such as a consolidated list of Electronic AnnouncementsDear 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.

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.