In the past several weeks, many new regulations have been pushed to title IV approved schools. If you don’t follow these every day, you could easily miss something important and impactful. So, here’s our five takeaways from recent DOE financial aid regulations.

1. The White House Extends Coronavirus National Emergency

This announcement extends the use of the return of Title IV funds (R2T4) waiver and withdrawal benefits, verification flexibilities, allows schools to continue to transfer unused Federal Work-Study funds into Federal Supplemental Educational Opportunity Grant (FSEOG), reach out us with any questions regarding applicable timeframes and details for each flexibility granted.

2. 2022-2023 Pell Grant Increase

Pell charts for 2022-2023 were released at the end of January, however President Biden signed the fiscal year 2022 Spending bill into law on March 15, 2022, which includes increasing the maximum Pell Grant award by $400, bringing the new maximum total to $6,895 for 2022 2023. Note the COD March 27, 2022, update does NOT include the new Pell figures and advises schools delay originating 2022-2023
Pell until the system is updated, if possible.

3. Annual Student Loan Acknowledgement – Borrower Completion Not Required for 2022-2023

Award Year and Beyond It’s still available for students to complete on but is not required.

4. Updated Program Participation Agreement (PPA) Signature Requirements for Entities

Exercising Substantial Control Over Non-Public Institutions of Higher Education Currently a schools PPA is typically signed by the institution’s chief executive officer, president, chancellor, or other designated official. The Department announced it may require additional signatures on the institution’s PPA when seeking initial or recertification, or when undergoing change in ownership.

5. HEERF Reporting Reminders

Reminder HEERF Year 2 Annual Performance Report (APR) needs to be submitted between April 11, 2022, and May 6, 2022. Of course, this list could go on and on. So let our financial aid and compliance experts help your department boost its efforts. Contact us today to explore options.

Get FA Solutions and ECM today! Thank you for taking the time to review our newsletter!

Rob Wright
(813) 435-6227
Disclaimer of Liability: Every effort is made to provide accurate and complete information in FA Solutions, LLC’s’ 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.