Top 5 Takeaways from Recent Financial Aid Regulations

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.

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.

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.

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

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.

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.

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Rob Wright
(813) 435-6227
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