Top 4 Takeaways from Recent Financial Aid Regulation Announcements

Over the last few months there have been a few key announcements worth mentioning to ensure you remain compliant. Following these will ensure compliance. Here are a few of the top takeaways from recent Department of Education updates.

1. Enrollment Reporting Issues

All NSLDS enrollment reporting compliance notifications continues to be suspended. Schools, school servicers, and enrollment providers should retain copies of this announcement and Aug. 31 announcement as documentation for audit purposes. The Print button at the top left of each announcement can be used to print a formatted version of the announcement to paper or PDF. Please also review the most recent clarification on enrollment reporting decision NSLDS Professional Access – Additional Information About the Modernized Website #8 | Knowledge Center

2. Change of Ownership

In accordance with 34 CFR 668.14(g) , an institution’s program participation agreement automatically expires on the date the institution undergoes a CIO that results in a change in control. Under 34 CFR 600.31(a)(2) , the Department may temporarily extend the institution’s program participation agreement on a provisional basis following a CIO if certain conditions are met, including the submission of a materially complete application no later than 10 business days after the day the change occurs.

3. One Time Debt Relief Plan

President Biden announced on August 24, 2022 a student debt relief plan. Information is still being confirmed on process but it is understood if a student’s annual federal income was below $125,000 (individual or married, filing separately) or $250,000 (married, filing jointly or head of household) in 2021 or 2020 may qualify for debt relief. The application should be available online by early October
2022. Information

4. 2022-2023 Free Application for Federal Student Aid (FAFSA)

The 22-23 FAFSA is available as of October 1, 2022. It is suggested students complete as soon as possible and use the IRS DRT for income information. www.fafsa.ed.gov

Of course, these are just a few highlights of information over the last few months. 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!

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