Latest News2019-09-12T17:54:08+00:00
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Fed-Updates Financial Aid Newsletter – September 10, 2019
Newsletter topics:  FISAP,  Teach Grant Close-out Deadline, Pell Grant and Iraq and Afghanistan Service Grant Processing Deadline, Modified G5 and COD System Processing Schedule, Institutional Accountability Final Regulations, Income-Driven Repayment Application, College Financing Plan, and various resources and Federal Register postings

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.


Reminder: FISAP due October 1, 2019: As announced in the 2019–20 Award Year Deadline Dates for the Campus-Based Programs, published in the Federal Register on January 24, 2019 (84 FR 351), the date by which a school must submit the FISAP and the required signature page is Tuesday, October 1, 2019. Please review the August 30, 2019 electronic announcement for additional information.

TEACH Grant Closeout Information for 2018–19 Award Year: In a June 7, 2019 Electronic Announcement, Federal Student Aid provided Teacher Education Assistance for College and Higher Education (TEACH) Grant Closeout information for the 2018–19 Award Year. This announcement provides additional information to supplement the previous guidance, including two separate deadlines for a school to consider as it completes TEACH Grant processing for the 2018–19 Award Year. Please review the September 9, 2019 electronic announcement for additional information.

Pell Grant and Iraq and Afghanistan Service Grant 2018–19 Award Year Processing Deadline:  As required by regulations, and consistent with the Federal Register published on December 4, 2018, the final deadline for electronically transmitting Pell Grant and Iraq and Afghanistan Service Grant records for the 2018–19 Award Year to the Common Origination and Disbursement (COD) System is Monday, September 30, 2019. Please review the September 9, 2019 electronic announcement for additional information.

End of Federal Fiscal Year 2019 – Impact on Funds Availability for Campus-Based, Pell Grant, Iraq and Afghanistan Service Grant, TEACH Grant, and Direct Loan Programs – Modified G5 and COD System Processing Schedule: The federal fiscal year for the Department of Education (the Department) ends on Monday, September 30, 2019. Some of the Department’s core financial systems, including G5, will be on a modified processing schedule on September 30, 2019 through October 1, 2019 while the Department finalizes its processing and accounting for fiscal year 2019. These modifications will impact how the Common Origination and Disbursement (COD) System will process financial data and when schools can obtain funds for the federal student aid programs. Please review the September 9, 2019 electronic announcement for additional information.

Unofficial Publication of the Institutional Accountability Final Regulations: Today, the U.S. Department of Education (Department) finalized regulations that will protect student borrowers, hold higher education institutions accountable and provide financial protections to taxpayers. The regulations will take effect July 1, 2020; however, the regulations relating to certain financial responsibility provisions will be available for immediate implementation once they are officially published in the Federal Register. Please review the August 30, 2019 electronic announcement for additional information.

Revision of the Income-Driven Repayment Application: A revised version of the income-driven repayment plan application under OMB Control Number 1845-0102 is now available. The revised versions have an expiration date of August 31, 2021. The forms are for use by borrowers who are seeking the Revised Pay As You Earn (REPAYE), Pay as You Earn (PAYE), Income-Based Repayment (IBR), or Income-Contingent Repayment (ICR) for loans made under the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program. Please review the September 5, 2019 electronic announcement for additional information. The revised form is attached to the announcement.

2020-2021 College Financing Plan: In July 2012, the U.S. Department of Education (ED) released the College Financing Plan (formerly known as the Financial Aid Shopping Sheet) format and asked institutions to voluntarily commit to using the College Financing Plan to supply financial aid information to students in a way that can be understood and compared easily. Last year, the Department released both a traditional template and a Responsive Preview, with features and improvements we wanted to test and on which we sought feedback.  Working with the National Association of Student Financial Aid Administrators (NASFAA), the Department received valuable input from financial aid administrators, students, parents, and other stakeholders that was used to make improvements to last year’s Responsive Preview in order to finalize a single template for 2020-2021. The Department also reviewed the NASFAA report No Clear Winner: Consumer Testing of Financial Aid Award Letters. As a result, the Department kept many of the features of the Responsive Preview, while making other improvements based on feedback.  Please review the September 5, 2019 electronic announcement for additional information on the final 2020-2021 version. The electronic announcement includes a link to information on the components institutions need to complete institutional College Financing Plans.

RESOURCES:

2019-09-06 Volume 5 – Withdrawals and the Return of Title IV Funds [2019-2020 Federal Student Aid Handbook]

2019-08-30 Volume 3 – Calculating Awards and Packaging [2019-2020 Federal Student Aid Handbook]

2019-09-06  EDExpress for Windows 2020-2021 Packaging Technical Reference Available on FSAdownload

2019-09-30 Upcoming Quarterly SAIG Message Class File Update

2019-09-04  Testing of Microsoft Windows 10 Operating System with EDESuite PC Products


FEDERAL REGISTERS:

  • 2019-09-06 Comment Request; Foreign Gifts and Contracts Disclosures

Other helpful information pages: The following are a few helpful links to information pages available on the IFAP website: COD System, Gainful Employment, Cash Management, Processing Resources, FAFSA and the IRS DRT 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.

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FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 Reminder from FA Solutions: At the end of each issue of the Fed-Updates Newsletter links are available to a few informational pages on the Information for Financial Aid Professionals (IFAP) website. The pages provide access to the latest and older updates on the following: COD Processing, Gainful Employment, Early FAFSA, Cash Management, Loan Servicing & Collection and Perkins Loan Program FAQs. Please
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FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 Important Reminder from FA Solutions: At the end of each issue of the Fed-Updates Newsletter you will find links to important informational web pages available on the Information for Financial Aid Professionals (IFAP) website related to COD Updates, Early FAFSA, and Gainful Employment (GE). Please view those web pages weekly for the latest updates on those topics. REMINDER FOR
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FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education. Schools who did not meet Cash Management Regulatory requirements to post title IV credit balance contract information to their website and providing URLS to the Department of Education for the institutionally posted contracts or agreements by September 1, 2016, must do so immediately
FedUpdatesLogo 1
FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education September 30, 2016.  TEACH Grant closeout deadline for the 2015-2016 Award Year September 30, 2016.  FISAP Submission (2015-16  Report & 2017-18  Application for funds) due to the Department of Education. October 1, 2016.   The 2017/2018 FAFSA will be available online October
FedUpdatesLogo 1
FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education. 2015-2016 V4/V5 verification results due no later than September 24, 2016 (see newsletter update) 2016-2017 V4/V5 verification results due no later than 60 days following the institution’s first request to the applicant to submit the required V4 or V5 identity and high school completion documentation (see newsletter
FedUpdatesLogo 1
FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education. September 30, 2016. TEACH Grant closeout deadline for the 2015-2016 Award Year. September 30, 2016. FISAP Submission (2015-16  Report  & 2017-18  Application for funds) due to the Department of Education October 1, 2016. The 2017/2018 FAFSA will be available online. October
FedUpdatesLogo 1
FinAid – EVER changing, and ALWAYS challenging. Feel free to reach out for a chat! Rob Wright, email: rwright@getfasolutions.com, (P) (813) 435-6227 IMPORTANT DATES: Please note that deadlines are always subject to change at the discretion of the Department of Education. GE Completers List Corrections Period: June 14 to July 28, 2016. To meet the 2014-2015 Direct Loan closeout deadline, all records must be submitted to the COD System no later than 8:00 PM (EST) on July 29, 2016. TEACH Grant closeout

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