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: Active Confirmation of TG Numbers (SAIG Mailboxes) and Electronic Services User Accounts Required by December 13, 2019: As a reminder, every organization enrolled for a Student Aid Internet Gateway (SAIG) account is required to review and validate its assigned TG numbers and Electronic Services user accounts by December 13, 2019 to Maintain Access to Federal Student Aid Systems. Failure to accurately complete this process by December 13, 2019 will result in loss of access to Federal Student Aid data systems, including services such as Institutional Student Information Record (ISIR) deliveries, ISIR requests, Free Application for Federal Student Aid (FAFSA) corrections, and National Student Loan Data System (NSLDS) enrollment reporting and updates. Please review the December 13, 2019 electronic announcement for additional information.
Christmas and New Year’s Day Federal Holiday Processing and Customer Service Hours: Department of Education federal offices as well as most of their Title IV processors and contact centers will be closed on Wednesday, December 25, 2019 to observe the Christmas Day federal holiday as well as on Wednesday, January 1, 2020 to observe the New Year’s Day federal holiday. In addition, some of the Title IV processors and contact centers will have additional closures on the days surrounding the holidays. Please see the December 13, 2019 electronic announcement for additional information.
Title IV Aid Disbursement Reporting, Excess Cash, and Reconciliation Requirements: Federal Student Aid has issued this announcement to remind schools of the general disbursement reporting, excess cash, and reconciliation requirements for all Title IV programs. Because these requirements apply to disbursement and financial data, both the Financial Aid Office and Business Office should review the information provided in the November 19, 2019 electronic announcement.
2020-2021 FAFSA Verification-IRS Tax Return Transcript Matrix: Attached to this Electronic Announcement is the 2020-2021 FAFSA Verification-IRS Tax Return Transcript Matrix that institutions can use for 2020-2021 verification of tax return information. There have been significant changes to IRS tax form line items which are included in this tax matrix. Since the IRS Tax Return Transcript does not have line or item numbers and uses wording that may be different from what is used on the FAFSA, this matrix may help financial aid administrators map 2018 IRS Tax Return Transcript information to FAFSA/ISIR data. Please review the November 26, 2019 electronic announcement.
Implementation of School Notice Requirements Under the 2016 Borrower Defense Regulations: On November 1, 2016, the Department of Education published final regulations (the 2016 final regulations) governing the standard and process for evaluating borrower defense to repayment discharge claims. 81 FR 75926. Those regulations, among other things, established processes for the consideration of borrower defense discharge applications. In particular, 34 CFR 685.222(e)(3)(i) and (f)(2)(iv), provide that the Department will notify the school associated with the borrower defense application of the claim filing, and give the school the opportunity to submit records or a response to the allegations contained within the application. These regulations govern borrower defense applications associated with loans that are first disbursed before July 1, 2020. Please review the November 25, 2019 electronic announcement for additional information.
Liabilities Associated with Closed School Discharges: As explained in an Electronic Announcement posted on December 13, 2018, the Department of Education has implemented certain provisions of the 2016 borrower defense regulations related to automatic closed school discharge. Specifically, new regulations at 34 CFR 685.214(c) (Direct Loan Program), 34 CFR 682.402(d)(8)(ii) (FFEL Program), and 34 CFR 674.33(g)(ii) (Perkins Loan Program) provide for an automatic discharge of some or all of the Direct Loan, FFEL, or Perkins Loan program loans an eligible borrower (or, if applicable, the dependent child on whose behalf a parent took out a PLUS loan) obtained to attend a school that closed on or after November 1, 2013. Please review the November 25, 2019 electronic announcement for additional information.
Informed Borrowing Confirmation: Modification of Approved Master Promissory Note Confirmation Processes – Operational Impacts to Schools and Preliminary COD System Information: In this announcement, Federal Student Aid (FSA) informs schools of a change to the approved Master Promissory Note (MPN) confirmation processes. This is the first in a series of announcements that will provide operational information about the changes to Direct Loan processing to incorporate the new Informed Borrowing Confirmation process. In this first announcement, FSA explains early operational impacts to schools and provides preliminary information about the changes planned for the Common Origination and Disbursement (COD) System implementation in April 2020. Please review the November 21, 2019 electronic announcement for additional information.
College Scorecard Metrics by Field of Study: College Scorecard has published new data metrics including 1) earnings of students one-year after graduation by field of study and 2) cumulative loan debt of borrowers by field of study. These new data metrics begin to address the March 2019 Executive Order on Improving Free Inquiry, Transparency, and Accountability at Colleges and Universities.
In 2020, College Scorecard will continue to expand and address the remaining data metrics described in the Executive Order. In addition, College Scorecard will continue to update earnings information to include post-completion earnings measured further out from graduation as more data become available over time. Please review the November 20, 2019 electronic announcement for additional information.
Helpful information pages: The following are a few links to information pages available on the IFAP website: Training Resources, 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 Announcements, Dear 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!
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.