FinAid – Ever changing and ALWAYS challenging.
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Please note that deadlines and event dates noted in all of our newsletters are always subject to change as determined by the Department of Education.
Important note: FA Solutions’ newsletter updates are excerpts from original electronic announcements posted on the Information for Financial Aid Professionals (IFAP) website. Thus, it’s important to review each update in its entirety by clicking the link included with each posting. We’re not always able to post all Federal updates and deadlines in this newsletter, so please review additional information on the IFAP website to stay current on various financial aid topics — especially deadlines. The IFAP website includes information pages dedicated to topics such as Gainful Employment (GE) and the COD System. Links to some of those resource pages can be accessed at the end of this newsletter.
Notification of Campus-Based Funding for the 2018–19 Award Year: Awards have been approved for the Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS) programs for the 2018–19 Award Year (July 1, 2018 through June 30, 2019) have been approved. For a list of approved schools, please review the June 21, 2018, electronic announcement.
2018–19 COD System Peak Processing Reminders: The peak processing period for the 2018–19 Award Year began in late June 2018. To assist schools with planning and processing, Federal Student Aid issued a June 18, 2018, electronic announcement with some important reminders. Please review the announcement for full details.
Additional 2016–17 Direct Loan Program Year Closeout Information: Federal Student Aid has issued additional guidance and reminders for schools regarding the 2016-17 Direct Loan Program Year closeout. The closeout deadline to submit records is 8:00 P.M. (ET) on Tuesday, July 31, 2018. As a reminder, all refunds for Direct Loan must be returned via G5. Drawdowns and/or drawdown adjustments must also be requested and/or completed by the processing deadline of 8:00 P.M. (ET) on Tuesday, July 31, 2018. The G5 website will not be available from from 12:00 A.M. (ET) on Saturday, July 28, 2018 through 6:00 A.M. (ET) on Monday, July 30, 2018. For additional guidance and other important reminders, please review the July 6, 2018, electronic announcement.
Guidelines for All Schools Regarding Submitting Third Step Verification Requests Through the SAVE System: In the electronic announcement (EA) dated June 8, 2018 titled “SAVE System Users are Receiving “No Records Found” Error when Submitting Third Step Verification Requests Through SAVE,” Federal Student Aid requested that schools receiving this message on all third step verification requests stop processing third step cases and stop sending Department of Homeland Security (DHS) Verification Numbers to application processing to generate new DHS Verification numbers. The inability for some schools to access SAVE records is due to a DHS-SAVE system hierarchy issue. DHS is in the process of implementing a solution that will allow all authorized schools to access the SAVE system by the middle of July 2018. A subsequent EA will announce the date the SAVE system will be available. Please review the June 27, 2018, electronic announcement for additional information.
Training Workshops – Fundamentals of Federal Student Aid Administration: Federal Student Aid instructor-led, Fundamentals of Federal Student Aid Administration training workshops are scheduled for November 2018 through September 2019. If your school is applying to participate in the Title IV federal student aid programs for the first time or is undergoing a change of ownership (in some instances), the appropriate staff at your school are required to complete the training. Please review the July 2, 2018, Dear Colleague Letter (DCL ID: ANN-18-09) for additional information.
Federal Perkins Data Provider Instructions (June 2018): The updated National Student Loan Data System (NSLDS) Perkins Data Provider Instructions (Version 8.1) in Portable Document Format (PDF) is now available. Schools participating in the Federal Perkins Loan (Perkins Loan) Program are required to report detailed loan information to NSLDS. This manual explains Perkins Loan reporting requirements and the processes used to add or update Perkins Loans on NSLDS, including how to use the Perkins DataPrep software. Please review the June 25, 2018 electronic announcement for additional information.
Availability of Perkins DataPrep Software Version 4.0 and Updated Perkins Data Provider Instructions: Schools participating in the Federal Perkins Loan (Perkins Loan) Program are required to report detailed loan information to the National Student Loan Data System (NSLDS). To assist data providers (schools and their servicers) with this process, Federal Student Aid (FSA) has posted an updated version of the NSLDS Perkins DataPrep software on the FSA Download website. An update to the Perkins Data Provider Instructions manual is also available on the same website. Please review the June 25, 2018, electronic announcement for additional information.
Federal Stafford, Federal PLUS, Federal SLS, and Federal Consolidation Interest Rate Calculations for the Period July 1, 2018 – June 30, 2019: These interest rates are available in an attachment to the June 29, 2018, electronic announcement.
Operational Guidance for Direct Loan Origination Fee Change October 1, 2018: Federal Student Aid has issued a June 20, 2018 electronic announcement to remind schools how the Common Origination and Disbursement (COD) System will process Direct Loans with the new origination fees and how to correct records if necessary. Please review the June 20, 2018, electronic announcement for additional information.
Federal Student Aid Posts New Reports to FSA Data Center: Federal Student Aid (FSA) has released three new reports that segment federal student loan borrowers by two demographic levels, including age and location; age and debt size; and debt size and location. The new reports were posted to the FSA Data Center along with a series of updates to the quarterly application, disbursement, and portfolio reports to include data through March 31, 2018. Please review the June 20, 2018, electronic announcement.
2018-2019 COD Technical Reference (June 2018 Update): This technical reference has been updated to include development information for the 2018–19 Award Year. Please review the June 18, 2018, electronic announcement to access this resource.
2019–2020 Application Processing System Specifications for Software Developers (June 2018 Draft): This resource is now available on the FSA Download website. Please review the June 25, 2018, electronic announcement for additional information.
Availability of Direct Loan (DL) Tools for Windows, Release 18.0: This is a supplemental software product for Direct Loan participants and can be downloaded from the FSA Download website. Please review the June 29, 2018, electronic announcement for additional information.
Delay of State Authorization Rules for Distance Education Providers (final rule): The Department of Education is delaying, until July 1, 2020, the effective date of selected provisions of the final regulations entitled Program Integrity and Improvement published in the Federal Register on December 19, 2016 (the 2016 final regulations). The provisions for which the effective date is being delayed have been published in the Federal Register: 34 CFR Parts 600 and 668, Federal Register / Vol. 83, No. 128 / Tuesday, July 3, 2018 / Rules and Regulations, [[Page 31296]].
INFORMATION PAGES FOR SCHOOLS TO MONITOR WEEKLY: The list below represents just a few of the information pages available on the IFAP website. Please review the organization’s website for additional guidance, resources, deadlines, and information related to the administration and processing of Title IV federal student aid.
- COD System – Schools are urged to regularly monitor this page, which includes COD Processing News/Updates.
- NSLDS newsletters, user guides and technical documents
- Gainful Employment
- Early FAFSA
- Cash Management
- Loan Servicing and Collection
- Perkins Loan FAQs
- 150 Percent Direct Subsidized Loan Limit Information
- Application Processing (Electronic Announcements)
- The iFAP iLibrary includes many resources — including a consolidated list of Electronic Announcements, Dear Colleague Letters, and Federal Registers.
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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.