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.
2018 FSA Training Conference for Financial Aid Professionals Registration and Housing Now Open: The conference will take place from November 27 through November 30, 2018 at the Georgia World Congress Center in Atlanta, GA. Please review additional information about the conference in the July 11, 2018 electronic announcement.
OUTAGE ALERT – Federal Student Aid (FSA) Website and System Outages August 3-6, 2018: During this period FSA plans to complete important system work that will impact many FSA websites and systems. This work is related to the transition of FSA’s data center to a new location and is in addition to the regular weekly maintenance that occurs each weekend. Please review the July 26, 2018 electronic announcement for information about the impacted websites and systems. (Please note that this update was not available as of the date that FA Solutions published its July 24, 2018 issue of the Fed-Updates Newsletter).
Perkins Loan Program – Federal Perkins Loan Revolving Fund Distribution of Assets and Timelines for 2018–19: Section 466(a) of the Higher Education Act of 1965, as amended, requires a capital distribution (Distribution of Assets) of the balance of an institution’s Perkins Loan Revolving Fund (Perkins Fund). The Distribution of Assets from the Perkins Loan Revolving Fund process replaces the existing Excess Liquid Capital process as part of the wind-down of the Federal Perkins Loan Program. Federal Student Aid reviews what is required from participating institutions as part of the wind down in a July 11, 2018, electronic announcement.
Final FISAP Form, Instructions, Desk Reference, and Technical Reference for FISAP due by October 1, 2018: The Fiscal Operations Report for 2017–18 and Application to Participate for 2019–20 (FISAP) has been approved by the Office of Management and Budget (OMB). The FISAP Form, Instructions, and Desk Reference are available on the Information for Financial Aid Professionals (IFAP) website. The FISAP will be made available on the Common Origination and Disbursement (COD) Web Site by August 1, 2018. For additional information, including deadlines, reminders, and a summary of changes made to FISAP instructions, please review the July 13, 2018, electronic announcement.
Federal Family Education Loan Program Special Allowance Rates for the Quarter Ending June 30, 2018: Please review the July 18, 2018 electronic announcement for additional information about these rates.
Newsletter 60 – NSLDS Enhancements Including the New Maximum Eligibility Timeline Page: This newsletter describes recent enhancements for school users to the National Student Loan Data System (NSLDS) and the NSLDS Professional Access website. These changes include the new Maximum Eligibility Timeline Page and other enrollment enhancements. Updates on the Transfer Student Monitoring (TSM)/Financial Aid History (FAH) process, new Loan Discharge Reason Codes, and a reminder about the availability of the updated Perkins DataPrep software and Perkins Data Provider Instructions are also provided. The newsletter is available as an attachment to the July 10, 2018 electronic announcement.
Technical Reference for FISAP for 2017-18: The Technical Reference for the Fiscal Operations Report for 2017–18 and the Application to Participate for 2019–20 (FISAP), used in administering the Federal Perkins Loan (Perkins Loan), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs recently became available. The technical reference provides the technical specifications and record layouts for schools or other organizations who wish to design custom software systems. It also includes the system modifications for processing the FISAP that schools must submit by October 1, 2018. Please review the July 13, 2018, electronic announcement for additional information and to access the resource.
Maximum HEAL Program Interest Rates for Quarter Ending September 30, 2018: The maximum HEAL Program interest rates for the quarter ending September 30, 2018 are now available in the “Current Maximum Interest Rates” section of the HEAL Interest Rates page of the HEAL Information area on the IFAP website. Please review the July 23, 2018, electronic announcement for additional information.
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.
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.