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‘ Fed-Updates Newsletter updates are excerpts from original announcements posted on the IFAP website so 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 will find additional information on the IFAP website.
Final FISAP Form, Instructions, Desk Reference, and Technical Reference for FISAP due by October 1, 2018 (Updated September 14, 2018): On September 14, 2018, Federal Student Aid updated a July 13, 2018 electronic announcement to replace the 2019–20 FISAP Instructions document to add clarifying information to Part VI – Section A – Distribution of Program Recipients and Expenditures by Type of Student, pages VI-1, VI-2 and VI-3. The revised instructions clarify how schools should report on a borrower who received Federal Perkins loan funds as an undergraduate in the beginning of the 2017–18 academic year, but then ended the 2017–18 academic year as a graduate student. For additional information, please review the July 13, 2018 electronic announcement, which includes a link to the updated instructions file.
Additional TEACH Grant Closeout Information for 2017–18 Award Year –September 28, 2017: In a June 6, 2018 Electronic Announcement, Federal Student Aid provided Teacher Education Assistance for College and Higher Education (TEACH) Grant Closeout information for the 2017–18 Award Year. As a reminder, there are two separate deadlines on September 28, 2018 for a school to consider as it completes the TEACH Grant processing for the 2017–18 Award Year. FSA released an electronic announcement on September 10, 2018, to supplement the previous guidance. Grant processing for the 2017–18 Award Year. Please review most recent electronic announcement for additional information.
Pell Grant and Iraq and Afghanistan Service Grant 2017–18 Award Year Processing Deadline – September 28, 2018: The Federal Pell Grant (Pell Grant) Program regulations at 34 CFR 690.83(a) establishes the deadline by which a school must submit student payment data each award year. The data must be submitted to the Department of Education (the Department) by September 28th following the end of the award year in which the Pell Grant or Iraq and Afghanistan Service Grant is made. As required by regulations, and consistent with the “Deadline Dates for Reports and Other Records for the 2017–18 Award Year” the final deadline for electronically transmitting Pell Grant and Iraq and Afghanistan Service Grant records for the 2017–18 Award Year to the Common Origination and Disbursement (COD) System is Friday, September 28, 2018. The notice was originally published in the Federal Register on June 27, 2017. Please review the September 10, 2018 electronic announcement for additional information.
End of Federal Fiscal Year 2018 Impact on Funds Availability for Pell Grant, Campus-Based, Iraq and Afghanistan Service Grant, TEACH Grant, and Direct Loan Programs (G5 and COD System): The federal fiscal year for the Department of Education (the Department) ends on Sunday, September 30, 2018. Some of the Department’s core financial systems, including G5, will be on a modified processing schedule while the Department finalizes its processing and accounting for fiscal year 2018. These interruptions 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 10, 2018 electronic announcement for additional information.
2019-2020 ISIR Guide: The ISIR Guide assists financial aid administrators (FAAs) with interpreting student information on the Institutional Student Information Record (ISIR). ISIRs contain processed student information reported on the Free Application for Federal Student Aid (FAFSA), as well as key processing results and National Student Loan Data System (NSLDS®) financial aid history information. ISIRs are sent electronically to institutions by the Central Processing System (CPS). A link to the guide is available in the September 6, 2018, electronic announcement.
2019-2020 Summary of Changes for the Application Processing System Guide: This guide recently became available and provides information about changes and enhancements made to the application processing system for 2019–20. Please review the September 17, 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.
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