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.
Update to Information in Guidance related to Title IV participants affected by Hurricane Florence: The U.S. Department of Education is taking numerous steps in response to the devastating impacts of Hurricane Florence, which is a federally declared major disaster (disaster) as defined in The Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5122(2)). Please review the September 28, 2018 electronic announcement for guidance intended for institutions of higher education and guaranty agencies in the Federal Family Education Loan (FFEL) Program as they assist students and their families who have been affected by Hurricane Florence.
Updated Information Related to the 2018–19 Supplemental Campus-Based Funds and Hurricane Florence: In an August 2, 2018 Electronic Announcement, Federal Student Aid informed schools about the distribution of 2018–19 supplemental Campus-Based funds. FSA issued another announcement on September 28, 2017, to provide updated information related to the distribution of Federal Supplemental Educational Opportunity Grant (FSEOG) supplemental funds to schools located in areas that have been impacted by Hurricane Florence. For the distribution of FSEOG funds, the information in this announcement supersedes the August 2, 2018 announcement. Note: Federal Work-Study (FWS) has been allocated through the normal funding process as described in the August 2, 2018 Electronic Announcement. Please review the September 28, 2017, electronic announcement for additional information.
Federal Perkins Loan Program Administrative Responsibilities and Reporting Requirements: As a reminder to all schools that participate in the Federal Perkins Loan (Perkins Loan) Program, Federal Student Aid is providing information concerning administrative responsibilities and reporting requirements. This information will help schools manage their Perkins Loan portfolio properly and assist schools in accurately reporting loans in the National Student Loan Data System (NSLDS).
Under the Federal Perkins Loan Program Extension Act of 2015, the authority to make new Perkins Loans to students has expired, and no further disbursements are permitted. Schools should refer to Dear Colleague Letter (GEN 17-10), published on October 6, 2017, for further details about the wind-down of the Federal Perkins Loan Program. Schools are still permitted to service their Perkins Loan portfolio and, indeed, must service their loan portfolio according to the program rules. Schools that no longer wish to service their Perkins Loan portfolio should begin the liquidation process. For additional information and guidance, please review the October 4, 2018 electronic announcement.
IRS Announced Updated Tax Transcripts Redacting Sensitive Information: The Internal Revenue Service (IRS) recently announced changes to tax transcripts and third-party services.
- Effective September 23, 2018, the current format of the individual tax return
transcript(s) was replaced with an updated version that redacts sensitive personal identifying information of the tax filer.
- At the end of the current calendar year, when taxpayers or third parties call the IRS with a transcript request, the transcript will be mailed to the taxpayer’s address of record. The transcript will not be faxed on request to either the taxpayer or a third party.
The changes are part of an effort to continue to combat stolen identity refund fraud, and to protect taxpayer information. For additional information, please review the October 4, 2018 electronic announcement.
The 2019-20 FAFSA Form and myStudentAid Mobile App are Now Available: The 2019-20 FAFSA cycle began on Oct. 1. The application is available until June 30, 2020—but be sure to remind your students that some funds are limited, so it’s a good idea to apply as soon as possible. Students can apply online via fafsa.gov and by downloading the myStudentAid mobile app. For information on the key features of both of these options, please review the October 2, 2018 electronic announcement. The announcement also includes a link to various financial aid “tools” and resources.
2019-20 Free Application for Federal Student Aid (FAFSA), FAFSA on the Web Worksheet, and the Student Aid Eligibility Worksheet for Question 23: The final versions of the 2019-20 Free Application for Federal Student Aid (FAFSA), 2019-20 FAFSA on the Web Worksheet, and 2019-20 Student Aid Eligibility Worksheet for Question 23 are now available in English and Spanish, in Portable Document Format (PDF). The PDF versions of the FAFSA form are provided to the community as a resource that can be used as a training tool or for financial aid presentations. Please review the October 9, 2018, electronic announcement for additional information.
2019-20 SAR and SAR Acknowledgement Mock-ups: Mock-ups of the final versions of the English and Spanish versions of the 2019-20 Student Aid Report (SAR) and SAR Acknowledgement are now available in Portable Document Format (PDF). The SAR mock-up and the SAR Acknowledgement mock-up are provided to the community as a resource that can be used as a training tool for staff or for financial aid presentations. Please review the October 3, 2018 electronic announcement for additional information.
Federal Student Aid Posts New Reports to FSA Data Center: Federal Student Aid recently released two new reports that provide snapshots of the number of applications and resulting loan discharges processed as a result of borrower defense to repayment and the Public Service Loan Forgiveness Program, as of June 30, 2018. The new reports were posted to the FSA Data Center along with a series of updates to the quarterly application, disbursement, and portfolio reports that include data through June 30, 2018. Federal Student Aid proactively posts these reports in support of open government initiatives to help ensure consistency, increase transparency, and establish self-service opportunities for stakeholders. Please review the September 19, 2018 electronic announcement for additional information.
Due to space limitations for content in this newsletter, we are providing only IFAP web links to the following updates. Please click on the title to access the update.
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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