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.
Washington’s Birthday Federal Holiday Processing and Customer Service Hours: The Department of Education’s federal offices, including some of its Title IV processors and contact centers, will be closed on Monday, February 18, 2019 to observe the Washington’s Birthday federal holiday. Please review the February 8, 2019 electronic announcement for additional information.
Federal Pell Grant Program Reconciliation: In a December 10, 2018 Electronic Announcement Federal Student Aid (FSA) published general information regarding Title IV Aid Disbursement Reporting, Excess Cash, and Reconciliation Requirements. In addition, updated disbursement reporting and data submission timelines for all programs were published in a December 4, 2018 Federal Register Notice for the 2018–19 deadlines. FSA issued additional information to assist schools in reconciling the Federal Pell Grant (Pell Grant) Program as discussed in a February 8, 2019 electronic announcement. Both the Financial Aid Office and Business Office should review the information.
Direct Loan Closeout Information for 2017–18 Program Year: The Direct Loan established data submission (closeout) deadline for the 2017–18 Program Year is Wednesday, July 31, 2019. This is the last processing day of the program year, so all school data must be received and accepted by this date to be included in a school’s final Ending Cash Balance for the year. Exceptions to the established data submission deadline may be made on a case-by-case basis, if the school’s processing period extends beyond the deadline. For additional information, please review the February 5, 2019 electronic announcement.
Tentative 2019–20 Funding Levels for the Campus-Based Programs: Tentative funding levels and corresponding worksheets for the Campus-Based programs for the 2019–20 Award Year (July 1, 2019 through June 30, 2020) were recently posted to the Common Origination and Disbursement (COD) Web Site. Schools are expected to review their worksheets and to immediately notify the COD School Relations Center of any errors. Schools will be notified by email that their tentative funding levels and worksheets are available on the COD Web Site. Please review the January 31, 2019 electronic announcement for additional information. The announcement includes an attachment that provides an explanation of the calculation of the tentative funding level in the worksheet or each of the Campus-Based programs.
TEACH Grant Reconsideration Process: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Reconsideration Process allows certain TEACH Grant recipients whose TEACH Grants were converted to Direct Unsubsidized Loans to request reconsideration of those conversions. Recipients are eligible to request reconsideration if they met or are meeting the TEACH Grant service requirements within the eight-year service obligation period, but had their grants converted to loans because they did not comply with the annual certification requirement. Please review the January 31, 2019 electronic announcement for additional information.
NOTE: Due to limited space in FA Solutions’ Fed-Updates newsletter, only the titles and links to the updates below are provided here.
- 2019-02-01 – Adjustment of Civil Monetary Penalties for Inflation
- 2019-01-31 – Subject: Comment Request: Cancer Treatment Deferment Form
- 2019-01-29 – Annual Designation of Title III and Title V Schools and Waiver Process
2019-2020 Federal School Code List of Participating Schools (February 2019): The updated 2019-20 Federal School Code (FSC) List of Participating Schools is now available on the Information for Financial Aid Professionals (IFAP) website. This resource contains the unique codes assigned by the Department of Education for schools participating in the Title IV federal student aid programs. Students enter these codes on the Free Application for Federal Student Aid (FAFSA), to indicate which postsecondary schools will receive the processed application results. Please review the February 1, 2019 electronic announcement for additional information.
2019-2020 CPS Test System User Guide (February 2019): The updated 2019-2020 CPS Test System User Guide is now available on the Federal Student Aid Download (FSAdownload) website, located at https://fsadownload.ed.gov. This guide provides instructions for using the Central Processing System (CPS) Test System, which includes two testing environments: a mainframe test environment and a Web Demonstration (demo) site, located at https://fafsademo.test.ed.gov. Please review the February 1, 2019 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.