Top 3 Takeaways from Recent Financial Aid Regulation Announcements

In the recent month there have been a few key announcements worth mentioning to ensure you remain

compliant. Following these will ensure compliance. Here are a few of the top takeaways from recent Department of Education updates:

• FAFSA Simplification Act Changes for Implementation in 2024-25: 2024-2025 FAFSA will be available by December 31, 2024. Schools will begin receiving ISIRs the end of January 2024. The link shows the current Draft Guide for the new FASFA. Draft 2024-2025 FAFSA Specifications Guide available.

• Live Internet Webinars – FSA Partner Connect Training: The letter announces a series of four webinars from Federal Student Aid (FSA) to further clarify updates related to FAFSA Simplification, Borrower Defense Training and updated Top Compliance Findings. The webinars will be presented multiple times in December 2023–January 2024. New FAFSA Simplification Micro Videos, Borrower Defense Training and Top Compliance Findings Videos now available on the fsatraining.ed.gov website.

• Operational Information – Reminders About Reporting Federal Work-Study Earnings to the COD System: Federal Workstudy 2022 Calendar Year Wages must be entered into COD before the 2024-2025 FAFSA is available. To ensure accurate SAI calculations upon start-up of FAFSA processing, schools must plan to complete the submission (and COD System acceptance) of FWS earnings for the 2022 calendar year by the end of December 2023.

Of course, these are just a few highlights of information over the last few months. Let our financial aid and compliance experts help your department boost its efforts. Contact us today to explore options. Get FA Solutions and ECM today! Thank you for taking the time to review our newsletter!

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