Top 5 Takeaways from Recent Financial Aid Regulation Announcements

Over the last few months 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. 

1. Live Internet Webinars – Better FAFSA Better Future Webinar Series, June– July 2023: This letter announces 11 upcoming webinars from Federal Student Aid. These  live webinars discuss implementation of the FAFSA Simplification Act, the FUTURE Act,  and what your school needs to know about upcoming changes for the 2024–25 award year.  The webinars in the summer series will be offered in June–July 2023. One new webinar has  been added to the series: a 2024–25 FAFSA® Demonstration on Thursday, July 25, 2023.  Refer to the schedule for a complete description of the additional webinar, including the link  to join on the day of the event.  
2. Draft 2024–25 FAFSA Specifications Guide: On June 8, 2023, the US Department of  Education replaced the 2024-25 Draft ISIR Record Layout in Excel Format. This updated  version corrects a field numbering issue that began after field #880 (Schedule F indicator) in  the Student FTI-M Information section of the previously posted Excel file. 
3. Sunset of COVID-19 Waivers and Flexibilities: Review the link for more information  when each COVID waiver and flexibilities expire now that the national emergency has ended.  Some end with the payment period and some with the academic year.  
4. Final Form, Instructions, Desk Reference, and Technical Reference for 2024–25  FISAP: The Fiscal Operations Report for 2022–23 and Application to Participate for 2024– 25 (FISAP) has been approved by the Office of Management and Budget (OMB). The FISAP  Form, Instructions, and Desk Reference have been posted to the Knowledge Center. The  online FISAP will be made available on the Common Origination and Disbursement (COD)  website by Aug. 1, 2023. 
5. 2023–24 Funding Levels for the Campus-Based Programs: Final funding levels are now  out and corresponding worksheets for the Federal Work-Study (FWS) Program and the  Federal Supplemental Educational Opportunity Grant (FSEOG) Program for the 2023–24  award year (July 1, 2023, through June 30, 2024) posted to the Common Origination and  Disbursement (COD) website by Feb. 1, 2023. 
6. Federal Family Education Loan Program (FFELP): Federal Stafford, Federal Parent  Loan for Undergraduate Students (PLUS), Federal Supplemental Loans for Students (SLS),  and Federal Consolidation Interest Rates for the Period July 1, 2023 – June 30, 2024 

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! 

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