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. 2024–25 Processing Timeframes Associated with Reporting V4/V5 Outcomes and Unusual Circumstances and Homeless Youth Determinations, and Update on ISIR Values for Ward of Court and Foster Youth Status: Institutions must report verification tracking group V4/V5 results, unusual circumstances, and homeless youth determinations for the 2024-25 award year within specified timeframes. Verification outcomes should be reported via the FAFSA Partner Portal. System limitations currently impact timely updates for independent determinations and ISIR data for ward of the court and foster youth status.

2. NSLDS Professional Access – NSLDS Financial Value Transparency and Gainful Employment Reports: Three new reports will soon be added to the NSLDSFAP website to assist schools with Financial Value Transparency Gainful Employment (FVT/GE) reporting requirements. Implementation is scheduled within the next two weeks

3. FSA Partner Connect – Automatic Assignment of Alternate E&O Roles for School Users to Occur June 3, 2024: FSA will auto-assign the Alternate E&O Admin role to certain users at schools lacking this role. This update aims to address access issues to the E-App and will be implemented on June 3, 2024. 

4. New DHS-SAVE Tutorial Required To Initiate Third-Step Verification Requests: Effective May 28, 2024, DHS's SAVE system will require users to certify completion of a new tutorial before initiating third-step verification requests. Certification is done via the “Manage Profile” section.

5. Update on Processing Paper FAFSA Forms, Implementing School-Initiated Corrections, and Temporary Changes to Process for Reporting Disbursements to Provide Institutional Flexibility: The Department updates on 2024-25 paper FAFSA forms, school-initiated corrections, and reporting Pell Grant disbursements to the COD System, providing flexibility for packaging and awarding aid.

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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