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. Comment Request: Federal Student Loan Program Deferment Request Forms FR TYPE Notice: Borrowers of Direct Loan, FFEL, and Perkins Loan Programs can request repayment deferment through forms that check eligibility based on specific criteria. The U.S. Department of Education seeks to revise these forms, proposing enhancements like removing redundant information, reorganizing content, simplifying language, and updating terms to reflect recent regulatory changes.
2. NSLDS FVT/GE Reporting Now Available: Schools can now report Financial Value Transparency and Gainful Employment (FVT/GE) data to the National Student Loan Data System (NSLDS). They must submit student-specific and program-specific data for students who received Title IV funds. The initial reporting deadline is October 1, 2024, covering the 2023-24 award year. Reporting methods include batch processing, online, and spreadsheet submission, detailed in the updated NSLDS User Guide.
   
3. Temporary Injunction on Program Length Regulations:  On June 21, 2024, a Texas court halted the enforcement of new regulations limiting the length of gainful employment programs, pending further court decisions. Institutions must follow the pre-existing rules until further notice. 
   
4. Updated Password Requirements for AIMS Users: Starting July 7, 2024, Federal Student Aid’s Access and Identity Management System (AIMS) will implement new password and passphrase requirements for systems like NSLDS and FAFSA Partner Portal. These updates include enhanced criteria for password length, character variety, and uniqueness.
   
5. Reminder – July 31 Reporting Deadline for Section 117 of the Higher Education Act of 1965; Decommission of the Section 117 Interactive Data Table: Institutions of higher education must report gifts or contracts from foreign sources exceeding $250,000 to the Secretary of Education by July 31, 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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