Today's News for
Monday, July 21, 2014
For nearly 30 years, Inceptia/NSLP has been developing
and providing solutions schools need to help their students
succeed. We have worked with over two million students and 5,500
schools, providing services including financial education and
default prevention services. As a non-profit our focus is helping
students, their families, and institutions.
NEWS FROM NASFAA
In an electronic announcement posted on Friday, Federal Student
Aid announced that just under 200,000 financial aid applications
will be reprocessed this evening due to a likely applicant error in
entering income earned from work. In cases where the error caused a much higher contribution from income, correcting the error could significantly reduce the EFC and increase Pell eligibility. Conversely, these errors could make some
students currently showing as eligible for Pell Grants and other
subsidized aid ineligible. For this initial reprocessing, it
appears from the electronic announcement that most applicants will
fall into the latter.
Republican Senator Marco Rubio (R-FL) and Democratic Senator
Mark Warner (D-VA) introduced the Dynamic Student Loan Repayment
Act last week. The bill would replace current loans, subsidies,
deferments, forbearances, and repayment options with a single loan
called the Income Dependent Education Assistance (IDEA) Loan, and
would be repaid through income-based repayment and employer
withholding. Under this restructuring, all federal loans made to
student borrowers would eventually move to the IDEA Program (with
limited grandfathering of current Direct Loan borrowers). Federal
Direct PLUS loans would continue to be made to parent borrowers,
through Parent PLUS, under the current Direct Loan Program.
Despite the widespread use of various tax credits to address
college affordability, the tax code is not the right tool to make
college more affordable and increase access to higher education,
the Tax Foundation states in a new report. The
Foundation argues that the tax credits "violate the principles of
sound tax policy" and should be eliminated within a comprehensive
tax reform package. Check out the report and share your thoughts in
the comments section!
The majority of upgrades and maintenance to NASFAA’s membership database and related systems is now complete. The online AskRegs Knowledgebase, registration for Webinars and NASFAA University Courses, access to your myNASFAA account and online directories, and the NASFAA University Testing Center should now be available. The online NASFAA store is still being updated. We apologize for any inconvenience these upgrades may have caused and thank you for your patience.
Learn the answer to this question and learn how to instantly find credible and reliable solutions to your most pressing regulatory and compliance questions with NASFAA's AskRegs Knowledgebase. The Knowledgebase guide and video tutorials highlight the many features of this tool.
U.S. DEPARTMENT OF EDUCATION
The Department has been contacted by a small number of institutions asking whether students under the age of 13 who are otherwise eligible can apply for and receive Title IV, HEA program assistance. This electronic announcement responds to those questions.
A number of schools have reported that they are finding a high number of applicants with incorrect Income Earned From Work values on 2014-2015 Institutional Student Information Records (ISIRs). Even though the above enhancements will eliminate these types of errors in the future, the Department must ensure that applicants who had made these errors are identified, so that their institutions can work with them to make any necessary corrections. To do so, on the evening of Monday, July 21, 2014, the Central Processing System (CPS) will create system-generated transactions for these applicants.
The maximum HEAL Program interest rates for the quarter ending September 30, 2014 are available in the “Current Maximum Interest Rates” section of the HEAL Interest Rates page.
The COD Processing Update provides information related to COD System processing and includes the following sections: COD News and Updates, Current Issues (with a subsection for All Programs, Direct Loans, and Grants), and Reminders.
"Predicting the economic future is difficult, but lucrative. …
But you don't have to be a Wall Street big-wig to benefit from
foresight. The biggest bet most of us will make in our lives is on
the career paths we choose, and if you're working primarily to
achieve financial security, choosing the right industry is
essential," Fortune reports.
"I was reading a Kiplinger's article on 10 Graduate
Degrees Worth the Debt, and got to thinking: 'what happens
when someone chooses a major only because they'll make more
money?'" Reyna Gobel writes in a Forbes opinion
"As I watch and listen to recent national conversations about
education reform, I can't help but think about my family," House of
Representatives candidate Mark Takai (D-HI) writes in The
Blogs and Think Tanks
"The U.S. Department of Education has appointed Patrick
Fitzgerald, a former U.S. attorney in Illinois, to oversee
Corinthian Colleges' closure of its campuses, according to a news
release from the department," The Chronicle of Higher
Education's The Ticker reports.
"There's been a lot of buzz lately about the Democrats' young
voter problem. Fewer than half of 2012 Obama voters say they'll
vote Democrat in this year's election," Evan Feinberg, president of
Generation Opportunity, writes in The
Hill's Congress Blog.
"The Brookings Institution recently published a report that
finds little evidence that a student loan bubble exists. This has
caused a dust up with those who believe a bubble is already here,"
Bob Hildreth, founder and executive director of FUEL Education,
writes in The Huffington Post's The
"This year marks the twenty-year anniversary of the 1994 Omnibus
Crime Bill, the legislative bombshell that effectively eliminated
higher education in prison," SpearIt, associate professor at Texas
Southern University's Thurgood Marshall School of Law, writes
in The Huffington Post's The Blog.
NASFAA CAREER CENTER