Today's News

Today's News for Friday, October 31, 2014 
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Final Rule On Gainful Employment Released

As widely reported in the press, the Department of Education has released a final rule on gainful employment programs. ED will only judge programs on their graduates' debt-to-earnings ratios, which must be less than or equal to 8 percent of income and 20 percent of discretionary income to pass. Programs that post income and discretionary income percentages between 8 and 12 or 20 and 30, respectively, will be considered in a warning zone, and programs with percentages higher than 12 and 30, respectively, will fail. Keep reading for more details, and check back in with Today's News Monday for a summary of the final rule.

Trending @ NASFAA: CFPB Report Alleges Deceptive, Illegal Actions Among Student Loan Servicers

Did you miss our most-read original article this week? Catch up now on the alleged illegal actions one or more student loan servicers engaged in between March and June 2014. Actions ranged from not providing accurate tax deduction information to borrowers to making illegal debt collection calls, according to a new report from the Consumer Financial Protection Bureau (CFPB). After you read the article, join the conversation in the comments section.

Nominate Colleagues For NASFAA Leadership Positions By This Coming Monday

Participating in the NASFAA election process is an important way to contribute to your association. NASFAA holds elections each year to select members to serve on its Board of Directors, which provides oversight and guidance for the direction of the association. There are four positions available: National Chair-Elect (1 position) and Representative-at-Large (3 positions). Details about each position are on the website. The NASFAA Board of Directors has a strong commitment to diversity and encourages nominations from underrepresented groups and institutions. The nomination deadline is Monday, Nov. 3. Nominate yourself or a colleague today.

Experience Capitol Hill At The NASFAA Leadership & Legislative Conference & Expo

“As a practitioner, it’s always really helpful to hear what’s going on on the Hill, and then how that translates to our day-to-day duties,” a financial aid administrator told us at last year’s Leadership Conference. Get a firsthand look at federal policy – and how you can shape it – in the nation’s capital March 1-3, 2015 at the NASFAA Leadership & Legislative Conference & Expo. Register today! 

Final Day: Submit Your Interest Session Proposal For The 2015 National Conference By 5:00 PM ET

NASFAA’s 2015 Conference Program Task Force is requesting interest session proposals for the 2015 NASFAA National Conference, set for July 19 - 22, 2014 in New Orleans, LA. The Task Force recognizes that an outline or detailed description may not be available at this early date. Sessions may be submitted without the detailed description and may be selected conditionally if space permits. Check out the guidelines for submitting a proposal and use the online submission form to submit your session by COB today.


10-30: Veterans Day Federal Holiday Processing and Customer Service Hours

The Department's federal offices as well as some of our Title IV processors and contact centers will be closed on Tuesday, November 11, 2014 to observe the Veterans Day federal holiday.

10-30: Reminder: Submit 2014-2015 SAR and ISIR Corrections by January 12, 2015 in Preparation for 2015-2016 Renewal Reminder Distribution

In preparation for the 2015–2016 Renewal Reminder distribution, the Department is reminding all schools to update 2014-2015 Student Aid Report (SAR) and Institutional Student Information Record (ISIR) transactions for their students with a current e-mail address by January 12, 2015.


National News 

Arne Duncan: 'Education Beyond High School Is Absolutely Necessary'

"In an interview with Marketplace's Kai Ryssdal, Secretary of Education Arne Duncan said new rules targeting vocational college programs that leave students with too much debt and too few job prospects were designed with 'outcomes, not inputs' in mind," Marketplace reports.

7 Countries Where Americans Can Study At Universities, In English, For Free (Or Almost Free)

"Since 1985, U.S. college costs have surged by about 500 percent, and tuition fees keep rising. In Germany, they've done the opposite," The Washington Post reports.

Average College Graduate Will Leave First Job Within One Year

"Even if new graduates are lucky enough to find a job after graduation, most won't last more than a year," Main Street reports.

State News

Higher Ed And The Governors' Races

"Battles over funding and college costs are being fought in races for governor across the country," Inside Higher Ed reports.

Half Of Tennessee Promise Students Were Already Eligible For Federal College Funding

"About half of the students attending community college under Tennessee Promise next fall will get their tuition paid by the federal government, according to state estimates," Nashville Public Radio reports.


Commentary: A Billion-Dollar Problem

"Bloomberg Philanthropies announced this week a new effort to help talented low- and middle-income students enroll in and graduate from top-tier colleges and universities. While every intervention is welcome, this one assumes that a major problem is getting these students to apply to these institutions," Catharine Hill writes for The Chronicle of Higher Education.

Blogs and Think Tanks

Study: It's Student Debt, Not The Economy, That Forces Millennials To Move In With Their Parents

"Ask a millennial why so many twentysomethings live with their parents, and he'll probably let out an exasperated sigh and then patiently explain that we're a whole generation loaded down with student debt and navigating an economy that's been cruddy for years. It's hard to make your rent when you're jobless and paying off a bachelor's degree," Slate's MoneyBox reports.




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