Today's News for
Monday, November 24, 2014
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access, student loan repayment, analytics, default prevention and
financial education. Since 1986, our mission has been to support
schools as they arm students with the knowledge needed to become
financially responsible adults. More information available at www.inceptia.org.
NEWS FROM NASFAA
NASFAA sent a letter to Chairman Harkin on the Senate Health, Education, Labor and Pensions Committee expressing support for many of the provisions in the Higher Education Affordability Act (HEAA) that was introduced officially last week.
The National Student Clearinghouse (NSC) will no longer be providing weekly enrollment status change updates for Direct Loan borrowers to Federal Student Aid (FSA), according to an email sent to NSC school clients last week. FSA believes that in recent years, the accuracy and frequency of enrollment reporting in the National Student Loan Data System (NSLDS) has improved to the point that FSA feels that they now receive sufficient reporting on Direct Loan borrowers through the federally mandated roster/Student Status Confirmation Report (SSCR) process.
This Thanksgiving season, NASFAA staff weighed in on why we are
thankful for you, our members - this week and every other day of
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.
THE D.C. DOCKET
NASFAA is here to help you stay up to date on the top policy events occurring throughout the week in Washington, D.C. and, when applicable, across the country. The House and Senate are scheduled to be on recess the week of November 24. Keep an eye out for next week's D.C. Docket for policy events following the Thanksgiving holiday and email us at firstname.lastname@example.org if you're aware of upcoming policy events that could be of interest to the financial aid community.
U.S. DEPARTMENT OF EDUCATION
This Electronic Announcement reminds schools participating in the Direct Loan Program of the importance of accurate and timely reporting of a student’s Direct Loan (Direct Subsidized Loan, Direct Unsubsidized Loan, and Direct PLUS Loan) information to the Common Origination and Disbursement (COD) System to ensure that the Subsidized Usage Period can be calculated correctly.
In spring 2015, the Department of Education plans to implement Common Origination and Disbursement (COD) System functionality that will support the processing of Federal Pell Grant (Pell Grant), Iraq and Afghanistan Service Grant, Teacher Education Assistance for College and Higher Education (TEACH) Grant, and William D. Ford Federal Direct Loan (Direct Loan) awards for the 2015-2016 Award Year. In conjunction with this implementation, it will begin using a new version of the COD Common Record Extensible Markup Language (XML) Schema.
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.
In this announcement, the Department of Education provides specific information to assist your school with reconciling the William D. Ford Federal Direct Loan (Direct Loan) Program. The information provided below should be viewed by both the Financial Aid Office and Business Office.
The updated draft of the 2015-2016 Free Application for Federal Student Aid (FAFSA®) is available for comment.
"Two of the biggest private student loan providers have welcome
news for struggling grads: Soon, some distressed borrowers will be
eligible for lower interest rates and lower monthly payments,"
Time reports. "'With federal loans, you have built-in
insurance in case of job loss or disability or death,' says Justin
Draeger, president of [NASFAA]. 'These are protections provided to
every borrower. Those protections don't always exist in the private
student loan market.'"
"When it comes to advocating for greater reliance on public
benefits for low-income individuals, the idea is already a tough
political sell among anti-entitlement elected officials and
segments of the electorate that view the benefits as
handouts," Diverse: Issues in Higher
"Students at Rhode Island's three public colleges could see
their first tuition hike in three years under a budget unanimously
approved Wednesday night by the Council on Postsecondary
Education," the Providence Journal reports.
"The votes were cast and the protesters' chanting died down. Now
months of political wrangling and budget negotiations are ahead
before UC students know for sure how much next year's tuition will
be," the Los Angeles Times reports.
"Recent news coverage has highlighted the fact that many
colleges with great wealth are not enrolling many needy students,
while a number of relatively nonwealthy colleges are," Raynard S.
Kington writes for The Chronicle of Higher
"There is a large group of students - often overlooked - whose
completion of college we need to better track and encourage:
transfer students," Alexandra W. Logue writes for Inside
Blogs and Think Tanks
"In its latest Survey of Young Workers, the Federal Reserve said
educational programs should be aligned with the needs of the labor
market for students to get the most out of their
education," The Washington Post reports.
"The Wall Street Journal and NBC are out with a new
post-election poll, and the most popular policy idea for the next
Congress is… cheaper student
loans," Vox reports.
"New York University just opened its doors—and scholarship coffers—a little bit wider," The Wall Street Journal reports.
NASFAA CAREER CENTER