With all of the reports and disclosures required of institutions participating in the federal student aid programs, it would not be a surprise if you occasionally wake up in a sweat wondering what deadline or report you might have missed. In February, the Department of Education published a chart as Appendix F to the FSA Handbook that can help. The 22-page chart, Institutional Reporting and Disclosure Requirements for Federal Student Assistance Programs, is the “Compliance Calendar” required of the Department by law. Congress mandates that such a calendar be published prior to the beginning of each award year. Although the provision was to become effective July 1, 2010, the 2014-15 Handbook is the first to carry the calendar.
The chart is divided into three sections depending on whether the described requirement is a report or a disclosure, and shows due dates, method of transmittal or distribution, and to whom the institution must release the information. The first section lists 10 reports the institution must file. The second section describes 25 general disclosures the institution must make, although a few may not be required under certain conditions. The third section shows an additional 6 loan-related disclosures.
The due dates are quite generic, but as part of the FSA Handbook, we expect to see the chart published annually. It is important that it be as comprehensive as possible. NASFAA is reviewing the content, but if you note any requirement that is missing, please let us know either as a comment to this article or by email to firstname.lastname@example.org.
Publication Date: 5/7/2015