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today’s news for Wednesday, May 15, 2019

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NEWS FROM NASFAA

The House Appropriations Committee last week passed its fiscal year 2020 Labor, Health and Human Services, Education and Related Agencies (Labor-H) spending bill, which included a $150 boost to the maximum Pell Grant, and allocated $5 million to continue the open textbook pilot within the Fund for the Improvement of Postsecondary Education, among other changes. In its report on the spending bill, the committee also said it would encourage the Department of Education (ED) to "work with institutions of higher education to ensure" they are providing students with information about community service-based opportunities for the Federal Work-Study (FWS) program. 

NASFAA on Monday submitted comments in support of the Department of Defense's proposed systems modifications that would create an automated process to share specific information with the Department of Education concerning borrower eligibility for certain loan benefits provided to servicemembers. "The proposed modifications... would ensure that Direct Loan borrowers who have received imminent danger pay (IDP) or hostile fire pay (HFP) benefits receive the no interest accrual benefit on their eligible loans during the period of time they received IDP or HFP pay," the letter said.

NASFAA UPDATES AND ANNOUNCEMENTS

AskRegs

No. According to updated guidance NASFAA has received from the U.S. Department of Education (ED), the school is only required to include the changed grade in its satisfactory academic progress (SAP) evaluation that is performed at the time of the next SAP evaluation period (or increment) defined under its published SAP policy--whether that is at the end of the payment period or at the end of the award year. View the full answer to this question to learn more and search for answers to your other pressing regulatory and compliance questions, in NASFAA's AskRegs Knowledgebase.

Costly Errors: Liabilities and Fines

SOE 20th

Did you know the U.S. Department of Education (ED) can impose both liabilities and fines as the result of a federal program review? Liabilities occur when a school makes an error in processing aid and must return funds to ED.  Fines are like a speeding ticket, and usually occur due to failing to complete disclosures or reporting requirements. NASFAA's Standards of Excellence Review is a confidential peer review service that looks holistically at your federal student aid operations, and identifies potential issues before ED comes knocking at your door. Complete our information request form to learn more about NASFAA's peer review services.

 Compliance Engine Logo

F is for "findings." Schools want to avoid findings during any audit or review. The Self-Evaluation Checklist and P&P Builder modules of the Compliance Engine can help schools avoid compliance findings. Start with using the Self-Evaluation Checklists to review processes and find areas where your school may not be in compliance. Next, use the P&P Builder to document and tweak your school's policies and procedures to align with federal regulations. Our Formulating, Implementing, and Evaluating Policies and Procedures supplemental guide is a great reference to review before updating an existing P&P or before creating a new one.

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