SEARCH TODAY'S NEWS ARCHIVES
NASFAA
TODAY'S NEWS

today’s news for Friday, August 7, 2020

Brought to you by:

AccessLex Institute. Join us for LexCon@Home - our free, virtual event for administrators and leaders in the field of graduate and professional student success - Thursday, December 10. If you're in financial aid, admissions, career or student services, or any area focused on student success, save your seat today!

TRENDING IN FINAID NEWS

NEWS FROM NASFAA

NASFAA wrote to Senate leadership Thursday calling for protections enacted under the CARES Act for student loan borrowers, including the suspension of payments and interest accrual, to be extended before they expire at the end of September. Addressed to Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Chuck Schumer (D-N.Y.), the letter notes that roughly 40 million borrowers will have to resume repayment in October if action is not taken. Additionally, the letter points out that the Senate Republicans' Health, Economic Assistance, Liability Protection and Schools (HEALS) Act does not extend the existing borrower protections, and offers no immediate reprieve for borrowers. “The economic impact of the pandemic on students and families is ongoing, and many student loan borrowers, including some who were successfully making their monthly payments before this emergency, will not have regained their financial footing when the payment suspension expires at the end of September,” the letter states. 

Seeking to work around the currently stalled congressional negotiations for the next coronavirus relief package, President Donald Trump on Saturday issued an executive order to provide deferments to borrowers on student loan repayments and waive interest on student loans through December 31. While operational and implementation questions remain, the directive would appear to provide relief to millions of borrowers who would otherwise find themselves back in repayment on October 1. Further action on student loans could be taken should congressional negotiations yield a new bout of relief. House Democrats' coronavirus relief package has called for pausing student loan payments and interest accrual through Sept. 30, 2021, while Senate Republicans’ proposal calls for modifying the current student loan repayment system.

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA Seeks Your Input on CARES Act Reporting Requirement

NASFAA seeks your feedback on the Department of Education’s (ED) new CARES Act institutional reporting requirements announced last week in the Federal Register. Specifically, we are interested in whether your institution has the information requested in questions 6, 7, and 8 readily available, and what concerns you have about your institution’s ability to report this data. We’re also interested in whether ED’s estimate of 1.5 hours to complete this data collection is accurate. Please share your thoughts on these questions or any other concerns you have about the data collection to [email protected] by Aug. 18, 2020.

In support of its mission, NASFAA strives to pursue and promote, in principle and practice, the diversity and inclusion of its membership to represent the profession and the students we serve. NASFAA promotes a culture of diversity and inclusion by encouraging involvement and access regardless of race, ethnicity, gender, religion, age, sexual orientation, nationality, disability, appearance, geographic location, professional level or institution type. Learn more about NASFAA's diversity and inclusion efforts by taking a look at our Diversity Leadership Program, Diversity Toolkit, and interview with our new Diversity Officer Scott Skaro. Have suggestions for how we can improve? We need and welcome your feedback, comments, and questions.

Join Us in Welcoming the Following Members...

Please join us in giving NASFAA's newest member — Best Care College — a warm welcome. This month we also have the pleasure of welcoming back the following members: Chowan University, Colby-Sawyer College, Hartwick College, Labette Community College, Radford Locklin Technical Center, The University of Findlay, University of Rio Grande, Walsh University, and Warner University. We are glad to have all of you as NASFAA members!

x - FEDERAL REGISTER

The Department of Education (ED) has waived the requirements in the department’s General Administrative Regulations that generally prohibit project periods exceeding five years and project period extensions involving the obligation of additional federal funds. The waiver and extension would enable 23 projects under Catalog of Federal Domestic Assistance (CFDA) to receive funding for an additional period, not to exceed September 30, 2021.

x - NOTABLE HEADLINES

NASFAA TRAINING

NASFAA CAREER CENTER


NEXT

Contact us to submit questions, content or to purchase advertisements.

View Desktop Version