Dear NASFAA: Recent Highlights From AskRegs, Our Regulatory Q&A Service

One of the most popular benefits of a NASFAA membership is our AskRegs service. Staffed by the financial aid experts in NASFAA's division of Professional Assessment, Training, and Regulatory Assistance (PATRA), AskRegs gives NASFAA members personal assistance with regulatory or compliance questions. Many questions require research and/or consultation with the Department of Education. Applicable statutory or regulatory citations as well as other Department of Education guidance references are provided with our answers.

Here are a few recent questions that PATRA staff have fielded:

Dear NASFAA: It looks like the most recent Perkins Loan Promissory Note expires on June 30, 2009. Do you know if the Department of Ed and OMB have released one that is approved beyond June 30,2009? The current approved form is: OMB No. 1845-0074.

A revised Perkins MPN is currently being cleared through OMB. The Department of Ed will not have OMB's approval of the revised Perkins MPN until after June 30; probably sometime in August. It will then take some additional time to get the revised MPN posted on IFAP. Until the revised Perkins MPN is approved by OMB and provided to schools, the current Perkins MPN with the June 30, 2009 expiration date remains valid for making loans.

Dear NASFAA: I have a student who has not yet signed the Teach Grant ATS nor completed the entrance counseling. The last day of class is approaching. What is the time frame for this student to submit the documents to allow the funds to be posted to her student account?

For the purpose of the TEACH grant program, a student who is no longer enrolled at the institution is considered ineligible. For an otherwise eligible student to be considered eligible for a late disbursement of TEACH, the institution must have received a SAR or an ISIR with an official expected family contribution (EFC) and must originated the award before the student became ineligible. For TEACH Grant purposes, ССoriginate'' means that the student meets the eligibility requirements of з 686.11, including signing the ATS. All counseling requirements must be met prior to the disbursement. References: 03/21/08 Federal Register, p.15338; 34 CFR 668.164(g); 686.11

If you have a regulatory question for NASFAA, submit your questions to AskRegs.

When researching answers, NASFAA does not share identifiable institutional information with the Department unless authorized by the school. AskRegs responses represent NASFAA's understanding and while NASFAA believes that this response is accurate and factual, it has not been reviewed or approved by the U.S. Department of Education (ED). If you should need written confirmation for audit or program review purposes, please contact your ED Secretary's Regional Representative (SRR) or ED School Participation Team representative for additional guidance in this regard.

Posted 06/12/09 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web site questions or comments to Web@NASFAA.org.