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today’s news for Tuesday, November 24, 2020

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CampusLogic. New research uncovers the main barrier preventing student success is actually financial instability, not academic. Take a deeper dive into the research by exploring our interactive report for immediate steps you can take to address the current enrollment and retention crisis. Read more.

NEWS FROM NASFAA

Member Spotlight

At some point early on in the pandemic, Nick Prewett, director of financial aid and scholarship services at Stony Brook University, decided to view the disruption caused by the coronavirus as an opportunity. With staff working remotely, he was looking for ways to keep employees motivated and connected, and challenged them to obtain as many NASFAA professional credentials as possible.

House Democrats are again demanding that the Department of Education (ED) immediately make available a previously utilized online tool meant to assist defrauded student loan borrowers apply for loan forgiveness. Following their original letter from October — which included a number of documents alleging that ED intentionally derailed the tool — Reps. Bobby Scott (D-Va.) and Carolyn Maloney (D-N.Y.), chairman and chairwoman of the House education and oversight committees, are now concerned that the White House is interfering in the process of reinstating the tool meant to ease the application process for borrowers who were in many instances defrauded by for-profit institutions.

NASFAA UPDATES AND ANNOUNCEMENTS

AskRegs

This AskRegs Knowledgebase Q&A was updated to clarify that there are circumstances when schedule 2 or 3 is not required for federal verification even if it was filed with the IRS. Many people will only need to file IRS Form 1040 or 1040-SR (senior) without any of the numbered schedules. However, if the tax return is more complicated (e.g., the tax filer has business income or claimed certain deductions or credits), the tax filer will need to complete one or more of the numbered schedules. 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.

AskRegs

This AskRegs Knowledgebase Q&A was updated on November 20, 2020 to reflect updated guidance from the U.S. Department of Education (ED). Yes. According to guidance NASFAA has received from ED, the verification flexibilities related to COVID-19 apply to any verifications being completed through the end of the payment period that includes December 31, 2020 or the end of the payment period that includes the end date for the federally-declared emergency related to COVID-19, whichever occurs later. 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.

Webinar Logo

First up in 2021, NASFAA U is offering the Verification: 2021-22 online course beginning January 11. Don’t miss this valuable training opportunity, perfect for both new and seasoned financial aid professionals, designed to provide the necessary tools and subject matter expertise to guide you through the verification process. Live instruction, discussion topic collaboration, and assessments throughout the course will reinforce key concepts. Upon passing the course, you will receive complimentary access to the credential test. Reserve your seat now for this popular course before it fills up.

FEDERAL REGISTER

On November 19, 2020, the U.S. Department of Education published a 30-day comment period notice in the Federal Register with FR DOC# 2020-25550 (Page 73696, Column 1, Column 2) seeking public comment for an information collection entitled, “Measures and Methods for the National Reporting System for Adult Education”. The docket number is incorrect. The correct docket number is ED-2020-SCC-0117.

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