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TODAY'S NEWS

today’s news for Monday, June 17, 2019

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NEWS FROM NASFAA

Last Wednesday, the Department of Education (ED) published in the Federal Register the first Notice of Proposed Rulemaking (NPRM) to come out of the 2018-19 negotiated rulemaking session. While the negotiations covered a broad swath of topics, this first NPRM covers only accreditation, state authorization, and the Robert C. Byrd Honors Scholarship Program. Because consensus was reached by the negotiators on all of the topics covered by the negotiations, ED must adhere to the regulatory language agreed upon at the conclusion of negotiations.

It's well known that many borrowers struggle to repay their students loans, with many saying the debt has contributed to decisions to delay homeownership, marriage, starting a family, or saving for retirement. A new report from the Institute for College Access & Success (TICAS) sheds light on the characteristics of borrowers who go over the edge and default on their student loans.

The Department of Treasury on Friday released a report that outlines best practices for colleges and universities to teach financial literacy skills to students, as well as best practices for financial education programs. The report makes several recommendations, including providing clear, timely, and customized information on borrowing, effectively engaging students, targeting different student populations using different sets of data, communicating how graduation and major can impact repayment of student loans, and preparing students to meet their financial obligations after college. Based on a review of research and consultations with various experts and stakeholders, the report is the work of the U.S. Financial Literacy and Education Commission, which is chaired by Treasury and comprised of the heads of 19 additional federal agencies.

NASFAA UPDATES AND ANNOUNCEMENTS

AskRegs

Yes. Because there are multiple components included in SAP, it is possible for a student to be placed in financial aid warning status multiple times, for the same or different reasons. Remember, for SAP purposes, the term financial aid warning has a very specific meaning in 34 CFR 668.34(b). 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.

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