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TODAY'S NEWS

today’s news for Monday, August 10, 2020

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Instructional Media + Magic (im+m), who announces MyFi-ALLY, a mobile-first app for processing Federal CARES Act (HEERF) requests while keeping a complete audit trail of requests and documentation for compliance. MyFi-ALLY may later be configured to become your everyday emergency funds request application.

NEWS FROM NASFAA

In recent years the financial aid community — including NASFAA — has voiced concern about disruptions, inconsistencies, and lack of quality servicing on federal student loans. As such, NASFAA has convened task forces over the last several years to develop recommendations to improve the student loan repayment process for borrowers, and has worked to get those recommendations incorporated into federal reform.

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

AskRegs

Since the applicant has been selected for verification, you will need to verify the data on the application for both parents. You only need the surviving parent's signature on the verification documents to complete verification. In many cases, the surviving parent or the deceased parent's estate can request the necessary Tax Return Transcript or alternative tax transcript, or provide a signed copy of the tax return (with applicable schedules), in order to complete verification. 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.

CFAA Logo

Are you considering NASFAA's Certified Financial Aid Administrator® Program? Check your eligibility using our free interactive tool. Then make sure your resume is up-to-date and apply online. The next two-week testing window begins Wednesday, August 26, 2020, but if that's too soon, there are several other testing windows available throughout the year. Begin your journey toward certification today!

NASFAA is looking forward to next year's National Conference in National Harbor, Maryland. The work of this task force will be focused on the program for the National Conference to be held June 27-June 30, 2021. The group will utilize multiple online meetings for its work — beginning in late August 2020 and concluding in March 2021— in developing high-quality educational conference sessions that reach the various interests and sectors of the NASFAA membership. The national conference brings financial aid professionals from across the country together to teach, learn, network, and share best practices. Make sure your voice is heard in developing the next conference and making it the best yet. Read through the full task force charter and, if interested, apply to volunteer by 5:00 p.m. ET today, August 10.

NASFAA U

The NASFAA U Direct Loans online course, one of our most popular offerings, begins on September 8. This eight-week interactive online course will review the Direct Loan application and origination process, eligibility criteria, annual and aggregate limits, loan periods, loan repayment plans, deferments, forbearance, discharges, and counseling requirements. This course is the perfect learning tool for new and intermediate level financial aid professionals, designed to provide the necessary tools and subject matter expertise to guide you through the Direct Loan 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. Register now to reserve your seat.

FEDERAL REGISTER

The Chief Operating Officer for Federal Student Aid announces the interest rates for loans made under the Federal Family Education Loan (FFEL) Program that have variable interest rates. The rates announced in this notice are in effect for the period July 1, 2020, through June 30, 2021.

The Chief Operating Officer for Federal Student Aid announces the interest rates for Federal Direct Stafford/Ford Loans (Direct Subsidized Loans), Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans), and Federal Direct PLUS Loans (Direct PLUS Loan) with first disbursement dates before July 1, 2006, and for Federal Direct Consolidation Loans (Direct Consolidation Loans) for which the application was received before February 1, 1999. The rates announced in this notice are in effect for the period July 1, 2020, through June 30, 2021.

The Chief Operating Officer for Federal Student Aid announces the interest rates for Federal Direct Stafford/Ford Loans (Direct Subsidized Loans), Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans), and Federal Direct PLUS Loans (Direct PLUS Loans) made under the William D. Ford Federal Direct Loan (Direct Loan) Program with first disbursement dates on or after July 1, 2020, and before July 1, 2021.

This information collection (OMB 1840-0616) includes application instructions and forms for the Centers for International Business Education (CIBE) Program authorized under Title VI of the Higher Education Act of 1965, as amended (20 U.S.C. Sections 611 and 612). The type of collection is an extension of a previously-approved information collection (application).

NOTABLE HEADLINES

NASFAA TRAINING

NASFAA CAREER CENTER

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