Scenario: 

The school has a number of students who complete their undergraduate program in December, the end of the fall term, and then go on to their graduate program in the spring. The school runs a report to update the student's ISIR on their behalf. Should the school be collecting a signed statement to update a student's status from seeking an undergraduate degree to seeking a graduate degree?

Answer:

Yes. According to page AVG-93 in the 2019-20 FSA Handbook, "If you send a correction or update for a student, you must first have signed documentation from the student and parent."

The U.S. Department of Education (ED) confirmed for NASFAA that a signature of the parent and/or student is required when the school is making any updates or corrections.

If the student makes allowable updates to information on their application, the school does not need to collect a signed statement documenting the change.

Student Aid Index:

For additional information, try NASFAA's Student Aid Index. It is a central hub of all the important financial aid resources you need with direct links to legislation, regulation, Dear Colleague Letters, and other ED and NASFAA references. It is updated on a rolling basis with the latest news and changes. Search Need Analysis.

Test your financial aid knowledge with past pop quizzes based on real scenarios from financial aid offices on our Pop Quizzes page.

Publication Date: 1/16/2020