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TODAY'S NEWS

today’s news for Friday, June 26, 2020

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NEWS FROM NASFAA

 Off the Cuff

This week on "Off The Cuff," Justin, Megan, Jill, and Allie are joined by 2005-06 NASFAA National Chair David Gelinas, who is the 2020 recipient of NASFAA's Lifetime Achievement Award, the highest award that the association can bestow on one of its members. David shares how he earned the nickname "Sheriff Dave," his advice that he would pass along to others in the profession, and what his plans are for retirement. At 12:03, Megan shares the latest on the Department of Education's portal for foreign gift reporting, as well as recently released student loan origination fees. At 19:18, the group discusses news out of Federal Student Aid, as the office announced its selection of five companies to provide customer support to federal student loan borrowers. Plus, the team wants to know: What shows have you been binge watching lately? The podcast team will be on hiatus next week in observance of the Fourth of July — we'll catch up with you in two weeks!

With less than 100 days until student loan repayments are set to resume following their suspension under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a group of higher education policy experts discussed what continued federal efforts could be made to aid struggling borrowers, who have suffered financially during the pandemic. The discussion, hosted by the Bipartisan Policy Center, centered around how the federal government can support student borrowers in its next COVID-19 aid package, while opening pitches are still being made, and urged for increased simplicity in repayment plans as well as clear and timely guidance for borrowers on relief efforts.

College students incur additional and often unseen expenses beyond the typical price tag of tuition and fees. These indirect expenses can be difficult for students to identify and prepare for, making them a leading factor contributing to financial hardship among students. A new report from uAspire, titled “Beyond the College Bill,” examines some of the most pressing expenses outside of tuition, arguing that students need more upfront information to properly calculate costs like housing, transportation, food, laptops, and other supplies.

x - COVID-19 ASKREGS

AskRegs

This AskRegs Knowledgebase Q&A has been updated to point out the June 17, 2020 Interim Final Rule, which requires students who receive Higher Education Emergency Relief Fund (HEERF) emergency financial aid grants to students under Section 18004 of the CARES Act to be Title IV-eligible students enrolled in Title IV eligible programs. The Title IV eligibility requirement is now enforceable as of the June 17, 2020 publication date. 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

Yes. There is no exception in the May 15, 2020 Electronic Announcement guidance for unofficial withdrawals. Therefore, the R2T4 waiver applies to all official and unofficial withdrawals during the payment period or period of enrollment within the covered period, even those who withdrew before the COVID-19 related disruption on campus or before March 13th in the payment period that includes March 13, 2020. 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

Yes, but remember that the school should only be drawing down Higher Education Emergency Relief Fund (HEERF) grants under the CARES Act as the school has immediate needs to disburse those funds directly to students or to pay institutional costs.  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.

NASFAA UPDATES AND ANNOUNCEMENTS

This edition of the Capitol Recap includes loan relief for health care workers and public servants. As the COVID-19 pandemic continues, the financial hardship for borrows increases, specifically for public servants. In April and May we saw six bills introduced aimed at alleviating student loan burden for individuals who work in the health care sector or are public servants. In addition, and related to the challenges that students have faced after being sent home from college campuses, two bills were introduced to tackle the needs of college students struggling with technology and food insecurity. NASFAA’s Capitol Recap provides summaries of each bill introduced in January, while the NASFAA Legislative Tracker provides a comprehensive list of all student aid-related bills introduced so far this session.

Special Offer: 50% Discount on Self-Study Guides and Credential Exams

A number of financial aid offices across the country have had to move their operations online amid the outbreak of COVID-19. This represents a big shake-up to the status quo, but NASFAA is here to help. From now until June 30, 2020, NASFAA is offering a 50% discount on NASFAA professional credential exams and NASFAA U Self-Study Guides. To receive 50% off each credential exam, enter promotional code NUTCPROMO50 on the shopping cart page during checkout. To receive 50% off each 2019-20 self-study guide, enter promotional code NUSGPROMO50 on the shopping cart page during checkout. Promotional codes must be applied at the time of purchase and cannot be used with any other discount; previous purchases cannot be adjusted. If you have any questions, please contact Membership Services.

Please join us in congratulating Ron Day, director of student financial aid at Kennesaw State University, who will retire after 30 years in financial aid. Ron served as the 2012-13 NASFAA National Chair and was a NASFAA 2020 Lifetime Achievement Award winner. Celebrate your career developments by completing the "Movers and Shakers" form to share the news with your colleagues. We'll review your submission and then post your update to our Movers and Shakers page for all to see.

TRENDING IN FINAID NEWS

U.S. DEPARTMENT OF EDUCATION

The Department of Education (ED) updated this Electronic Announcement on June 16, 2020, by expanding flexibilities for standard term programs and extending the timeframe for those flexibilities through the end of the academic year that includes December 31, 2020 or the end date for the COVID-19 Federally declared emergency, whichever occurs later. The changes can be found at the end of the section entitled “Approval to Offer Distance Education.”

During the period June 26–28, 2020, we plan to implement additional Common Origination and Disbursement (COD) System functionality that supports the Campus-Based programs and the processing of Federal Pell Grant (Pell Grant), Iraq and Afghanistan Service Grant, Teacher Education Assistance for College and Higher Education (TEACH) Grant, and William D. Ford Federal Direct Loan (Direct Loan) awards for the 2020–21 Award Year.

x - FEDERAL REGISTER

In Title 34 of the Code of Federal Regulations, Parts 400 to 679, revised as of July 1, 2019, on page 87, in § 600.9, paragraph (d) is reinstated to read as follows for state authorization.

The collection of this information is needed in order for the Payment Analysts in Federal Student Aid, an office of the U.S. Department of Education, to review and process the institutional payment request for Title IV funds.

x - NOTABLE HEADLINES

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