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today’s news for Monday, January 11, 2021

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NEWS FROM NASFAA

Member Spotlight

The year 2020 may well have been the year of the webinar. With a global pandemic forcing millions of Americans to work, study, and interact online from home, virtual events and webinars became ubiquitous. Luckily for members of the New York State Financial Aid Administrators Association (NYSFAAA), the association had already been delivering webinars to its members and was more than prepared to do so as work went remote.

Institutions of higher education will face significant challenges brought about by budget shortfalls due to the ongoing pandemic, and the recently passed federal stimulus package will fall far short of being enough to offset the impact, according to Fitch Ratings. The ratings agency said the nearly $23 billion set aside for higher education in the Consolidated Appropriations Act, 2021 will provide some support for colleges and universities, but won’t be enough to fill the gaps in many institutions’ budgets this year. 

President-elect Joe Biden’s transition team announced that the incoming administration would continue the federal student loan administrative forbearance period, the pause in interest accrual, and the suspension of collections activity. Per a January 8 briefing from the transition team, Biden also supports “Congress immediately canceling $10,000 of federal student loan debt per person, as a response to the COVID crisis.”

NASFAA UPDATES AND ANNOUNCEMENTS

AskRegs

No. If the student completed the preceding term or nonterm payment period and does not begin attendance in the following term or nonterm payment period, the student is not a withdrawal for Title IV purposes under 34 CFR 668.22(a), even if the student withdrew from school due to COVID-19. 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.

Leadership Symposium Logo

Leaders in financial aid offices throughout the nation have faced unexpected, once-in-a-lifetime challenges over the past year. Perhaps the most significant was administering the student aid portion of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. Almost a year later, aid professionals with the advantage of time and perspective can use this as a case study. How much risk are you willing to take? How do you engage your campus leadership in an understanding of compliance and risk-taking? Take advantage of this session and more at NASFAA's 2021 Leadership Symposium, beginning February 2. There's still time to secure your spot – register today!

Webinar Logo

Join NASFAA President Justin Draeger and NASFAA staff from the AskRegs and policy teams this Friday, January 15, as they review the student aid provisions included in Congress’ massive year-end spending and COVID-19 relief packages. The team will review the new COVID-19 relief provisions and follow up on prior COVID topics, legislation, and guidance. They will also dive in on the other student aid provisions, including FAFSA simplification and spending for fiscal year 2021, included in the legislation. Time will be provided for open Q&A during this 90-minute webinar. Register now to secure your spot.

Blue Icon

The new director of financial aid at Presentation College noticed errors in Perkins Loan contributions and adjustments while completing the FISAP for the first time. Blue Icon worked with the school and its outside vendor to clean up the errors. Do you need help with federal reporting requirements? Contact Blue Icon today!

U.S. DEPARTMENT OF EDUCATION

The Department of Education is required under section 438 of the Higher Education Act to calculate and issue the quarterly Special Allowance Rates for three categories listed.

The Department of Education's (ED) federal offices as well as some of the Title IV processors and contact centers will be closed on Monday, Jan. 18, 2021 to observe the Birthday of Martin Luther King, Jr. federal holiday. Additionally, ED's federal offices located in Washington, D.C. will be closed on Wednesday, Jan. 20, 2021 for the Presidential Inauguration activities. Some of the contact centers and Title IV processors will also be closed on this day.

x - FEDERAL REGISTER

Federal Student Aid (FSA) requests extension of the Person Authentication Service (PAS) which creates an FSA ID, a standard user name and password solution. In order to create an FSA ID to gain access to certain FSA systems (FAFSA on the Web, NSLDS, StudentLoans.gov, etc.) a user must register on-line for an FSA ID account. The FSA ID allows the customer to have a single identity, even if there is a name change or change to other personally identifiable information. 

x - NOTABLE HEADLINES

x - INDUSTRY NEWS

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