SEARCH TODAY'S NEWS ARCHIVES
NASFAA
TODAY'S NEWS

today’s news for Thursday, May 13, 2021

Brought to you by:

Inceptia. Students have plenty on their minds. Add the stress of repayment deadlines and it is the critical decision-making moments that are the difference between if, when, and how they take their next educational steps. Inceptia can extend your reach to reduce repayment concerns and melt with targeted plans to help deliver specific messages to current and prospective students.

NEWS FROM NASFAA

The Department of Education (ED) has confirmed that institutions will be required to post the Quarterly Institutional Public Reporting Form (which was updated on May 11) and the Quarterly Student Public Reporting Form for HEERF II and HEERF III funds to their websites by the tenth day following the end of each calendar quarter, as has been that case for HEERF I funds. Notably, ED acknowledges that because it never affirmatively established HEERF II reporting requirements, it is extending the deadline by which institutions must submit retroactive reports for HEERF II for the first quarter of 2021 (January through March) to the end of the second calendar quarter, which is June 30, 2021.

With less than five months remaining until the current federal moratorium on student loan repayment and interest accrual is slated to expire, a group of higher education policy experts urged the Department of Education (ED) to utilize this pause to better improve the student loan repayment process. The main focus of the discussion, hosted by the Bipartisan Policy Center, highlighted how ED could improve the student loan repayment process in a way that better supports borrowers, improves repayment outcomes, and reforms income-driven repayment (IDR) plans.

Interest rates are determined each June 1 for the upcoming award year by adding a fixed percentage to the high yield of the 10-year Treasury note auctioned at the final auction prior to June 1. As a result of yesterday's auction, the interest rate for federal loans first disbursed on or after July 1, 2021 are expected to increase from 2.75% to 3.73% for undergraduate Direct Loans, from 4.30% to 5.28% for graduate/professional Direct Unsubsidized Loans, and from 5.30% to 6.28% for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5 % and 10.5% respectively.

NASFAA UPDATES AND ANNOUNCEMENTS

No. According to the U.S. Department of Education’s (ED’s) Final Rule, any individual who is or was enrolled at an eligible institution on or after March 13, 2020 is now eligible for leftover HEERF I student grants, HEERF II student grants, and HEERF III student grants. 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.

Immigration policy is constantly changing, especially with the recent election. DACA and undocumented students remain in limbo, with few options for financial aid and no long-term immigration solutions passed by Congress. Join in this 60-minute webinar on Thursday, May 27 at 2:00 p.m. ET for a discussion on how to advise DACA and undocumented students in the current climate, and share best practices and resources. 

NASFAA has recorded several webinars providing training for new financial aid officers and refreshers for more experienced aid officers. Access to the 90-minute recordings is complementary to NASFAA members through June 30, 2021. In these sessions, you'll cover how to find answers to regulatory questions, student eligibility, verification, and more. You can access the webinars by visiting the New Aid Officer Training Webinars page.

Do you have questions about becoming an FAAC®? Check out the recorded Zoom video chat, Certification Insider: Advice from the Commission Chairs. For example, you'll hear Daniel Barkowitz, past commission chair, share that when he's taken similar tests before, he has always wondered "who it was that wrote this, who was it that developed this? What do they know about me as a person and what they're measuring?" Access the recording today, and download the Exam Preparation Guide, which will remain complimentary through June 30, 2022.

x - U.S. DEPARTMENT OF EDUCATION

Updates Have Moved!

Looking for updates from the U.S. Department of Education? Head to Federal Student Aid's new Knowledge Center and the Federal Register for the latest. Be sure to stay tuned to Today's News for in-depth analysis on pressing issues from our policy team, and refer to the Student Aid Reference Desk to find what you need — fast.

NASFAA TRAINING

NASFAA CAREER CENTER


NEXT

Contact us to submit questions, content or to purchase advertisements.

View Desktop Version