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College Board. PowerFAIDS™ is affordable, easy-to-use software that automates every task in your financial aid process. Join our community of almost 700 institutions to stay up to date on regulatory compliance and user best practices for managing CARES Act funding.
Amid Rep. Elise Stefanik (R-N.Y.) ascending the GOP leadership ranks are reports that she is angling to serve atop the House Committee on Education and Labor in the next session of Congress. With Stefanik, the four-term congresswoman from upstate New York, securing the No. 3 position within House Republican leadership last week, she has reportedly said she would only hold the position for one term before seeking the top post on the House Education and Labor Committee, according to Politico.
In light of congressional interest in eliminating origination fees, NASFAA has updated the Origination Fees Issue Brief to reflect current fees. Originally published in 2017, the issue brief examines student loan origination fees, the hidden student loan tax, which generated a staggering $1.7 billion in revenue for the federal government in award year 2019-20, and $6.7 billion over the past four award years. NASFAA argues that origination fees stand in clear opposition to the overwhelming congressional support for simplification, transparency, and affordability in the federal student aid system, and should be eliminated by Congress. Read the updated issue brief and share with your colleagues.
Schools are prohibited from drawing down all of their HEERF dollars all at once, unless they are spending those dollars all at once. For the HEERF I funds, the Grant Award Notification (GAN) that schools receive from Grants.gov contains details about managing these funds. 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.
According to Q&A #39 in the HEERF III Frequently Asked Questions, schools have one year from the date their most recent grant obligation was processed by the U.S. Department of Education (ED) to spend all of their HEERF funds, including funds from prior rounds of funding from HEERF I and HEERF II. 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.
For institutions that received HEERF II funds, applications are not required to receive supplemental awards under HEERF III. Public and nonprofit Institutions that did not previously receive CRRSAA funding must submit their separate applications for the ARP student aid portion and institutional portion of Section 314(a)(1) funds by August 11, 2021. Likewise, proprietary institutions must submit their applications for the ARP student aid portion of Section 314(a)(4) funds by August 11, 2021. 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.
The financial aid community is familiar with change and flexibility — join Blue Icon Advisors on May 27 for a sector-specific Let's Talk discussion on the new HEERF III guidance. Engage with your peers and share tips on how you're preparing to administer the dollars and develop the infrastructure to manage the funds. Spaces are limited, so register today to save your spot. If you've already registered, no additional action is required.
Effective July 1, 2021, substantial changes are coming to the return of Title IV funds (R2T4) requirements for programs offered in modules. Join NASFAA's Amanda Sharp and David Futrell, Wednesday, May 19 at 2:00 p.m. ET for a detailed discussion of the new rules. They will share scenarios and examples to help schools determine when a student is considered a withdrawal from a payment period or period of enrollment that includes modules; how to apply new R2T4 exemptions; and new rules for students who graduate early from clock-hour programs. July 1 will be here soon, so make sure your school is ready. Register now.