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today’s news for Monday, June 14, 2021

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A new report is aiming to rebut the idea that broad student loan debt cancellation would serve as a regressive policy by highlighting “empirical and conceptual errors” made in a past analysis, and specifically arguing that loan forgiveness would benefit those with the least wealth. The new brief — published last week by the Roosevelt Institute —  follows a study from the Committee for a Responsible Federal Budget (CRFB), which found partial cancellation — in this case $10,000 or $50,000 for each borrower with federal student loans — would produce “only 2 to 27 cents of economic activity for every dollar of cost,” and declared that it is time “to retire the idea that the regressive cancellation of student debt is a cost-effective way to stimulate the economy.”

NASFAA UPDATES AND ANNOUNCEMENTS

The 2021-22 NASFAA U schedule of online courses is available and registration is now open. Don't miss out on these great training opportunities. NASFAA U online courses allow you to complete your training anywhere! Topics include Return of Title IV Funds, Verification, Application Processing, and more. There are also two new certificate courses being offered this year: Academic Calendars Certificate and Higher Education Loans Certificate. Reserve your spot early!

While it is not in any of the U.S. Department of Education's (ED's) written HEERF certifications or guidance, some schools have reported that they've been told that ED requires HEERF I to be spent before HEERF II, and HEERF II to be spent before HEERF III — known as "first-dollar-in, first-dollar-out." However, in practice this would be impossible. Since HEERF I, HEERF II, and HEERF III funds are commingled, ED has no way of knowing if you actually spent your HEERF I and HEERF II funds before spending HEERF III 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.

The following guidance applies to the return of Title IV funds (R2T4) rules that are effective July 1, 2021 (with possible early implementation by the school), in accordance with the Sept. 2, 2020 Federal Register. Yes. The late disbursement rules for Direct Loans in 34 CFR 668.164(j) apply to the loan period and the payment periods within that loan period, and not to individual modules within a payment period or loan period. 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.

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