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today’s news for Monday, June 28, 2021

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NEWS FROM NASFAA

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Stretching resources is nothing new for financial aid offices but in the wake of the pandemic institutions of higher education will have to work harder to allocate their administrative and programmatic funding and, for schools already familiar with a lack of resources, those challenges are slated to be a significant burden. In a discussion held the final day of the NASFAA 2021 Virtual Conference, a group of financial aid professionals focused in on how institutions can deal with insufficient resources and serve large numbers of disadvantaged and/or low-income students.

The Department of Education (ED) on Thursday posted in the Federal Register a public comment request on proposed revisions to schools’ annual reporting requirements for the Higher Education Emergency Relief Fund (HEERF) program. The data collection concerns HEERF I, II and III, and requests that institutions provide public comments addressing the necessity of the data collection, processing requested information, accuracy of estimated burden, as well as how ED can enhance quality of the data collection and how ED can minimize the burden of this collection. Stay tuned to Today’s News for an analysis of ED’s proposed revisions. Interested persons are invited to submit comments on or before August 23, 2021.

NASFAA UPDATES AND ANNOUNCEMENTS

This four-week interactive online course, beginning August 24, will provide an overview of the return of Title IV funds (R2T4) regulations including the new regulations that go into effect on July 1, 2021. Course participants will learn what happens to Title IV funds when a student withdraws before completing the period of enrollment, withdrawal from programs offered in modules, and how to apply the R2T4 formula to calculate the amount the school must return to the Title IV programs, or the amounts the student could receive as post-withdrawal disbursement. Register now

Submitting resources for inclusion in NASFAA's Member-Generated Content Library is a great way to help your fellow schools improve their processes and current resources. Currently, NASFAA is seeking sample procedures, survey instruments, and any other resources your institution uses annually to review and/or update its cost of attendance (COA); please consider submitting yours for inclusion. Submissions will be collected until 5:00 p.m. ET on Friday, July 2, and all identifying information about your institution will be removed before the resources are published. Please note, NASFAA does not review submissions for technical or regulatory accuracy.

The following guidance applies only 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 September 2, 2020 Federal Register. Yes. According to guidance NASFAA has received from the U.S. Department of Education (ED), for purposes of the 49% R2T4 exemption calculation, you only exclude breaks that are common to all modules within the payment 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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