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today’s news for Monday, August 9, 2021

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NEWS FROM NASFAA

The Department of Education (ED) on August 6 announced it will extend the pause on student loan payment and interest accrual past its September expiration date. Following weeks of pressure from top Democrats and advocacy organizations, the pause on payments will now be in place through Jan. 31, 2022.

California regulators plan to apply more oversight to income-share agreements (ISAs) and will now treat them as private student loans under California’s student loan servicing law, the California Department of Financial Protection and Innovation (DFPI) announced Thursday. DFPI announced it had entered into a "landmark agreement" with Meratas, Inc., a New York-based company that enables schools to issue ISAs to students.

The Department of Education (ED) announced on Friday that it will establish a negotiated rulemaking committee focusing on rewriting regulations for Public Service Loan forgiveness, income-contingent repayment plans, and borrower defense to repayment, among other issues with the first negotiating session set to run October 4–8. NASFAA recently submitted written comments to ED concerning the topics that should be considered in negotiated rulemaking, including  urging ED to reduce complexities in the income-driven repayment (IDR) plans and income-contingent repayment (ICR) plans so more borrowers can utilize them. The upcoming meetings are slated to be held virtually beginning in October, with subsequent meetings being held on November 1–5 and December 6–10. Additional topics for consideration include interest capitalization on federal student loans, Pell Grant eligibility for prison education programs, as well as total and permanent disability discharges.

NASFAA UPDATES AND ANNOUNCEMENTS

 Off the Cuff

Periodically NASFAA takes stock of all its products and services. This August, while we're on a break from recording new podcast episodes, we'd like to evaluate and collect your feedback on NASFAA's "Off The Cuff" Podcast. Please complete this short six-question survey by 5:00 p.m. ET Tuesday, August 17. Your input will help shape future NASFAA podcasts.

Join us Wednesday, September 1, 2021 at 2:00 p.m. ET for a webinar about the effects of grant aid on a range of college student outcomes from a meta-analysis of findings from 86 studies released from 2002-2020. Presenters will review how effects varied across categories of grant aid and other program character and consider the connection between student financial aid practice and research. This webinar is free to all NASFAA members. Register here.

Are Schools Required To Provide Educational Programming To Observe Constitution Day On September 17? Yes. Under the statutory requirement, any postsecondary institution receiving federal funds must hold an educational program pertaining to the U.S. Constitution on September 17 of each year. View the full answer to this question to learn more.

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