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today’s news for Wednesday, August 25, 2021

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NEWS FROM NASFAA

Citing the ongoing costs the federal government is incurring as a result of the pause in student loan repayments and interest accrual, a nonpartisan think tank is urging the Department of Education (ED) to keep its word and ensure the pause ends when it is now slated to expire, in January 2022. The Committee for a Responsible Federal Budget (CRFB) put together a memo pushing for the creation of better-targeted policy alternatives that would ease borrowers’ costs or make college more affordable.

The Department of Education (ED) on Tuesday formally detailed its reversal of the borrower defense policy instituted under former Education Secretary Betsy DeVos that afforded borrowers whose claims were approved only partial relief. All borrowers with previously approved claims will see full relief, according to ED, except in certain circumstances where evidence necessitates a reduction to the amount of relief provided.

Federal Student Aid (FSA) in a pair of electronic announcements announced that it was processing the second Pell Grant Administrative Cost Allowance (ACA) payment for the 2020-21 year and third and final payment for the 2019-20 award year. According to FSA, a school’s calculated Pell Grant ACA payment will be posted in the Department of Education’s G5 website as an available balance. Once posted, a school must sign in to the G5 website and process a drawdown transaction in G5 to receive the funds.

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA and National College Attainment Network (NCAN) are currently working to evaluate solutions that would streamline and improve the verification process to reduce burden for institutions and students. As part of this work, we are conducting online member feedback sessions on current verification proposals to gain a better understanding of how these solutions may best assist students and institutions. Feedback gathered in these sessions will be used to inform a final report published this fall by NASFAA and NCAN. If you are interested in participating in a virtual focus group, please complete this form by Wednesday, September 1 to indicate your interest and select the dates and times that work best for you.

The pandemic has caused major changes in financial circumstances for students and families across the country, making it more important now than ever for financial aid administrators to have a solid grasp of when professional judgment (PJ) can and cannot be applied. Our upcoming four-week-long PJ online course will provide a comprehensive review of the concept of PJ, as well as an examination of the guiding principles for the use of PJ. NASFAA U instructors will also delve into PJ’s impact on student eligibility and financial assistance. Don’t miss out on this training opportunity. Class starts November 8; register now.

NASFAA TRAINING

NASFAA CAREER CENTER


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