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today’s news for Monday, August 30, 2021

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NEWS FROM NASFAA

The Department of Education (ED) in a pair of electronic announcements last week provided updates on upcoming award notices and deadlines that postsecondary institutions should be aware of in the weeks ahead. The first announcement explained how 2021–22 supplemental award funds for each of the campus-based programs will be distributed and how schools will be notified of supplemental awards. Other than funds distributed through the supplemental process described in this announcement, ED does not anticipate that any additional campus-based funds will become available for the 2021–22 award year. The second alert served as a reminder of the upcoming deadline for submitting the Fiscal Operations Report for 2020–21 and the Application to Participate for 2022–23 (FISAP) for the campus-based programs. In order to comply institutions must submit the FISAP and the required signature by Friday, Oct. 1, 2021.

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA would like to remind schools in the areas affected by natural disasters about existing guidance regarding the impact of a "major disaster" on the administration of the Title IV student assistance programs. Dear Colleague Letter GEN-17-08 and its attachment are intended to help Title IV student financial aid recipients and their families who are affected by a federally declared major disaster. To those impacted by Hurricane Ida, NASFAA staff and our Board of Directors send you our thoughts and prayers for your safety and well-being.

NASFAA is interested in your and your borrowers' experiences with the Public Service Loan Forgiveness (PSLF) program to inform our response to the Department of Education's (ED) recent request for information. Please complete this short survey by Wednesday, Sept. 8 to let us know how you think ED can make improvements to the PSLF program.

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. It depends on whether the school has an R2T4 Freeze Date (RFD) when determining the percentage of the payment period the student completed for earned and unearned aid in the actual R2T4 calculation. View the full answer to this question to learn more.

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