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The first round of the Department of Education’s (ED) negotiated rulemaking session formally began Monday with introductions, a review of the regulatory issues under discussion and a commitment to engaging in solution-oriented dialogue in an effort to come to consensus on a number of policy frameworks. More than a dozen constituency groups representing a wide array of higher education parties delved into policy discussions centered on proposed student financial assistance regulations as a part of Monday’s “Affordability and Student Loans Committee.” The group kicked things off in a virtual negotiated rulemaking session by offering introductions and discussing the protocols for negotiating their lengthy agenda.
Rep. Andy Kim (D-N.J.) last week introduced a bill requiring schools to make readily available their policies on adjusting institutional aid upon a student’s receipt of non-Title IV aid and how the receipt of non-Title IV aid may impact eligibility for institutional financial aid. The Helping Students Plan for College Act, supported by NASFAA, requires schools that adjust institutional aid based on student receipt of non-Title IV aid, commonly called scholarship displacement, to disclose this fact publicly, which is already a best practice at many schools.
Borrowers who are serviced by two major student loan servicers who recently announced they will no longer operate as federal student loan servicers now know who will be handling their accounts next year. The Office of Federal Student Aid (FSA) provided updates on federal loan servicers contracts last week, posting that some groups of borrowers who were under the Pennsylvania Higher Education Assistance Agency (PHEAA), which operates as FedLoan Servicing, will soon be transferred to MOHELA. Additionally, FSA said it has begun transferring borrowers serviced by Granite State to Edfinancial, and all transfers are expected to be completed before the end of the year.
In June 2021, NASFAA was awarded a generous grant to fund an 18-month-long project through which the association will develop thoughtful, targeted policy solutions to address our flawed student loan repayment system. Understanding the different perspectives, voices, and viewpoints other higher education organizations can bring to issues surrounding student loan repayment, NASFAA in August 2021 solicited partners to join a coalition that will lend its expertise and potentially help advocate for the recommendations developed as part of this project.
NASFAA's award-winning Diversity Leadership Program (DLP) provides selectees from marginalized and underrepresented groups with a robust portfolio of benefits, mentorship, and guidance on how to develop as a financial aid association leader at the state, regional, and national level. Applications are peer-reviewed, and six financial aid professionals, one from each region, are selected by a group of their colleagues. Applications must be submitted by 5:00 p.m. ET Friday, October 15. Learn more and apply today.
This AskRegs Knowledgebase Q&A was updated on October 4, 2021 to change the deadline for setting the Coronavirus Indicator for the 2020-21 award year. That deadline is now September 30, 2022. The deadline for Lump Sum Reporting is also now September 30, 2022. The payment period start date has also been extended. The Coronavirus Indicator will be accepted when the payment period start date is a date inclusive of or between January 1, 2018 and July 1, 2022. View the full answer to this question to learn more.
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