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today’s news for Thursday, October 7, 2021

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NEWS FROM NASFAA

The Department of Education’s (ED) negotiated rulemaking session picked up Wednesday where it left off by working through the remaining borrower defense regulatory discussions and also began conversations on issue papers related to the Public Service Loan Forgiveness (PSLF) program. In terms of the agenda, Jennifer Hong, the federal negotiator for ED, highlighted that the initial discussions for PSLF were moved to coincide with the department’s newly announced temporary changes to the program to better prompt discussions.

On Wednesday evening, Department of Education (ED) leadership participated in a town hall detailing significant changes to the Public Service Loan Forgiveness (PSLF) program that were announced earlier in the day. During the town hall event Wednesday night, Education Secretary Miguel Cardona said borrowers “shouldn’t have to jump through hoops. If you give 10 years of service to the community, you should have loans forgiven." Regulatory changes for PSLF are anticipated to come through the ongoing negotiated rulemaking process in tandem with actions taken and announced by ED through its emergency authority that aim to reimagine the program and how it operates for those working in the public service sector. 

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA is pleased to announce the selection of Karen McCarthy, former NASFAA director of policy analysis, to serve as the association’s new vice president of public policy and federal relations after a national search for a successor to Megan Coval, who departed in September. “Congressional offices, stakeholders, and the U.S. Department of Education have relied on Karen’s expertise in crafting their public policy solutions. Her knowledge, combined with her passion for helping students, will serve NASFAA members well as we enter this new and exciting chapter,” said NASFAA President Justin Draeger.

The NASFAA website and all related services are scheduled for a planned outage Friday, October 8 - Monday, October 11, as we conduct system maintenance. During this period, all NASFAA online services will be unavailable — including nasfaa.org, the AskRegs Knowledgebase, the NASFAA Compliance Engine, and the ability to take NASFAA professional credential tests — please plan accordingly. Today's News will not be published on Monday, October 11 as NASFAA will be closed for the federal holiday, but we expect to have all services back online, and Today's News distributed without issue, on Tuesday, October 12. Thank you for your patience and understanding as we perform these critical tasks.

What information will your students need to complete the FAFSA for the upcoming school year? Will there be changes for the 2022-23 application and processing cycle? Join NASFAA's Lissa Powell and Jackie Cottom to review key aspects of the application process, discuss updates to the FAFSA application, and consider answers to frequently asked questions. They will also take a brief look at the tables used to calculate the expected family contribution (EFC) of applicants. Register now for this webinar sponsored by Discover® Student Loans

Suffolk University in Boston, Massachusetts had a financial literacy program in place, but the sessions had low attendance. Blue Icon Advisors, NASFAA Consulting, suggested changes to the content and delivery methods. As a result, Suffolk saw attendance grow from 10 participants to 75 for its session on “Understanding Student Loans.” (That’s a 650% increase!) Read more about Suffolk’s experience and contact Blue Icon for assistance with your own financial literacy efforts. 

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