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today’s news for Monday, October 18, 2021

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NEWS FROM NASFAA

The Department of Education (ED) on Friday announced it would be using its authority to extend several federal student loan servicer contracts for an additional two-year period in order to better address servicing issues to better protect borrowers by holding servicers accountable for their performance. ED in recent weeks has been ramping up more details concerning the impending end of the student loan moratorium, slated to expire Jan. 31, 2022, but has also had to contend with servicer exits and re-assigning borrowers to new accounts.

As student loan borrowers brace for the return to repayment, a new policy brief seeks to highlight how greater utilization of the federal government’s existing income-driven repayment plans (IDRs) would help prevent defaults. Daniel Kreisman, an associate professor at Georgia State University, in a recent paper helped demonstrate how changing the default repayment plan for all borrowers to IDR — and completely eliminating the option of the standard 10-year repayment plan — could provide stronger protections to borrowers with better financial outcomes on student loan repayment. In order to achieve this goal, policymakers would need to make a number of changes to the loan system.

NASFAA UPDATES AND ANNOUNCEMENTS

This AskRegs Q&A has been updated to include October 6, 2021 changes the U.S. Department of Education (ED) made to implementation of the no return of Title IV funds (R2T4) Freeze Date option for schools with modules. Refer to SD-Q2/A2 on the Program Integrity Questions and Answers—Return of Title IV Funds website. View the full answer to this question to learn more.

This 120-minute webinar provides an overview of 2022-23 verification requirements and highlights any new or changed data element and documentation requirements. It will focus on some complicated cases and verification-related conflicting information issues that come up year after year. Join David Futrell, NASFAA Knowledgebase and AskRegs manager, as he leads you through the latest verification requirements and challenging issues on Wednesday, October 27. Register now.

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