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today’s news for Monday, October 25, 2021

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NEWS FROM NASFAA

A school has received returned checks for students who failed to cash credit balances. When returning the funds back to the source, if the student declines, is there an order of operations? Think you know the answer? Read on to see if you got it right!

Logistical hurdles abound for the Department of Education’s (ED) effort to restart student loan repayments following a nearly two-year hiatus, one challenge that remains somewhat out of their control is how servicers communicate impending system-wide changes — as demonstrated by Navient’s most recent correspondence with borrowers. Following the news that Navient would be handing off its student loan servicing to Maximus, a change recently approved by ED, borrowers have begun receiving communications telling them that Aidvantage would be handling their loans.

NASFAA UPDATES AND ANNOUNCEMENTS

This guidance was updated after the U.S. Department of Education (ED) updated the September 30, 2021 Electronic Announcement (APP-21-18) on October 15, 2021. It should not be reported anywhere on the FAFSA. If it is, remove it. For the 2020 tax year only, the American Rescue Plan (ARP) allowed taxpayers who earned less than $150,000 in modified adjusted gross income (AGI) to exclude from taxable income any unemployment compensation up to $20,400 if married filing jointly and up to $10,200 for all other eligible taxpayers. View the full answer to this question to learn more.

Happy NASFAA Member Appreciation Day! Yesterday marked 55 years since the founding of our organization, and to celebrate we ran a contest on social media last week to reward some of our members for all the amazing, hard work they do each day. To enter, members liked our Member Appreciation Day contest post on LinkedIn, Facebook, or Twitter and tagged two financial aid professionals who inspire them. Congratulations to our six randomly selected winners — Chuck Knepfle of Portland State; Kim Jenerette of Cedarville University; Gena Boling of Cornell University; Nick Prewett of Stony Brook University; Glendi Gaddis of Clark College; and Aurie Clifford of Pima Community College — who will each receive a credit worth $150 to order NASFAA-branded gear for themselves and their staff members and a complimentary registration to a NASFAA U course or webinar of their choosing. Thank you to all of our members who entered the raffle — we celebrate you today, and every day.

In the past month, we have added 23 new Department of Education resources, including new chapters from the Federal Student Aid Handbook, Dear Colleague letters, and electronic announcements. Check out this month's release notes for a look at some helpful, timely references in the Ref Desk and some of this month's newly added publications and resources.

Financial aid is a key component of enrollment management strategies across the country. However, it is not the only factor. How does a financial aid leader make the move to enrollment management when they have little to no experience in other enrollment management areas? Join this complimentary panel discussion on Tuesday, November 2 at 2 p.m. ET, to learn more about the skill sets enrollment management leaders possess and how to develop yours while working as a financial aid administrator. Register Now.

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