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today’s news for Monday, November 8, 2021

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NEWS FROM NASFAA

The Department of Education’s proposed regulatory text on income-driven repayment plans (IDR) dominated the conversation Friday during the final day of the second  negotiated rulemaking session on student loans and affordability. Picking up where the committee left off the previous day following some early discussion on IDR, negotiators heard from ED negotiator Jennifer Hong on the department’s plan to introduce a new IDR plan, the Expanded Income-Contingent Repayment (EICR) plan. At the outset of the day’s conversation, negotiators asked for clarification regarding how the new IDR plans fit with ED’s existing IDR offerings for borrowers and whether the department planned to get rid of any plans. 

The Department of Education (ED) last week announced it was ending its contracts with private collections agencies it uses to recoup payments from borrowers with defaulted student loans. ED in a statement to NASFAA said the Office of Federal Student Aid (FSA) notified private collection agencies that it will recall the federal student loans the companies hold and end FSA’s relationship with them.

Earlier this year NASFAA and the National College Attainment Network (NCAN) joined together to survey financial aid administrators and college access and success advisers on the impact of verification on their students and their work within the landscape of verification relief and scrutiny. The resulting paper, published today, offers recommendations to decrease the burden verification places on students and financial aid administrators alike. Register now and join us today at 4:00 p.m. ET for a free webinar where NCAN and NASFAA staff will discuss the survey findings and report recommendations.

NASFAA UPDATES AND ANNOUNCEMENTS

No. The rules regarding institutional charges have not changed as a result of the regulatory changes in the September 2, 2020 Federal Register related to return of Title IV funds (R2T4) and modules. Institutional charges are not determined by whether a module is included in the R2T4 calculator denominator (the 60% calculation of earned/unearned aid), so look at the issue of the R2T4 denominator and institutional charges independently. Then, follow the U.S. Department of Education's (ED's) guidance on the Program Integrity Questions and Answers--Return of Title IV Funds website. View the full answer to this question to learn more.

We need your great ideas for engaging, relevant, and interesting conference sessions. All types of session proposals are welcome, from those focused on advocacy, training, and professional development, to sessions structured as open-forum discussions. We urge you to construct your session proposal with an eye toward inclusion, ensuring speakers from all different backgrounds — particularly those from marginalized groups — are represented. All proposals must be received by Friday, November 19, 2021. Visit our Presenters and Moderators page to submit a proposal.

SOE peer reviewers are not only financial aid experts, but also have experience in other areas of higher education administration. You can put that expertise to work for your school with an SOE review. Learn more about the SOE team members and request information about an SOE review today.

NASFAA’s Diversity Leadership Program (DLP) supports the association’s ongoing commitment to diversity and inclusion. Each year, six financial aid professionals from marginalized and underrepresented groups — one from each region — receive a portfolio of benefits plus mentorship and guidance to support development as a financial aid association leader at the state, regional, and national level. The DLP Selection Committee chose the members of the 2020-21 class from among a field of 70 applications. Read more about the DLP class, and find links to their individual bios on page 21 of NASFAA Now, our annual impact report.

U.S. DEPARTMENT OF EDUCATION

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