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today’s news for Monday, March 28, 2022

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NEWS FROM NASFAA

Last fall, the Department of Labor (DOL) published its 2021 regulatory priorities, which included plans to update the top salary level that would qualify for exemption from overtime pay (known as the “white collar exemption”) under the Fair Labor Standards Act (FLSA), which would result in a greater number of employees eligible for overtime pay. The threshold is currently set at $35,568. DOL originally planned to propose a new threshold in April through a Notice of Proposed Rulemaking (NPRM), although that timeline is now expected to be delayed. While DOL has not given indication of what that proposed threshold may be, it is facing pressure from some members of Congress who want to see the salary threshold increased by more than double, to as high as $82,732 by 2026.

A group of Senate Republicans have unveiled a piece of college affordability legislation that would aim to give prospective college students an estimated total of the amount of interest they would accrue on their student loans. The Student Transparency for Understanding Decisions in Education Net Terms, or STUDENT Act, was introduced by Sen. Joni Ernst (R-Iowa), who said the goal of the bill is to provide students with a “clear picture” about the true costs of higher education.

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA is pleased to announce that Department of Education Under Secretary James Kvaal will be speaking at the 2022 National Conference in Austin, Texas this June. Kvaal will sit down with NASFAA President Justin Draeger to discuss the administration's higher education priorities and hear from financial aid administrators about their top concerns as we continue to transition out of the pandemic. Topics will include student loan forgiveness and repayment, forthcoming regulations, institutional quality and gainful employment, college affordability, and more. Register today for NASFAA 2022 in Austin — we hope to see you there!

Schools can originate 2022-23 Iraq and Afghanistan Service Grants (IASGs), TEACH Grants, and Direct Loans starting March 27, 2022. Even though schools can originate Federal Pell Grants on March 27, 2022, they might want to wait until the updated Pell Grant payment and disbursement schedules are updated in the Common Origination and Disbursement (COD) System. View the full answer to this question to learn more.

Are you interested in becoming a financial aid director? Join Blue Icon Advisors in June for the next Aspiring Director Group Coaching cohort. Over the course of six weeks, you'll focus on specific topics to help you advance in your career. Read what others have to say about their group coaching experience. The deadline to register for the next cohort is June 3, and the first meeting will take place on June 10. Classes fill quickly, so register now to save your seat!

NASFAA IN THE NEWS

U.S. DEPARTMENT OF EDUCATION

NASFAA TRAINING

NASFAA CAREER CENTER


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