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Promises of income-driven repayment (IDR) plans serving as a tool to help ease the burden of student loan debt for borrowers have not yielded the policy objectives set at their creation, and as higher education advocates look to bolster protections for student loan borrowers, a new report is highlighting ways in which the program can be retooled. While the Department of Education (ED) has announced impending changes for IDR plans, following documented “administrative failures,” there are additional steps a federal watchdog says need to be taken to ensure the program delivers its intended promises.
NASFAA has learned that the U.S. Department of Education (ED) has notified higher education institutions that drew down HEERF funds under any of the three federal COVID-19 relief packages that they are required to submit their HEERF Annual Performance Report (Year 2) between April 11 and May 6, 2022. May 6, 2022 is the deadline. This annual report collects HEERF I, II, and III activity and expenditure information on the same report for the 2021 calendar year (January 1 through December 31, 2021). The ED notice was sent to all individuals listed on the school's HEERF Grant Award Notification (GAN), or who served as submitters/editors for the 2020 HEERF annual report. View the full answer to this question to learn more.
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