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today’s news for Monday, May 23, 2022

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NEWS FROM NASFAA

Student loan reform isn’t simple. The system — from the types of loans and servicers, to the various repayment plans — is complex, and to truly get to the root of the flaws that have led borrowers into financial distress, each component needs to be addressed. Read on for comprehensive recommendations aimed at providing policymakers with targeted and tangible solutions to address the long documented, underlying flaws in the current repayment model and default system.

Federal Student Aid (FSA) on Friday provided stakeholders with an updated roadmap on their efforts to replace the legacy servicing contracts for Direct Loans and federally managed Federal Family Education Loan (FFEL) Program loans, and how they plan to go about transitioning to a unified servicing landscape that will modernize and enhance the federal loan servicing environment — with lofty plans to implement the transition by the end of 2023.

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA Welcomes 2022 Dallas Martin Endowment Policy Intern Jackson Snellman

Jackson Snellman

NASFAA is excited to welcome its 2022 Dallas Martin Endowment (DME) Policy Intern, Jackson Snellman. Jackson is a recent graduate of Rutgers University, where he earned a bachelor's degree in political science, with minors in French and women's and gender studies. During his senior year, Jackson interned with the Rutgers Office of Federal Relations, where he worked with university officials to advance the university's policy priorities at the federal level. He was previously a government & constituent affairs intern at the New Jersey Department of Transportation, and has held a number of other internships where his work focused around political and civic engagement. Following his internship with NASFAA, Jackson will be moving to Paris to pursue a master's degree in public policy at Sciences Po beginning in August. We look forward to having Jackson with us this summer — keep an eye out for his introductory article coming soon!

This AskRegs Q&A was updated on May 10, 2022 to provide additional clarity based on NASFAA's understanding without detailed written guidance from the U.S. Department of Education (ED). For the 2020 tax year, the American Rescue Plan (ARP) allowed taxpayers who earned less than $150,000 in modified adjusted gross income (AGI) to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. Unfortunately, some individuals filed their taxes prior to March 11, 2021 when the ARP was signed into law. View the full answer to this question to learn more.

Tomorrow at 2:00 p.m. ET, NASFAA will conduct its Annual Business Meeting virtually, followed by a policy update. The meeting will include updates on NASFAA's financial status, Certified Financial Aid Administrator® (CFAA) program, governance and oversight, and diversity efforts. The policy update will include the latest updates on what’s happening in Washington related to student aid policy. The Policy Team will provide updates on Higher Education Act reauthorization, student aid funding, regulatory action, and close with a question-and-answer session. Register now.

U.S. DEPARTMENT OF EDUCATION

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