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As the Biden administration again faces what could be an impending expiration of the federal moratorium on student loans, the Department of Education (ED) finds itself returning to questions over how it will go about managing the student loan portfolio. While ED has implemented a number of targeted relief measures throughout the ongoing pause on repayment and interest accrual, the department must now contend with the growing list of administrative demands that hinge on the potential for broadscale loan forgiveness, a continuing backlog in the repayment system related to payment plans and accrued borrower defense claims, as well as the logistics of eventually transitioning borrowers back into repayment.
The Department of Education (ED) today launched a survey for institutions participating in Title IV programs to assess the ease of conducting business with Federal Student Aid (FSA). CFI Group, an independent vendor, will be contacting financial aid administrators via email with a link to the web survey, which is expected to take approximately five minutes to complete. NASFAA encourages members to complete this voluntary, anonymous survey by July 8, 2022. The survey is a performance measure in ED's strategic plan to increase partner engagement and oversight effectiveness.
Financial hardships, which have been exacerbated by the ongoing pandemic, are a significant obstacle to students continuing their program of study. Recognizing this hurdle, the Ellucian Foundation is again offering the Progress, Accomplishment, Thriving, Hope (PATH) Scholarship Program for 2022 to help higher education institutions support students experiencing economic hardship. Eligible institutions have until June 15 to apply for the scholarship, which is awarded in a single block grant between $10,000 and $25,000, with the ability to award up to $1,500 for individual students.
NASFAA has several resources on our FAFSA Simplification page to help financial aid administrators understand the upcoming changes resulting from the FAFSA Simplification Act and subsequent technical changes. Visit the FAFSA Simplification page for a timeline of effective dates for FAFSA simplification provisions, detailed summaries of all of the changes resulting from the legislation, a flowchart of the new Federal Methodology, plus all of NASFAA's Today's News coverage of FAFSA simplification.
Tomorrow at 2:00 p.m. ET, join members of NASFAA's Training and Regulatory Assistance Team for an open webinar Q&A opportunity. This is a chance to pose your regulatory questions, in an informal setting, without the confines of a specific topic. Register now.