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today’s news for Friday, June 24, 2022

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NEWS FROM NASFAA

The House Labor, Health and Human Services, Education, and Related Agencies (Labor-H) Appropriations Subcommittee on Thursday forwarded its fiscal year 2023 spending plan to the full appropriations committee. The bill contains an overall request of $86.7 billion in discretionary appropriations for the Department of Education (ED), an increase of $10.3 billion above the fiscal year 2022 enacted level, but $1.6 billion less than President Joe Biden’s request for fiscal year 2023.

An additional 200,000 student loan borrowers who claim they have been defrauded by their institutions will have their loans discharged by the Biden administration, with the Department of Education (ED) agreeing to a settlement concerning pending borrower defense claims. This most recent action on borrower defense claims — which will still need to be approved by the court — follows ED’s ramped up efforts to process discharges. In total, the approved claims would wipe out roughly $6 billion in outstanding federal student loan debt.

The NASFAA Standards of Excellence (SOE) Review, administered by Blue Icon Advisors, performs a comprehensive, holistic evaluation of a school's Title IV federal student aid operations, which requires a three-tiered approach that not only points out compliance exceptions, but also highlights strengths and offers peer review recommendations. Let's look at why an SOE review includes all three in our evaluation of your operations.

NASFAA UPDATES AND ANNOUNCEMENTS

For the calendar quarter ending on June 30, 2022, the NEW Quarterly Budget and Expenditure Reporting for all HEERF I, II, and III grant funds form/format must be used and completed by July 11, 2022 because July 10 falls on a Sunday (according to ED presenters on its Technical Assistance Webinar: Quarterly Reporting Update). Schools should not use the reporting formats or forms that have been used for quarters prior to the June 30, 2022 quarter, and they should note that significant changes have been made to the reporting requirements. View the full answer to this question to learn more.

U.S. DEPARTMENT OF EDUCATION

INDUSTRY NEWS OF THE WEEK

NASFAA TRAINING

NASFAA CAREER CENTER


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