SEARCH TODAY'S NEWS ARCHIVES
NASFAA
TODAY'S NEWS

today’s news for Tuesday, April 25, 2023

Brought to you by:

Attigo by Ascendium®: Student loan borrowers are facing unprecedented challenges to achieving financial wellness. Our solutions can help them navigate the road ahead. GradReady® is a student success website offering academic and financial education. Student Loan Success Center™ is our 1:1 student loan counseling helpline. Together they provide students with 360° of trustworthy support. Learn more at attigo.com.

NEWS FROM NASFAA

On Monday, NASFAA submitted written comments to ED in response to a recent notice of intent to establish a negotiated rulemaking committee to cover topics such as return to Title IV funds (R2T4), third-party servicers, accreditation, cash management, state authorization, and distance education. NASFAA’s written comments largely matched verbal comments delivered earlier this month noting the need to simplify R2T4 and reiterating NASFAA’s position that the recently updated third-party servicer guidance does not align with existing regulations. Read Today’s News for updates on the negotiated rulemaking process.

The Department of Education (ED) on Monday announced it awarded new contracts to five companies as part of its larger overhaul of student loan servicing: Central Research, Inc.; EdFinancial Services; Maximus Education, LLC; Missouri Higher Education Loan Authority (MOHELA); and Nelnet Diversified Solutions. Central Research, Inc. is a new contract for ED, while the other four companies are existing federally-contracted student loan servicers. In a press release, ED said it will work with the servicers to "develop the necessary infrastructure, training, and procedures so [ED] can implement the new loan servicing environment in 2024."

FSA Resolving Exit Counseling Issues

On Monday, FSATech Customer Service provided updates on its FSATech listserv on two issues schools have reported with respect to students being unable to submit loan exit counseling. In the post, FSATech identified one issue as being experienced by students using Firefox or Safari browsers to submit counseling, and stated they resolved the issue on Friday, April 21. The second issue reportedly occurs when one or more loans are manually added for exit counseling, and the workaround is for borrowers to submit exit counseling without manually adding loans, until a permanent fix is implemented at the end of July 2023.

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA is pleased to announce that Richard Cordray, chief operating officer of the Office of Federal Student Aid (FSA), will be speaking at the 2023 National Conference in San Diego, California this June. In a Federal Update general session, Cordray will discuss the significant changes happening across the Title IV programs, including a complete redesign of the FAFSA, how aid will be calculated and delivered, and enhancements to vital systems used by financial aid professionals. This is the only live, in-person FAFSA simplification training opportunity from the Department of Education — don't miss out! Register today for NASFAA 2023 in San Diego. We hope to see you there!

U.S. DEPARTMENT OF EDUCATION

TRENDING IN FINAID NEWS

NASFAA TRAINING

NASFAA CAREER CENTER


NEXT

Contact us to submit questions, content or to purchase advertisements.

View Desktop Version