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House Republicans on Wednesday passed their debt limit legislation in a party-line vote of 217-215. The bill underwent some last minute changes on Wednesday in order to shore up support among conservative members, but retained its higher education provisions impacting the student loan portfolio and cutting discretionary spending to the fiscal year 2022 level.
The Office of Federal Student Aid (FSA) on Wednesday provided more details about the newly awarded contracts to five student loan servicers, and what’s next under the Unified Servicing and Data Solution (USDS), part of the Department of Education’s (ED) NextGen initiative, in a stakeholder call.
A new research series from the Student Borrower Protection Center (SBPC) explores student loan disparities in Southern cities across the country, and found that majority-Black neighborhoods in Atlanta have seen disproportionate growth in student debt burdens.
The Office of Federal Student Aid (FSA) on Tuesday sent an email reminding institutions that by Friday, June 9, 2023, the Gramm-Leach-Bliley Act (GLBA) will require institutions to “ensure the security, integrity, and confidentiality of student information and unauthorized access or threats to it.” FSA made several recommendations institutions can take to prepare, including reviewing guidance on conducting a risk assessment, creating an incident response plan, building an Information Security Program, and conducting a risk assessment of internal and external risks of student data security, among other things. The Feb. 9, 2023 Electronic Announcement provides more information on updated GLBA cybersecurity requirements. Questions regarding this topic can be sent to [email protected].
NASFAA is excited to announce that Department of Education Under Secretary James Kvaal will join us at the 2023 Virtual Conference as the opening session keynote speaker on July 11. On the heels of the Supreme Court's decision on debt forgiveness and as borrowers are scheduled to enter repayment, you won't want to miss this thought-provoking conversation, as Kvaal shares the goals of the current administration to enhance college accessibility and affordability. Review the full schedule and register today!