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today’s news for Friday, May 19, 2023

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NEWS FROM NASFAA

This week on "Off the Cuff," Allie, Jill, and David discuss recent developments related to the Federal Work-Study program and how financial aid professionals can navigate the wind-down of COVID flexibilities. Jill details a recent information collection request from the Department of Education and concerns related to the extent of the collection. David then highlights the murkiness of the end dates of the public health emergency and the general COVID-19 national emergency and in what ways those can impact schools.

As a part of the Department of Education’s (ED) forthcoming Notice of Proposed Rulemaking (NPRM) to overhaul gainful employment, the department also included financial responsibility, certification, ability to benefit (ATB), and administrative capability regulations within Wednesday’s notice. According to ED these additional regulations would assist the department in engaging in “targeted and proactive accountability” efforts. Stay tuned for a deep dive article from NASFAA’s policy team analyzing these additional proposed regulations. 

Interest rates are determined each June 1 for the upcoming award year by adding a fixed percentage to the high yield of the 10-year Treasury note auctioned at the final auction prior to June 1. As a result of the May 10 auction, the interest rate for federal loans first disbursed on or after July 1, 2023 are expected to increase from 4.99% to 5.50% for undergraduate Direct Loans, from 6.54% to 7.05% for graduate/professional Direct Unsubsidized Loans, and from 7.54% to 8.05% for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5 % and 10.5% respectively. Federal Student Aid (FSA) on May 16 also provided a chart detailing those rates for dependent students in its knowledge center.

Are you looking to test your knowledge from the news of the week? Check out our weekly quiz highlighting some of our coverage and updates from the past week. (Hint: Read through this week’s issues of Today’s News for answers.) Be on the lookout for a new quiz each Friday and let us know if any of our questions stumped you!

NASFAA UPDATES AND ANNOUNCEMENTS

NASFAA's Board of Directors is here to represent you and is seeking your input. Please email any questions or comments you might have directly to a member of the NASFAA Board by clicking on their name on our Board Directory page. Questions or feedback may pertain to NASFAA products and services, membership benefits, policy/advocacy issues, or any other topic you would like to bring before the Board. The Board will compile and discuss at the summer meeting on June 28 in San Diego, California. We welcome your insight.

Please join us in congratulating: Jared Menghini, who was promoted from interim vice president of enrollment management & financial aid to vice president of enrollment management at Wilkes University; Paige Kiley, who was promoted from assistant director of financial aid to director of financial aid at Edison State Community College; David Vera, formerly the manager of financial aid at Urban College of Boston, who is now the assistant director of financial aid at Endicott College; and Phyllis Molina, who was promoted from senior counselor to lead counselor at the University of Washington. Celebrate your own career developments by completing the "Movers and Shakers" form to share the news with your colleagues.

U.S. DEPARTMENT OF EDUCATION

TRENDING IN FINAID NEWS

INDUSTRY NEWS OF THE WEEK

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