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today’s news for Monday, September 11, 2023

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NEWS FROM NASFAA

In 2014 the Obama administration set out to regulate gainful employment (GE) for the second time. In place of a loan repayment rate, which was the basis of the litigation surrounding the 2011 rule, the Department of Education (ED) proposed a program cohort default rate (pCDR), which encapsulated both program completers and non-completers who received Title IV aid. The article that follows, from Abbie Barondess, NASFAA's most recent Dallas Martin Endowment policy intern, is the second in a series of three articles examining GE regulations.

This week the Department of Education (ED) formally launched its advocacy campaign for the Saving on A Valuable Education (SAVE) repayment plan, a new income-driven repayment (IDR) plan available to both Direct Loan borrowers and Federal Family Education Loan Program (FFELP) borrowers who consolidate their loans into Direct loans. Last week ED announced that since the launch of the program, over 4 million borrowers were currently enrolled in the SAVE plan, including those that transitioned from the REPAYE plan. Learn more about the program and stay tuned to Today’s News and our “Off the Cuff” team for the latest updates.

NASFAA UPDATES AND ANNOUNCEMENTS

According to guidance NASFAA has received from the U.S. Department of Education (ED), starting in 2024-25, the parent who pays child support is the parent of record if that child support amounts to more than half of the student's support. View the full answer to this question to learn more.

Blue Icon Advisors, NASFAA Consulting, is looking for financial aid professionals at all levels to join its team of independent consultants. Currently Blue Icon is looking for peer reviewers for the Standards of Excellence (SOE) Review Program, interim leaders who can travel and/or work full-time, and interim staffing (remote or on-site). As an independent consultant, you will work directly with financial aid colleagues across the country, expand your own professional network, earn additional income, and more. Take the next step in your career and apply today.

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