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today’s news for Monday, January 22, 2024

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NEWS FROM NASFAA

Rep. Virginia Foxx (R-N.C.), chairwoman of the House Committee on Education and the Workforce, earlier this month introduced the College Cost Reduction Act, which seeks to address issues around college cost, accountability, and transparency. This article, the second in a three-part series analyzing the bill, focuses on aspects of the legislation that would establish a Pell Plus program – effectively doubling a student’s Pell Grant – replace FSEOG and LEAP programs with a new PROMISE program, and establish new loan limits and loan repayment plans.

Federal lawmakers have a few more weeks to come to a compromise on the annual budget, as President Joe Biden signed off on another stop-gap spending plan that congressional leaders quickly pushed through both chambers to avert an impending partial government shutdown.

The House Education and Labor Committee is looking to question Education Secretary Miguel Cardona after an annual audit once again was unable to render an opinion of the department’s fiscal year 2023 financial statements.

NASFAA UPDATES AND ANNOUNCEMENTS

Yes. According to guidance NASFAA has received from the U.S. Department of Education (ED), for the 2024-25 award year, the financial aid administrator (FAA) will need to set the Professional Judgment Flag (PJ Flag) on the Institutional Student Information Record (ISIR) whenever the FAA makes a correction (including verification corrections), update, or PJ adjustment and needs to override the federal tax information (FTI) and recalculate the student aid index (SAI). View the full answer to this question to learn more.

Participate in NASFAA’s Five-Question Staffing Model Survey

If you are your institution’s primary contact, NASFAA sent you an email on Thursday, January 18, to participate in a very short survey about your office’s staffing and structure. This five-question survey should only take 5-8 minutes of your valuable time. Your feedback will directly contribute to bringing back NASFAA’s Staffing Predictor Model, which gauges how your financial aid office’s staffing compares to others nationwide. As a token of appreciation, participating institutions will be entered into a drawing to win one of three $300 credits for any NASFAA product, event, or service (excluding NASFAA dues). If you have any questions or concerns, please contact NASFAA’s Research Department. Thank you in advance for participating!

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