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today’s news for Tuesday, March 12, 2024

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NEWS FROM NASFAA

President Joe Biden on Monday released his budget request for fiscal year 2025, which would eliminate origination fees on federal student loans and increase the maximum federal Pell Grant award by $750 through the annual appropriations process, in addition to funding other new initiatives at the Department of Education (ED). However, the budget proposal would provide no increased funding for campus-based financial aid programs.

NASFAA UPDATES AND ANNOUNCEMENTS

This guidance is not award-year-specific and applies across award years. This AskRegs Knowledgebase Q&A was updated on March 7, 2024 because the IRS has reversed its decision and will continue to allow schools and their third-party servicers to use the Income Verification Express Service (IVES) to request tax transcripts from the IRS (for now). In the January 2, 2024 IRS Bulletin, the IRS announced that it would be discontinuing use of the IVES by any entity except mortgage lending firms effective June 30, 2024. View the full answer to this question to learn more.

Blue Icon Advisors' upcoming Let's Talk session, on March 21, will dive into management of R2T4s, from identifying withdrawals to performing the calculations, and including a check of the work performed. Check the schedule for additional upcoming topics and be sure to register for this upcoming session.

U.S. DEPARTMENT OF EDUCATION

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