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today’s news for Thursday, November 16, 2017

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NEWS FROM NASFAA

While the negotiated rulemaking team assigned to primarily propose rules that will govern discharge of Direct Loans in circumstances of school misconduct got off to a slow start earlier this week, their progress improved significantly on the last day of their first of three sessions. During Wednesday's discussions, the rulemaking committee continued their conversations about "triggers" and tackled pre-dispute arbitration agreements, class action waivers, internal dispute processes, closed school discharge, false certification, guaranty agency collection fees, and restoration of a borrower's subsidized usage period when loans are discharged under borrower defense.

As the six-month grace period comes to an end for May 2017 graduates, many have jumpstarted the process of repaying their loans, while others don't know who their loan servicers are, according to new findings by LendEDU. The report, "A Look Inside the Class of 2017's Plan for Student Loan Repayment," is based on the responses of 852 recent graduates on topics related to student loans.

AskRegs

Learn the answer to this question and learn how to instantly find credible and reliable solutions to your most pressing regulatory and compliance questions with NASFAA's AskRegs Knowledgebase. The Knowledgebase guide and video tutorials highlight the many features of this tool.

Webinar Logo

If you missed the Nov. 1, 2017 Verification 2018–19 webinar, it's not too late to take advantage of this learning opportunity. Ordering the on-demand event will provide you full access to the webinar archive and handout. In addition, you will be provided with the Top 20 Most Frequently Asked Questions document compiled from questions submitted by attendees during the live webcast. If you attended the live event, you can still use your registration link to access the on-demand event and FAQ document. Order it today.

SAI Logo

Student Aid Index topics are updated regularly with new resources and for more effective ways of organizing information. A new subtopic was created under the Perkins Loan topic, Excess Liquid Capital. Many of the resources were housed under other subtopics. In looking at the needs of our members, it was decided Excess Liquid Capital and associated resources should be its own topic. Please use the feedback form to tell us what we're doing well, what's missing, or what you'd like to see more of.

U.S. DEPARTMENT OF EDUCATION

Federal Student Aid announced the posting of the final 2018-2019 Application Processing System Specifications for Software Developers.

The Department of Education announced the posting of an updated 2018-2019 ISIR Guide. The ISIR Guide assists financial aid administrators (FAAs) in interpreting student information on the Institutional Student Information Record (ISIR).

x - HEADLINES

National News

"Tax legislation working its way through the U.S. Senate would put a new levy on endowments held by large private universities and colleges, a proposal that more than three dozen higher-education lobbying groups on Tuesday called 'fundamentally flawed,'" Reuters reports. NASFAA contributed to the letter sent to the Senate Finance Committee.

"Richard Cordray, one of the few remaining Obama-era banking regulators, said on Wednesday that he plans to step down as head of the Consumer Financial Protection Bureau by the end of the month, clearing the way for President Trump to remake a watchdog agency loathed by Republicans and Wall Street," The Washington Post reports. 

"Secretary of Education Betsy DeVos on Tuesday called for a 'major shift' in higher education – one that prioritizes programs like apprenticeships over four-year college degrees," according to U.S. News & World Report. 

"College and university trustees widely agree that the public’s perception of higher education has been eroding and that higher education’s business model needs to change -- but many see significant barriers to putting changes in place," Inside Higher Ed reports. 

State News

"Many small private colleges are worried about enrollments these days. A Midwestern location doesn't seem to help. Nor does a small endowment. So the strategies that are evident tend to focus on how to get more 'full-pay' students," Inside Higher Ed reports. "Sure, the elite colleges, with multibillion-dollar endowments, have been adding generous programs for lower-income students, but those colleges are in the distinct minority. And that's why last week's news from Simpson College stands out."

"New York State's new free tuition program – implemented this past May, after most students had decided on a school – did not appear to steer many students away from private institutions and into public ones this fall. But private colleges are bracing for that possibility in 2018, when the application process for the next round of free tuition Excelsior Scholarships coincides with admissions and financial aid cycles," according to The Buffalo News. 

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