Federal Student Aid just announced big changes to Public Service Loan Forgiveness. In the past when a borrower made a lump sum payment or otherwise pre-paid their loan, those payments would only count as one qualifying payment toward PSLF. In August, FSA’ changed their policy…
Read More >Did you update your loan origination fees yet? Before you send your next batch of disbursements, make sure your financial aid management system is up to date with the new loan origination fees that went into effect on October 1st or they’ll bomb out on…
Read More >The closeout deadline for the 2018-2019 Direct Loan Program Year is Friday, July 31, 2020. This is the last processing day before the end of the program year. According to a recent reminder from Federal Student Aid, all school data must be received and…
Read More >Interest rates are going down for new Federal Direct Student Loans beginning on July 1, 2020. Interest rates for Direct Loans are based on a formula whereby the rates are indexed to the 10-Year Treasury Note plus an “add-on” percentage. This year’s auction of the…
Read More >The Office of Management and Budget approved revised versions of the Master Promissory Notes for Direct Subsidized, Unsubsidized and Direct PLUS loans. The new MPN’s available in paper format expire on July 31, 2022. The Plain Language Disclosures have also been updated. Federal Student Aid…
Read More >The Annual Student Loan Acknowledgement is now live on StudentAid.gov. Borrowers will not be required to complete the Annual Student Loan Acknowledgement process until they begin receiving loans for the 2021–22 Award Year. In the meantime, FSA has provided operational guidance for schools, so they…
Read More >Federal Student Aid has postponed the requirement that borrowers complete the Annual Student Loan acknowledgment for the 2020-2021 award year. The borrower completion requirement will go into effect beginning with the 2021-2022 award year instead. According to their recent electronic announcement, previously scheduled webinars have…
Read More >Secretary DeVos has directed all federal student loan servicers to grant an administrative forbearance to any borrower with a federally held loan who requests one. The forbearance will be in effect for a period of at least 60 days, beginning on March 13, 2020. To…
Read More >On February 24, 2020, the Department of Education distributed the FY 2017 3-Year Draft Cohort Default Rate (CDR) notification packages to schools via their Student Aid Internet Gateway (SAIG) mailbox. The package includes a cover letter and Loan Record Detail Report (LRDR). It’s important for…
Read More >The Office of Management and Budget updated the Private Educational Loan Applicant Self Certification form. Institutions are required to provide this form to every student borrowing a private educational loan as well as students on certain payment plans, particularly those exceeding twelve payments or those…
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