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COHORT DEFAULT RATES RELEASED

On September 27, 2021, the Official Cohort Default Rates were released for the 2018 Fiscal Year. Since 2013, the National Student Loan Cohort Default Rate has been trending down. The official 2018 rate is now 7.3%, down from last year’s (2017) rate of 9.7% According…

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2022-2023 FAFSA

2022-2023 FAFSA GOES LIVE TODAY

It’s October 1st and that means that students can begin filling out the 2022-2023 FAFSA form on studentaid.gov. To fill out the FAFSA, students and parents need: Social Security number Alien Registration number (if they aren’t a U.S. citizen) 2020 Federal income tax returns, W-2s,…

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ED AND DEPARTMENT OF LABOR TO SPREAD WORD ABOUT PELL GRANT ELIGIBILITY

Citing high levels of unemployment related to the pandemic, the Department of ED’s Office of Postsecondary Education announced that the Department will be partnering with states’ Labor Departments to make Unemployment Insurance recipients aware of their potential eligibility for Pell Grants if they go back…

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ED OPE UPDATES RETURN TO TITLE IV QUESTIONS AND ANSWERS

It’s been a while since the Program Integrity Questions and Answers page was updated, but last month the Department updated the Frequently Asked Questions page with updates on the new Withdrawal and R2T4 rules that took effect on July 1, 2021. The rules made updates…

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MANDATORY ASSIGNMENT OF DEFAULTED FEDERAL PERKINS LOANS

Federal Student Aid recently issued updated guidance for schools to assign Defaulted Perkins Loans that have been in default for longer than two years to the Department. Institutions will have through June 30, 2022 to either assign or purchase loans that have been in default…

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UNCLAIMED CREDIT BALANCES RESULTING FROM DISBURSEMENTS WITH THE CORONAVIRUS INDICATOR

When Title IV funds disbursed to a student’s account result in a Title IV credit balance, there may be occasions when the school is unable to deliver the appropriate amount of the credit balance refund (e.g., when the student fails to cash or deposit a…

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CHANGES TO 2021-2022 VERIFICATION REQUIREMENTS

Last month the U.S. Department of Education announced temporary changes to the verification requirements for the 2021-2022 award year. These much welcome changes allow schools to waive verification requirements for students selected for V1 verification and focus verification on identity and fraud. Although students in…

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CARES ACT RELIEF EXTENDED FOR CORONAVIRUS INDICATOR AND R2T4 GUIDANCE

Federal Student Aid announced that they were extending the deadline for schools to add the Coronavirus Indicator and R2T4 reporting deadlines for title iv disbursements until September 30, 2021. The Coronavirus Indicator will be accepted for any qualifying disbursement with a payment period start date…

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NEW CLOCK-TO-CREDIT HOUR CONVERSION FORMULA RULES TAKE EFFECT IN JULY

On July 1, 2021, several regulatory packages take effect including changes to the Clock-to-Credit Conversion formula.  If you offer undergraduate non-degree programs in credit hours the new rules will determine the number of Title IV credit hours associated with each class in a program. According…

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WHO IS CONSIDERED A STUDENT FOR HEERF EMERGECY FINANCIAL AID GRANT PURPOSES

According to a May 14, 2021, Federal Register notice, The Education Department expanded the definition of who is an eligible “student” for the purposes of making Emergency Financial Aid Grants to Students under the Higher Education Emergency Relief Fund (HEERF) Programs. This rule is effective…

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