Last month we reported that the Department announced the 2017-2018 Final Funding Authorizations for the Campus Based Programs, however just days later the Department announced that they discovered an error in the underlying calculations for the Federal Work-Study and Federal Supplemental Educational Opportunity Grant. In a July 5, 2017 Electronic Announcement, the Department announced that they would temporarily postpone G5 drawdowns for several days while they recalculated schools’ final awards. Subsequently on July 13, the Department announced that the 2017-2018 Campus Based Program Awards Funding Authorizations had been corrected. On average schools saw a decrease in funding after the recalculation of less than $3,500 for FSEOG and less than $2,500 for FWS. If you haven’t done so already, be sure to double check your school’s 2017-2048 Campus Based Funding Authorizations to ensure that you are using the corrected authorization levels when budgeting for 2017-2018.
Institutions must return to the Department of Education the Federal share of any Excess Liquid Capital (ELC) from the institution’s Federal Perkins Loan Revolving Fund. ELC is the amount of the Fund’s “Cash On Hand” that is in excess of the institution’s estimated immediate needs for the Perkins Loan Program. In early October 2016, following the submission deadline for the Fiscal Operations Report and Application to Participate (FISAP), the Department will send an e-mail to the financial aid administrator (FAA) of each institution that has ELC that must be returned to the Department. Institutions must return the Federal share of its ELC to the Department no later than November 17, 2016 using the process described in the “Returning Perkins Funds” instructions on the Campus-Based Processing Information Page on the IFAP Web site. http://bit.ly/2buLMRB
Schools that participate in Campus Based Programs like SEOG, FWS and Perkins are required to report prior information and apply for the upcoming award year by completing the FISAP each year. This year the FISAP became available on the ecampus based (eCB) website on August 1st and it’s due by September 30. http://bit.ly/2aotMZE
Schools making Perkins Loans to students can use the revised Electronic Perkins MPN which allows students to sign electronically using their FSA ID. The new MPN expires September 30, 2018 and replaces the one that has an expiration date of September 30, 2015. Continue reading Electronic Version of the Revised Perkins Loan Master Promissory Note