Top 6 Takeaways from Recent Financial Aid Regulation Announcements
Over the last few months, there have been a few key announcements worth mentioning to ensure you remain compliant. Following these updates will help maintain compliance. Here are a few of the top takeaways from recent Department of Education updates:
Important Updates
- 2018-19 Funding Cancellation Deadline: Federal Pell Grant/Iraq Afghanistan Service Grant (IASG) and Campus-Based Programs:
The Funding Cancellation Deadline for Pell Grants, IASG, and Campus-Based Programs is five years post-Data Submission Deadline. Schools must complete all reconciliation and finalize activities before this deadline; Direct Loans and TEACH Grants are exempt. - 2023-24 Grant Data Submission (Closeout) Deadline:
The Data Submission (Closeout) Deadline for Pell, IASG, and TEACH Grant Programs is the last business day in September. Schools must meet regulatory requirements to reconcile to a zero cash balance by this date. - TEACH Grant Closeout Information for 2023-24 Award Year:
The TEACH Grant data submission deadline for the 2023–24 award year is Monday, Sept. 30, 2024. All school data must be received and accepted by this date for the final Ending Cash Balance.
More Federal Updates
4.
Draft NSLDS FVT/GE Completers List Now Available:
The draft FVT/GE Completers List was sent to schools on Aug. 3–4, 2024. Schools have until Oct. 5, 2024, to review and correct student data. This list includes data for debt-to-earnings and earnings premium calculations.
5.
NSLDS Professional Access Website – Renewing Credentials for the NSLDS Reports Tool:
The NSLDS Reports Tool has been upgraded, causing invalid credentials for some users. To ensure proper functionality and avoid report delays, all users should renew their credentials via the NSLDS Professional Access website.
6.
Volume 8, Volume 9, and Errata to AVG Now Available [2024-25 Federal Student Aid Handbook]:
Federal Student Aid announces the release of Volume 8 and Volume 9 of the 2024-2025 Handbook, covering Direct Loans and TEACH Grants, with updates to the Application and Verification Guide.
Of course, these are just a few highlights of information over the last few months. Let our financial aid and compliance experts help your department boost its efforts. Contact us today to explore options. Get FA Solutions and ECM today!
Thank you for taking the time to review our newsletter!
Rob Wright
(813) 435-6227
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