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ED’s Electronic Announcements (EAs) on IFAP

April 24, 2015
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GENERAL AND VARIED ANNOUNCEMENTS

EA – Posted January 12, 2015 – (General).  FSA ID Information – Communicating the Transition to Students
ED updates the financial aid community on its major new initiative in the access to student- and borrower-based Websites related to Federal 2015-04-24 10_07_22-IR_04-01-2015_Proofed.docx [Compatibility Mode] - WordStudent Aid (FSA).  As previously announced in an October 1, 2014, Electronic Announcement, this modification will implement user-selected usernames and passwords as a replacement for the current FSA PIN.  The new FSA ID will offer enhanced functionality to allow for a single sign-on process for most of FSA’s systems.  This conversion will eliminate the need for users to enter individual personal identifiers, e.g., Social Security number, date of birth, etc.  This change is a further effort to comply with industry security standards and best practices.  ED announces that the implementation date for the new FSA ID is April 26, 2015.  ED will post information on StudentAid.gov in mid-April to make users aware of the upcoming change.  There is no action required of schools unless they desire to inform students ahead of time of the impending change in access requirements.  Again, this new FSA ID process affects students’ and borrowers’ access to FSA systems.  There are no changes to the FSA User ID login process currently in place for financial aid administrators.

EA – Posted February 12, 2015 – (General).  Third Party Servicer Data Form – Reporting Requirement
A new third-party servicer data form has been approved by the Office of Management and Budget (OMB).  This new form is required to be completed by third-party servicers, within 30 days of its release, and within 10 days of changes in its name, address or contact information, additions or terminations of contracts with schools, or if it is bought, sold, or merges with another entity.

As a reminder, schools that utilize a third-party servicer should ensure that their E-App is current in indicating the services provided by their third-party servicer, the point of contact for the third-party servicer, as well as the address and telephone information for the servicer.  Schools must remember to update their E-App when they have changes in the services provided by a third-party servicer.  Such updates must be made within 10 days of the change.

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