REMINDERS:

Action:  As a result of the Subsidized Direct Loan 150% limit, schools are required to start reporting to NSLDS students’ enrollment information at the program level.  Schools were able to begin using ED’s new file layouts no sooner than April 14, 2014.  All schools must begin using the new file layouts no later than October 1, 2014.

Action:  As of October 1, 2014, schools must have updated their Enrollment Reporting Profile Page in NSLDS to indicate when they will be reporting NSLDS Enrollment Reporting data by the student’s academic “program”.  This is primarily as a result of the Subsidized Direct Loan 150% limit.  The date you select may not be later than October 1, 2014.  (NOTE:  FAME makes this update for its clients for whom it does Enrollment Reporting.)

Action:  All results of verification for students selected in Verification Tracking Groups V4 and V5 must be reported within sixty (60) days of when the school requests the information from the student.  For FAME clients the reports will be submitted, however clients must appropriately enter the results of the V4 and V5 verification.  (ESP clients see the August 4, 2014, “What’s New in ESP?”.  Freedom FinAid clients see the August 14, 2014, “What’s New in Freedom?”)

Action:  All new Federal Direct Loans first disbursed on or after October 1, 2014, must have the new loan origination fee percentages used when originating the loan.  The new percentage is 1.073 percent for Subsidized and Unsubsidized Direct Loans, and 4.292 percent for PLUS Direct Loans.  (Remember, also, the reduction in the IASG awards by 7.3% for awards first disbursed on or after October 1, 2014, as well as a similar 7.3% reduction for TEACH Grants first disbursed on or after October 1, 2014.)

Action:  ED’s annual Federal Student Aid Conference will be held December 2 – 5, 2014, in Atlanta, GA at the Georgia World Congress Center.  See the July 31, 2014 Electronic Announcement on IFAP for more information.

Action:  Corrections to the Fiscal Operations Report for 2013-2014 and Application to Participate for 2015-2016 (FISAP) due to the edit process, as well as any Federal Perkins Loan Cash on Hand updates are due by December 15, 2014.

Action:  Effective January 1, 2015, all refunds of cash to ED will have to be made electronically via the G5 Web site.  Therefore, the last possible date for submitting refunds of DL cash to ED by paper check is December 31, 2014.

Action:  Schools that provide paper Master Promissory Notes (MPNs) to borrowers for the Direct Subsidized/Unsubsidized Loan program or for the Direct PLUS Loan program were to have begun using the new versions of the paper MPNs as soon as practical after it was released on August 4, 2014.  As of January 1, 2015 any school that provides paper Master Promissory Notes (MPNs) for the Direct Subsidized/Unsubsidized Loan programs or for the Direct PLUS Loan program MUST use the newest version of the MPNs that were released on August 4, 2014.

Action:  All schools must have their GE disclosure information updated utilizing 2013-2014 data by January 31, 2015.  Schools must use the updated GE Disclosure Template (GEDT) referenced in the GE Electronic Announcement # 50 that was released on IFAP on September 11, 2014. 

Action:  The annual FAME Management and Financial Aid Conference, April 13-15, 2015, will be held at the Westin Beach Resort & Spa, Ft. Lauderdale, FL.

 

 

 

 

 

 

 

 

 

THE INFORMATION PROVIDED TO YOU IS FAME’S OPINION BASED ON OUR INTERPRETATION OF THE ISSUES AND EVENTS PROVIDED AND OUR INTERPRETATION OF THE TITLE IV REGULATIONS AS THEY MAY APPLY. FAME SHALL NOT BE LIABLE FOR ANY ERRORS CONTAINED HEREIN OR FOR ANY DAMAGES WHATSOEVER ARISING OUT OF OR RELATED TO THE USE OF THIS INFORMATION.