Posts by Peter Terebesi
TEMPORARY EXEMPTION ALLOWS STUDENTS TO GET SNAP
The Supplemental Nutrition Assistance Program (SNAP) provides nutrition benefits to supplement the food budget of needy families so they can purchase healthy food and move toward self-sufficiency. To help ease the strain faced by vulnerable populations throughout the pandemic, eligibility for SNAP benefits has been expanded temporarily to allow students who are enrolled in postsecondary…
Read MoreFY 2018 3-YEAR DRAFT COHORT DEFAULT RATES RELEASED
On February 22, 2021, the Department of Education distributed the FY 2018 3-Year Draft Cohort Default Rate (CDR) notification packages to schools via their Student Aid Internet Gateway (SAIG) mailbox. The package includes a cover letter and Loan Record Detail Report (LRDR). It’s important for schools to review their draft data because there are sanctions…
Read MoreFY 2018 DRAFT COHORT DEFAULT RATES COMING SOON
The U.S. Department of Education is set to release the Fiscal Year 2018 3-Year Draft Cohort Default Rates on February 22, 2021. The Draft 3-Year Cohort Default Rates (CDR) for Fiscal Year 2018 is calculated by dividing the number of borrowers who entered repayment in 2018 by the number of borrowers who entered repayment in…
Read MorePROFESSIONAL JUDGMENT APPEALS ARE COOL AGAIN
Remember when Betsy DeVos said DCL GEN0904 and DCL GEN 0905 weren’t cool anymore? Well, That’s just not the case. While the guidance in these two DCL’s may in fact have been rescinded, GEN 21-02 wants you to know that you should never let anyone gatekeep what’s cool. You know what is cool? HEA Sec.…
Read More2021-2022 FEDERAL PELL GRANT CHARTS RELEASED
The 2021-2022 Federal Pell Grant Payment and Disbursement Schedules are here. This year the Federal Pell Grant has increased to $6495.00 for students with a zero EFC, up $150.00 from 2020-2021. The minimum Pell Grant award also increased to $650.00 for students with an expected family contribution (EFC) of 5846. Although $6495.00 is the maximum…
Read MoreHEA SECTION 117 – REPORTING
As a condition of an institution’s Program Participation Agreement (PPA), colleges, universities and postsecondary schools are legally obligated comply with the statutory requirement to report on ownership/control by and gifts/contracts with foreign sources is found in HEA Sec. 117 [20 U.S.C. 1011(f)]. Section 117 requires institutions to report ownership and control by foreign sources as…
Read More2020 1098-T TUITION STATEMENT FILING DEADLINES
ICYMI – The IRS announced that higher education institutions won’t have to report emergency financial aid grants awarded to students under the CARES Act on the 2020 1098-T. The deadline for colleges to provide students with 1098-T Forms is January 31, 2021. University Business Officers
Read MoreBEST PRACTICES FOR USING THE CORONAVIRUS INDICATOR
It seems the Coronavirus Indicator might have a bit of a “hair-trigger” because FSA recently put out a document of best practices for using the checkbox which opened with a word of caution. It read, “ Because a number of events (e.g., loan discharges, usage and eligibility limits) are triggered once the Coronavirus Indicator is…
Read MoreGET YOUR 2021-2022 IRS TAX RETURN AND TRANSCRIPT MATRIX FOR FAFSA VERIFICATION
Be sure to grab a copy of the 2021-2022 IRS Tax Return and Transcript Matrix. Although the U.S. Department of Education announced earlier this year that institutions may accept a signed copy of an individual’s tax return for verification the 2021-2022 award year, some students and families may still submit an official IRS Tax Return…
Read MoreRECENT COD SYSTEM CHANGES FOR CARES ACT
Last month the Common Origination and Disbursement (COD) System was updated to support reporting requirements for withdrawn students who qualify for a Title IV waiver under the Cares Act. COD now allows schools to select the Coronavirus Indicator on eligible disbursements for any program with an award year beginning in 2017-2018 or later. The R2T4…
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