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Important Reminders for Q3_2014


Action:  As of July 1, 2014, schools should update their Enrollment Reporting Profile Page in NSLDS to indicate when they wish to begin reporting NSLDS Enrollment Reporting data by the student’s academic “program”.  The date you select may not be later than October 1, 2014.  (NOTE:  FAME will make this update for its clients for whom it does Enrollment Reporting.)

ActionBeginning July 1, 2014, ED will request enrollment information from schools at least once every 60 days.  Schools are required to respond to those enrollment requests within 15 days of the date the electronic enrollment reporting roster is sent to the school.  See the NSLDS Newsletter #46 for June 2014, posted on IFAP on June 30, 2014 for more details.

Action:  On July 15, 2014 (and repeated on July 16, 2014) at 1:30 p.m. (ET), ED will be conducting the 150% Direct Subsidized Loan Limit Webinar #4.  The topic is “General Overview of Program-Level Enrollment Reporting.”  See the June 27, 2014 Electronic Announcement on IFAP.

Action:  The deadline is July 21, 2014, to respond to the Notice of Proposed Rulemaking (NPRM) on the Violence Against Women Reauthorization Act of 2013.  This NPRM was published in the June 20, 2014, Federal Register.

ActionOn July 30, 2014 (and repeated on July 31, 2014) at 1:30 p.m. (ET), ED will be conducting the 150% Direct Subsidized Loan Limit Webinar #5.  The topic is “Critical Details to Proper Program-Level Enrollment Reporting.”  See the June 27, 2014 Electronic Announcement on IFAP for details. 

Action:  The Direct Loan closeout deadline for the 2012-2013 Program Year is 8:00 p.m. (ET) on Thursday, July 31, 2014.  Schools must have their DL ending cash balance reconciled to $0 with Total Net Unbooked disbursements of $0.  Additionally, the Balance Confirmation form must be completed on the COD Web site.

Action:  Beginning August 1, 2014, the eCampus-Based (eCB) Web site will require users to log in to the site using a Two Factor Authentication (TFA) token in addition to an FSA User ID (the user’s eCB ID) and password to log in.

Action:  The deadline date by which a school must electronically submit its 2013-2014 Campus-Based Reallocation Form is Monday, August 18, 2014, by 12:00 midnight ET.  If schools have unexpended 2013-2014 Campus-Based funds, they should use this form to appropriately reallocate those funds to avoid negative consequences in future funding.

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.  This 60-day reporting time frame begins immediately upon when ED publishes the reporting deadlines for 2014-2015 in the Federal Register.  (This Federal Register is likely to be published between now and mid-July, 2014, if historical records give any indication.  This would mean that the initial reporting of the verification results for students in V4 and V5 Tracking Groups would likely need to occur by late August to mid-September, 2014.  Watch for the specific information in the Federal Register when published.)

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 may 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:  The deadline for submitting the 2013-2014 Fiscal Operations Report and the 2015-2016 Application to Participate (together called the FISAP) have a deadline of October 1, 2014.  See the Electronic Announcement posted on IFAP on June 30, 2014.

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


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