ED’s 2014-2015 Federal Student Aid Handbook
Over this past quarter ED has released numerous updates to the Federal Student Aid Handbook (FSA Handbook). In fact, all of the remaining volumes of the 2014-2015 FSA Handbook not previously released prior to June 30, 2014, have now been published. Specifically, the volumes distributed this past quarter to complete the 2014-2015 edition (shown with the date of the volume’s release) are:
Volume 2 – School Eligibility and Operations – August 18, 2014
Volume 3 – Calculating Awards & Packaging – July 11, 2014
Volume 4 – Processing Aid and Managing Federal Student Aid Funds – July 3, 2014
Volume 5 – Withdrawals and the Return of Title IV Funds – July 9, 2014
Volume 6 – The Campus-Based Programs – July 11, 2014
ED had previously released the 2014-2015 Application and Verification Guide and the Volume 1 – Student Eligibility. The recent updates as well as the previous ones are available on IFAP on the “iLibrary – Federal Student Aid Handbook” page.
Also, released this past quarter was an “Errata and Update” for Volume 3 of the FSA Handbook – “Calculating Awards & Packaging.” This correction pertaining to remaining loan eligibility for students who transfer was announced on July 30, 2014. It is important to keep in mind that if you printed a hard copy of Volume 3 before this correction was announced, your hard copy will not contain the current guidance. If you were to go to the online version and print a copy of the volume after this update was posted, your copy will be current. When an “Errata and Update” is posted, the affected section of the online FSA Handbook has been corrected.
Schools are encouraged to review each of these new publications in detail for the latest guidance from ED on each of the subjects covered in the individual volumes. While it is important for schools to be fully aware of all information in the volumes of the FSA Handbook, ED does assist schools in obtaining a quick overview of key changes. At the beginning of each volume an “introduction” section has been included that highlights the major changes in guidance for the 2014-2015 edition.