It is hard to believe we are coming to the end of 2023 and approaching a new
year in 2024. This past year brought many regulatory changes that are set to
implement in July 2024, with Borrower Defense to Repayment still pending a
court review. New requirements threaten many institutions with what many
deem overreaching expectations. Additionally, the higher education industry
has spent much of 2023 preparing for the first major overhaul of the Free
Application for Federal Student Aid (FAFSA) in 40 years. Nearly every system
is changing, alongside aid processing updates and an application
transformation.
In this month’s newsletter, we review FSA’s announcement of the 24/25 FAFSA
soft launch period, as well as the expectations students, families, institutions,
and industry partners should prepare for during this time. The biggest message
being communicated is that contributors should not feel rushed to complete the
FAFSA and all parties should expect delays with website maintenance outages.
FSA Partner Connect has been launched after the redesign of the site which
added expanded features for the E-App. Those features are outlined below, as
well as training opportunities to learn how to navigate the updated partner
portal.
We also include several deadlines and regulatory reminders within the
newsletter. Institutions have until December 31st to report FWS wages into COD
so they may be included on the 24/25 ISIR. Additionally, the Department
provided guidance on how institutions should treat U.S. Amry tuition assistance
funds that have been belatedly received and may subsequently affect the 90/10
calculation. Lastly, we review general reconciliation regulations, as well as
those specific to the Direct Loan Program.
DJA extends to each of you our warmest wishes that 2024 is a prosperous year
for all. We wish you and your teams have a Happy Holiday and New Year! May
you have time to celebrate among family and friends.
We appreciate the opportunity to keep your institution informed.
Thank you,
Renee Ford, Vice President
