Global Financial Aid Services (Page 3)

FSA's new Partner Connect web portal upgrades features and migrates more enhancements in 2023.

FSA Partner Connect: What's Happening in 2023

Updates for FSA Partner Connect include an improved E-App for Title IV eligibility and a new intake form for reporting a data breach.

Data Security

Protecting Student Data

The average cost of a data breach is $3.79 million for a college or university.

Cohort Default Rates

Cohort Default Rates & Eligibility

By Rick Cox Institutions with Cohort Default Rates over 40 percent will lose eligibility for Direct Loans for the remainder of the year in which the institution is notified of the sanction, plus the next two fiscal years. If your institution has a CDR equal to or greater than 30

FAFSA Simplification

The 2024-2025 FAFSA Form - Experiencing Change

Elimination of the save key and the addition of consent to transfer income data are among changes to the FAFSA form for 2024-2025.

FAFSA Simplification

FAFSA Simplification & Federal Tax Income

Student applicants for federal aid will no longer retrieve and upload income data for the FAFSA in 2024-2025, when the IRS will directly transfer the information.

Audit Requirements

Audit Requirements Update

By Rick Cox Popular topics at this year's virtual Federal Student Aid conference included updates on audit requirements for financial aid offices. Here are a few updates to keep an eye out for: Cash Management for HEERF (Higher Education Emergency Relief Fund) will be tested for the first time in

FSA covid-19 waivers

COVID-19: What Now, What's Next

By Rick Cox The January 15, 2021, electronic announcement from the U.S. Department of Education includes a chart of COVID waivers. This is a great resource. Many of these waivers are still in effect. Some of the waivers will sunset at the end of the payment period in which

Data Security

FTC Safeguards Deadline Extended to June 2023

For certain provisions of the updated Safeguards Rule, the Federal Trade Commission has extended the compliance deadline by six months – to June 9, 2023 – in response to reports of personnel shortages and supply chain issues, mostly due to COVID-19. The original deadline to implement these changes was December 9, 2022.

FAFSA Simplification

FAFSA Simplification & Recent Changes for 2023-2024

The latest requirements to help simplify the FAFSA affect Cost of Attendance and Professional Judgment. By Rick Cox The Department of Education has issued a Dear Colleague Letter on the requirements from the FAFSA Simplification Act that will be implemented for the 2023-2024 award year. Please see below for a

debt relief

Q&A: Debt Relief & Eligible Loans

The U.S. Department of Education has published an FAQ with more details on student loan forgiveness, including the types of loans eligible for one-time student debt relief. Here are a few highlights from the department’s new FAQ. Q. What loans qualify for debt relief? A. Most federal student

Constitution Day

Resources for Constitution Day

By Rick Cox This is just a friendly reminder that Constitution Day will be Saturday, September 17. The Consolidation Appropriations Act of 2005 requires institutions that receive federal funds to hold an education program on the Constitution on that day. However, because this falls on a Saturday, colleges should provide

debt relief

Q&A: Debt Relief & the Loan Pause

Recent decisions on student debt relief – including pausing loan repayments until the end of the year – mean borrowers with federal loans owned by the U.S. Department of Education are eligible for relief. We explain some of the ways the announcements affect borrowers and the financial aid community. Global will

student loans

Payment Pause Extended

By Rick Cox The Department of Education has announced that the payment pause for student loans has been extended for the final time through December 31, 2022. Additionally, the department announced targeted debt relief for some borrowers. Borrowers with annual income during the pandemic of less than $125,000 ($250,

A Comprehensive Guide to Verification for 2023-2024

Verification has returned for 2023-2024 after a year of waivers and reinstatements that were part of the effort to ease hardships from COVID-19 By Rick Cox On July 8, 2022, the U.S. Department of Education published the Federal Register and Dear Colleague Letter GEN-22-09 to announce verification requirements for

Gramm Leach Bliley Act

GLBA & Updating Data Security

Regulatory changes related to the Gramm-Leach Bliley Act that become effective December 9, 2022, will likely require colleges and universities to update and revise their security programs. The Federal Trade Commission, which enforces GLBA for higher education institutions, issued a final rule Federal Register in December 2021, with most GLBA

shorter college

SAINT Solutions Deliver Student-Driven Technology

Shorter College, a private, two-year liberal arts college in North Little Rock, Arkansas, needed a financial aid solution that was student-friendly and student driven. They also needed a seamless onboarding experience with a new third-party servicer. Before partnering with Global, Shorter College's financial aid staff spent time manually processing financial

Verification Waiver Continued

By Rick Cox The Department of Education announced today that it has waived most of verification for the 2022-2023 award year, similar to what occurred in the 2021-2022 award year. Verification will still be required for identity and Statement of Educational Purpose. However, as a reminder, the department has suspended

Implementing the Stop Act

Act establishes changes to help prevent third-party access to students’ financial aid records By Rick Cox The Stop Act, or the Stop Student Debt Relief Scams Act, was signed into law on December 22, 2020, and requires the U.S. Department of Education to take action to prevent improper use

FSA

FSA: Top 10 Audit Findings, Plus IPEDS & Cybersecurity

Popular topics in higher education include audit and program review findings, IPEDS and cybersecurity breaches at higher education institutions.

higher education

Hot Topic Highlights in Financial Aid: Eligibility, HEERF & R2T4

FSA highlights on hot-topic issues in financial aid include institutional eligibility, HEERF spending and new Return to Title IV regulations

covid

A Summary of Current and Expired COVID-19 Waivers

By Rick Cox Some emergency relief for students and administrators because of the COVID-19 pandemic are still in effect and others have expired. Here’s a reminder of current and expired waivers. · Federal Work Study Program Community Service requirements are still waived. · From the Department of Education, if a student

Tax Data Transfer to Help Streamline FAFSA Process

FAFSA simplification to be completed by 2024-2025; some measures implemented early, including Repeal of SULA By Rick Cox In a step toward simplification of the FAFSA, the FUTURE Act allows data sharing between the Internal Revenue Service and the Department of Education. This will be used for: · The FAFSA; · Calculating

Verification Recap and a Look Ahead from FSATC 2021

By Rick Cox The FUTURE Act, which will help simplify the application for college student aid, allows data sharing between the U.S. Department of Education and the Internal Revenue Service. The requirements of this act will be implemented in phases until full implementation is achieved in the 2024-2025 award

FSATC2021

Federal Update from FSATC 2021

By Rick Cox Negotiated Rulemaking just concluded, and negotiators were unable to reach consensus on all of the issues of college affordability, school responsibility, and student loans. We should expect proposed rules next spring. The 2024-2025 award year should be when financial aid professionals begin to see the new Student

NSLDS News from the FSA Training Conference

New website available in spring, plus more NSLDS updates By Rick Cox The Department of Education plans to introduce the new NSLDS website in spring 2022. The existing URL and login credentials will still be valid and will be used for accessing the National Student Loan Data System. When the