The NASFAA Conference: What you missed
For those financial aid administrators who were unable to attend the National Association of Student Financial Aid Administrators (NASFAA) Conference last week in New Orleans, we've put together a summary of some key takeaways from the annual gathering. The conference equipped attendees with federal financial aid updates, information on available resources, and guidance from fellow aid administrators on all aspects of the profession. Conference highlights included:
- Updates on 2016-17 Verification, which will use the same data elements as 2015-16, eliminate the V3 Tracking Group (Child Support Paid), and incorporate some modified forms of acceptable documentation. As well, in limited cases, an applicant’s Tracking Group may change during the Verification process
- An update that the real-time Get Transcript option on the IRS website has not yet been restored, though individuals can still make a request online to receive a tax return transcript by mail
- A reminder that Direct Loan fees will decrease slightly this fall, with Direct Subsidized and Unsubsidized Loans carrying a 1.068% fee (down from 1.073%) and PLUS Loans carrying a 4.272% fee (down from 4.292%) for loans first disbursed on or after October 1, 2015
- A reminder of the changes to the Perkins Loan Program, which stipulate that schools may not lend Perkins Loans to new borrowers after September 30, 2015. A grandfathering condition allows certain students to continue receiving loans for up to five years
- Announcement of Dear Colleague Letter GEN-15-07, which serves as a reminder that a student’s FSA ID should be created by the student alone, not by a parent or third-party entity
- A summary of the Ask Regs section of the NASFAA website, which allows NASFAA members to submit federal regulatory questions to be answered in a private setting. Members can also view answers to all posted questions
- An overview of the Information for Financial Aid Professionals (IFAP) Letters and Announcements section, which posts all Dear Colleague Letters (DCL) and Electronic Announcements for financial aid administrators all in one place
Most NASFAA Conference session presentations are posted within the MySchedule section of the conference website and accessible using a NASFAA log-in. And if you’re an aid administrator interested in next year’s conference, which marks NASFAA’s 50th anniversary, set aside July 10-13, 2016 for a trip down to Washington, DC.
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