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Latest from FSA: NSLDS Updates and Reminders

October 5, 2017

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FSA recently announced an array of updates to the National Student Loan Data Service (NSLDS) enrollment reporting process and offered a few reminders, as well.

Changes to NSLDS include a new report that provides information about the students that NSLDS uses to calculate the Enrollment Reporting Statistics, and no longer adding students to schools’ Enrollment Reporting rosters based on information from the Transfer Student Monitoring (TSM) and Financial Aid History (FAH) processes.

The announcement also includes a series of reminders about the Enrollment Reporting process, including:

  • At a minimum, schools are required to certify enrollment for all students who are included on their roster file within 15 days of the date that NSLDS sends a roster file to the school or its third-party servicer.
  • Schools have the flexibility to set the schedule for the generation of their roster file. However, at a minimum, NSLDS will require that a roster be generated at least every other month.
  • Schools or their servicers must report back to NSLDS on all of the students who are included in the roster file, even if that student never enrolled at the school, or is no longer enrolled at the school.
  • The data on the roster is what NSLDS has as the most recently certified enrollment information.
  • Report an appropriate status for all programs on your roster.
  • NSLDS will remove the campus- or program-level enrollment for students after it has successfully processed the same campus- or program-level data with a “terminal” enrollment status twice (consecutively) with the same effective date.
  • NSLDS calculates and publishes Enrollment Reporting Statistics on the third Wednesday of each month.

For more details on the NSLDS enhancements and links to Enrollment Reporting resources, check out FSA’s announcement.

Latest from FSA: 5 Things Students Should Do After Filling Out the FAFSA

October 4, 2017

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Over on the Department of Education’s HOMEROOM blog, FSA recently posted some helpful advice for students who have gotten an early jump on submitting their FAFSA for 2018-2019. The post, 5 Things to Do After Filling Out the FAFSA, gives students a quick look at what happens after they submit their FAFSA and what they should do next.

The blog post offers details on Expected Family Contribution, scholarships, aid offers, and more. Feel free to share it with your students today.

Latest from FSA: Department of Education Releases CDRs

September 28, 2017

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FSA recently announced that the Department of Education distributed the FY 2014 3-Year official cohort default rate (CDR) packages on September 25, 2017. The Department released the rates publicly on September 27, 2017.

To help schools manage this information, FSA offers information about the distribution of the official rates and the appeal process in its announcement.

For more information, including details on downloading eCDR packages, check out FSA’s original announcement.

Latest from FSA: 8 Steps to Filling Out the FAFSA Form

September 27, 2017

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Your students are preparing to fill out the FAFSA, but where do they start?  On the HOMEROOM blog, FSA recently published a post that walks students through filling out the FAFSA in eight easy steps.

FSA’s blog post covers everything from creating an FSA ID to signing and submitting the FAFSA, with plenty of helpful tips along the way. Check out FSA’s post at the HOMEROOM blog and please feel free to share it with your students.

Latest from FSA: New Reports Available in FSA Data Center

September 25, 2017

FSA recently posted seven new reports, generated to highlight the characteristics of FSA customers, to the FSA Data Center. These new reports include:

  • Federal Student Loan Portfolio by School Type
  • Federal Student Loan Portfolio by Borrower Age
  • Federal Student Loan Portfolio by Borrower Debt Size
  • Federal Student Loan Portfolio by Borrower Location
  • Grant and Loan Disbursements by Age of Federal Student Aid Recipient
  • Grant and Loan Disbursements by Location of Federal Student Aid Recipient
  • Direct Loan Disbursements by Program of Study

Along with the reports, FSA posted a series of updates to the quarterly application, disbursement, and portfolio reports to include data through June 30, 2017.  Furthermore, FSA updated the report that provides self-reported information from Title IV schools about their cash management contracts.

For links to these reports, along with details on key findings, check out FSA’s announcement.

Help Your Students Avoid Financial Aid Scams

September 14, 2017

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From scholarships and grants to federal and private loans, students have plenty of options when it comes to paying for college. Unfortunately, where there are students who need financial aid there are predators looking to scam potential borrowers.

FSA offers a PDF handout with helpful information to help your students avoid such scams. This document contains helpful tips like:

  • Don’t give in to pressure tactics. “Opportunities” that involve paying for information are often just the chance to pay for information that you can find yourself for free.
  • Seek out free sources of information, like StudentAid.gov/types#federal-aid or a college or career school financial aid office.
  • Never pay for the FAFSA. Websites that offer FAFSA assistance for a fee are not affiliated with or endorsed by the U.S. Department of Education.

This handout, which also includes information on reporting financial aid fraud, is a valuable resource for every potential student borrower.

Check it out and share it with your students.

3 Resources to Help Your Students with the FAFSA

September 13, 2017

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Last year we linked to three resources to help your students prepare to submit their FAFSAs. With the FAFSA submission date approaching faster than you can say, “Wait, it’s already September?,” we think it’s a good time to bring those resources back to your attention. Here again are three resources that will help your students fill out the FAFSA, estimate their federal student aid, and understand what happens once they have submitted their FAFSAs.

For students unsure of what documents they will need or clueless when it comes to their dependency status, FSA has them covered. Through their website, they offer a variety of good tips for filling out the FAFSA. FSA’s online library is intuitive, easy to search, and can help relieve the headaches than can accompany filling out the FAFSA.

Students can estimate their federal student aid with FAFSA4caster. This free online calculator is recommended for any student who is not ready to file a FAFSA – from middle school students to adults. FAFSA4caster uses the student’s answers to a variety of financial and other questions to estimate federal student aid eligibility.

What happens once a student submits his or her FAFSA? We offer answers through our infographic “The Life of a Student Loan.” Available through our library, the infographic illustrates the student loan process, from planning for college to post-college and beyond.

The FAFSA submission date is approaching quickly and we’re always ready to help. If you have any questions about the process – or anything else for that matter – please reach out to us.