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Coming Soon: Updated Interest Rate Chart

June 18, 2018

On July 1, FSA’s 2018-2019 Direct Loan interest rates will be in effect. The new rates apply to Direct Loans first disbursed between July 1, 2018 and June 30, 2019.

We’ll update our interest rate chart so that you can keep the new rates handy or share them with your students. Don’t forget to head to our library the week of July 2 to download the new chart. And, in the meantime, check out what else is available in our library. From our budgeting worksheet to our guide to student loan terminology, we have an abundance of information for you and your students.  Read more…

Latest from FSA: TEACH Grant Closeout Information for 2017-18 Award Year

June 15, 2018

FSA recently announced that the Teacher Education Assistance for College and Higher Education (TEACH) Grant closeout deadline for the 2017-18 Award Year will be Friday, Sept. 28, 2018. This deadline marks the last processing day of the award year, meaning all school data must be received and accepted by this date to be included in a school’s final Ending Cash Balance for the year.

FSA’s announcement notes that to be considered successfully closed out, a school must “Reconcile to an Ending Cash Balance (Net Drawdowns – Total Net Booked Disbursements) of $0 and Total Net Unbooked Disbursements of $0, as reflected on its monthly TEACH Grant School Account Statement (SAS) and in its internal records.”

For more information about TEACH Grant closeouts, including tools available to help with the closeout process, see FSA’s announcement.

NASFAA is Coming!

June 14, 2018

 

We’re just 10 days away from the NASFAA National Conference – taking place in Austin, Tex., from June 24-27 – and we hope to see you there.

Be sure to come by the Nelnet Booth to get resources for your students, grab some swag, or just to say hi.

If you’re not familiar with the NASFAA National Conference, check out the conference website, which tells you what you can expect, offers details on sessions, and offers online registration.

We hope to see you in Austin!

Help Your Students Avoid Potential Scams

May 16, 2018

Students have plenty of options when it comes to paying for college. Unfortunately, the need for financial aid fuels predators looking to scam potential borrowers.

To help students better understand how to identify scams, the U.S. Department of Education (ED) provides an online guide. This web page contains a glossary of student aid terms, details on ways to get FREE help with student loan payments, and answers to a variety of questions, including:

  • What are student loan debt relief companies?
  • How do I identify a student loan scam?
  • What do I do if I’ve already shared my information or paid one of these student loan debt relief companies?
  • Are there legitimate private companies that ED works with?

This guide, which emphasizes that borrowers NEVER have to pay for help with their student loans, is a valuable resource for every potential student borrower.

Check it out and share it with your students.

Latest from FSA – TEACH Grant Exit Counseling to Move to StudentLoans.gov

May 15, 2018

FSA recently announced that – effective June 17, 2018 – the TEACH Grant exit counseling module will move from the National Student Loan Data System (NSLDS) Student Access website to StudentLoans.gov. This move takes place as part of a larger effort to implement additional Common Origination and Disbursement (COD) System functionality for the 2018-19 Award Year.

FSA has created a PDF to provide additional information about this transition. FSA will provide information about other system changes that will occur as part of the June 2018 implementation in future Electronic Announcements.

For more information about this transition, see FSA’s announcement.

Latest from FSA: Performance Results and Allocation Information Available

May 11, 2018

FSA recently announced that customer service performance results for each of the Department of Educations federal loan servicers for the quarters ending Sept. 30, 2017, and Dec. 31, 2017, are now available in the FSA Data Center. Allocations in effect from March 1, 2018 to Aug. 31, 2018 are also available.

The quarterly performance results include the following metrics:

  • Percent of Borrowers in Current Repayment Status
  • Percent of Borrowers 91-270 Days Delinquent
  • Percent of Borrowers 271-360 Days Delinquent
  • Borrower Survey
  • Federal Personnel Survey

For more information along with links to the performance results, see FSA’s announcement.

Latest from FSA: Total and Permanent Disability Match Process with Department of Veterans Affairs Begins

April 19, 2018

FSA recently announced a new process to identify and assist disabled federal student loan borrowers who may be eligible for Total and Permanent Disability (TPD) loan discharge. Through this process, the Department of Education will match borrowers on the National Student Loan Data System (NSLDS) database who owe federal student loans or have Teacher Education assistance for College and Higher Education (TEACH) Grants to the Veterans Affairs database.

Beginning in April 2018 and staggered over several weeks, borrowers who are positively identified in the match will receive letters explaining that they are eligible for loan discharge. These letters will be mailed along with a TPD application. The matching process will be conducted on a quarterly basis, occurring in March, June, September, and December each year.

This process will be similar to a data-matching process instituted in 2016 between the Department of Education and the Social Security Administration (SSA).

For more details on the new data matching process, see FSA’s announcement.