Future Changes Coming to FAFSA List
After ending the practice of sharing a student’s college preferences with higher institutions, the Department of Education plans to further restrict how it shares data information from the Free Application for Federal Student Aid (FAFSA) form. Beginning with the 2017-18 academic year, state agencies will receive a randomized order in which students list their desired colleges on the FAFSA form. The decision will likely impact how much financial aid state officials award, as well as create a burden on students who apply. For more on the Education Department’s proposal to limit FAFSA information , check out the full article on the Inside Higher Ed Web site.
Department of Education Proposes “Adverse Credit” Definition Change
To counter the sharp increase in loan disapprovals recently, the Department of Education has issued a notice of proposed rulemaking to update the rules of creditworthiness for PLUS loans to graduate students and parents. Published earlier this month in the Federal Register, the notice includes a revision of the “adverse credit” definition for PLUS loans, and proposes that an applicant meets the adverse credit history requirement “if the applicant has one or more debts with a total combined outstanding balance greater than $2,085 that are 90 or more days delinquent as of the date of the credit report, or that. Read More.
OMB Releases 2014 Compliance Supplement
Earlier this week, the U.S. Office of Management (“OMB”) issued its 2014 OMB Circular A-133 Compliance Supplement (“the Supplement”). Viewed as essential guidance for performing single audits, the Supplement recognizes important compliance requirements the government expects to be considered for auditing. The Supplement is also seen as a source for auditors to better understand federal program objectives, procedures and other valuable information. Effective for fiscal year audits beginning after June 30, 2013, some of the changes to this year’s Compliance Supplement include: Changes to the Matrix of Compliance Requirements, which was revised to add and remove programs for consistency purposes;. Read More.