Post Date: 8/24/2010
The Federal Pell Grant (Pell Grant) regulations at 34 CFR 690.10 provide for an Administrative Cost Allowance (ACA) payment of $5.00 to each participating school for each student who receives a Pell Grant at that school for an award year. The second ACA payment for the 2009-10 Award Year is based on records that the COD System has processed from the date the Department processed the first ACA payments for the 2009-10 Award Year (March 20, 2010) up to the date that the Department processes the second ACA payments for the 2009-10 Award Year. The Department began processing the second ACA payments for all schools on August 23, 2010. Schools will begin to see these payments deposited directly into their bank accounts over the next few weeks.
Post Date: 6/30/2010
The Boston Educational Network will be closed on Monday July 5 in observance of the Federal 4th of July holiday.
Post Date: 6/10/2010
Immediate Action Necessary
New regulations require schools to develop a policy for the 2010 Crossover Pell Grant payment period. Below, please find a sample policy statement that we recommend all our schools establish. This policy or facsimile should be placed in your institution’s policy manual/ handbook.
This policy has been standard operating procedure for all schools since the inception of the Pell Grant program.
For the 2010 crossover payment period that occurs in the 2009-2010 and 2010-2011 award years, our institution elects to award the Federal Pell Grant from the 2009-2010 award year without applying 34CFR 690.64 as amended by the final regulations published on October 29, 2009, and effective on July 1, 2010 (74 FR 55904, 55951).
Post Date: 5/25/2010
The chart below is a summary of Direct Loan and FFEL borrower interest rates that will be effective beginning July 1, 2010. The top chart provides the rates for loans first disbursed on or after July 1, 2006 that have fixed rates for the life of the loan. The bottom chart provides rates for loans that were first disbursed between July 1, 1998 and June 30, 2006. These loans have variable interest rates that are reset each year.
Fixed Rates for Loans First Disbursed on or After July 1, 2006
| LOAN TYPE | GRADE LEVEL | First Disbursed Between July 1, 2009 and June 30, 2010 | First Disbursed Between July 1, 2010 and June 30, 2011 (See note) |
| Subsidized Loans | Undergraduate | 5.60 | 4.50 |
| Graduate | 6.80 | 6.80 | |
| Unsubsidized Loans | Undergraduate | 6.80 | 6.80 |
| Graduate | 6.80 | 6.80 | |
| PLUS Loans | Parent and Grad Student | 7.90 for Direct Loans and 8.50 for FFEL | 7.90 for Direct Loans and 8.50 for FFEL |
NOTE: Effective July 1, 2010, the only loans that can be made are Direct Loans.
Variable Rates for Loans First Disbursed Between July 1, 1998 and June 30, 2006
These rates were calculated based upon statutory formulas and equal the bond equivalent rate of the 91-day Treasury bills auctioned on May 24, 2010, plus certain statutory percentage add-ons. The 91-day Treasury bills were auctioned at 0.167 percent, rounded to 0.17 percent.
| LOAN TYPE | LOAN STATUS | For the Period July 1, 2009 to June 30, 2010 | For the Period July 1, 2010 to June 30, 2011 |
| Subsidized and Unsubsidized Loans | Repayment or Forbearance | 2.48 | 2.47 |
| In-school, Grace, or Deferment | 1.88 | 1.87 | |
| PLUS Loans – Parent and Grad Student | All Statuses | 3.28 | 3.27 |
Notes:
- Interest rates on Stafford and PLUS loans disbursed before July 1, 1998, are calculated using different statutory formulas, percentage add-ons, or both.
- Generally, interest rates on Consolidation Loans are fixed rates calculated based on the weighted average of the loans being consolidated rounded up to the next higher 1/8 percent, not to exceed 8.25 percent.
Post Date: 4/30/2010
Per 2009 tax return instructions, tax filers must report on line 19 of the 1040, line 13 of the 1040A, or line 3 of the 1040EZ any amount of unemployment compensation the tax filer received that is over $2,400. This means that the first $2,400 of unemployment compensation that a tax filer receives is not included in the Adjusted Gross Income (AGI) and therefore, is not taxed.
Guidance from the Department of Education (ED) indicates that financial aid applicants must list untaxed unemployment compensation as untaxed income in the student section (Step 3) on line 45(i) of the Free Application for Federal Student Aid (FAFSA) and/or in the parent section (Step 4) on line 93i of the FAFSA, as appropriate.
If there is a dollar amount on the appropriate line of the IRS tax return, a school can assume that the tax filer(s) received at least $2,400 in untaxed unemployment compensation. Therefore, the school should review the amount of untaxed income that the applicant reported on the FAFSA and resolve any conflicting information. Please remember to include the untaxed portion (not the total amount) of unemployment compensation on the verification worksheet.
The untaxed $2,400 of unemployment compensation is allowed per tax filer, not per tax return. Therefore, for joint tax returns, an amount listed on the appropriate line of the tax return could indicate up to $4,800 in untaxed unemployment compensation if both filers were unemployed during 2009.
Post Date: 3/23/2010
On March 23 the USDE has started transmitting the first Pell Grant Administrative Cost Allowance to all schools. This allowance will be wired directly into your Federal Funds account. The school is entitled to $5.00 per each Pell Grant recipient each award year.
Post Date: 3/12/2010
Schools received several notices in January regarding the requirement to register their schools with the Central Contractor Registry. The link to the most recent notification is:
http://ifap.ed.gov/eannouncements/012810DUNSregistrationrequirement.html
The reason for this registration requirement is that the Department of Ed is about to switch from the Automated Clearing House (ACH) (Federal Reserve) method of transferring funds to schools to the FED WIRE (U.S. Department of Treasury) method. To receive funds via the FED WIRE method schools must be registered with the Central Contractor Registry. Registration is completed exclusively on line at this website: http://www.ccr.gov
For assistance in the CCR registration process, schools can contact the CCR Federal Service Desk at 866/606/8220.
Information that the school will need to have handy is:
- DUNS Number
- Tax ID Number
- Average receipts for the last 3 fiscal years – you may want to speak with your CPA about this number – information must be correct.
- Number of Employees
- If a school is already in the registry – the USER ID and Password that was established will be needed.
- Federal Funds bank account information – Routing # and Account # and Bank Name
Note: A complete list if information you will need to register is available on the home page of the CCR web site
Please do not hesitate to contact the Service Desk for assistance. They are very helpful. Failure to register by the deadline will result in the interruption of funding for Pell Grants and Direct Loans etc.
Post Date: 3/5/2010
The Boston Educational Network will be closed on Friday, April 2, 2009 as part of the Easter and Passover Observances.
Post Date: 3/4/2010
The Boston Educational Network will be holding its 2010 Title IV Update workshop at the Mohegan Sun Casino and Resort in Uncasville, CT on Thursday June 3, 2010. Hotel and registration information along with a tentative agenda will be posted here on March 15, 2010.
Post Date: 2/9/2010
The 2008 Draft Cohort Default Rate is now available for schools to review. If you have selected The Boston Educational Network to receive these files, they are located under "reports". Please read the viewing/printing instructions for this link.
Post Date: 2/9/2010
The Boston Educational Network will be closed Monday February 15 in observance of the federal Presidents Day holiday.
Post Date: 1/21/2010
To allow for the G5 Phase 2 implementation of the Grants Management System, The G5 Application will be unavailable to all users beginning on Wednesday, February 10th at 3:00 PM until 6:00 AM Tuesday February 16th . Please note that February 15th is the Presidents Day holiday so this is essentially only a two work day shutdown.
Post Date: 1/4/2010
The Boston Educational Network is pleased to announce that the 2010-2011 FAFSA/ISIR application system is now operational. You can now complete your student’s 2010/2011 FAFSA, if necessary.
Post Date: 12/11/2009
The Dept of Ed revised the Direct Loan promissory notes in March 2009 to add an addendum to explain changes to loan terms and conditions made by the HEOA. Beginning Jan. 1, 2010, all Stafford MPNs must have the expiration date of May 31, 2011 with a revised date (located on the bottom right hand side of the page) of 3/2009. The PLUS prom notes must have an expiration date of August 31, 2010 with a revised date of 3/2009.
The older versions of prom notes will not be accepted by the Dept after January 1, 2010.
MPNS can be ordered via FSA Pubs website at www.fsapubs.org. If you have any questions, contact Daina.
Post Date: 10/27/2009
The National Postsecondary Education Cooperative (NPEC) Working Group on the Higher Education Opportunity Act of 2008 (HEOA) has released a guide to help colleges and universities successfully identify and meet their disclosure obligations.
Included are suggestions for dissemination and listings of additional resources. The following link will get you to the most comprehensive and concise publication to date on this very important set of requirements. Schools should print and then use the guide as a checklist to confirm that they are in compliance with all the requirements.
http://nces.ed.gov/pubs2010/2010831.pdf
Post Date: 10/14/2009
USDE Cash Request Shutdown – 10/20/2009 to 10/26/2009
No Pell/SEOG or Direct Loan Drawdowns of Cash during this time... SEE 10/5/2009 Posting
Post Date: 10/6/2009
The Department urged institutions to be prepared to deliver student loans for the 2010-2011 award year by signing up for the Direct Loan Program in the Department's first issue of Direct Loan Source, a monthly, electronic newsletter that highlights Direct Loan Program updates and Direct Loan resources provided by the Department. "The Department of Education has gone to great lengths to update our systems and increase capacity in preparation for whatever outcome is reached by Congress," writes William Taggart, the Department's chief operating officer. "I ask you to ensure that your school is equally prepared. Even if the Direct Loan Program is not your first choice, please plan for any possible outcome."
Post Date: 10/5/2009
From 3:00 P.M. (ET) on Tuesday, October 20, 2009 through 6:00 A.M. (ET) on Monday, October 26, 2009, the G5 Web site will not be available. Schools will not be able to draw down Campus-Based, Academic Competitiveness Grant (ACG), Federal Pell Grant (Pell Grant), National Science and Mathematics Access to Retain Talent Grant (National SMART Grant), Teacher Education Assistance for College and Higher Education (TEACH) Grant, and William D. Ford Federal Direct Loan (Direct Loan) funds during this period.
Post Date: 9/9/2009
This long awaited Dear Colleague letter has clarified several issues that have been raised with respect to compliance and paying prior-year charges. To summarize briefly – Program Contract Institutions can apply current award year funds (both Pell and Loan) to student accounts even if the student executed the contract in the prior award year. Several weeks ago – the newly released Volume 4 of the 09/10 FSA Handbook addressed this topic with language that essentially mimics the guidance in Dear Colleague GEN-09-11. The entire DCL is linked here:
http://www.ifap.ed.gov/dpcletters/GEN0911.html
Post Date: 9/8/2009
Higher education institutions must offer educational programs about the Constitution on Thursday, Sept. 17 (Constitution Day). Schools should maintain documentation of what they did to comply with this requirement. Ideas for a "Constitution Day" program can be easily found on the web by merely searching "Constitution Day".
Post Date: 8/31/2009
The Boston Educational Network will be closed on Monday, September 7, 2009 in observance of Labor Day.
Post Date: 8/25/2009
http://ifap.ed.gov/eannouncements/082409SecondACAPayment.html
Post Date: 6/1/2009
| LOAN TYPE | GRADE LEVEL | First Disbursed Between July 1, 2008 and June 30, 2009 |
First Disbursed Between July 1, 2009 and June 30, 2010 |
|---|---|---|---|
| Subsidized Loans | Undergraduate | 6.00 | 5.60 |
| Graduate | 6.80 | 6.80 | |
| Unsubsidized Loans | Undergraduate | 6.80 | 6.80 |
| Graduate | 6.80 | 6.80 | |
| PLUS Loans | Parent and Grad Student | 7.90 for Direct Loans and 8.50 for FFEL | 7.90 for Direct Loans and 8.50 for FFEL |
These rates were calculated based upon statutory formulas and equal the bond equivalent rate of the 91-day Treasury bills auctioned on May 26, 2009, plus certain statutory percentage add-ons. The 91-day Treasury bills were auctioned at 0.178 percent, rounded to 0.18 percent.
| LOAN TYPE | LOAN STATUS | For the Period July 1, 2008 to June 30, 2009 | For the Period July 1, 2009 to June 30, 2010 |
|---|---|---|---|
| Subsidized Loans | Repayment or Forbearance | 4.21 | 2.48 |
| In-school, Grace, or Deferment | 3.61 | 1.88 | |
| Unsubsidized Loans | Repayment or Forbearance | 4.21 | 2.48 |
| In-school, Grace, or Deferment | 3.61 | 1.88 | |
| PLUS Loans - Parent and Grad Student | All Statuses | 5.01 | 3.28 |
Notes:
- Interest rates on Stafford and PLUS loans disbursed before July 1, 1998, are calculated using different statutory formulas, percentage add-ons, or both.
- Generally, interest rates on Consolidation Loans are fixed rates calculated based on the weighted average of the loans being consolidated rounded up to the next higher 1/8 percent, not to exceed 8.25 percent.
Post Date: 3/30/2009
Obama Discusses Eliminating FFELP at First Online Town Hall Meeting (USA Today)
"Continuing his strategy to take his administration's message directly to voters, last Thursday President Obama held what the White House says is the first-ever 'online town hall' meeting by a president," USA Today reports. "The administration solicited questions at WhiteHouse.gov, and the president answered some of them during his live webcast, including one from Ohio college students about the cost of higher education. The president answered that he wants to remove banks as middle men between loans and the students who get them. 'Let's make all these direct loans,' Obama said. 'That then allows us to lower student loan rates or expand grants.'"
Post Date: 3/26/2009
The Boston Educational Network will be closed on Friday, April 10, 2009 as part of the Easter and Passover Holiday Observances.
Post Date: 3/24/2009
The first Administrative Cost Allowance (ACA) payment for the 2008-09 Award Year is based on records the COD System has processed from the start of the Pell Grant 2008-09 on July 1, 2008 to the present. These payments will begin to be deposited directly into the Federal Funds accounts beginning the week of March 23, 2009. Schools receive $5.00 per Pell Grant processed. These are school funds to do with as you please.
Post Date: 3/11/2009
Latest G-845 info from the USDE: “There are currently two G-845 forms in use, one that is available in the 2008-2009 Handbook with an expiration date of 6/30/2008, and another that is available on the DHS Web Site with a 7/31/2011 expiration date. Please continue to use the G-845 with the 6/30/2008 expiration date http://ifap.ed.gov/eannouncements/attachments/1228G845.pdf
According to the USDE, the new form does not provide for all of the USCIS responses that are useful to determine whether an applicant is an eligible noncitizen for Title IV purposes.
Post Date: 2/23/2009
The USDE has released the 2009-2010 Pell Grant Payment Schedules. The maximum award (zero EFC) for 2009-2010 has increased by $619 to $5350.
Below please find a link for all the 2009-2010 Pell Grant Schedules. Your school should only be concerned with the Full Time Schedule. The other schedules are intended for four year traditional institutions.
http://ifap.ed.gov/dpcletters/attachments/P0901PaymentSchedules1D.pdf
Reauthorization Updates
BEN staff recently attended an USDE workshop that will affect the way financial aid is awarded and disbursed to your students.
YEAR-ROUND Pell Grant: Students may receive up to two scheduled Pell Grants during an award year (July 1 thru June 30). Therefore, no student will lose any Pell Grant funding while attending your institution. This rule takes effect for the 2009-2010 Award Year.
ATB additional provision: a student may qualify for student financial aid after satisfactorily completing 6 credits or in the case of a clock hour school 225 clock hours of coursework that are applicable towards a degree or certificate offered by the institution. NO Title IV aid may be paid for these credits or hours. The school may continue to admit students utilizing the ATB test under the current regulations.
Campus Based Funds Transfers: Schools can now transfer 25% of FWS or SEOG between programs.
FWS Community Service: Now includes emergency preparedness and response in definition of community service. It also, adds a new category of FWS jobs to compensate students in projects that teach civics in schools.
There are many other changes. We will keep you up-to-date, as we continue to receive clarification, as to the impact it will have on your school and students.
On Wednesday, House and Senate Conferees reached a deal on the Stimulus Bill that was finally filed last night (Thursday). President Obama could sign the bill into law as early as Monday.
The bill provides for slightly more than $ 17 billion to increase the maximum award to $ 5,350 in 2009-10 and $ 5,550 in 2010-11 and eliminates the Pell Grant shortfall.
Unfortunately the $ 2,000 unsubsidized Stafford Loan limit increase provided by the house was not included in the conference report.
The final bill reflects the House provision to provide approximately $ 13.5 billion for a $ 2,500 tax credit. 40% ($1,000) of the revised tax credit is refundable and generally benefits lower-income taxpayers who, when filing their tax returns, do not have a tax liability. It is estimated that four million additional students will benefit.
The USDE sent to us the 2007 Preliminary/Draft Cohort Default Rate for all schools who designated our company to receive this file. The file is under Reports > NSLDS Cohort Default Rates Report > 2007 NSLDS Cohort Default Rate Detailed Report (Initial Review)
To view and print this file: Click on the link> Click Open >then Print. If a windows appears after you choose OPEN say OK. This is a large file so it may take a few seconds to open.
If there is no data in your file then the USDE did not send this file to us. It would appear in your SAIG mailbox.
Note that schools have 45 days to challenge this data. Directions for appeals are in the Cohort Default Rate Guide. http://www.ifap.ed.gov/DefaultManagement/DefaultManagement.html
NOTICE: The Boston Educational Network will be closed Monday February 16 in observance of President's Day.
Author: William Leith, Service Director, Program Management, Federal Student Aid
Each year, we remind schools of the correct process for making a borrower payment by sending a check to the Direct Loan Servicing Center’s (DLSC’s) Payment Center. A borrower payment is made in order to return funds at the borrower’s request more than 120 days after disbursement.
If you are returning funds at a borrower’s request within 120 days of disbursement, or are returning funds at any time in order to comply with a statutory or regulatory requirement, you should make the appropriate adjustment to the borrower’s loan record or records and follow the process for making a refund of cash as updated in the Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site.
To ensure the most accurate and timely processing of a borrower payment, please follow these guidelines:
- Issue a check to the U.S. Department of Education and include the borrower’s name, loan ID, and loan amount being returned on the check.
- Include a completed Direct Loan Payment to Borrower Account form (see our library of forms) with the check.
- Mail the check and completed form to the DLSC’s Payment Center at:
Attention: Payment Center
P.O. Box 530260
Atlanta, GA 30353-0260
If you have questions about this bulletin or returning funds at the borrower’s request more than 120 days after disbursement, contact the COD School Relations Center at 800/848-0978 or e-mail CODSupport@acs-inc.com.
All Schools should destroy unused copies of the Direct Subsidized/Unsubsidized Loan MPN with the expiration date of 10/31/2005. On January 1, 2009 these notes are no longer valid and will be rejected if submitted.
If for some reason you have no copies of the new version with the expiration date of 5/31/2011 they can be ordered at:
- Login using your 8 digit OPE ID #
- Go to: DL MPN
- Order new Sub/Unsub MPN notes “without” data labels (section A & B unlabeled).
Note: We have ordered a box of 500 for each of our Direct Loan clients that will arrive during the first 7 days of January 2009.
Twice a year – schools are required to update "all" students enrollment status via the NSLDS On-Line enrollment update process. We advised schools to set up December 1 and June 1 as the enrollment update mandatory reporting dates. If you chose these dates – it is time to go to the NSLDS website and update all of your student’s enrollment statuses. You need merely retrieve your roster on line – check the box for select all and update individual students as necessary. If you have been diligent about updating as changes occur – this process should only take a few minutes as you should only have no more than several students to correct if any.
Please remember that you are required to update any students enrollment status within 35 days of any change. Remember to keep printed copies of any updates to prove compliance with the regulations.
IMPORTANT NOTICE - "Pell Grant and Prior Year Charges Controversy" please execute the link below:
Click here to expand/collapse details
As was discussed in our annual Title IV update workshop at the Mohegan Sun, the USDE recently changed their interpretation of a regulation that has been in effect for over ten years. This regulation addressed the issue of only using $200 of current year financial aid dollars to pay for charges incurred in a prior year. For example, if a student attending a four year university had a balance on their account for the student's freshmen year and now they have progressed to the second or sophomore year, the school could only apply $200 of second year aid towards the first year charges.
The USDE is now interpreting that concept to affect the student's "award year", which means it would affect all crossover students (students getting one half of their aid –specifically Pell Grant) in one award year and the second half in the subsequent award year.
To date, there have been many comments, arguments, and concerns regarding this new interpretation from the entire financial aid community. NASFAA, the National Association of Student Financial Aid Administrators, your industry associations, and many others have been trying to obtain definitive guidance in this area.
The initial guidance from the USDE suggested that all schools charge tuition by the payment period versus the program. However, further discussion suggested that the school charge by the academic year (to be consistent with need analysis for student loans and other aid).
As recently as two weeks ago, the USDE announced a new "reasonable interpretation of the regulation". This new "reasonable" interpretation is as follows:
If the student does have a student loan (FFELP or Direct Loan) the regulation would not apply, since the "year" is considered the academic year or loan period. However, if the student DOES NOT have a student loan and only has a Pell Grant and/or campus based funding, the "year" is the Award Year and the prior year charge regulation does apply.
The Department has once again stated that they will offer final guidance in an upcoming DCL (Dear Colleague Letter), which was promised in November. However, this does not help a school whose year end is coming due and needs to stay in compliance with this regulation.
Until the USDE gives specific guidance in this area, for a school to make a "good faith effort" in complying with the law we would suggest that you do the following:
- For programs that are one academic year or less in length it is not necessary to do anything UNLESS the student only receives a Pell Grant in his/her financial aid package.
- For programs greater than an academic year, develop an addendum to each student contract that outlines the specific tuition charges for each payment period or academic year in a student’s program.
- Have the student sign and acknowledge this addendum.
Below is a sample addendum, which we have developed for your review. Since there has been no guidance provided by the USDE on this issue to date, and this issue is subject to many interpretations, we cannot guarantee that this addendum will satisfy the regulation interpretation.
| Payment Period 1: | 1-450 hours |
| Payment Period 2: | 451-900 hours |
| Payment Period 3: | 901-1200 hours |
| Payment Period 4: | 1201-1500 hours |
To comply with the USDE regulation for prior year charges, the XXXX school has defined the program charges as follows:
| Total Program Tuition: | $15000 |
| Total Program Fees: | 100 |
| Total Programs Bks/Sup: | 1000 |
| Total Cost of Program: | $16,100 |
Breakdown of Tuition Charges:
| Tuition Charge for 0-450 hours: | $4500 |
| Tuition Charge for 451-900 hours: | $4500 |
| Tuition Charge for 901-1200 hours: | $3000 |
| Tuition Charge for 1201-1500 hours: | $3000 |
| Total Tuition Charge: | $15,000 |
Acknowledgment:
I have read and understand that the above information is part of my original enrollment agreement/ contract with the school
| Signed | Date |
If you prefer to send us file delay material via email, please use this email address:
We will continue to receive data via fax and USPS mail.
In order to continue our commitment of quality service, The Boston Educational Network will be moving to a new location. This location will offer a T1 Internet Service. This internet connection is among the fastest service offered to businesses in the United States.
Our website address, telephone, and fax numbers will not change. Our mailing address will change on September 2, 2008. The new address is as follows:
2 Washington Street, Suite 334
Dover, NH 03820-3889
Have you successfully enrolled? Beginning July 1st, schools must have on-line access to comply with the new 35 day enrollment change reporting requirement time frame. If you need assistance/guidance to finalize this process please call Phil @ Boston Ed. for assistance. This process replaces the current bi-monthly SSCR reports. The August rosters are the final ones that the Network will be making available on school portals. If you have established access – be sure to modify your enrollment reporting schedule on the website.
As you know, the Central Processing System (CPS) conducts a match of applicant data with the Department of Homeland Security (DHS), a service of the U.S. Citizenship and Immigration Services (USCIS), to confirm a student's citizenship status and eligibility for federal student aid.
When this match is conducted, DHS returns the DHS Verification Number, a 15-digit confirmation number which appears on the Institutional Student Information Record (ISIR) under "Match Flags" in the FAA Information section.
If manual Secondary Confirmation is necessary, the school must submit the Immigration Status/Document Verification Request (G-845) form. The DHS Verification Number is requested on page 1 of the form (Section A, # 5 Verification Number). This number must be entered to avoid delays.
*FFEL and Direct Loan Interest Rates Effective July 1*
The interest rate on subsidized Stafford loans for undergraduate
students will drop to 6.0 percent (from 6.8 percent) for loans disbursed
on or after July 1. The interest rate for unsubsidized Stafford loans
and subsidized Stafford loans for graduate students will remain at 6.8
percent.
NSLDS New Enrollment Reporting Requirement
Effective July 1, 2008, students' enrollment status changes must be reported within 35 days of any type of reportable change (e.g. Graduate, Terminate, LOA, Schedule change, etc.).
This must be accomplished via NSLDS on line. All schools should be already enrolled for this service. Some schools may have inadvertently let their password expire since they first enrolled. Passwords must be updated every 90 days. This is a very secure web site.
Schools will need to log on to the NSLDS web site to update changes as they occur. The process is very simple and will save time for schools. All schools will have to set up fail safe processes to guarantee that they update changes within the new 35 day time period. Your CPA will be testing this new 35 day requirement during your next compliance audit.
Because of this new requirement, schools are only required to receive and complete two (2) SSCRs per year.
At our annual conference on June 12 at the Mohegan Sun a hands-on demonstration and instructions for compliance will be provided.
The Boston Educational Network will be mailing more detailed instructions to schools regarding this new USDE compliance requirement.
News Flash: Increased Loan Limits Effective July 1, 2008
President Bush just signed HR 5715, which increases Unsubsidized loan limits for all students. Subsidized loan limits are unchanged
The Loan limits are as follows:
| Dependent Students (Except Students Whose Parents Cannot Borrow PLUS) | Base amount (normally a Subsidized loans) | Add’l Unsubsidized loan amount Prior to July 1, 2008 |
Add’l Unsubsidized loan amount After July 1, 2008 |
| Fresh (1st year) | $3500 | $0 | $2000 |
| Soph (2nd year) | $4500 | $0 | $2000 |
| Junior or Senior | $5500 | $0 | $2000 |
| Independent Student and Dependent Student Whose Parents Cannot Borrow a Plus Loan | Base amount (normally a Subsidized loans) | Add’l Unsubsidized loan amount Prior to July 1, 2008 |
Add’l Unsubsidized loan amount After July 1, 2008 |
| Fresh (1st year) | $3500 | $4000 | $6000 |
| Soph (2nd year) | $4500 | $4000 | $6000 |
| Junior or Senior | $5500 | $5000 | $7000 |
If your program is less than a full academic year or if the second or subsequent year(s) of your program is less than a full academic year, you must prorate these amounts accordingly.
2008/2009 FAFSA ORDERING
The Department of Education is limiting the number of paper FAFSA applications it will send to schools to fifty (50) applications beginning with the 2008/2009 year. Their intent is to get the applicants (students) to apply via FAFSA ON the WEB.
We have consistently encouraged our clients to avoid using FAFSA On the Web, due to the frequency of errors that occur when a student applies for aid utilizing this method. After using all fifty (50) applications you may then go to: http://www.federalstudentaid.ed.gov/docs/PDF_FAFSA_08-09_en-color_508_V_11808.pdf You must keep a signed copy of this form (such as you do with the paper application) in the student's financial aid file.
However, we have found out that there is an option to order more paper applications by "Special Request". Some schools have succeeded in getting more applications by calling the FSAPubs center and explaining that the socio-economic population that they are serving has very limited access to the internet.
2006 Cohort Default Rate Draft Reports Now Available
Please visit your Reports section of the School Management Portal to view your initial Cohort Default Rate draft reports. You are required to format the Detailed section of the report for proper viewing in Microsoft Word. You will only be able to view the report if one exists for your school. Please read this guide, provided by the Department of Education for details on how to format your Detail report.
If you wish to challenge the data on the report, you can do so by following the guidelines in PART FOUR of the Default Rate Guide located at:
http://www.ifap.ed.gov/DefaultManagement/DefaultManagement.html
The 45 day time period for challenging the FY 2006 Draft Cohort Default Rates under 34 C.F.R. Part 668, Subpart M begins on Wednesday, February 20, 2008.
Must order new Direct Plus Loan Promissory Notes
Current version expires 2/29/2008
To order the new version of Plus loan promissory notes go to:
http://www.fsapubs.org/
- Login using your 8 digit OPE ID #
- Go to: DL Mpn
- Order new Plus prom notes without data labels.
We will stop accepting the old version on February 23, 2008.
New G845 Form
Please print the new version of the G845 Form located under the Library of Forms, “INS Document Verification Request”
Campus Security – October 1st
Deadline
Action Required
Distribution of the annual security report
By October 1 of each year, a school must publish and distribute its annual
security report. It must be distributed to all enrolled students and current
employees in one of two ways - directly by publications and mailing, including
giving each individual a copy, or direct mailing to each individual through the
U.S. Postal Service, campus mail, or electronic mail, or a combination of these
methods.
If you do not have a copy of The Handbook for Campus Crime Reporting it can be
accessed and printed from this site:
www.ed.gov/admins/lead/safety/campus.html
The handbook provides valuable assistance such as sample letters to local law
enforcement officials for data gathering purposes.
Recertification Alert
Recertification reminder notices from the USDE will be sent only electronically effective immediately. They will be sent to each institution when the institution’s recertification is due via e-mail. The email notice will be sent to the institution’s President and financial aid administrator. The notices will identify when your PPA will expire and advises you that in order to maintain your eligibility to participate in Title IV programs past the expiration date of your current PPA, you must submit a Recertification Application no later than 90 days prior to the PPA expiration date. If you are not conscientious about checking your e-mail – you might want to check your expiration date and mark your calendar so you don’t miss your recertification application deadline.
Verisign SSL Security
Over the last couple of months The Boston Educational Network has been gradually implementing Verisign Security for critical aspects of the website. If you are prompted with a message asking if you want to display nonsecure items make sure to click "YES".
SSCR PROCESSING CHANGE
Please be advised that your SSCR report will now be available EXCLUSIVELY on The Boston Educational Network website. You will no longer receive your SSCR by mail or e-mail. You will receive an alert on our website that your SSCR report is available for you to open and print. The file will be located in the "Delinquency/SSCR" option on the home page. Instructions will be available when you receive your SSCR report.
Delinquency Reports and SSCR's
The Direct Loan Borrower Delinquency Reports will be available EXCLUSIVELY on your school portal on The Boston Educational Network web site beginning with the APRIL 2006 reports. The reports will be located on the main page titled “Delinquency/SSCR” (formerly the "download" file). Once you access the link you will find files called “ED0407op.xxx” with the most current files at the top of the list.
These files can be successfully opened and printed in Microsoft Word. Your browser may prompt you to “save the file” first (you can simply save it to your desktop), then it will prompt you to “open” or “open with a selected program”. Select Microsoft Word to open the file and this will allow you to view and print the file (or past files) at your convenience. You may need to go to print setup and change the bottom margin to .5 inches (or another setting) so the report prints properly.
Adobe Acrobat Reader
Some users may need to download the free Adobe Acrobat to view PDF files. Click here to go to the Adobe download page.
