July’s coffee hour focused on three changes that we all have to embrace and implement.
Changes to 2021-2022 Verification Requirements
Published and effective on July 13, 2021, the Department of Education announced that it would be waiving verification requirements for applicants selected for the V1 verification tracking group for the remainder of the 2021-2022 aid year. We are no longer required to verify any of the income data elements, taxes paid, household size, and number in college in ANY tracking group (V1 or V5). Identity/Statement of Educational Purpose and high school completion status in Verification Tracking Groups V4 and V5 are still required.
Here are a couple of great takeaways from the conversation:
- Prevent students/families from submitting any additional documentation as you are required to review any documents you receive to see if there is data already on the document that conflicts with other data in the student's file.
- Confirm whether or not your State is following the federal guidance
- Update the STDNT_AID_ATRBT record using population update for the following fields:
- VERIFICATION_STATUS = N (Not Required)
- Ideal if you don’t want to update your disbursement and packaging select rules.
- VERIF_STATUS_CODE = S (Selected, not verified)
- The guidance states you must update the field to Selected, not Verified
- Based on business processes at your institution, think about how you may want to track students who have had verification waived, students reviewed for conflicting information, etc. You could accomplish this with a unique comment category and/or update the checklist item – many schools are using Waived.
- Since this change to the verification policy is occurring mid-year, CPS will continue to select students for verification.
FAFSA Simplification: Removal of Selective Service and Drug Conviction Requirements for Title IV Eligibility
Published on June 11, 20022, the FAFSA Simplification Act made important changes to the Higher Education Act of 1965 (HEA) and FAFSA. Failing to register with the Selective Service or having a drug conviction while receiving federal Title IV aid will no longer impact a student’s Title IV aid eligibility.
For the 2021-2022 award year, institutions will still see Comment Codes 30, 33, or 57 for Selective Service issues and Comment Codes 53, 54, 56, or 58 for drug convictions. To prevent the database match flags from being set for the Selective Service and Drug Conviction C-Flags, you will need to modify the ISIR Comment Code Setup.
New R2T4 regulations effective 7/1/2021
In accordance with the September 2, 2020 Federal Register, the new regulations will apply to students who withdraw or otherwise cease attendance (including graduate) on or after July 1, 2020 (unless a school chose to implement early).
Here is a link to the recording: FINANCIAL AID COFFEE HOUR- JULY Recording
We want to hear from you! Please let us know if you have any ideas on a future coffee breaks or webinars by completing this Survey.
Thank you all for the great conversation on Thursday! It is great to be part of such a knowledgeable, helpful and amazing community!