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Top Eight July 2024 Announcements for Higher Education Institutions
Here is a summary of the top eight July 2024 announcements that apply to higher education institutions, plus information on a webinar series and an updated guide:
Upcoming Title IV Requirements
- New Related Party Disclosure Requirements for Higher Education Institutions – This CapinCrouse article explains the expanded related party disclosure requirements effective for all audits of Title IV institutions submitted on or after July 1, 2024. The new requirements extend beyond what is required under U.S. generally accepted accounting principles.
- FSA Electronic Announcement GE-24-06, NSLDS FVT/GE Reporting Now Available (Updated July 17, 2024) – This announcement is a reminder that the Financial Value Transparency and Gainful Employment (FVT/GE) regulations require institutions to report two types of data to the NSLDS annually: student-specific information and program-specific information. In addition, the announcement outlines how to access the FVT/GE Spreadsheet Submittal templates and provides a reminder of the October 1, 2024, reporting deadline. The U.S. Department of Education (ED) also provides information on its FVT/GE Frequently Asked Questions page.
- FSA Electronic Announcement DL-24-04, Additional 2022–23 Direct Loan Program Year Closeout Information – This announcement provides supplemental guidance for the 2022–23 Direct Loan Program Year closeout.
- FSA Electronic Announcement GENERAL-24-79, Reminder – July 31 Reporting Deadline for Section 117 of the Higher Education Act of 1965; Decommission of the Section 117 Interactive Data Table – This announcement summarizes the disclosure report institutions must file with ED whenever the institution is owned or controlled by a foreign source or receives a gift from or enters into a contract with a foreign source, the value of which is $250,000 or more.
- FSA Electronic Announcement GENERAL-24-78, Reminder – Institution Responsibilities under the Clery Act – This announcement is a reminder about key provisions of the Clery Act.
Free Application for Federal Student Aid (FAFSA) Simplification Announcements
- FSA Electronic Announcement GENERAL-24-56, 2024-25 FAFSA: Update on Processing Paper FAFSA Forms, Implementing School-Initiated Corrections, and Temporary Changes to Process for Reporting Disbursements to Provide Institutional Flexibility (Updated July 11, 2024) – This announcement provides a status update on the items mentioned in the title.
- FSA Electronic Announcement GENERAL-24-84, NSLDS Post-screening & Additional Identity Verification for the 2024–25 Cycle (Updated July 16, 2024) –This provides additional guidance and optional tools institutions and vendors may use pending the full implementation of the National Student Loan Data System (NSLDS) post-screening and identity verification processes for the 2024-25 cycle.
- FSA Electronic Announcement GENERAL-24-86, Origination of Summer-Only Direct Loans Prior to the Availability of Batch Corrections Functionality for 2024-25 – This announcement outlines the basic requirements for originating Direct Loans. It also explains options for awarding summer-term loans if institutions cannot submit corrections and obtain a valid Institutional Student Information Record (ISIR) before the end of the loan period.
Webinars and Updated Guide
- FSA Electronic Announcement ANN-24-11, Live Internet Webinars – Wednesday Webinar Series, Summer–Fall 2024 – The next set of webinars in this series, which runs from July to October 2024, has been added. Log into the FSA Training Center for details.
- FSA Electronic Announcement GENERAL-24-91, Volume 8, Volume 9, and Errata to AVG Now Available [2024-25 Federal Student Aid Handbook].
Please contact us if you have questions or would like to discuss how these announcements apply to your institution.
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