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5.31.24 | |

Top Eight May 2024 Announcements for Higher Education Institutions

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Here is a summary of the top eight May 2024 U.S. Department of Education (ED) announcements that apply to higher education institutions, along with an updated guide and other resources:

Upcoming Title IV Requirements
  1. FSA Electronic Announcement GEN-24-07, Implementation of Regulations Related to Financial Responsibility, Administrative Capability, Certification Procedures, and Ability to Benefit (ATB) (Updated May 23, 2024) – This letter summarizes upcoming changes to various regulations that affect institutions’ eligibility to participate in the Title IV, HEA programs. Additional information is available in our recent article. ED has also issued FSA Electronic Announcement GENERAL-24-61, Frequently Asked Questions Now Available on Financial Responsibility and Certification Procedures, which provides links to frequently asked questions (FAQs) about financial responsibility and certification procedure regulations.
  2. FSA Electronic Announcement GENERAL-24-57, Audit Submission Requirements for Institutions Under the Single Audit Act – This is an important deadline reminder for institutions submitting audits under the provisions of the Single Audit Act. Note that any Single Audit Report submitted to ED after June 30, 2024, will be evaluated for timely submission based on the 2 C.F.R.§ 200.512(a)(1) criteria that the audit report be submitted by the earlier of 30 days after receipt of the audit report, or nine months after the end of the audit period.
  3. FSA Electronic Announcement GENERAL-24-55, REMINDER–Annual UEI Registration Renewal with SAM Website – This announcement is a reminder that all institutions must complete the registration confirmation for their Unique Entity ID (UEI) in the General Services Administration System for Award Management (SAM.gov) website annually.
  4. FSA Electronic Announcement DL-24-02, Record Submission Due Date for 2022–23 Direct Loan Program Year Closeout – This announcement outlines the Direct Loan data that must be received and accepted by the Common Origination and Disbursement (COD) system to meet the closeout deadline of July 31, 2024.
  5. FSA Electronic Announcement GENERAL-24-54, 90-Day CIO Notification Electronic Announcement Updated Guidance – This announcement provides updated guidance around the requirement to notify ED and enrolled and prospective students at least 90 days in advance of a proposed change in ownership (CIO) to prevent a lapse in Title IV funding.
Free Application for Federal Student Aid (FAFSA) Simplification Announcements
  1. 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 May 22, 2024) – ED has provided an update on its processing of 2024-25 paper FAFSA forms. In addition, the school-initiated corrections function will be available at the end of June 2024.
  2. FSA Electronic Announcement GENERAL-24-63, 2024–25 Processing Timeframes Associated with Reporting V4/V5 Outcomes [and other unusual circumstances] – This announcement reminds institutions of the required timeframes for reporting verification tracking group V4/V5 results and other unusual circumstances.
  3. FSA Electronic Announcement GENERAL-24-60, Summary of Department Reprocessing of 2024-25 FAFSA Records – This announcement outlines the status of researching potential issues and sunsetting the files of impacted FAFSA records. It also provides an update on blank Student Aid Index (SAI) and verification tracking flags, the codes for identifying reprocessed Institutional Student Information Records (ISIRs), and a description of reprocessing categories, as well as information on the status of FAFSA form submissions and an initial processing update. There also are updates related to:
Updated Guide and Other Resources
  1. NSLDS Financial Value Transparency and Gainful Employment (FVT/GE) User Guide (May 2024 Update) – This reference provides instructions and guidance for complying with the FVT/GE reporting requirements via the National Student Loan Data System (NSLDS).
  2. FSA Electronic Announcement COD-24-04, 2024–2025 Common Origination and Disbursement (COD) Technical Reference (May 2024 Update) Now Available
  3. FSA Electronic Announcement GENERAL-24-58, Volume 5: Withdrawals and the Return of Title IV Funds and Errata to Volumes 1 and 4 Now Available [2024-25 Federal Student Aid Handbook]
  4. Final 2025–26 FISAP Technical Reference – The Technical Reference for the Fiscal Operations Report for 2023–24 (FISAP) is linked. Also, the Final 2025–26 FISAP Form, Instructions, and Desk Reference are now available. A summary of changes is available here.

Please contact us if you have questions or would like to discuss how these announcements apply to your institution.

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