Top Four June 2023 Announcements for Higher Education Institutions
Here is a summary of the top four June 2023 U.S. Department of Education (ED) announcements and reminders that apply to higher education institutions:print
- FSA Electronic Announcement General-23-46, Sunset of COVID-19 Waivers and Flexibilities – A summary of general guidance regarding the return to normal compliance with Title IV, Higher Education Act (HEA) requirements.
- FSA Electronic Announcement General-23-48, Reminder – July 31, 2023 Reporting Deadline for Section 117 of the Higher Education Act of 1965 – Institutions of higher education must file a disclosure report with the Secretary of Education 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 within a calendar year. The next date by which institutions must submit these disclosure reports is Monday, July 31, 2023.
- FSA Electronic Announcement Gen-22-14, Cash Management – Tier One and Tier Two Arrangements – While not new, the 2023 compliance supplement (pg.1902) requires auditors to test Tier One (T1) and Tier Two (T2) arrangements between the institution and any third-party servicer. For both T1 and T2 arrangements, institutions must provide ED with an up-to-date URL for the contract and contract data for publication in a public centralized database. For more information on T1 and T2 requirements, please refer to 34 CFR § 668.164(d), (e), and (f).
- FSA Electronic Announcement CB-23-09, Federal Perkins Loan Program – Deadline Reminder: Mandatory Assignment of Federal Perkins Loans in Default for More than Two Years – As a reminder, the final deadline for assigning these Perkins Loans to ED is June 30, 2023.
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