Top Three May 2023 Announcements for Higher Education Institutions
Here is a summary of the top three May 2023 U.S. Department of Education (ED) and Office of Management and Budget announcements that apply to higher education institutions:print
- FSA Announces Campus-Based School Testing to Report Federal Work-Study Wages – On May 23, 2023, the Office of Federal Student Aid (FSA) released Electronic Announcement CB-23-08, which affects all higher education institutions that participate in the Federal Work-Study (FWS) program. The announcement states that institutions will have the opportunity to test campus-based processes and software with ED’s Common Origination and Disbursement (COD) website ahead of reporting 2022 calendar-year FWS earnings.
- 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 – The final deadline for assigning Perkins Loans to ED is June 30, 2023.
- 2023 Office of Management and Budget Compliance Supplement – The 2023 Compliance Supplement includes additional audit requirements in the Student Financial Assistance Cluster related to the Gramm-Leach-Bliley Act (GLBA) for fiscal years ending June 30, 2023, and later.
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