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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:

  1. 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.
  2. 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.
  3. 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.

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

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