Federal Updates

Closed school corner
The Department of Education announces one new closure.

Congress takes a break; HEA keeps going
The House and Senate both recently approved separate budget reconciliation bills, and the Senate was successful in passing a Higher Education Act (HEA) reauthorization bill; but the August break forced the two chambers to postpone the development of compromise bills.

Proposed regulations issued for ACG and National SMART Grant programs
ED has published a notice of proposed rulemaking (NPRM) for the Academic Competitiveness Grant (ACG) and National SMART Grant programs, available in the August 6, 2007, Federal Register. The proposed regulations are the result of a lengthy and lively series of meetings between ED and representatives from the financial aid community.

Latest volume of the 2007-08 FSA Handbook now online
ED has released volume 2, Institutional Eligibility, of the new 2007-08 Federal Student Aid Handbook (FSA Handbook).

Tech Report

Product spotlight: TG's EFT processing
Given the right electronic tool, financial aid offices can now process and deliver funds for thousands of disbursement checks at the press of a button. Students have almost instant access to their loan monies, paperwork is kept to a minimum, and office visits are cut way back. TG’s electronic funds transfer (EFT) process provides schools all these benefits, minimizing the madness of peak season and giving administrators more flexibility in their schedules and job duties.

Trends and Issues

Proofing your financial aid process: Conduct a self-review
Compliance with regulations preserves the integrity of Title IV programs, ensuring that students continue to have access to higher education. Unfortunately, some financial aid officers find that other departments on their campus may not fully understand their role in keeping the institution’s Title IV eligibility intact. It’s worth the effort to educate financial aid staff and others about institutional responsibilities under the FFELP.

Secrets of survival during peak season: Managing stress
Stress has been called the "invisible disease" for the havoc it quietly wreaks on the body's systems when sustained over long periods. Unfortunately, stress in the financial aid office, especially during peak season, is ubiquitous. The best way to handle it is to identify the situations that make you crazy and develop strategies to relax.

Question of the week
In many circumstances, different federal regulations apply to standard term-based programs, nonstandard term-based programs, and nonterm programs. Can you provide guidance on the components of each of these programs?

This, That, and the Other...

The National College Transition Network and the National Endowment for Financial Education (NEFE) recently collaborated on a new publication which addresses the financial concerns of nontraditional, adult students who are considering a postsecondary education. Mapping Your Financial Journey: Helping Adults Plan for College is a free 56-page booklet that contains financial planning worksheets, information about money pitfalls, financial aid, and tips for a successful college experience.

Mapping Your Financial Journey was created to help students manage their financial concerns. In plain language, the text explains some of the basic financial ideas and skills adult learners need to make it through college. It also works through scenarios to teach concepts, including possible job loss, decreases in income, and a lack of educational benefits. The booklet can be used individually by students and prospective students, or in a classroom or study group setting.

Order information is available online at www.collegetransition.org/mapping.html.