Shoptalk 537, January 26, 2010
Industry Update
Update on IRS data retrieval process
As described in Shoptalk edition 530, ED has been developing a process that will enable Title IV student aid applicants and parents of dependent applicants to transfer certain tax return information from an Internal Revenue Service (IRS) website to the 2009-10 Free Application for Federal Student Aid (FAFSA) on the Web application. This process was expected to be implemented in late January. On January 21, ED announced that the data retrieval process for initial and renewal applications on the 2009-10 FAFSA on the website will be available beginning January 28, 2010. ED will implement IRS data retrieval functionality for the 2010-11 processing cycle in the summer of 2010.
More information
Refer to ED's announcement, which is available on the Information for Financial Aid Professionals website. If you have any questions, contact CPS/SAIG Technical Support at (800) 330-5947, or for TDD/TTY at (800) 511-5806, or by email at CPSSAIG@ed.gov.
Current poverty guidelines extended
In the Federal Register dated January 22, 2010, the Department of Health and Human Services (HHS) announced that the 2009 HHS poverty guidelines will remain in effect until updated 2010 poverty guidelines are published, which will not take place before March 1, 2010.
The poverty guideline is one qualifier that may be used in determining a borrower's eligibility for an economic hardship deferment. Lenders must continue to use the current poverty guideline figures when determining eligibility until updated guidelines are published.
More information
Please review the Federal Register notice for more information.
