Department of Education eases verification requirements
As a result of the Direct Retrieval Tool (DRT) being unavailable, the Department of Education has authorized some regulatory relief to make the verification process easier for students. The relief will allow schools to accept a copy of signed tax returns to replace DRT. Students may continue to submit tax transcripts if they are not able to locate a copy of a signed tax return. Additionally, instead of requiring a ‘Statement of Nonfiling,’ schools can accept a signed statement that a tax return was not filed and not required to be filed, a listing of income and a supporting W2 form. Our forms, communications, and business processes have been updated to take advantage of this relief.
Summer awarding
Summer financial aid awarding for all campuses is completed. Award notices were added to the batch schedule on May 11, so students are receiving notices about summer aid.
Restoration of year-round Pell
In early May congressional leaders released a tentative agreement on government spending for federal fiscal year (FY) 2017, which funds award year (AY) 2017-18 and includes the restoration of the year-round Pell Grant and a cut to the Pell Grant program surplus. The agreement includes the restoration of access to an additional Pell Grant award in an award year and maintains the 2017-18 maximum Pell Grant of $5,920.
This agreement must now pass through the House and Senate before heading to President Donald Trump for final passage. In the bill’s accompanying explanatory statement, the Department of Education (ED) is instructed to “implement this provision to maximize flexibility for institutions of higher education and avoid unnecessary administrative burdens while ensuring the best interests of students.” Further, ED is instructed to issue guidance on year-round Pell not later than July 1, 2017. The coming guidance from ED will be critical, as there remain some unanswered questions about the potential interpretation and implementation.
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