[Oasfaa] New Compliance TO DO!

[Jonna Raney]

I'm sure you've all heard about the pending requirement of the Annual Student Loan Acknowledgment that is coming for the 2020-21 year (late April 2020 implementation date).

According to the Dear Colleague letter released yesterday, "The new process will require student and parent borrowers to log into StudentAid.gov each year to view how much they currently owe in federal student loans, and to acknowledge that they have seen this amount before a school can make the first disbursement of the first Direct Loan the borrower receives for a particular award year. This process is mandatory starting with loans associated with the 2020–21 Award Year."

I think I missed somewhere that parents had to do this step for PLUS borrowing and I'm sure there are many other tidbits of info that I need.

You can view the letter at https://ifap.ed.gov/dear-colleague-letters/ANN2004 and register for the webinar at https://ifap.ed.gov/now-leaving

Happy implementing!

Jonna


[Oklahoma Baptist University]
Jonna Raney

Director of Student Financial Services

405.585.5020
Oklahoma Baptist University



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