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Tip of the Week

April 26, 2023

All hands on deck

You'll need to be well-rested when the 2023-24 academic year begins.

With student loan repayment beginning 60 days after June 30, FAFSA Simplification being implemented sometime in December, and possibly Third-Party Servicer requirements being clarified this fall, it may be all hands on deck in many offices. And that's just to mention a few of the issues facing higher education and financial aid.

Earlier this month, a letter from Richard Cordray, chief operating officer of Federal Student Aid (FSA), to leaders of postsecondary institutions warned of the need to make sure financial aid offices have the resources needed this fall – just to implement FAFSA Simplification.

Back in the fall of 2021, Cordray described the end of the student loan repayment pause (at that time scheduled for January 2022) as a defining moment for FSA. Now, with the start of repayment delayed to later this year, coinciding with many other issues, this fall could be a defining moment not just for FSA, but for many in higher education.

With all of this in mind, make sure you are ready for the fall semester.

Better get your summer vacation on the calendar now.

– By Catherine Mueller

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