TASFAA Community Blog
It is with a heavy heart that I inform you of the loss of one of our colleagues. Clyde Walker, a long time TAFSAA member and friend to many, passed away suddenly today, September 23, 2013. Please keep his wife, Joanie, and their family in your thoughts and prayers. We will provide details of the arrangements as soon as they are available.
A Memorial Service for Clyde Walker will be held at 5PM, Saturday, September 28th at Gateway Community Church, 584 Franklin Rd. Franklin, TN 37069. A reception will follow at the church.
Please continue to keep Joanie and the rest of the family in your thoughts and prayers.
IRS Sending Penalty Notices for 1098-Ts Without Taxpayer Identification Numbers
If they do not already have students' TINs, the regulations require institutions to annually solicit TINs from enrolled students for whom they need to generate Forms 1098-T. (Institutions do not need to report on continuing education students or nonresident aliens, unless specifically requested to do so.)
á Below is a very helpful update that NACUBO shared with its members via listserve following a conversation with the IRS.
á NAICU will work closely with NACUBO to explore other efforts to provide additional guidance to campuses on this matter.
For those of you who have received 972CG notices from the IRS about proposed penalties for missing or incorrect SSNs on 1098-Ts, I've reviewed publications and had an informative conversation with someone at the IRS about what they are looking for in responses in order to waive penalties. What they are looking for is that the failure was due to a "reasonable cause" and that the institution acted in a "responsible manner" (and will going forward).
Here are some helpful hints:
You must respond within 45 days of the date of the notice or ask for an extension.
Think two-page letter describing your practices and procedures for collecting or correcting SSNs/TINs, not a spreadsheet providing information on each individual. It might be good to characterize it by how many fall into certain categories (x are nonresident aliens, y were inadvertent errors in transcribing numbers) if you can but I wouldn't spend an inordinate amount of time on this if you have lots of them.
You do not need to go back and file corrected returns for mismatched names/TINs or incorrect numbers or provide this information to the IRS – just show that you have a process in place to solicit the correct information and update your records so that you won't have the same mismatch data next year. I'm not entirely clear on exactly how they are matching the names, one publication said just first four letters of the last name but the woman I spoke to said full legal name that is on file with social security. You need to ask for the information from the individual in the proper manner, warning that they are required to give it to you (using W9S meets the requirements), but I don't think that you need to coerce them to respond.
Explain how you solicit SSNs/TINs from students at least annually (following the requirements that have been explained in previous posts). If you haven't done this correctly in the past, use the future tense and promise to do so in the future.
I got the sense that they are trying to get people's attention as much as they are trying to collect fines. Proposed fine notices are going to a random sample of institutions, so not everyone will get one this year but it might be your turn next year.
The most helpful publication is IRS Pub 1586.http://www.irs.gov/pub/irs-pdf/p1586.pdf
Perfecting your Policies and Procedures Manual
Your Policies and Procedures Manual is crucial to being in compliance with Title IV regulations. A well-crafted manual can ensure you are meeting administrative capability requirements, help you prepare for an audit, and assist in staff training. This session makes sure your office has well-defined policies and procedures in place.
Register now for September 18 at 11 a.m. Central or October 1 at 2 p.m. Central.
Student Loans and Credit Reports
The choices borrowers make with their student loansundefinedboth positive and negativeundefinedare reflected on their credit reports. This session will help you counsel borrowers, whatever their statusundefinedin school, in repayment, or in default.
Register now for October 3 at 11 a.m. Central.
Trends in Student Aid and College Pricing 2013
This webinar, presented by the College Board and their Trends research team, will help you understand the most recent data available on aid and college pricing by region and sector. Attend this webinar to learn critical updates to aid and pricing data during the past year and how your institutional aid and pricing policies compare to other schools.
Register now for October 30 at 11 a.m. Central.
This is a reminder of the upcoming deadline for submitting the Fiscal Operations Report for 2012-2013 and the Application to Participate for 2014-2015 (FISAP) for the Federal Perkins Loan (Perkins Loan), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs. As announced in the Notice of the 2013-2014 Award Year Deadline Dates for the Campus-Based Programs, published in the Federal Register on March 7, 2013 (78 FR 14776), the date by which a school must submit the FISAP and the required Signature Pages is Tuesday, October 1, 2013.
All schools that wish to request funding under the Campus-Based programs for the 2014-2015 Award Year and all schools that had Campus-Based expenditures or Perkins Loan activity for the 2012-2013 Award Year are required to electronically submit a FISAP via the eCampus-Based (eCB) Web site. This includes schools that closed during the 2012-2013 Award Year and are required to complete and submit a final FISAP to report 2012-2013 Campus Based Program expenditures. The eCB Web site allows a school to complete and submit its FISAP online, receive real-time validation edits, and access prior-year data to assist in completing the FISAP. For information about accessing the FISAP on the eCB Web site, refer to the July 18, 2013 Electronic Announcement posted to the Information for Financial Aid Professionals (IFAP) Web site.
The deadline for electronic submission of the FISAP is 11:59 P.M. (ET) on October 1, 2013. Transmissions must be completed by 12:00 midnight.
If you have any questions about the FISAP submission deadline, contact the Campus-Based Call Center at 877/801-7168. Customer service representatives are available Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). You may also e-mail CBFOB@ed.gov.
Beginning in May 2013, FedLoan Servicing held an At-Risk Delinquency Resolution Contest for schools. Participating schools were provided with a listing of delinquent borrowers, serviced by FedLoan Servicing, who would impact their 2011 or 2012 Cohort Default Rate, if their delinquency was not resolved. The contest ended on August 28, 2013. Here are some highlights:
Congratulations to all participating schools in the winning region – WASFAA! Schools within the Western region cured 31% of their loan delinquencies.
FedLoan Servicing extends a special thank you to all participating schools for the assistance provided to your alumni! Winning schools were provided a customized poster, congratulatory letter, and the option to participate in our FedLoan Servicing FiveStar Training webinar on default prevention or a spotlight in an upcoming FedLoan Servicing Quarterly Bulletin.
Congratulations to the winners!!!!
% of cures
< 50 borrowers
Bryan College (CA)
Plaza College (NY)
51 – 250 borrowers
Howard Community College (MD)
> 250 borrowers
Herzing University (WI)
PUBLIC SECTOR WINNERS
City College of Chicago (IL)
University of North Texas (TX)
PRIVATE SECTOR WINNERS
Resurrection University (IL)
Sharon Regional Health System (PA)
Robert Morris University (IL)
Keiser University (FL)
PROPRIETARY SECTOR WINNERS
Vista College (TX)
GRADUATE AND PROFESSIONAL SECTOR WINNERS
Assemblies of God Theological Seminary (MO)
Eastern Virginia Medical School (VA)
Submitted by Dave Bowman, Regional Marketing Director
Great Lakes Higher Education Corporation and Affiliates
We’re partners in helping students borrow responsibly, complete their education, and find repayment solutions that work for them. Providing loan servicers with valid contact information for your students is a vital step in making sure your students receive the assistance they need from their servicer throughout the life of their loans.
Communicating contact information that changes rapidly as students transition to a new phase in life is one of the best ways to help your students succeed in life beyond campus. When loan servicers can’t connect with your students, it’s difficult to help them. There are several ways you can help.
Whether it’s the spring graduates entering repayment in the next few months or the new students enrolling this fall, make sure you’re connecting them with the help they need. While we can’t always control the obstacles students face, solid relationships and clear communication provide the pathway to success.
Dave Bowman is Regional Marketing Director with Great Lakes, serving schools in Kentucky and Tennessee. You can reach Dave at (888)685-1604, or by e-mail at firstname.lastname@example.org. Additional information about Great Lakes can be found online at www.mygreatlakes.org/web/FAP
Contact Us: email@example.com