|Join Us for a FREE COHEAO Webinar!
April 27 at 2:00 p.m. EST
|COHEAO is pleased to announce a free webinar, “Improving Campus Communication to Minimize Perkins Excess Cash,” which is set for Wednesday, April 27 at 2 PM ET. Sign up today!
COHEAO President Maria Livolsi of the SUNY Student Loan Service Center, Joe Weglarz, Executive Director of Student Financial Services at Marist University, and Michelle Curtis, Associate Director of Financial Aid at the University of Wisconsin will provide insights on strategies for awarding Perkins Loans and minimizing excess cash calculations. The panel will also discuss how the business offices and financial aid offices communicate and work together at their respective institutions. Sign up today!
This webinar is free for all attendees.
Why This Webinar Is Particularly Relevant
Prior to the passage of the Perkins Loan Extension Act of 2015, the Department of Education provided guidance on the distribution of “Excess Liquid Capital (ELC),” which is otherwise known as “excess cash.” Under this guidance, which does not directly relate to the extension (or expiration) of the Perkins Loan Program, schools were to begin remitting ELC to the Department on December 31, 2015.
However, much has changed since the release of the September 29 letter – the ability to make Perkins Loans lapsed and then returned, for instance – and the student aid community is looking for insights on how the Department plans to handle the excess cash process going forward. COHEAO has been in touch with Department officials working on this issue. At the present time, they indicate they’re “still working on it.” While ED’s plans on excess cash remain somewhat unclear, no matter what calculation and appeals process is ultimately put in place, schools can limit their individual Perkins funds’ exposure to returning these funds to the Department by lending their money now.
Additionally, the delay in disclosure guidance from the Department led many schools to delay in awarding and/or disbursing Perkins for the spring semester of 2016. ED has indicated it is not likely to produce model disclosure forms for Perkins Loans, but COHEAO has developed such forms in a good faith effort to meet these new requirements. Additional information on the disclosure forms including a model form, is available online.
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