As the timeline for the new FAFSA is closing in, Regent Education is staying abreast of all new and evolving information to help you prepare for the upcoming changes. Earlier this year, we shared how Regent Education is preparing for the new FAFSA and what you can do - today - to prepare your institution for the upcoming changes.
As the release date for the new FAFSA quickly approaches, we’re hearing from many institutions who are becoming increasingly concerned about complying with the changes. If you are one of these institutions, keep reading. Because today, we’re sharing some new information, guidance, and resources to help you prepare for the changes ahead.
Our Continued Dedication
At Regent Education, financial aid is all we do. We keep our finger on the pulse of what’s going on in the industry so that we can support you in any pending and future regulatory changes. We continue to consult regularly with the Department of Education and attend industry events such as NASFAA so that we have the latest information about the pending changes and anticipated impacts to our solutions.
Our team is finalizing our Q3/Q4 development plans, based on information available today, in order to meet the anticipated release of the new FAFSA in December 2023. And while new information becomes available regularly, preparing for changes like these is part of our DNA. Our experts are former administrators, directors, and VPs who’ve walked in your shoes. They know changes of this magnitude are stressful, and they are doing everything they can to ensure you can smoothly transition to the new FAFSA later this year.
Since our last update, the Department of Education has provided clarity and additional information related to the upcoming FAFSA changes. For a full list of updated information we’ve received, please read this blog post. Current Regent Education clients can also access additional information via the client support center.
In addition, we’ve been busy drafting requirements, estimating resources, and prioritizing work to ensure that our upcoming Q3/Q4 releases provide you with the capabilities needed when the new FAFSA becomes available later this year. While we continue to receive new guidance from the Department of Education, we have received updates to the draft FAFSA Specification Guide and are currently reviewing these updates to determine requirements and assess impact to our plans. We are still awaiting the Dear Colleague Letter, the new Comment Codes, information on 2024-2025 Verification Requirements, and ISIR Correction specifications. Once received, we will quickly review, assess, and communicate impacts to our development plans.
One detail we can confirm is that the capability to create and transmit the COD Federal Work Study data files is scheduled for our Fall 2023 release so that customers can submit data before the FAFSA opening date in December.
You can find links to the FAFSA Specification Guides as of August 1, 2023, below.
2024–25 FAFSA Specifications Guide Introduction in PDF Format, 8 Pages, 332KB
- Volume 2 – FPS Schedule and Getting Help
2024–25 FAFSA Specifications Guide Volume 2 – FPS Schedule and Getting Help in PDF Format, 16 Pages, 748KB
- Volume 3 – Electronic Data Exchange and FAFSA Processing
2024–25 FAFSA Specifications Guide Volume 3 – Electronic Data Exchange and FAFSA Processing in PDF Format, 17 Pages, 588KB
- Volume 4 – Record Layouts and Processing Codes
2024–25 FAFSA Specifications Guide Volume 4 – Record Layouts and Processing Codes in PDF Format, 196 Pages, 2MB
2024–25 Draft ISIR Record Layout in Excel Format, 91KB
- Volume 5 – Edits and Rejects
2024–25 FAFSA Specifications Guide Volume 5 – Edits and Rejects in PDF Format, 39 Pages, 605KB
- Volume 6 – ISIR Guide
2024–25 FAFSA Specifications Guide Volume 6 – ISIR Guide in PDF Format, 46 Pages, 915KB
- Volume 7 – Comment Codes
2024–25 FAFSA Specifications Guide Volume 7 – Comment Codes in PDF Format, 122 Pages, 5.61MB
- Volume 8 – Agency Matches
2024–25 FAFSA Specifications Guide Volume 8 – Agency Matches in PDF Format, 19 Pages, 349KB
- Volume 9 – Testing and Web Demo System
2024–25 FAFSA Specifications Guide Volume 9 – Testing and Web Demo System in PDF Format, 8 Pages, 302KB
How to Continue Preparing for the Changes
Staying abreast of new information related to the upcoming changes is priority number one when it comes to preparing for the new FAFSA. The Department of Education, NASFAA, and other organizations continue to host online webinars and in-person sessions about “FAFSA Simplification.” Attend as many as you can so you can stay on top of new information as it becomes available.
If you haven’t already done so, we strongly suggest that you sign up for FSA updates. That way, you always have the latest information and receive alerts when they provide new guidance or publish new materials. We also recommend that you follow industry communications such as NASFAA’s Daily News bulletin. And if your institution belongs to NASFAA, you can (and should!) visit their FAFSA Simplification page for additional resources.
We’re Here to Help
The team at Regent Education have been planning and preparing for the FAFSA changes, and we’re here to answer your questions and support you as well. We know you have a lot of questions which is why we’re hosting an FAQ session on October 26th. Our financial aid experts will answer your questions - from preparing your systems and staff to ensuring you have the right processes and solutions in place to remain compliant. We encourage all institutions to attend this informative session, even if you are not a current Regent Education customer. We’re confident you’ll learn something new that will help you adapt to the changes later this year. Register now to save your spot.
And, if you’re not a Regent Education customer, but are interested in learning more about our holistic, cloud-based solutions that automate the financial aid lifecycle across all enrollment models, please schedule a demo.