[ctcLinkfinaidsupport] BFET Placeholder Item Types & Sequestration for AY 2021-2022

[Brian Carroll]

Hi all,

BFET Placeholder Item Types

We've been working on creating global BFET item types that can be used when a BFET award needs to be reflected on a financial aid award for a student, but the method of payment is not through the Financial Aid office (i.e. AP Check or PCard).  This way, the award can be reflected on the students Financial Aid award without paying to the student account.  We're excited to announce that the following item types were approved for use and are ready to be setup at your college, if needed.

912000001410
BFET Books Placeholder
912000001420
BFET Equipment Placeholder
912000001430
BFET Transportation Placeholder
912000001440
BFET Childcare Placeholder
912000001470
BFET Testing Placeholder
912000001480
BFET Housing Placeholder
912000001490
BFET Clothing Placeholder
912000001495
BFET Utilities Placeholder
912000001497
BFET Vision/Dental Placeholder
912000001498
BFET Personal Hygiene Placeholder

The rules surrounding these Item Types are as follow:

  1.  Non-disbursable - Item Type needs to be setup as "Disbursement Method = No"
     *   Item Type will not disburse to the student account and therefore will not pay charges
  2.  Refundable = No (as all BFET Item Types should be)

BFET Tuition is not an allowable placeholder Item Type.  Tuition and Fees should be charged by the college and paid by the financial aid Item Type 912000000400 - BFET Tuition.

If you'd like to setup placeholder Item Types then please file a ticket under the category "ctcLink Support > Campus Solutions > SF FA > Item Types" and include the signed item type request form with your request.

Sequestration Loan Item Types (NEW FEE)

Guidance from the DOE is that loan fee rates for loans disbursed on or after Oct. 1, 2020 and before Oct. 1, 2022 remain the same at 1.057.  Our recommendation is to not use the New Fee Item Types for AY 2021-2022 and that the sequestration process does not need to be utilized to convert loans that have not disbursed prior to Oct. 1, 2021.

Link to the EA: https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2021-05-17/fy-22-sequester-required-changes-title-iv-student-aid-programs-ea-id-general-21-31

Please let us know if you have any questions.

Thank you,

[Compass]Brian Carroll
Functional Analyst, Campus Solutions (Financial Aid)
Information Technology Division
Washington State Board for Community and Technical Colleges
bcarroll at sbctc.edu<mailto:bcarroll at sbctc.edu> * o: 360-704-1841
sbctc.edu<https://www.sbctc.edu/> * Twitter: @SBCTCWashington<https://twitter.com/SBCTCWashington> * Facebook: @WASBCTC<https://www.facebook.com/wasbctc/>

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