Campus Partners Update Newsletter
March 1, 2009
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Inside Campus Partners Darrell Marcus
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President Signs Stimulus Bill into Law
On February 18, 2009, President Barack Obama signed the $787 billion stimulus bill into law. The bill was signed amid some dissatisfaction from lawmakers on both sides of the isle, with conservatives worried the bill spends too much and liberals concerned the bill does not go far enough.
The bill provides significant funding for Pell Grants, education tax benefits and higher education institutions to compensate for state budget cuts. The new law provides roughly $17 billion to increase the maximum Pell Grant award, which eliminates the program’s shortfall, nearly $14 billion for a temporary, partially refundable tax credit, and $200 million for the Federal Work Study program.
Unfortunately, the new law does not include a House proposal to increase unsubsidized Stafford Loan limits by $2,000 or a Senate proposal to provide $60 million in federal contributions for the Federal Perkins Loan program.
Campus Partners wants to take this opportunity to remind our customers that one of the changes to the Higher Education Opportunity Act (HEOA) amends section 488, which provides authorization allowing schools to transfer up to 25% of an institution’s FWS allocation to its Perkins loan fund. Please make sure that your financial aid office or vice president of finance is aware of this provision.
Revised Total and Permanent Disability Discharge Application
The Office of Management and Budget (OMB) has now approved the revision of the Discharge Application for Total and Permanent Disability (Dear Colleague Letter GEN-09-01). This form should be used by borrowers in the FFEL, Direct Loan, and Federal Perkins Loan programs, and by recipients of grants under the Teacher Education for College and Higher Education (TEACH) Grant Program. (The updated form is available on campuspartners.com at this link and on mycampusloan.com.)
The updated application includes changes made to the terms of total and permanent disability (TPD) discharges made by the Title IV final regulations for the FFEL, Direct Loan, and Perkins Loan programs that were published in the November 1, 2007 Federal Register (effective July 1, 2008), as well as the provisions of the TEACH Grant Program final regulations published on June 23, 2008.
The revised form also reflects one of the changes made by the Higher Education Opportunity Act (HEOA). The change established a new standard for determining if certain veterans are totally and permanently disabled for discharge purposes. ED will issue a separate Dear Colleague Letter that explains the standard for veterans and provides detailed guidance. Other TPD provisions require implementing regulations; therefore, there will be additional changes to the Discharge Application at a later date.
Schools are encouraged to begin distribution of the form as soon as possible. Beginning July 1, 2009, schools should provide only the new Discharge Application to borrowers. However, ED realizes you may have borrowers with the previous version (expiration date 5/31/08) of the form. This previous form will still be accepted by ED after the July 1, 2009 effective date. To view this DCL and the new form, go to: http://ifap.ed.gov/dpcletters/GEN0901FP0901CB0901.html.
Live Webinar Series on HEOA Provisions
The Department of Education will hold several live internet webinars that will focus on selected provisions of the Higher Education Opportunity Act. Several of these sessions have already been presented as of the date this newsletter goes to publication. Remaining sessions are still available in March and advance registration is required. To view the dates still available, go to http://ifap.ed.gov/dpcletters/ANN0901.html.
2008-2009 Federal Student Aid Handbook with Index
ED has released the indexed version of the 2008-09 Federal Student Aid Handbook. The index to the Handbook appears at the beginning of the PDF document, and the index entries are linked to the referenced pages making it easier to use. You can access the PDF version of the FSA Handbook from the Department of Education’s IFAP Web site at: http://ifap.ed.gov/fsahandbook/0809FSAIndexedHBook.html.
Tentative Funding Levels for the Campus-Based Programs for 2009-10
Tentative funding levels and corresponding worksheets for the Perkins Loan, Federal Work-Study, and FSEOG programs for the award period July 1, 2009 through June 30, 2010 have been posted to the eCampus-Based Web site. ED is currently operating under a Continuing Resolution through March 6, 2009. Since no appropriations have been signed into law for Fiscal Year 2009, the 2009-10 Award Year Tentative Award funding levels are based on the amounts contained in the department’s Fiscal Year 2008 appropriations legislation. The 2009-10 Final Award allocations may be delayed or revised depending on the outcome of the appropriations process. For additional information, visit http://ifap.ed.gov/eannouncements/012309TentaAwardsCampusBasedProgs.html.
Updated List of TEACH Grant Eligible Institutions
The Department of Education has posted an updated listing of the institutions that have been approved as “TEACH Grant Eligible Institutions” for the 2008-09 award year. The Department will continue to update the listing as more institutions are approved. To view this electronic announcement and the updated list of institutions, go to http://ifap.ed.gov/eannouncements/021709TEACHGrant.html.
COHEAO’s 2009 Annual Conference was another huge success this year! Speakers from Congress, the Department of Education, and education experts from campuses and
associations were present at this year’s meeting.
Representative Tim Bishop (D-NY) spoke to COHEAO attendees on the first day of the conference, highlighting the accomplishments of the 110th Congress and providing an outlook for the new Congress, as well as the Education and Labor Committee. Bishop noted that negotiated rulemaking would take place soon and encouraged schools and COHEAO members to be active contributors. Congresswoman Cathy McMorris-Rodgers (R-WA) also spoke to the group and shared her perspective on the prospects for higher education legislation during the 111th Congress.
Gail McLarnon from the Office of Postsecondary Education provided an update concerning Perkins related issues, including the upcoming stimulus package, the HEAO, and negotiated rulemaking. Topics for negotiated rulemaking include cohort default calculations, new requirements for entrance and exit counseling, student lending codes of conduct, preferred lender list, private loan certification, and school disclosure and reporting requirements, just to name a few. McLarnon also told the group that the Department of Education has put assignment on the agenda for negotiated rulemaking.
COHEAO will actively support the negotiated rulemaking process, as members have already been accepted by ED to work on Team I and Team II. We published a list of the teams determined by ED in last month’s Update. Negotiations will begin the end of February.
Naomi Lefkovitz, Attorney for the Federal Trade Commission, discussed compliance with the new Red Flag Rules to prevent Identity Theft. The effective date for the Red Flag rules was November 1, 2008. Although this is still the effective date, the FTC granted a delay of enforcement until May 1, 2009. Lefkovitz told the group that data security is just the first step in preventing identity theft. The new red flag rules assumes that someone already has another person’s sensitive information and is trying to use it. She also confirmed that anyone making a Perkins loan is a “creditor” as described by these new rules. (Please see the November 2008 Update newsletter for information concerning Campus Partners’
response to FTC-Red Flag Rules and our company’s Identity Theft Prevention Program.)
Other topics of interest at this year’s conference included safety in the workplace, collection practices for various types of student loans, and best practices for cash flow management. Conference attendees made their way to Capitol Hill on the second day of the conference, meeting with representatives from their respective states and asking for support to fund the Federal Perkins program. As many of you know, there has been no Federal Capital Contribution for the last four years. Cancellations have been funded, but only at about a 70% level for many, many years. Last year’s (FY2008) appropriations for cancellations were a little over $64 million. Scott Fleming, Associate VP for Federal Relations at Georgetown University, told the group it would take roughly $180 million to fully fund cancellation reimbursements for the Federal Perkins program.
Our Product Services team recently made the following two enhancements to our system that will help increase efficiency.
- LVC History Comment---As of February 5, an automatic history comment will only be created when a school has printed a Loan Verification Certificate
(Standard or Direct). The new automatic history comment has been changed to read “LVC PRINTED.” A new print button also has been added to both online LVC’s. - Deferment Input---On February 25,Campus Partners streamlined the Deferment Input Screen to make it easier to enter deferment start and end dates by eliminating the need to enter the day of the month. The current format requires input of the month, day, and year (mm\dd\yy); the new format just requires input of the month and year (mm\yy). Customers will no longer have to enter “00” as the day of the month when processing deferments, which will save time.
If you have any questions about either enhancement, please contact your Customer Service Representative.
Imaged borrower documents are now easily downloaded from System 3i. Documents imaged within the last 30 days are immediately available, while documents dating from December 1, 2008 can be restored in a few seconds more. Please see last month’s Update to reference “How to Retrieve and Restore Imaged Documents.”
E-Exit: The Growing Choice of Student Loan Administrators
It’s not too early to start thinking about the upcoming exit interviews season. If you
currently use paper exit interviews, consider switching to E-Exit, our convenient
online interview with E-Sign. E-Exit is available for most loan types and borrowers can
complete their exit interview from any computer with Internet access. It is more
convenient for the borrower, and it reduces your administrative workload.
To get started, just complete the attached E-Exit Authorization Form and we do the rest.
We begin by notifying borrowers to tell them that their exit interview is available and how
to log on to mycampusloan.com to complete their exit interview.
The Exit Interview Session provides:
- Exit Counseling in the form of a question and answer session requiring direct borrower participation;
- The Exit Interview, where the borrower will be required to provide personal information and references; and
- The Disclosure Statement/Repayment Schedule formatted as required by relevant federal legislation and regulations, including Truth-in-Lending
provisions. - The option to complete and E-Sign the package on-line, print the exit package for completion (pen & ink sign and return to the University), or to request that Campus Partners mail the package to their address for completion.
Tracking the progress of borrowers who have completed the counseling session online is
easy. The reports list eligible students who:
• Have not completed the exit interview,
• Disagreed with the disclosure information,
• Asked for a mailed copy,
• Printed the copy themselves.
For added convenience, borrowers can also access and download their exit interviews
and other documents via our Web site at any time, and customers can download and
view borrower E-Exit documents from System 3i.
To sign up for E-Exit, complete the attached E-Exit Authorization Form.
Attachment: E-Exit Authorization Form
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After meeting with a student this morning to discuss repayment strategies, I wanted to let you know that she commented that of the resources available for her loans with Campus Partners, Sallie Mae, and Citibank, she appreciates the Campus Partners Web site the most. She finds mycampusloan.com the easiest to use and understand. Comment Relayed from a Seattle Pacific University Borrower |
Customer Anniversaries
We are celebrating anniversaries of 30, 35, and 40 years with the following customers during the first quarter of 2009. We are very appreciative of our customers continued loyalty over the years and are very proud to say that over 80% of our customers have been with us for over 20 years.
40 Years
Bluefield State College
Furman University
Sarah Lawrence College
Spelman College
Tusculum College
Warren Wilson College
Winston-Salem State Univesity
Wofford College
35 Years
Benedict College
Judson College
St. Petersburg College
30 Years
Caribbean University
Le Moyne College
National Park Community College
Trinity Bible College
Please see the following attachment for a list of additional customers observing other milestone anniversaries with us this quarter.
Attachment: Long Term Anniversaries
Student Loans 101 and 202 Schedule for 2009
We will be presenting Student Loans 202 on April 2-3. There has been much interest in this workshop so be sure to register early to guarantee a seat. The workshop is geared toward the more experienced student loan professional and will present advanced training on using our system as well as other topics. Participants will gain hands-on experience at individual workstations in the newly renovated training room.
Student Loans 202: April 2-3
Student Loans 101: July 9-10
Time: Day One: 8:30 AM- 4:00 PM Day Two: 8:30 AM - 1:00 PM
To register, fax a completed registration form to Debra Pitts at 336-607-2025.
Attachment:Student Loan 101 and 202 Flyer and Registration Form for 2009
To register, fax a completed registration form to Debra Pitts at 336-607-2025.
Sign up for Web Conferences !
Our Web Conference for 2009 schedule appears below. These webinars allow you to see the actual presentation and interact with our staff and other student loan administrators without leaving the office! The training is great and there is no charge--not even long distance charges--for the training.
To register for one or more training events, please contact Debra Pitts at dpitts@campuspartners.com.
2009 Web Conference Schedule
| Topic | Date |
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The Borrower Experience |
Thursday, May 14 2:00 to 3:30 Eastern |
FISCOP Reporting |
Thursday, June 11 2:00 to 3:30 Eastern |
Cohort: What is it and How Do I Manage it? |
Thursday, August 13 2:00 to 3:30 Eastern |
Where do I start? A Month to Month Guide |
Thursday, September 10 2:00 to 3:30 Eastern |
Open |
Thursday, October 8 2:00 to 3:30 Eastern |
Regulations Update |
Thursday, November 12 2:00 to 3:30 Eastern |
| Tips for Managing Delinquencies |
Thursday, December 10 2:00 to 3:30 Eastern |
Campus Partners staff will attend the following conferences during the first six months of 2009.
NACUBO will hold its 2009 Student Financial Services Conference on March 8-10 in Savannah, GA. For more information, visit http://www.nacubo.org/x10614.xml.
EARMA will hold its Annual Meeting on April 6-7 in East Brunswick, NJ at the Hilton Hotel. More information is available at http://www.studentabc.rutgers.edu/EARMA/.
PDG will present its National Conference for University Bursars, Cashiers, and Treasury Managers on April 19-22 in Austin, TX. More details are available at www.prodev.com.
CAASLAR will hold its Annual Meeting April 23-24 at the Lake Shore Lodge in Estes Park, CO. Please visit www.caaslar.org for more information.
KASRO will present its Spring Meeting at Barren River State Resort Park. More details are available at www.kasro.net.
Cutoff dates for February, March, April, and May are presented below:
Transaction
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Feb. 2009 |
Mar. 2009 |
Apr. 2009 |
May 2009 |
|---|---|---|---|---|
Last day to receive collection payments |
2/24 |
3/24 |
4/27 |
5/26 |
Last day to receive regular payments |
2/25 |
3/25 |
4/28 |
5/27 |
Last day for online payments |
2/27 |
3/27 |
5/01 |
5/29 |
Date final post begins |
2/27 |
3/27 |
5/01 |
5/29 |
Report date used for final post |
2/28 |
3/31 |
4/30 |
5/31 |
Last day deposits created for deposit to bank account |
2/27 |
3/27 |
4/30 |
5/29 |
2009 Cutoff Dates
Month |
Last day to receive collection payments |
Last day to receive regular payments |
Last day for on-line payments |
Date final post begins |
Report date used for final post |
Last day deposits created for deposit to bank account |
December 2008 |
12/26/2008 |
12/29/2008 |
1/2/2009 |
1/2/2009 |
12/31/2008 |
12/31/2008 |
January 2009 |
01/27/2009 |
01/28/2009 |
01/30/2009 |
01/30/2009 |
01/31/2009 |
01/30/2009 |
February 2009 |
02/24/2009 |
02/25/2009 |
02/27/2009 |
02/27/2009 |
02/28/2009 |
02/27/2009 |
March 2009 |
03/24/2009 |
03/25/2009 |
03/27/2009 |
03/27/2009 |
03/31/2009 |
03/27/2009 |
April 2009 |
04/27/2009 |
04/28/2009 |
05/01/2009 |
05/01/2009 |
04/30/2009 |
04/30/2009 |
May 2009 |
05/26/2009 |
05/27/2009 |
05/29/2009 |
05/29/2009 |
05/31/2009 |
05/29/2009 |
June 2009 |
06/23/2009 |
06/24/2009 |
06/26/2009 |
06/26/2009 |
06/30/2009 |
06/26/2009 |
July 2009 |
07/28/2009 |
07/29/2009 |
07/31/2009 |
07/31/2009 |
07/31/2009 |
07/31/2009 |
August 2009 |
08/25/2009 |
08/26/2009 |
08/28/2009 |
08/28/2009 |
08/31/2009 |
08/28/2009 |
September 2009 |
09/25/2009 |
09/28/2009 |
10/2/2009 |
10/2/2009 |
09/30/2009 |
09/30/2009 |
October 2009 |
10/27/2009 |
10/28/2009 |
10/30/2009 |
10/30/2009 |
10/31/2009 |
10/30/2009 |
November 2009 |
11/20/2009 |
11/23/2009 |
11/25/2009 |
11/27/2009 |
11/30/2009 |
11/25/2009 |
December 2009 |
12/28/2009 |
12/29/2009 |
12/31/2009 |
12/31/2009 |
12/31/2009 |
12/31/2009 |
January 2010 |
01/26/2010 |
01/27/2010 |
01/29/2009 |
01/29/2009 |
01/31/2009 |
01/29/2009 |
