Campus Partners Update Newsletter
November 1, 2009
Holiday Closings: Thanksgiving, November 26-27 |
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Inside Campus PartnersLeshia Litton |
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While the Student Aid Fiscal Responsibility Act (SAFRA) legislation begins to wind its way through the Senate, Campus Partners continues to work with COHEAO to organize support for a more student-friendly version of the Perkins loan program than the one proposed in the bill.
After passing the House, SAFRA was introduced in the Senate on September 22 and sent to the Senate’s Health, Education, Labor, and Pensions (HELP) committee. The committee is expected to begin mark up of the bill next week after experiencing delays due to the health care debate. If the bill is approved by the HELP committee, it will go to the floor of the Senate for consideration. If SAFRA ends up being passed by the Senate and its version differs from that of the House, the bill would go to a Concurrence committee to iron out the differences before being enacted into law.
Many student loan administrators are very alarmed about this legislation. Campus Partners presented a Web conference, entitled “SAFRA: What Does It Mean to Your Borrowers and Institution,” on September 30, and 190 customers participated in the event. The record-breaking number of participants illustrates the depth of concern over SAFRA’s impact on student borrowers.
Please keep in mind that SAFRA has not been passed into law. It is not too late to contact Senators from your state, but you must act now! Visit the COHEAO Web site at www.coheao.org for resources to aid in your advocacy efforts.
Campus Partners will continue to keep you informed of the status of the bill and any COHEAO advocacy efforts that you can participate in.
Reminder - Revised Federal Perkins MPN Published by ED
The Department of Education has published the new Federal Perkins Master Promissory Note (MPN), which was updated to reflect changes that were made by the College Cost Reduction and Access Act of 2007 (CCRAA) and the Higher Education Opportunity Act of 2008 (HEOA).
Use of the new MPN does not become mandatory until December 31, 2009, but schools are encouraged to start using it now.
ED has also published an Addendum that must be provided to all borrowers whose loans were originated under previous MPNs. Please see the following article for more details.
Links to Dear Colleague Letters concerning the new MPN and Addendum are listed below.
• DCL CB-09-05: http://ifap.ed.gov/dpcletters/CB0905.html
Provides MPN and Addendum Implementation Guidance• DCL CB-09-06: http://ifap.ed.gov/dpcletters/CB0906.html
Provides correct versions of MPN and Addendum• DCL CB-09-07: http://ifap.ed.gov/dpcletters/CB0907.html
Extends mandatory implementation of MPN to December 31, 2009
Effective November 12th, iPromise will be updated to incorporate the new Perkins MPN.
Campus Partners Can Assist With Addendum to MPN
As noted above, ED has published an Addendum that schools must provide to previous Perkins borrowers to explain changes to their original promissory notes made by CCRAA and HEOA. “Previous borrowers” are defined as borrowers who did not sign the newly issued MPN, with the August 31, 2012 expiration date. The Addendum documents new terms and conditions governing their Federal Perkins loan.
Campus Partners has created a QuikLetter to help you comply with this requirement. Our complete service includes:
- Generating a QuikLetter that notifies your borrowers that changes have been made to their MPN
- Including the Addendum as a stuffer with the QuikLetter
- Mailing the letter with addendum
- Entering a history comment on the borrower account for audit purposes
If you are interested in taking advantage of our QuickLetter service, please contact your Customer Service Representative.
The Department of Education has posted a draft of the Free Application for Federal Student Aid (FAFSA) for 2010-2011 to its Web site. Comments and suggestions concerning the paper FAFSA and FAFSA on the Web should be submitted to ED by November 3, 2009. To review the Federal Register notice, go to
http://ifap.ed.gov/fregisters/FR090409FASFA.html.
To access the draft through ED’s Collection system:
- Go to http://edicsweb.ed.gov
- Click on “Browse Pending Collections”
- Select link number 04120
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The Higher Education Opportunity Act of 2008 (HEOA) added new disclosure requirements for an expanded group of student loans, and revised some current disclosure requirements. As specified by the HEOA, many of the loan disclosure requirements go into effect for applications received on or after February 14, 2010. The Department of Education and the Federal Reserve Board have issued regulations to implement these requirements.
These requirements cover all student loans with a few limited exceptions:
• Loans authorized by Title IV of the Higher Education Act (such as the Federal Perkins Loan Program);
• Loans secured by real property or a dwelling;
• Loans made by the school with terms of less than 90 days; and
• Loans made by the school with terms of one year or less which do not charge interest.
All other student loan programs, including Health Professions, Nursing Students, Nurse Faculty, and institutional loans, must comply with the disclosure requirements.
Disclosures are required at three points in the loan process, and the information schools must disclose varies at each step.
- Application Disclosure: The first disclosure is required at the point that the school has approved the application for the loan or at the time of solicitation if an application is not necessary
- Approval Disclosure: The second disclosure is required at the same time the school notifies the individual that the loan has been approved. The regulations require that the borrower be given a minimum of 30 days to accept the loan offer
- Final Disclosure: The third disclosure is required after the borrower accepts the loan and at least three business days before the loan is disbursed.
Because of the level of detail that the regulations specify for compliance, many professional organizations have developed resource material to assist schools. Among the resources that are available to help schools as they develop their compliance plans are:
The Higher Education Opportunity Act of 2008 (Public Law 110-315) |
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The final regulations published by the Federal Reserve Board in the Federal Register on August 14, 2009 |
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The final regulations published by the Department of Education in the Federal Register on October 28, 2009 |
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The National Association of College and University Business Officers |
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The National Association of Student Financial Aid Administrators |
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The Coalition of Higher Education Assistance Organizations |
We are celebrating anniversaries of 40, 30, and 25 years with the following customers:
40 Years
King College, Inc.
Marymount College of Fordham University
North Carolina Central University
30 Years
Cox College
Fairleigh Dickinson University
25 Years
Coppin State University
Fisk University
Thanks for letting us serve you!
Please see the following attachment for more customers observing milestone anniversaries with us this quarter.
Attachment: Long Term Anniversaries
Don’t forget to sign up for the two remaining Web conferences for the year, “Regulations Update” scheduled for November 12 and “Managing Delinquencies” scheduled for December 10. Please email Debra Pitts at dpitts@campuspartners.com to register.
Our 2010 training schedule will be published soon.
2009 Web Conference Schedule
| Topic | Date |
|---|---|
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 be attending the upcoming PDG conference. Conferences for 2010 will be published in future issues of the Update.
PDG will present its National Student Loan/Receivables Collection Conference November 8-11 at the Hilton St. Petersburg Bayfront Hotel in St. Petersburg, FL. Visit http://www.prodev.com for more information.
Cutoff dates for October, November, December, and January are presented below. The 2010 Cutoff dates also follow.
Transaction
|
Oct. 2009 |
Nov. 2009 |
Dec. 2009 |
Jan. 2010 |
|---|---|---|---|---|
Last day to receive collection payments |
10/27 |
11/20 |
12/28 |
1/26 |
Last day to receive regular payments |
10/28 |
11/23 |
12/29 |
1/27 |
Last day for online payments |
10/30 |
11/25 |
12/31 |
1/29 |
Date final post begins |
10/30 |
11/27 |
12/31 |
1/25 |
Report date used for final post |
10/31 |
11/30 |
12/31 |
1/31 |
Last day deposits created for deposit to bank account |
10/30 |
11/25 |
12/31 |
1/29 |
2010 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 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 |
01/29/2010 |
01/29/2010 |
01/31/2010 |
01/29/2010 |
February 2010 |
02/23/2010 |
02/24/2010 |
02/26/2010 |
02/26/2010 |
02/28/2010 |
02/26/2010 |
March 2010 |
03/26/2010 |
03/29/2010 |
04/02/2010 |
04/02/2010 |
03/31/2010 |
03/31/2010 |
April 2010 |
04/27/2010 |
04/28/2010 |
04/30/2010 |
04/30/2010 |
04/30/2010 |
04/30/2010 |
May 2010 |
05/25/2010 |
05/26/2010 |
05/28/2010 |
05/28/2010 |
05/31/2010 |
05/28/2010 |
June 2010 |
06/25/2010 |
06/28/2010 |
07/02/2010 |
07/02/2010 |
06/30/2010 |
06/30/2010 |
July 2010 |
07/27/2010 |
07/28/2010 |
07/30/2010 |
07/30/2010 |
07/31/2010 |
07/30/2010 |
August 2010 |
08/24/2010 |
08/25/2010 |
08/27/2010 |
08/27/2010 |
08/31/2010 |
08/31/22010 |
September 2010 |
09/27/2010 |
09/28/2010 |
10/1/2010 |
10/1/2010 |
09/30/2010 |
09/30/2010 |
October 2010 |
10/26/2010 |
10/27/2010 |
10/29/2010 |
10/29/2010 |
10/31/2010 |
10/29/2010 |
November 2010 |
11/19/2010 |
11/22/2010 |
11/24/2010 |
11/26/2010 |
11/30/2010 |
11/26/2010 |
December 2010 |
12/27/2010 |
12/28/2010 |
12/31/2010 |
12/31/2010 |
12/31/2010 |
12/31/2010 |
January 2011 |
01/25/2011 |
01/26/2011 |
01/28/2011 |
01/28/2011 |
01/31/2011 |
01/31/2011 |
