Campus Partners Update Newsletter
July 15, 2010
Holiday Closing: Monday, September 6--Labor Day |
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The Perkins Loan Program Faces Sunset Law
In the April issue of the Update newsletter, we reported that the Federal Perkins loan program is set to expire on October 1, 2012, due to a sunset provision in the Higher Education Act. As a result of meetings with several COHEAO members, Congressman John Spratt (D-SC) has introduced H.R. 5448, which would extend the expiration deadline for the Perkins loan program to October 1, 2013. COHEAO President Bob Perrin, who also serves as President of Williams & Fudge; Lori Hartung, COHEAO Legislative Director and Regional Sales Manager for Todd, Bremer & Lawson; and Niel Welborn, Vice President, Todd, Bremer, Lawson; were instrumental in impressing Congressman Spratt with the need to take action on behalf of the Perkins loan program. The Congressman, who also chairs the House Budget committee, represents the Rock Hill, South Carolina area where the collection agencies are located.
We will keep you informed of the status of the legislation in future communications.
FACT Act Furnisher Rules
The federal banking agencies and the Federal Trade Commission recently published final rules to implement Section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Section 312 amends section 623 of the Fair Credit Reporting Act (FCRA).
Under the rules, companies providing information to credit bureaus are required to establish reasonable written policies and procedures ensuring the “accuracy and integrity” of information reported. The new rules also allow consumers to take disputes directly to the furnishers of credit report information rather than acting solely through a credit bureau. The rules went into effect July 1, 2010.
As required, Campus Partners has created FACT Act Furnisher Rules documentation, which is available in our Reading Room. If you would like a copy of our furnisher rules, please contact your Customer Service Representative for our Reading Room address.
Additional Disclosures May be Required for Federal Loans
New legislation introduced in the House would require schools and private education lenders to provide information to students outlining the benefits of having a power of attorney or a living will. According to an article published by NASFAA, this proposed legislation would apply to private and federal loans. We will keep you informed about the status of this proposed legislation.
Final FISAP for 2010 Published by ED
The Department of Education (ED) has published the final FISAP form, instructions, and Desk Reference for the fiscal year ending June 30, 2010. There are no significant changes this year; however, ED has provided clarification in the instructions regarding the new cancellation benefits added as a result of the Higher Education Opportunity Act (HEOA).
The deadline for this year’s FISAP is Friday, October 1, 2010. It will be posted on the e-Campus-Based web site by August 1, 2010. To access the form and instructions, go to http://ifap.ed.gov/fisapformandinst/1112FISAPForm.html.
New Federal Perkins Assignment Form Available
ED has published the new Federal Perkins Assignment Form along with instructions. The new form expires August 31, 2012. You should use the new assignment form for defaulted loans that you have determined uncollectible, for total and permanent disability assignments, or for liquidating your Perkins portfolio.
You may view the new assignment form and instructions at http://ifap.ed.gov/eannouncements/061010CBPerkinsLiquidationAssignProcedandforms.html.
Please Note: Borrowers who are totally and permanently disabled based on a determination by the Department of Veterans Affairs should not be assigned to ED. A separate procedure has been outlined for disabled borrowers in this case. For more information, see Dear Colleague Letter GEN-09-07, available at http://www.ifap.ed.gov/dpcletters/GEN0907.html.
No Perkins Cancellation Benefit Reimbursement for 2008-2009
As provided by Federal Perkins regulations, Perkins Loan borrowers may perform qualifying service to have all or part of their loans cancelled. There are a number of cancellation categories that qualify. Under Perkins regulations 674.63, ED is authorized to reimburse schools for their share of principal and interest cancelled during an award year.
However, the Consolidated Appropriations Act, 2010 did not allocate funds to ED for 2008-2009 Federal Perkins Loan Service Cancellation Reimbursements. As a result, no reimbursement payments will be issued to schools this year. The Department will calculate the 2008-2009 reimbursement payment each school would have been eligible to receive and maintain a record of that amount.
Reimbursement calculations are based on information reported by schools on their 2008-2009 FISAP (Part III, Section A, field 35 for the Defense Loan Program and fields 36 through 48 for the NDSL and Perkins Loan programs).
If schools have questions about the reported amounts, they can review their 2008-2009 FISAP on the Self-Service page of the eCB Web site at http://cbfisap.ed.gov/ecb/CBSWebApp/welcome.jsp. Schools also can contact the Department’s Campus-Based Call Center at 877-801-7168 Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). Schools may also e-mail CBFOB@ed.gov.
To read the full electronic announcement, go to
http://ifap.ed.gov/eannouncements/060410PerkinsCancellationReimbursement.html.
Poverty Guidelines for 2009 Still in Effect
The Department of Health and Human Services (HHS) has not released 2010 Poverty Guidelines. HHS is expecting Congress to extend 2009 Guidelines until the end of this year. HHS officials have directed financial aid administrators to continue to use the 2009 Poverty Guidelines.
If the 2009 Poverty Guidelines are extended, the next poverty guidelines will not be published until 2011. We will keep you informed about the status of the extension. You may access 2009 Poverty Guidelines at http://aspe.hhs.gov/poverty/09extension.shtml.
Another Red Flags Rule Enforcement Extension
The Federal Trade Commission announced it will delay enforcement of the “Red Flags Rule” until December 31, 2010. The regulations were included in the Fair and Accurate Credit Transactions Act (FACT Act), and institutions were expected to be in compliance by November 1, 2008, but the FTC has repeatedly delayed the enforcement date.
Campus Partners Disclosure Service
Campus Partners is pleased to announce our Disclosure Service. The Disclosure Service will ensure compliance with the Truth in Lending Act requirements which applies to Health Professions, Nursing Student, Nurse Faculty and institutional loans. Title IV loans including Perkins loans are not subject to these requirements.
Our Disclosure Service will allow for the creation of the three (3) mandated disclosures: application disclosure, approval disclosure and final loan disclosure. We will send details via email of the service level options available and information on how to use our service.
Many thanks go to our group of pilot schools for their efforts and input into developing our Disclosure Service.
For more information, contact Lisa Koniuto, Director, Business Development, or Pattie Mastin, Account Manager.
Audit Reminder
Our third-party audit for the fiscal year ending June 30, 2010 is nearing completion. Our auditor, Porter Keadle Moore, LLP, estimates the final report will be available for distribution by August 16. Once available, we will begin fulfilling requests for CDs and paper copies of the audit report. The Audit Report Request Form is available on our Web site and in this publication.
Attachment: Audit Request Form
Remarkable Anniversaries
Campus Partners is celebrating its 45th anniversary as a student loan servicer this month. With this anniversary, we proudly salute a group of special schools that have been with us since the very beginning. The following customers signed contracts with us in July 1965.
45 years
Belmont Abbey College
Bennett College
Catawba College
Elon University
High Point University
Mars Hill College
Meredith College
Pfeiffer University
Salem College
We thank these pioneers for their continued loyalty.
We are also celebrating long-term relationships with the following customers this quarter.
40 years
Harrisburg Area Community College
Marymount Manhattan College
Methodist Hospital School of Nursing
St. Andrews Presbyterian College
The Citadel
35 years
Birmingham-Southern College
Southwestern Christian College
30 years
Princeton Theological Seminary
University of Nebraska Medical Center
25 years
Albany State University
Montana State University-Bozeman
20 years
Yeshiva University
15 years
Gettysburg College
5 years
Bay State College
California Design College
Northwestern University
Attachment: Long-term Anniversaries
Web conferences offer a great way to receive training without leaving your office. These sessions are free of charge. Please email Debra Pitts at dpitts@campuspartners.com to register for any of the Web conferences listed below.
2010 Web Conference Schedule
| Topic | Date |
|---|---|
Cohort: What is it and How Do I Manage it? |
Thursday, August 12 2:00 to 3:30 Eastern |
The Borrower Experience |
Thursday, September 9 2:00 to 3:30 Eastern |
Regulations Update |
Thursday, November 11 2:00 to 3:30 Eastern |
All About the Collections Process |
Thursday, December 9 2:00 to 3:30 Eastern |
Student Loans 101
The final Student Loans 101 Workshop for the year is scheduled for October 14-15.
This workshop is designed for recently hired student loan administrators at your school
or new customers. This event offers hands-on training at individual workstations, a
modern classroom, and the opportunity to ask questions and receive personal attention.
| Student Loans 101 | October 14-15 | |
| Time: | Day One: 8:30 AM to 4:00 PM | Day Two: 8:30 AM to 1:00 PM |
| Click here: | Workshop Information and Registration Form | |
| To Register: | Fax registration form to Debra Pitts at 336-607-2025 | |
Campus Partners staff will attend the conferences listed below.
The COHEAO Mid-Year Conference will be held July 26-27 in Chicago, IL at the Hotel Monaco. John Elliott, CISSP, Director, Infrastructure Services, for Campus Partners, will present a workshop on data security. Sharon Cameron, Compliance Specialist for Campus Partners, will also attend. More conference details are available at www.coheao.org.
Williams and Fudge will present its Student Loan Receivables and Collection Conference September 26-29 at the Omni Charlotte Hotel. Registration information is available at http://www.wfcorp.com.
The Minnesota Collection Network will hold is annual conference October 24-27 at the Sheraton Bloomington in Bloomington, MN. More information is available at www.mnnetwork.org.
Cutoff Dates for July, August, September, and October
Transaction
|
July 2010 |
Aug2010 |
Sept. 2010 |
Oct.2010 |
|---|---|---|---|---|
Last day to receive collection payments |
7/27 |
8/24 |
9/27 |
10/26 |
Last day to receive regular payments |
7/28 |
8/25 |
9/28 |
10/27 |
Last day for online payments |
7/30 |
8/27 |
10/01 |
10/29 |
Date final post begins |
7/30 |
8/27 |
10/01 |
10/29 |
Report date used for final post |
7/31 |
8/31 |
9/30 |
10/31 |
Last day deposits created for deposit to bank account |
7/30 |
8/31 |
9/30 |
10/29 |
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 |
