Campus Partners Update Newsletter
April 8, 2010
Holiday Closing: May 31-- Memorial Day |
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Perkins Loan Program Safe—For Now
Campus Partners emailed customers in March with the good news that the proposal to replace the Federal Perkins loan program with the Federal Direct Perkins loan program was removed from Student Aid Fiscal Responsibility Act (SAFRA) legislation.
Although we welcome the news that the current program remains unchanged, significant challenges lie ahead. The most recent appropriations bill and the President’s FY2011 budget request were written with the expectation that the proposed Federal Direct Perkins Loan program would have been enacted into law. Therefore, cancellation benefits and the federal capital contribution received no funding.
The Federal Perkin program faces yet another hurdle. A “sunset rule” in the Higher Educational Act requires that schools return the proportionate federal share of principal and interest received from borrowers after September 30, 2003 to the Education Department beginning in October 2012.
The HEA states:
“After October 1, 2012, each institution with which the Secretary has made an agreement under this part, shall pay to the Secretary the same proportionate share of amounts received by this institution after September 30, 2003, in payment of principal and interest on student loans made from the student loan fund established pursuant to such agreement. . .”
Sunset rules are commonplace in federal legislation. The rule allows a program to expire without further legislation on a certain date. However, in many cases, the program is eventually extended. COHEAO has informed us that the sunset rule has been included in reauthorization legislation for many years. The sunset provision always been eliminated before the Perkins program expired, most recently in 2007. COHEAO has asked Congress to eliminate this provision in the current legislation.
Department of Education officials also have indicated they will continue to push for a Direct Perkins loan program in the future. Therefore, it remains very important to continue to stay informed and advocate for the Perkins loan program with your legislators.
FFELP Eliminated in Reconciliation Bill
On March 25, 2010 Congress passed reconciliation legislation eliminating the Federal Family Education Loan Program (FFELP). Advocates for this legislation anticipate monies saved by eliminating the FFELP will be diverted to provide an estimated $61 billion for Pell Grants and other higher education programs over a 10 year period. The law expands the existing Direct Loan Program by replacing loans from private lenders participating in the FFEL program with government loans.
The new law effectively ends FFELP on July 1, 2010, prohibiting any new FFELP loans with a first disbursement date after June 30, 2010.
TILA Self-Certification Form Approved by ED
Dear Colleague Letter GEN-10-01 announced the availability of the Private Education Loan Applicant Self-Certification form that is required to satisfy the requirements of the Higher Education Opportunity Act (HEOA) and the Truth-in-Lending Act (TILA).
As published in previous editions of the Campus Partners Update, the Federal Reserve Board, in conjunction with the Department of Education, issued regulations that implemented new disclosure requirements for private education loans and extended these requirements to Health Professions, Nursing, Nurse Faculty, and institutional loans. The HEOA added a section to TILA that requires lenders to obtain a completed and signed Self-Certification Form from student loan applicants before their loan funds can be disbursed.
The DCL states:
Beginning February 14, 2010, institutions are required to provide the Self-Certification form, and the information needed to complete the form, to an enrolled or admitted applicant (or to the parent applicant of an enrolled or admitted student) upon the applicant’s request for a private education loan Self-Certification form. An institution may post an exact copy (PDF) of the Self-Certification form on its Web site for applicants to download or it may provide a paper copy of the Self-Certification form directly to an applicant through its financial aid or other designated office.
To view this DCL and the Self-Certification form, go to http://ifap.ed.gov/dpcletters/GEN1001.html.
New Disclosure Requirements
Campus Partners has developed a new functionality, which provides schools with the ability to produce the newly required disclosure statements (referenced above) in compliance with the HEOA. We are currently working with a pilot group of schools and anticipate releasing the service to all our school customers in time for 2010 – 2011 academic year loan processing. Several service levels are available, including the option to have Campus Partners produce and mail all required loan disclosures. For more information, contact Lisa Koniuto, Director, Business Development, or Pattie Mastin, Account Manager.
2009-10 Federal Student Aid Handbook
The 2009-2010 Federal Student Aid Handbook is now available in print and as a single PDF file. For your convenience, the page numbers in the index are linked directly to the cited page in the PDF. If you have questions about the Handbook contents, contact the Schools Publications staff at fsaschoolspubs@ed.gov.
Regulatory Wisdom from Sharon Cameron Question: Has the definition of total and permanent disability changed? Response from Campus Partners: Yes. However, the new definition is not effective until July 1, 2010. New definition: The condition of an individual who: (1) Is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that— Effective date: The new definition of totally and permanently disabled and the new discharge process is effective for discharge applications received on or after July 1, 2010.
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System 3i Manual Available
A User Guide for System 3i has been updated and posted to our Reading Room. The manual describes the complete functionality of this innovative Web site for student loan administrators.
The information contained in this manual is proprietary and confidential and should not be shared outside of your offices. If you do not have the address for the Reading Room, please contact your Customer Service Representative.
Get Ready for Year-End Processing
June 30, 2010 is several months away, but it is not too early to start planning for year-end processing. Use this checklist to help close the fiscal year successfully:
1. Reconcile loan and accounting information.
· Reconcile all disbursements for the year.
· Correct and return all unpostable new loans and advances.
· Check and update separation dates.
· Reconcile your general ledger.
2. Determine special needs and communicate them to us.
· Contact your auditors to determine the reports they need.
· Submit change/adjustment requests for processing.
3. Work the Cohort Default Rate Report.
· Provide your Customer Service Representative with requests for coding changes.
As the end of the fiscal year approaches, our goal is to process all Customer Service requests in a timely manner. All requests are processed in the order that we receive them, whether they arrive via regular mail, overnight mail, fax, DataLink Dispatch, or e-mail.
Important Year-End Processing Deadlines
- June 25--Requests for Change/Adjustment memos
- July 2--Year-end post begins
You can use eXpressReports to access your fiscal year-end reports immediately following year-end processing. This Internet tool provides you with the fastest method of receiving your year-end information. Our Customer Service team can assist you with creating any special report that you need using myReports, our ad hoc reporting tool.
We are celebrating anniversaries of 40, 35, and 30 years with the following customers this quarter:
40 Years
Atlantic Cape Community College
Columbus State University
Delaware County Community College
Florida Atlantic University
Morehouse College
35 Years
American University
Bethel University
Florence-Darlington Technical College
Skidmore College
University of Alabama at Birmingham
30 Years
Middlesex Hospital School of Nursing
Ohio University
Please see the following attachment for more customers observing milestone anniversaries with us this quarter.
Attachment: Long Term Anniversaries
Welcome New Customers
Campus Partner is pleased to announce the following new customers:
Kutztown University of Pennsylvania
Montclair State University
South Dakota State University
We look forward to working with these schools and their students for many years to come.
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I have always experienced great customer service from Terry (Gaither) and everyone else each and every time I call for assistance. Thanks so much! Tracie Smith
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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 |
|---|---|
Understanding and Completing the FISAP |
Thursday, July 8 2:00 to 3:30 Eastern |
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 and 202 Workshops will be held at our offices in Winston-Salem, NC this year.
Student Loans 101 is designed with new student loan administrators or those who are new
to Campus Partners in mind, while Student Loans 202 is a unique opportunity for
advanced training. Both workshops provide hands-on training at individual workstations.
Class sizes are small so you can receive personal attention.
| Student Loans 101 | October 14-15 | |
| Student Loans 202 | June 10-11 | |
| 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 | |
News about upcoming conferences will be published in future issues of the Update.
The CAASLAR Conference will be presented April 22-23 in Estes Park, CO.
Information is available at www.caaslar.org.
EARMA will present its annual conference April 27-28 at the Hilton in East Brunswick, NJ. Please visit www.studentabc.rutgers.edu/EARMA for updated information.
KASRO will present its spring conference May 12-14 at Lake Barkley State Park. More details will be available soon.
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 March, April, May, and June.
Transaction
|
Mar. 2010 |
Apr. 2010 |
May 2010 |
June 2010 |
|---|---|---|---|---|
Last day to receive collection payments |
3/26 |
4/27 |
5/25 |
6/25 |
Last day to receive regular payments |
3/29 |
4/28 |
5/26 |
6/28 |
Last day for online payments |
4/2 |
4/30 |
5/28 |
7/02 |
Date final post begins |
4/2 |
4/30 |
5/28 |
7/02 |
Report date used for final post |
3/31 |
4/30 |
5/31 |
6/30 |
Last day deposits created for deposit to bank account |
3/31 |
4/30 |
5/28 |
6/30 |
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 |
