Campus Partners Update Newsletter August 1, 2008!
Holiday Closing: Monday, September 1 - Labor Day
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Inside Campus Partners Vice President, Sales |
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Changes Made to the Management Operations Analysis (MOA)
Based on clarification from ED, we implemented changes to our June 30, 2008 Management Operations Analysis. This report assists our clients in completing the Annual Operating Report (AOR) which is due to the Department of Health and Human Services by August 15, 2008.
The change affected the small balance write offs that we previously reported in Column 7, Line 1.A. In using the Web Reporting System (WRS), Column 7, Line 1.A. is not a field that can be populated. However, we understand from our customers that this has not created a problem in years past. We contacted HHS and received clarification that these amounts should be moved to Line 1.E. The change has caused some customers to receive additional error conditions when completing the AOR. We have now re-run our MOA using the same format as last year, and you now have access to either version.
The previous version reflecting last year’s format is available to you via eXpressReports under “monthly reports” using a July 1, 2008 report date. The new version, with the changes noted above, is included with June 30, 2008 reports. If you have questions regarding these reports, contact your Customer Service Representative.
Reauthorization of the Higher Education Act (HEA) Uncertain
In a report from COHEAO, it appears the prospects for reauthorization of the HEA is unknown.
While nearly all of the differences between the two massive bills have been settled at the staff level, there was increasing speculation that a couple of remaining disputes over relative small portions of the 900-page bill could require an extension until Congress convenes in 2009. Observers remain hopeful the dispute will be settled in time for the HEA bill to be completed in August or at least September, but Congress also has many must-pass bills to consider before adjournment.
The Department of Education (ED) has published the final FISAP (for the period ending June 30, 2008) for the Federal Perkins program in Dear Colleague Letter CB-08-09. In the Department’s previous DCL that included the draft of this year’s FISAP (CB-08-05), ED stated that they were revising the definition of an Independent Student in the 2009-2010 Instructions for the FISAP to reflect changes made by the College Cost Reduction and Access Act (CCRAA). However, based on this current guidance in DCL CB-08-09, the change made to the definition of an Independent Student will not be effective until the 2009-2010 Award Year.
The deadline for this year’s FISAP is Wednesday, October 1, 2008. You may access this year’s final FISAP as well as read the Q&A included in this DCL at http://www.ifap.ed.gov/dpcletters/0625CB0809.html.
ED has also posted the Technical Reference for the Fiscal Operations Report for 2007-08 and the Application to Participate for 2009-10 (FISAP), used in administering the Perkins Loan, FSEOG, and FWS programs. This document provides programmer specifications and record layouts for schools or other organizations that wish to design custom software systems to interface with the Department’s FISAP on the Web process. The technical reference includes the system modifications for processing the FISAP that schools must submit by October 1. To review the Technical Reference, go to http://ifap.ed.gov/cbpmaterials/0625FISAPTechRef0910.html.
ED Announces Procedures for Total and Permanent Disability
In an electronic announcement, ED reported that it is making changes to the current total and permanent disability procedure. As this newsletter goes to print, ED has not yet published a new Loan Discharge Application although the current form expired May 31, 2008. Some of these changes are due to the form expiration date. Below is a summary of the changes:
- Receipt Date - The TPD Loan Discharge Application must contain a very clear and conspicuous “receipt date” stamped on the form. If not, schools will have to attach supporting documentation with each request. Campus Partners stamps a receipt date on all forms received in our office. Our stamp also includes our name in the bottom portion of the stamp to avoid any confusion. For schools that process your own forms, please note; if there are multiple receipt dates stamped on the form, ED will use the earliest date stamp.
- Listing of payments - Loan holders must inform ED of any payments received after the date the physician signed the TPD Loan Discharge Application. There is a very specific format for listing these payments. (See page 2 of the announcement.)
- Dates on the Current Discharge Application - For all applications received on or after July 1, 2008 on the current discharge application, the following fields no longer need to be completed:
Section 3 (Physician’s Certification), Line 2 – “When did the borrower’s medical condition begin?”and
Section 3 (Physician’s Certification Line 3b – “If yes, when did the borrower become unable to work and earn money in any capacity?”
- NSLDS - Beginning July 1, 2008 and after, ED will check NSLDS prior to accepting any incoming assignments. ED will not accept assignment of borrowers with loans or loan disbursements after the date the physician signed the discharge application. The Assignment Rejection Checklist accompanying each assignment rejection will indicate the assignment failed the NSLDS check.
Exception: ED will accept the assignment when the loan holder attaches documentation that the borrower qualifies under the 120-day late disbursement rule.
- Pre-Medical Check - Prior to accepting the assignment, ED will review the physician’s responses to the questions on the application to ensure the responses are complete. If the physician supplies incomplete or partial responses, ED will reject the assignment. Note: ED is developing new guidelines to help schools ensure the physician’s responses are complete, as they are adopting more stringent policies for accepting disability assignments.
- Manifest - A manifest must accompany the Assignment Form and promissory note regardless of the method of submission to ED. The manifest must contain the following information:
- Here is the link to the electronic announcement: http://www.ifap.ed.gov/eannouncements/070908CondDisability.html.
o Agency Name (school name)
o Agency Code (Serial number)
o Date of submission
o Numerical listing of borrowers
o Borrower names
o SSN
o Number of prom notes (loans) per SSN and
o Total record count
COHEAO Teleconference on Perkins Loan Fund Projections
Campus Partners participated in the COHEAO teleconference on Perkins Loan Fund Projections on June 26, 2008. Susan Pugh from the Office of Student Financial Assistance at Indiana University and Nida Williams, Director of Accounting and Business from Columbia University presented.
To recap, many schools are experiencing drastic declines in the balance of their Perkins Loan fund due to the sudden near-cessation in the consolidation of loans. Coupled with no new federal capital contribution over the last three years, schools are facing a shortfall in their Perkins funds for the fall lending season. COHEAO initiated discussions with ED and worked with NACUBO to conduct a survey to determine the extent of the shortfall problem. The survey results indicate that many schools do have a shortfall.
ED responded with a change in the FISAP reporting requirements. The part of the instructions that specified that a school must repay any institutional loan to the fund within the academic year was deleted. Schools will now have more time to allow their incoming funds to repay the institution. For additional information on these changes to the FISAP, see last month’s Campus Partners Update and refer to the article on Perkins Fund Shortfall Assistance.
During the teleconference, Pugh and Williams provided the participants with insight on managing your Perkins Loan portfolio and information on calculating your Perkins Loan projections. If you would like a copy of this presentation, contact Sharon Cameron, Audit and Compliance Specialist at scameron@campuspartners.com.
Reminder – Guidance for Title IV Participants Affected by a Disaster
In light of recent federally-declared disasters, the ED has reminded schools that participate in the Title IV programs of the general guidance for helping Title IV participants affected by a federally-declared disaster contained in GEN-04-04. ED also reminded institutions of the waiver of a student’s Title IV grant repayment responsibility if the student withdrew from an institution because of a major disaster. The grant repayment waiver is contained in GEN-05-17. The guidance in both letters remains in effect, and participants should refer to it when addressing any Title IV issues related to any federally-declared disaster. You may read Dear Colleague Letter GEN-08-10 at http://www.ifap.ed.gov/dpcletters/GEN0810FP0808.html.
Campus-Based Reallocation Form
The 2007-08 Campus-Based Reallocation Form (ED Form E40-4P) has been approved by the Office of Management and Budget (OMB). This form will be available for electronic completion and submission on the eCampus-Based Web site in late July 2008. The Campus-Based Reallocation Form is used in the FSEOG, FWS, and Perkins Loan programs (the campus-based programs) to release unexpended portions of a school’s 2007-08 allocations or to request supplemental 2008-09 FWS funds for community service jobs. You may view this form at: http://www.ifap.ed.gov/dpcletters/0625CB0810.html.
Third-Party Compliance Audit Report Available Soon
Our third-party compliance audit, conducted by Porter Keadle Moore, LLP, for the fiscal year ending June 30, 2008 is in the process of being finalized. If you have ordered an audit report, we will mail it to you in mid August. To request this material in paper format or on CD-ROM, please see the attached form. This form is also available here. Please contact your Customer Service Representative with any additional questions.
Attachment: Audit Report Request Form
Long-term Customer Anniversaries
We are celebrating partnerships with several long-term customers this quarter. Included in this group are Asbury Theological Seminary, Meharry Medical Center, and the North Carolina School of the Arts, which have been customers for 40 years! Special recognition goes to Gallaudet University, McDaniel College, South College NC, and South University - Montgomery, all of which have been customers for 35 years. We also want to thank Delaware State University, Florida A&M University, Fort Valley State University, Maryville University of St. Louis, Messiah College, and MetroHealth Medical Center for entrusting us with their loan portfolios for 30 years.
Names of all customers attaining other milestone anniversaries with us during this quarter are attached. Customers reaching anniversaries with us during the fourth quarter of 2008 will be listed in the November Update.
Attachment: Anniversary List
Regional Meeting
Campus Partners has decided to re-institute Regional Meetings and will publish a schedule of meetings soon. In light of customer feedback and the cost of transportation, we will be coming to you instead of holding a national meeting in 2009. These meetings will provide an opportunity for training, product and regulations updates, and networking with other student loan administrators in a location convenient to your college or university. There will be no charge for these meetings.
Regional Meeting plans will be published in future editions of the Update newsletter and on our Web site.
Regulatory Wisdom from Sharon Cameron Question: I have some very old loans that were closed and returned by my collection agency and no one in our office advised our billing agent to remove them from collections on their system. Therefore, the borrower has not been billed by anyone in a very long time and I want to assign these loans to ED. Is there anything I can do? Answer: Yes. Follow the cure process described in Section V. (General Information) of the assignment procedures. You can find the latest assignment procedures in Dear Colleague Letter CB-06-12 at http://www.ifap.ed.gov/dpcletters/CB0612.html. |
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Hi, Tomika I know how busy you are and i did not expect anything (help with assignments) for a couple of weeks. You are my hero! I was thinking about you this morning and how much I have appreciated the help you always so freely give to me. Thank you so much! Sincerely, Twyla Duke
Tomika Wallen is a Customer Service Representative for Campus Partners. |
Classroom 101 Workshops Schedule
Our final Classroom 101 is scheduled for November 13-14, 2008 at our office in Winston-Salem, North Carolina. Our newly expanded training room now seats more people so register now and bring a group for this superlative training. Times for the workshop are listed below to help you in making travel arrangements.
Time: 1st day: 8:30 AM- 4:00 PM 2nd day: 8:30 AM - 12:30 PM
To register, fax a completed registration form to Debra Pitts at 336-607-2025.
Attachment: Registration Form for 2008
Study Hall is in Session!
Our Study Hall schedule appears below. Be sure to join us on August 21 (rescheduled from August 14) for our next Web conference featuring Cohort-What is it and How Do I Manage it?
To register for these events, please contact Debra Pitts at dpitts@campuspartners.com.
Study Hall Schedule
| Topic | Date |
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Cohort-What is it and How Do I Manage it? |
Thursday, August 21 2:00 to 3:30 Eastern |
The Borrower Experience |
Thursday, September 11 2:00 to 3:30 Eastern |
Regulations Update |
Thursday, October 9 2:00 to 3:30 Eastern |
All About Collections |
Thursday, December 11 2:00 to 3:30 Eastern |
Conference Schedule-See you there!
Representatives from Campus Partners will attend the following conferences.
COHEAO will hold its Mid Year Conference on August 2-5, 2008. For more details, visit their website at www.coheao.org.
Williams & Fudge will hold its 22nd Annual Student Loans and Receivables Conference on September 21-24, 2008 at the Omni Charlotte hotel in Charlotte, NC. For more details, visit their website at www.wfcorp.com.
The Illinois Student Loan Administrators will hold a meeting later this year in Chicago. More details will follow.
The Minnesota Collection Network will hold its meeting October 20-22 in Bloomington, MN at the Sheraton Bloomington. More information is available at www.mncollectionnetwork.com.
Cutoff dates for July, August, September, and October are presented below:
Transaction
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July 2008 |
Aug. 2008 |
Sept. 2008 |
Oct. 2008 |
|---|---|---|---|---|
Last day to receive collection payments |
7/28 |
8/26 |
9/23 |
10/28 |
Last day to receive regular payments |
7/29 |
8/27 |
9/24 |
10/29 |
Last day for online payments |
8/01 |
8/29 |
9/26 |
10/31 |
Date final post begins |
8/01 |
8/29 |
9/26 |
10/31 |
Report date used for final post |
7/31 |
8/31 |
9/30 |
10/31 |
Last day deposits created for deposit to bank account |
7/31 |
8/29 |
9/26 |
10/31 |
2008 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 2007 |
12/21/2007 |
12/26/2007 |
12/28/2007 |
12/28/2007 |
12/31/2007 |
12/28/2007 |
January 2008 |
01/28/2008 |
01/29/2008 |
02/01/2008 |
02/01/2008 |
01/31/2008 |
01/31/2008 |
February 2008 |
02/26/2008 |
02/27/2008 |
02/29/2008 |
02/29/2008 |
02/29/2008 |
02/29/2008 |
March 2008 |
03/25/2008 |
03/26/2008 |
03/28/2008 |
03/28/2008 |
03/31/2008 |
03/28/2008 |
April 2008 |
04/25/2008 |
04/28/2008 |
05/02/2008 |
05/02/2008 |
04/30/2008 |
04/30/2008 |
May 2008 |
05/27/2008 |
05/28/2008 |
05/30/2008 |
05/30/2008 |
05/31/2008 |
05/30/2008 |
June 2008 |
06/24/2008 |
06/25/2008 |
06/27/2008 |
06/27/2008 |
06/30/2008 |
06/27/2008 |
July 2008 |
07/28/2008 |
07/29/2008 |
08/01/2008 |
08/01/2008 |
07/31/2008 |
07/31/2008 |
August 2008 |
08/26/2008 |
08/27/2008 |
08/29/2008 |
08/29/2008 |
08/31/2008 |
08/29/2008 |
September 2008 |
09/23/2008 |
09/24/2008 |
09/26/2008 |
09/26/2008 |
09/30/2008 |
09/26/2008 |
October 2008 |
10/28/2008 |
10/29/2008 |
10/31/2008 |
10/31/2008 |
10/31/2008 |
10/31/2008 |
November 2008 |
11/21/2008 |
11/24/2008 |
11/26/2008 |
11/28/2008 |
11/30/2008 |
11/26/2008 |
December 2008 |
12/26/2008 |
12/29/2008 |
01/02/2009 |
01/02/2009 |
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 |
