Campus Partners Update Newsletter
January 27, 2011
Truth-in-lending disclosures are needed for all HHS programs and Institutional loans! Contact us about our Disclosure Service. Click here for more details. |
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Holiday Schedule: |
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Presidents' Day-February 21 |
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Perkins Loan Program Announcement
The Department of Education recently determined current law authorizes the Perkins Loan program though Fiscal Year 2014. Gail McLarnon announced this decision on behalf of the Department at the COHEAO Annual Conference. This means schools do not have to return funds next year and can continue to make loans from the Perkins revolving fund through September 30, 2014. ED will officially notify schools of this decision through a Dear Colleague Letter expected to be published in February.
Congress Passes Continuing Resolution
On December 21, the House and Senate passed a 45-day continuing resolution to fund the government through March 4, 2011. This continuing resolution was signed by the President on December 22 and includes $5.7 billion in funding to cover the Pell Grant shortfall. Most of the other federal programs will be funded at their FY2010 levels. Once the continuing resolution expires on March 4, the new Congress will have to decide how to fund the remainder of FY2011.
Loan Interview Form Updated - TCPA Language Added
Many of you may have heard discussions at conferences regarding proposed revisions to the Federal Communications Commission’s (FCC’s) rules under the Telephone Consumer Protection Act (TCPA). These proposed rules are contained in the Notice of Proposed Rulemaking (NPRM) published in the Federal Register on March 21, 2010 (CG Docket No. 02-278).
The FCC proposes, among other things, to limit the ability of banks, lenders, utilities, debt collectors and others to make calls to their customers’ cell phones. Since 1991, the TCPA has restricted calls to cell phones under the Do-Not-Call rules. However, these newly proposed restrictions would apply to all calls made to any cell phone. If these rules are finalized, they would undo the current FCC interpretation that allows calls to cell phones without written consent if the cell phone number is provided as part of a credit application.
As this publication goes to print, no final rules have yet been published. However, Campus Partners is taking a proactive approach to ensure that your student borrowers understand and acknowledge that their school and the billing servicer and/or collection agencies handling their account may contact them via their cell phone.
As part of this notification, we recently updated the Loan Interview form to include this statement,
I understand and agree that my school and anyone servicing my student loan may communicate with me at any of the numbers listed above with an asterisk (*), or any number I provide to my school or to anyone servicing my student loan in the future. I also agree that communication may be made to my telephone or mobile device using an auto-dialer, text message or pre-recorded message.
Borrower phone number, and cell phone number all are denoted by asterisks on the form.
This revised form will accompany the Student Loan Repayment Schedule and Disclosure Statement mailed to your borrowers when you order paper exit interviews. This form is also available at on this Web site under Downloadable Forms.
We continue to look for ways to assist our student loan partners in managing their loan portfolios.
Approval of Military Service Deferment/Post-Active Duty Student Deferment Form
The Department of Education has published Dear Colleague Letter GEN-10-17 that announces the approval of a new military deferment form: the Military Service Deferment/Post-Active Duty Student Deferment Form. This form is applicable to borrowers in the Perkins Loan Program, the Direct Loan Program, and the FFEL Program. The new form has an expiration date of July 31, 2013 and replaces the Military Deferment Request form under the same OMB Number that had an expiration date of April 30, 2010.
The College Cost Reduction and Access Act of 2007 (CCRAA) removed the 3-year limit previously in place and the provision that only allowed borrowers to receive the deferment on loans disbursed on or after July 1, 2001. The CCRAA also extended the time period covered by the military deferment to include an additional 180-days following the deferment.
The CCRAA created a new post-active duty student deferment for members of the
National Guard or other reserve components of the Armed Forces (including retired members) who are called to active duty while they are enrolled at least half time or within six months of being enrolled. Following completion of their active duty service and any grace period, the borrower may defer their loan for up to 13 months or until they resume enrollment at least half time (whichever comes first). The borrower’s active duty, in this case, must include a period on or after October 1, 2007.
Campus Partners has updated our web sites to include the new form. To view this DCL, go to http://ifap.ed.gov/dpcletters/GEN1017.html.
New NSLDS Functionality and School Portfolio Report
The January 2011 NSLDS newsletter describes new functionality that has been added to the NSLDS Professional Access web site. This functionality includes access to the new School Portfolio Report (SCHPR1) and a new NSLDS password requirement. You may view NSLDS Newsletter 29 at:
http://ifap.ed.gov/nsldsmaterials/attachments/NSLDSNewsletter29.doc.
FAFSA on the Web Available for 2011-12
The Department of Education has made a number of updates to the FAFSA on the Web to streamline the application process. Changes to the FAFSA home page also make it easier for students and their families to properly file the completed FAFSA.
The changes reflect ED’s goal to:
- Develop an intuitive web experience
- Integrate application functionality
- Continue to provide access to IRS tax information and
- Decrease redundancies in the application experience
A demonstration site is available along with login information to access the site. Details are provided in ED’s electronic announcement at
http://ifap.ed.gov/eannouncements/121010FASFAOntheWeb1112.html.
Financial Aid Administrators are encouraged to review the site to determine if their application materials need to be revised.
Please see the attachment to learn about credit bureau reporting changes for loans assigned to ED due to total and permanent disability.
Attachment: Reporting Changes
Reminder: Loan Disclosure Service Available
If you need help in creating loan disclosures that are compliant with complex Truth-in-Lending Act regulations authorized by the Higher Education Opportunity Act, Campus Partners can help. We have developed the Loan Disclosure Service to assist schools in generating required application, approval, and final loan disclosures. These disclosures must contain specific loan and interest rate details, APR calculations, repayment examples, loan alternatives, and much more.
You must provide these disclosures, if your school originates:
- Health Professions Loans,
- Nursing Student Loans,
- Nurse Faculty Loans, and/or Institutional Loans
This Service provides access to our loan support web site, allowing you to easily create the loan disclosures. Complete training manuals and online directions are provided. To sign up for our Loan Disclosure Service, please contact Debra Pitts at dpitts@campuspartners.com or at 800-458-4492, ext. 2272.
Remarkable Anniversaries
Campus Partners is celebrating anniversaries of 45, 40, 35, and 30 years with the following customers this quarter.
45 years
Brevard College
40 years
Armstrong Atlantic State University
Connecticut College
Florida Southern College
Iona College
Sistema Universitario Ana G. Mendez
35 years
Teachers College, Columbia University
Virginia Wesleyan College
30 years
St. Joseph’s College (Maine)
Customers reaching other milestone anniversaries are listed in the attachment.
Attachment:Long-Term Customer Anniversaries
Web Conferences
Web conferences are a great way to receive training without leaving your office--and they are free of charge. Please email Debra Pitts at dpitts@campuspartners.com to register for any or all web conferences, while specifying the web conferences you plan to attend.
| Topic | Date |
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Retention of Records: What is Required? |
Thursday, February 10 2:00 to 3:30 Eastern |
Understanding the Assignment Process |
Thursday, March 10 2:00 to 3:30 Eastern |
Accounting: Balancing to your General Ledger |
Thursday, May 5 2:00 to 3:30 Eastern |
Cohort: What is it and How do I Manage it? |
Thursday, July 14 2:00 to 3:30 Eastern |
Understanding and Completing the FISAP |
Thursday, August 11 2:00 to 3:30 Eastern |
Where do I Start? A Month to Month Guide |
Thursday, September 8 2:00 to 3:30 Eastern |
Regulations Update |
Thursday, November 17 2:00 to 3:30 Eastern |
Tips for Managing Delinquencies |
Thursday, December 8 2:00 to 3:30 Eastern |
Student Loans 101
The dates for Student Loan 101 and 202 workshops are listed below. Student Loans 101 is designed for recently hired student loan administrators at your school or new Campus Partners customers, while Student Loans 202 provides more advanced training. Both events offer hands-on training at individual workstations and theopportunity to ask questions and receive personal attention.
Student Loans 101 |
April 14-15 |
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Student Loans 202 |
June 9-10 |
Time
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Day 1: 8:30 AM to 4:00 PM
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Registration Form and Information |
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To Register
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Fax the completed registration from to Debra Pitts at 336-607-2025.
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Conference Schedule
Campus Partners staff will attend the conferences listed below during the first half of 2011. Details about future conferences will be published in the subsequent issues of the Update newsletter.
ISLA will hold its Annual Meeting on March 18, 2011. More details will be published as they become available.
EARMA will hold its Annual Meeting at the Hilton-East Brunswick, NJ on March 29-30. Visit http://www.studentabc.rutgers.edu/EARMA for more information.
KASRO will present its Spring Conference May 11-13 in Rough River, KY. Additional information is available at http://www.kasro.net/default.html.
CAASLAR will also hold a conference this year. More details will be published as they become available. The web site for CAASLAR is http://www.caaslar.org.
Transaction
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Jan. 2011 |
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Last day to receive payments submitted by collection agencies |
1/26 |
Last day to receive payments and payment transmittals sent directly to the Campus Partners office |
1/28 |
Last day to make online payments and/or reverse payments |
1/31 |
Last date to receive payments at our lockbox location |
1/31 |
Date month-end processing begins |
1/31 |
