Campus Partners Update Newsletter July 1, 2008!
Holiday Closing: Campus Partners will be closed on Friday, July 4 for Independence Day and Monday, September 1 for Labor Day
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Inside Campus Partners Web Administrator |
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HEA Reauthorization Moves Forward in Kennedy’s Absence
Senator Edward Kennedy, chairman of the Senate’s education committee, underwent brain surgery in early June at Duke University Medical Center. All reports indicate that the surgery was a success. However, he is expected to be absent from the Senate for weeks (and possibly months) as he recovers.
Kennedy was the leading Senator in negotiations to reconcile the Senate and House versions of the Higher Education Act (HEA) reauthorization bill. In his extended absence, Senator Barbara Mikulski (D-MD) will “pinch-hit” for Kennedy in the conference report negotiations.
Federal Perkins Collection Cost Caps
We have published several articles in our Campus Partners Update on the changes to collection cost for the Federal Perkins program. Our most recent communication was sent to our customers via email.
Regulations published in the November 1, 2007 Federal Register governing Federal Perkins loans have been amended to limit the amount of collection costs that you may charge your borrowers for placement with an external agency. For first placement, the limit is 30% of the amount of principal, interest and late fees collected. Second placement and litigation limits are 40%. The limit on collection cost is applicable only to Federal Perkins loans placed with external firms on or after July 1, 2008. Limits do not apply to internal collection cost if the school is performing the first collection effort or to any other Federal or institutional program.
As of July 1, 2008, we have updated your Borrower Paid Collection Cost on our system to the appropriate contingency fee for first and second placement to reflect the amount of collection fees that should be charged back to borrowers.
Perkins Fund Shortfall Assistance
In our last Update, we published the survey of member institutions that participated in the Federal Perkins Program conducted by NACUBO and COHEAO. The purpose of the survey was to address the drastic decline in the balance of your revolving Federal Perkins Loan funds and ask for assistance from the Department of Education.
In response to these efforts, ED has made a significant change to this year’s FISAP. The instructions in prior years specified that if a school made a short-term, no interest loan to their Perkins Fund, the school was required to repay the loan to the fund within the academic year. The requirement that the school has to repay the loan “within the academic year” has been deleted. This change will allow schools more time to repay the institution as collections from borrowers are received, which hopefully will smooth out this year’s shortfall. Just be sure to enter the additional Institutional Capital Contribution (ICC) as a short-term, no interest loan on your accounting records. If you mistakenly label it as ICC, it cannot be “repaid” with borrower collections.
You may read COHEAO’s response, in full, by clicking on the attachment below.
Attachment: Perkins Fund Shortfall Assistance
NSLDS New Reporting Requirements
As published in our Update last month, Campus Partners has been working with other servicers, schools and the Department of Education on the requirements of reporting one loan for each award year to NSLDS. In response to our discussions, the Department of Education has created a Question and Answer document to cover the major issues during a recent conference call. One very important question/answer is addressed below:
Question 2) Will the Department relax the edits for reporting academic level of Perkins borrowers until the schools have had time to develop computer systems that can report to NSLDS academic level for Perkins borrowers using the NSLDS code?
Answer: The date of July 1, 2008 is still in effect, but the Department has relaxed the edits that will prevent the school/servicer from submitting an invalid academic level. If a school/servicer submits a valid Academic Level Code, the new edits will be applied. For loans submitted without valid Academic Level Codes, the Academic Level Code will be converted to “N” and edits that are applicable for pre-July 1, 2008 loans will be applied. Schools now have until October 1, 2008 to comply with the requirement of providing valid Academic Level Codes as listed in Table B-13. The new edits will be in effect for all loans submitted on or after October 1, 2008. Any Perkins Loan that does not meet all the edits for the new reporting requirements will be rejected.
ED has also published a Perkins Technical Update (PK-2008-4) that conveys this same message. We have included the Q & A published by ED in the attachments below. To read the Perkins Technical Update, go to http://www.ifap.ed.gov/nsldsmaterials/PK200804.html.
Attachment: New NSLDS Reporting Requirements
Federal Perkins Cancellation Reimbursement
Dear Colleague Letter CB-8-08 includes a Q & A that explains the 2006-2007 cancellation reimbursement process. Perkins borrowers may have part or all of a loan cancelled for engaging in teaching, military service, law enforcement or corrections officer service, service as a nurse or medical technician, Head Start service, service to certain types of high-risk children, and voluntary service. The Secretary reimburses a school its share of principal and interest cancelled during an award year. To read more about this reimbursement of cancelled funds, go to http://www.ifap.ed.gov/dpcletters/052108CB0808.html.
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Audit Nears Completion
Campus Partners is pleased to announce the completion of the first phase of our annual third-party servicing audit by Porter Keadle Moore, LLP (PKM). The PKM auditors reviewed our compliance with servicing regulations mandated by the guidance applicable to the Compliance Audits (Attestation Engagements) of the Federal Student Financial Assistance Programs and Report on Controls Placed in Operation and Tests of Operating Effectiveness (SAS 70). The initial audit covered the first three quarters of our fiscal year, which ends on June 30, 2008. PKM will return in July to review fourth quarter compliance, and the entire audit process will be completed by the end of July 2008. We are projecting that the final documentation will be available by mid-August 2008.
To request this material in paper format or on CD-ROM, please download attached form. Please contact your customer Service Representative with any additional questions.
Attachment: Audit Report Request Form
Year-End Processing
The year-end post begins on June 27. If you need any assistance with year-end processing, please contact your Customer Service Representative.
Remember, 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.
CampusPartners.com Update
We have been getting rave reviews for campuspartners.com’s new look. While the site has been improved, we plan to keep offering you the same great resources that you have always relied on. To help you navigate the site, we are providing the following links below.
| Online Update |
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Forms |
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Training Information |
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How to Guides |
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FAQs |
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Contact Us |
Our Reading Room is back at the same address as it previously was located. If you need that address, please contact your Customer Service Representative. You will find the latest regulations governing the Federal Perkins Loan Program in our Federal Regulations Manual, now located in our Reading Room.
The archive of “Inside Campus Partners” and “Customer Closeup” profiles will be published in the next few weeks.
Product and Services
We have also enhanced the presentation of campus-based product information. To view this information, click here. Please note our dynamic service level chart* that provides an overview of products and services available with Modified, Full, and Enhanced Service levels. More and more of our customers are opting for Enhanced Services, which significantly reduces the daily administrative duties associated with managing a loan program. Enhanced Servicing is a surprisingly affordable option as it allows school staff to concentrate on other functions, such as collections, while achieving economy of scale through bundled services. To find out more about this option, please contact your Customer Service Representative or Account Manager.
*Please note that not every available service is listed in the chart.
Inside Campus Partners
Our new Web site was recently put into production by Vicki Vogler, Web Administrator. It was a complicated process and Vicki steered the way to a very successful launch. “It takes a great design and great technical expertise to publish a user-friendly Web site. Vicki showed great professionalism and patience as she worked on the site with the Marketing Team over the past several months,” acknowledged Carolyn Williams, Marketing Manager for Campus Partners. “We could not have done it without her.”
Vicki was recently promoted to the position of Web Administrator for our company and is responsible for all things Web. She carefully monitors servers and security issues, troubleshoots to keep problems from ever occurring, and places new Web applications and enhancements into production while ensuring no disruption of the total Web environment. On the personal side, Vicki and her family recently returned from a family vacation in a recreational vehicle—or as Vicki put it, “Five people and two dogs in a tin can.” Learn more about Vicki in this month’s “Inside Campus Partners” profile.
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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
Space is still available for the July Classroom 101 Workshop, so please register as soon as you can if you want to attend. Our training room as been remodeled with a sleek modern look and now provides more computers allowing us to expand the training class.
Date: July 10-11 and November 13-14
Time: 1st day: 8:30 - 4:00 2nd day: 8:30 - 12:30
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.
The Western SFS Conference (PAC 10) will be held July 13-16 in Flagstaff, AZ. For more information, visit www.wsfs.us.
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 June, July, August, and September are presented below:
Transaction
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June 2008 |
July 2008 |
Aug. 2008 |
Sept. 2008 |
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Last day to receive collection payments |
6/24 |
7/28 |
8/26 |
9/23 |
Last day to receive regular payments |
6/25 |
7/29 |
8/27 |
9/24 |
Last day for online payments |
6/27 |
8/01 |
8/29 |
9/26 |
Date final post begins |
6/27 |
8/01 |
8/29 |
9/26 |
Report date used for final post |
6/30 |
7/31 |
8/31 |
9/30 |
Last day deposits created for deposit to bank account |
6/27 |
7/31 |
8/29 |
9/26 |
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 |
