summary of changes approved june 2000 through april 2001summary of changes approved june 2000...

Summary of Changes Approved June 2000 through April 2001 page 1

Summary of Changes Approved June 2000 through April 2001

This summary lists changes made since the July 2000 edition of the Common Manual. Changes made before the July 2000 edition are shown in appendix H of the manual.

Common Manual Section

Description of Change

Effective Date/Triggering Event

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Chapter 2: About the FFELP

2.1.A. Overview

Provides a brief explanation of Voluntary Flexible Agreements (VFA).

Any Voluntary Flexible Agreement (VFA) approved by the Department of Education for implementation on or after October 7, 1998.

454

2.2.A. Origination

Excludes schools located outside the United States from using the multi-year feature of the Master Promissory Note (MPN). Also permits schools that have been deemed eligible to use the multi-year feature of the MPN to apply that feature to all students, even if those students are not enrolled in four-year, graduate, or professional programs.

Loans certified by the school on or after March 13, 2000.

462

2.2.A. Origination

Revises "The Life of a Stafford Loan" flow chart by adding that a borrower may apply for the Teacher Loan Forgiveness Program, lenders may file a discharge with the guarantor, and the appropriate entity will continue to service loan balances outstanding after discharge.

New borrowers on or after October 1, 1998.

478

2.2.A. Origination

Revises "The Life of a Stafford Loan" and "The Life of a PLUS Loan" flow charts by adding that a closed school loan discharge is available for borrowers who are determined eligible for discharge without submitting an application and that lenders may file a discharge with the guarantor.

Closed school loan discharge determinations, made without the borrower's submission of a request form on or after July 1, 2000.

479

2.2.A. Origination

Revises "The Life of a Stafford Loan" and "The Life of a PLUS Loan" flow charts by adding that a borrower may apply or be determined eligible for an unpaid refund discharge, lenders may file a discharge with the guarantor, and the appropriate entity will continue to service loan balances outstanding after discharge.

Completed unpaid refund discharge requests received, or eligibility determinations made, on or after July 1, 2000.

480

2.2.A. Origination

Revises "The Life of a PLUS Loan" flow chart to indicate that only in cases of Chapter 12 or 13 bankruptcy or hardship petitions would the lender file a claim with the guarantor.

Loans on which a borrower files a petition for bankruptcy on or after October 8, 1998.

481

Chapter 3: Lender Participation

3.3.B. Agreement to Guarantee Loans

Adds a description of the Blanket Certificate of Loan Guaranty Program for Stafford and PLUS loans.

Loans originated under a Blanket Certificate of Loan Guaranty approved by the Department on or after October 1, 1998.

456

3.4.B. Notice to Borrower of Loan Sale or Transfer

Requires lenders to retain a record of the notice of a loan sale or transfer for at least 3 years after the date the loan is paid in full by the borrower or 5 years after the date the lender receives payment in full from any other source.

Loan records retained by the lender on or after July 1, 2000, for loans paid in full by the borrower or from any other source.

448





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3.4.B. Notice to Borrower of Loan Sale or Transfer

Provides policy guidance related to the assignment of origination rights for loans made using an MPN and clarifies that each loan originated using an MPN can be separately enforced based on the original MPN or a true and exact copy of the MPN.

Retroactive to the implementation of the Master Promissory Note (MPN).

482

Chapter 4: School Participation

4.1.A. Establishing Eligibility

Incorporates the provisions of Final Rules by clarifying that the school must request a determination of Title IV eligibility from the Department and be certified to participate in the FFELP under the Higher Education Act of 1965, as amended. Also specifies the requirements a school must meet for the Department to certify the school for Title IV program participation.

Schools establishing eligibility on or after July 1, 2001.

487

4.1.B. Written Agreements between Schools

Incorporates the provisions of Final Rules by stating that a school may enter into a written agreement with a study-abroad organization representing one or more foreign schools rather than having separate agreements with each individual foreign school.

Written agreements consummated by schools on or after July 1, 2001, or implemented at the school's discretion on or after November 1, 2000.

515

4.1.C. Maintaining Eligibility

Incorporates the provisions of Final Rules by stating that when a school adds an accredited and licensed location that offers at least 50% of an educational program, the school must report to the Department before delivering funds. This change also states that after reporting, schools subject to certain criteria will be required to wait for Department approval prior to delivering funds.

School locations added on or after July 1, 2001.

485


Incorporates the provisions of Final Rules by adding the requirement that a school must apply to the Department and obtain approval to increase the level of program offering before delivering Title IV funds to students enrolled in the new programs at the increased level.

Schools increasing the level of program offering on or after July 1, 2001.

488


Incorporates the provisions of Final Rules that change the definition of "a week of instruction" to include preparation for final examination occurring after the last day of scheduled classes for a payment period. Also adds homework to the list of activities that are not considered as instructional time.

"A week of instruction" as determined by the school for the purposes of establishing or maintaining school program eligibility on or after July 1, 2001.

489


Incorporates the provisions of Final Rules that add eligibility information for converting an eligible location to a branch campus.

Schools that convert an eligible location to a branch campus on or after July 1, 2001.

490


Incorporates the provisions of Final Rules that contain school reporting requirements for maintaining eligibility. Changes include the addition of requirements to report decreases in the level of program offerings, and to report a change in governance for a public school.

School reporting of changes for the purpose of maintaining eligibility on or after July 1, 2001.

516


Incorporates the provisions of Final Rules that include the new requirements pertaining to private nonprofit, private for-profit, or public schools that experience a change of ownership resulting in a change of control and pertaining to schools that have a change in status as nonprofit, for-profit, or public schools. To continue eligibility, such schools must submit an application to the Department.

Private nonprofit, private for-profit, or public schools that experience a change of ownership resulting in a change of control or schools that change status as nonprofit, for-profit, or public schools on or after July 1, 2001, unless implemented earlier.

517





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Incorporates the provisions of Final Rules by stating that a change in governance for a public school is not considered to be a change in ownership that results in a change of control, if the school remains a public school after the change and the new governing authority is in the same state and has acknowledged the school's continued responsibilities under its Program Participation Agreement (PPA). No later than 10 days after a change in governance, a public school must report the change to the Department and each applicable guarantor.

School reporting of changes for the purpose of maintaining eligibility on or after July 1, 2001.

518

4.1.D. Loss of Eligibility

Incorporates the provisions of Final Rules that provide information regarding the circumstances in which a school may be prohibited from delivering Title IV funds to students during a loss of school eligibility. In addition, eliminates duplicate information by deleting subsection 4.1.E.

Provisions regarding the expiration of the school's Program Participation Agreement are effective retroactively to the implementation of the Common Manual. Provisions relating to a change of ownership resulting in a change of control are effective for Program Participation Agreements initiated on or after July 1, 2000, and Provisional Certifications granted by the Department on or after October 29, 1999.

519

4.7.A. Return Amounts for Title IV Grant and Loan Programs

Adds a definition of disburseable aid and specifies what is included in aid that could have been disbursed.

Title IV recipients who withdraw on or after October 7, 2000, unless implemented earlier by the school on or after November 1, 1999.

449

4.7.A. Return Amounts for Title IV Grant and Loan Programs

Specifies that scheduled breaks are measured from the first day of the break to the next day that classes are held and provides an example.

Title IV recipients who withdraw on or after October 7, 2000, unless implemented earlier by the school on or after November 1, 1999.

450

4.9.B. Entrance Counseling

Differentiates between those items a school must include in its entrance counseling and those the Department recommends that schools include.

Entrance counseling conducted by the school on or after July 1, 2000, unless implemented earlier by the school.

451

4.9.C. Exit Counseling

Provides the methods by which exit counseling may be conducted and adds the requirement that a school must provide the borrower with information on the availability of the Student Loan Ombudsman's office and the use of the Master Promissory Note. Also requires schools to retain documentation substantiating the school's compliance with exit counseling requirements for each student.

Students who cease half-time attendance on or after July 1, 2000, unless implemented earlier by the school.

415

Chapter 5: Borrower Eligibility and Loan Certification

5.2.E. Prior Overpayment, Default, Discharge, or Write-Off

Incorporates the provisions of Final Rules stating that if a borrower has had any prior loan discharged due to total and permanent disability on or after July 1, 2001, but before July 1, 2002, and receives a new loan within three years of the date the borrower became totally and permanently disabled, as certified by a physician, the borrower must reaffirm the previously discharged loan. Also revises the definition of "substantial gainful activity" by removing the "or to attend school" criterion.

Stafford and PLUS loan eligibility determinations made on or after July 1, 2001.

491


Specifies the documentation that the school must obtain and retain to ensure that eligibility certifications with respect to prior default or overpayment are justified.

Loans certified by the school on or after November 8, 2000.

520





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Incorporates the provisions of Final Rules by stating that schools may not deliver Stafford or PLUS loan proceeds to a student or parent of a student who previously attended another eligible school until the school determines from information obtained from NSLDS, or its successor system, that the student meets eligibility requirements regarding his or her financial aid history. In addition, schools are no longer required to respond to paper financial aid transcript requests.

Stafford and PLUS loan funds delivered by the school on or after July 1, 2001. The elimination of paper financial aid transcripts is effective for requests received by the school on or after July 1, 2001.

521

5.2.F. Effect of Bankruptcy on Eligibility

Incorporates the provisions of Final Rules that replace the term "documentation" with "record" with respect to supporting a lender's decision to approve a loan for a PLUS applicant with adverse credit.

PLUS loans made on or after July 1, 2001, unless implemented earlier by the lender.

492

5.3 Eligibility Requirements Specific to Stafford Loans

Clarifies that a dependent student is not eligible to receive additional unsubsidized Stafford loan funds based on the school's decision not to participate in the PLUS Loan Program.

Unsubsidized Stafford loan funds certified by the school beginning no later than July 1, 2000.

483

5.4 Eligibility Requirements Specific to PLUS Loans



492

5.7.B. Defining Enrollment Status

Incorporates the provisions of Final Rules that change the definition of "a week of instruction" to include preparation for final examination occurring after the last day of scheduled classes for a payment period. Also adds homework to the list of activities that are not considered as instructional time.

"A week of instruction" as determined by the school for the purposes of establishing or maintaining school program eligibility on or after July 1, 2001.

489

5.7.H. Stafford Loan Annual and Aggregate Loan Limits

Clarifies that a dependent student is not eligible to receive additional unsubsidized Stafford loan funds based on the school's decision not to participate in the PLUS Loan Program.

Unsubsidized Stafford loan funds certified by the school beginning no later than July 1, 2000.

483

5.8.D. Determining the Disbursement Schedule

Incorporates the provisions of Final Rules by indicating that Stafford and PLUS disbursements must be made in accordance with the disbursement schedule provided by the school or any request made by the school modifying that schedule.

Retroactive to the implementation of the Common Manual.

493

Chapter 6: Guarantee, Disbursement, and Delivery

6.1.A. Lender Origination of the Loan

Provides policy guidance related to the assignment of origination rights for loans made using an MPN and clarifies that each loan originated using an MPN can be separately enforced based on the original MPN or a true and exact copy of the MPN.

Retroactive to the implementation of the Master Promissory Note (MPN).

482




492




493





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6.1.F. PLUS Loan and SLS Loan Interest Rates

Incorporates the new interest rate calculation applicable to PLUS and SLS loans for which the rate was previously calculated based on the 52-week Treasury bill rate for any 12-month period beginning on July 1, 2001, and any subsequent year.

PLUS and SLS interest rates calculated on or after July 1, 2001.

504

6.2.A. Earliest Date a Loan May be Disbursed



493

6.2.H. Late Disbursement by a Lender

Clarifies that one of the required conditions for a lender's late disbursement of loan proceeds is that the school certified the loan before the earlier of the end of the loan period or the date on which the student ceased to be enrolled at least half time.

Late disbursements made on or after July 1, 2000, unless implemented earlier by the lender.

463

6.2.H. Late Disbursement by a Lender

Incorporates the provisions of Final Rules eliminating the requirement that a lender, when making a late disbursement, must include a notice to the school that indicates the loan proceeds should be delivered as a late disbursement.

Late disbursements issued by lenders on or after July 1, 2001.

494

6.3.C. Notices and Authorizations

Incorporates the provisions of Final Rules by stating that if a school credits a student's school account with Stafford or PLUS loan proceeds and the school sends the student or parent borrower the required notification electronically, the school must confirm receipt of the electronic notification by the student or parent borrower and must maintain documentation of that confirmation.

Electronic notifications sent by the school on or after July 1, 2001.

486

6.3.E. Delivery of Proceeds

6.3.I. School Disbursement and Delivery Requirements

Incorporates the provisions of Final Rules by stating that schools may not deliver Stafford or PLUS loan proceeds to a student or parent of a student who previously attended another eligible school until the school determines from information obtained from NSLDS, or its successor system, that the student meets eligibility requirements regarding his or her financial aid history. In addition, schools are no longer required to respond to paper financial aid transcript requests.

Stafford and PLUS loan funds delivered by the school on or after July 1, 2001. The elimination of paper financial aid transcripts is effective for requests received by the school on or after July 1, 2001.

521

6.3.E. Delivery of Proceeds

Incorporates the provisions of Final Rules by clarifying that a school with a program measuring academic progress in credit hours but not using a standard semester, trimester, or quarter system may deliver loan proceeds in each term as long as the terms are substantially equal in length throughout the loan period. Schools with credit-hour programs that do not use a standard semester, trimester, or quarter system, or use terms that are not substantially equal in length, are still required to wait until the later of the calendar midpoint of the loan period or the date that the student completed half of the academic coursework in the loan period before delivering the second disbursement of the loan.

Stafford and PLUS loan funds delivered by the school on or after July 1, 2001.

522

6.3.I. School Disbursement and Delivery Requirements

Requires schools to provide the reason for returning loan proceeds and, if applicable, the student's withdrawal date, when returning loan proceeds to the lender in overaward situations. In all other cases, schools are encouraged to provide the reason for returning loan proceeds and, if applicable, the student's withdrawal date.

Effective retroactively to the implementation of the Common Manual.

455





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6.4 Disbursement and Delivery of Proceeds in Cases of Loss of School Eligibility

Incorporates the provisions of Final Rules that provide information regarding the circumstances in which a school may be prohibited from delivering Title IV funds to students during a loss of school eligibility. In addition, eliminates duplicate information by deleting subsection 4.1.E.

Provisions regarding the expiration of the school's Program Participation Agreement are effective retroactively to the implementation of the Common Manual. Provisions relating to a change of ownership resulting in a change of control are effective for Program Participation Agreements initiated on or after July 1, 2000, and Provisional Certifications granted by the Department on or after October 29, 1999.

519

Chapter 7: Loan Servicing

7.3.A. Lender Processing of Enrollment Changes

7.7.A. Payment of Accrued Interest on Loans Not Eligible for Federal Interest Benefits

Incorporates MPN provisions authorizing the lender to defer a borrower's FFELP loans based on information indicating the borrower is enrolled at least half time, authorizing the lender to capitalize accrued interest on all of the borrower's FFELP loans, and authorizing the lender to align repayment of the borrower's Stafford and SLS loans.

Loans disbursed on or after July 1, 2000, or earlier if the loan was made using the Master Promissory Note.

452

7.7.B. Capitalization of Accrued Interest

Clarifies that a lender may capitalize accrued interest for the period during which a loan is held by the guarantor without obtaining a signed forbearance agreement from the borrower, regardless of who initiates a repurchase.

Repurchase transactions completed on or after January 1, 2001, unless implemented earlier by the guarantor.

286

7.9.A. Conditions for Authorized Deferment

Incorporates the provisions of Final Rules that remove the 6-month backdating restriction on deferments, including unemployment deferments that are based on a borrower's evidence of eligibility for unemployment benefits and any extensions of existing unemployment deferments. These deferments may now be backdated to the date that the condition entitling the borrower to the deferment first existed, as determined by the lender. Also clarifies that an initial unemployment deferment that is based on the borrower's self-certification may begin no earlier than 6 months before the date the lender receives the deferment request and required documentation, or the date that the borrower qualifies for the deferment, whichever is later.

Deferments granted on or after July 1, 2001, for any period of deferment that includes July 1, 2001, or a later date.

495

7.9.A. Conditions for Authorized Deferment 7.9.B. Documentation Required for Authorized Deferments

Aligns the deferment information contained in the Common Manual with the common deferment forms that were approved by the Department in July 1999, and are required for distribution on or after November 1, 1999.

Deferment forms distributed to borrowers no later than November 1, 1999.

464

7.9.G. Resuming Repayment after Deferment

Aligns subsection 7.9.G. with subsections 7.4.B. and 7.11.B. by including the provision permitting the use of an administrative forbearance to resolve any delinquency that remains following a borrower's period of deferment.

Deferments ending on or after July 1, 1996.

457

7.10 Deferment Types

Updates the deferment chart in the Common Manual with information contained on the deferment forms that were approved by the Department in July 1999.


465

7.10.A. In-School or Student Deferment

7.10.C. Graduate Fellowship Deferment

7.10.D. Rehabilitation Training Program Deferment



464





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7.10.C. Graduate Fellowship Deferment

7.10.D. Rehabilitation Training Program Deferment

7.10.E. Unemployment Deferment



495

7.10.E. Unemployment Deferment

Incorporates the provisions of Final Rules stating that a borrower who wants to continue an unemployment deferment based on the borrower's self-certification of his or her search for employment following the initial period must provide the lender with information showing that the borrower made at least six diligent attempts to secure full-time employment during the prior 6-month period. Revised policy also removes the previously required documentation and states that the information submitted to the lender may include the employer's name, address, telephone number, or other information acceptable to the lender showing that the borrower made six diligent attempts to obtain full-time employment.

Unemployment deferments granted on or after July 1, 2001.

496

7.10.F. Temporary Total Disability Deferment

Clarifies that the 60 days during which a borrower has been unable to work and earn money or attend school must be consecutive and not cumulative. In addition, clarification has been added to state that the 90 days during which a dependent or spouse requires continuous nursing or similar services must be consecutive and not cumulative.

Temporary total disability deferment eligibility determinations made by the lender on or after January 1, 2001, unless implemented earlier by the guarantor.

460

7.10.F. Temporary Total Disability Deferment



464

7.10.F. Temporary Total Disability Deferment 7.10.G. Military Deferment 7.10.H. Peace Corps Deferment 7.10.I. ACTION Program Deferment 7.10.J. Tax-Exempt Organization Volunteer 7.10.K. Internship/Residency Deferment



495

7.10.L. Parental Leave Deferment



464





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7.10.L. Parental Leave Deferment 7.10.M. National Oceanic and Atmospheric Administration Corps Deferment 7.10.N. Teacher Shortage Area or Targeted Teacher Deferment



495

7.10.O. Working Mother Deferment

7.10.P. Economic Hardship Deferment



464

7.10.O. Working Mother Deferment


7.10.Q. Public Health Service Deferment



495


Incorporates the provisions of Final Rules that require the lender to use evidence of the borrower's "monthly income," rather than "total monthly gross income." Required documentation for an initial and for a subsequent economic hardship deferment is no longer different. Also, a lender is no longer required to grant an economic hardship deferment for increments of up to one year at a time but may now grant a single economic hardship deferment for periods that, collectively, do not exceed 3 years.

Economic hardship deferments granted by the lender on or after July 1, 2001.

523

7.11 Forbearance

Provides a reference chart with footnotes that may be used to identify general information about the use of the discretionary forbearance, mandatory forbearance, administrative forbearance, and mandatory administrative forbearance, including types of situations in which these forbearances may be used by lenders, borrowers, and endorsers, if applicable. This chart also provides information regarding the length of the forbearance and general information about required documentation.

Each forbearance detailed on the chart is effective as specified in applicable statute, regulation, Dear Colleague Letter, private letter, or approved guarantor policy.

524

7.11.B. Administrative Forbearance

Incorporates MPN provisions authorizing the lender to defer a borrower's FFELP loans based on information indicating the borrower is enrolled at least half time, authorizing the lender to capitalize accrued interest on all of the borrower's FFELP loans, and authorizing the lender to align repayment of the borrower's Stafford and SLS loans.

Loans disbursed on or after July 1, 2000, or earlier if the loan was made using the Master Promissory Note.

452





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7.11.B. Administrative Forbearance

Incorporates the provisions of Final Rules by allowing the lender to extend the period of suspension of due diligence up to an additional 60 days, for a total of up to 120 days, if it is found during the initial suspension period that further time is needed to obtain the required death claim documentation.

Administrative forbearances granted by the lender on or after November 1, 1999.

497

7.11.C. Mandatory Forbearance

Incorporates the provisions of Final Rules by stating that a lender must grant forbearances in annual increments to borrowers who maintain and document eligibility for the Teacher Loan Forgiveness Program. In addition, states that a lender must grant a forbearance for a period not to exceed 60 days while waiting for a completed application from the borrower, and another forbearance during the period of time needed by the guarantor to determine the borrower's eligibility for discharge.

Forbearance requests granted by the lender on or after July 1, 2001, unless implemented earlier by the guarantor.

505

7.13 Paid-In-Full Loans

Adds that when a loan is paid in full by a borrower, the lender must either return the original or true and exact copy of the promissory note, or notify the borrower that the loan is paid in full.

Borrower notification by the lender of loans paid in full by the borrower on or after July 1, 2000.

466

7.14 Teacher Loan Forgiveness Program

Incorporates the provisions of Final Rules by adding the new requirements for the Teacher Loan Forgiveness Program, eliminates the language from the previous Loan Forgiveness Program for Teachers that is no longer applicable, and renames section 7.14.

Teacher loan forgiveness applications received by the lender on or after July 1, 2001, from a new borrower on or after October 1, 1998, who has been employed as a full-time teacher for 5 consecutive, complete years as long as one of the years is after the 1997-1998 academic year—unless implemented earlier by the guarantor.

506

7.15 Loan Forgiveness Demonstration Program for Child Care Providers

Requires lenders to grant a forbearance to borrowers who serve as qualifying child care providers if the borrower does not qualify for deferment, provided this program is funded by Congress.

New borrowers with loans first disbursed on or after October 8, 1998, provided the program is funded.

458

Chapter 8: Delinquency, Default, and Claims Chapter CCI 8: Delinquency, Default, and Claims – Common Claim Initiative

8.1.E./CCI 8.1.E. Comaker and Endorser Due Diligence Schedules and Activities

Eliminates the reference to the July 23, 1992, date as it relates to the death of a student for whom a parent obtained a PLUS loan; and permits the payment of a death claim for a parent who obtained a PLUS loan for a student who died regardless of the date of the student's death.

PLUS loan death claims based on the student's death occurring prior to July 23, 1992, and filed by the lender within 60 days of re-determining eligibility on or after January 1, 2001, unless implemented earlier by the guarantor.

For PLUS loan death claims based on the student's death occurring on or after July 23, 1992, a lender must file this type of claim within 60 days of determining that a borrower is eligible for discharge.

356

8.1.J./CCI 8.1.J. Default Aversion Assistance

Clarifies that penalties assessed for failure to submit a default aversion request by the 330th day of delinquency are limited to the 270-day delinquency period prior to the default date.

Loans for which the first day of delinquency on the oldest outstanding due date is on or after July 1, 2000, unless implemented earlier by the guarantor.

467


Requires lenders to notify the guarantor of any changes in the delinquency status of a loan that result in a change to the payment due date, even in those cases where the delinquency is not reduced below the point at which the guarantor requires default aversion assistance to be canceled.

Default aversion assistance requests filed by the lender on or after July 1, 2001, or the date the guarantor implements CCI, whichever is later, unless implemented earlier by the guarantor.

470





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Incorporates the Default Aversion Assistance Time Frames Chart, approved by the Governing Board in July 2000, into the text of the Common Manual, as requested by lenders and servicers.

For default aversion assistance (DAA) requests submitted on or after July 1, 2001, unless implemented earlier by the guarantor.

501

8.2.B./CCI 8.2.B. Death Claims

Eliminates the reference to the July 23, 1992, date as it relates to the death of a student for whom a parent obtained a PLUS loan; and permits the payment of a death claim for a parent who obtained a PLUS loan for a student who died, regardless of the date of the student's death.

PLUS loan death claims based on the student's death occurring prior to July 23, 1992, and filed by the lender within 60 days of re-determining eligibility on or after January 1, 2001, unless implemented earlier by the guarantor.

For PLUS loan death claims based on the student's death occurring on or after July 23, 1992, a lender must file this type of claim within 60 days of determining that a borrower is eligible for discharge.

356


Incorporates the provisions of Final Rules by allowing the lender to extend the period of suspension of due diligence up to an additional 60 days, for a total of up to 120 days, if it is found during the initial suspension period that further time is needed to obtain the required death claim documentation.

Administrative forbearances granted by the lender on or after November 1, 1999.

497


Incorporates the provisions of Final Rules that limit the acceptable documentation for proof of death to an original or certified copy of the death certificate only, with exceptions made exclusively by the CEO of the guarantor insuring the loan(s). In addition, a technical correction has also been made to existing language in subsection CCI 8.8.D., changing the final day a default claim can be submitted by a lender to the 360th day of delinquency.

Death claims filed on or after July 1, 2001, unless implemented earlier by the guarantor.

498

8.2.C./CCI 8.2.C. Total and Permanent Disability Claims

Incorporates the provisions of Final Rules stating that in the case of a total and permanent disability claim, the lender must obtain from the borrower a completed form, certified by a physician, that provides the date the borrower became unable to work and earn money. In addition, the physician no longer needs to consider the borrower's ability to attend school as a condition of the borrower's eligibility for discharge, and the physician is no longer required to consider the date the borrower became unable to attend school when providing the beginning date of the borrower's total and permanent disability.

Total and permanent disability claims filed by the lender on or after July 1, 2001.

499

8.2.C./CCI 8.2.C. Total and Permanent Disability Claims

Clarifies that if a lender receives reliable information indicating that a borrower has become totally and permanently disabled, the lender may grant the borrower an administrative forbearance, not to exceed 60 days, until the lender receives certification of the borrower's total and permanent disability. If the lender does not grant the borrower an administrative forbearance, the lender must continue collection activity until it receives certification of the borrower's total and permanent disability, or until it receives a letter from the physician requesting additional time to determine whether the borrower is totally and permanently disabled.


500





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8.2.H./CCI 8.2.H. False Certification Loan Discharge

Incorporates the provisions of Final Rules by stating that the guarantor or Department may initiate the discharge process if either determines that the borrower is eligible for discharge based on information in its possession.

Discharge eligibility determined by the guarantor or Department on or after July 1, 2001, unless implemented earlier by the guarantor.

507

8.2.H./CCI 8.2.H. False Certification Loan Discharge

Removes the requirement that the borrower certify that he or she made a reasonable attempt to obtain employment in the occupation for which the program was intended to provide training.

False certification loan discharge requests received by the lender on or after July 1, 2000.

508

8.3.B./CCI 8.3.B. Claim File Documentation



498

CCI 8.5 Claim Recalls

For purposes of the CCI, expands the definition of "recall" to include any loan on which the lender returns the claim payment amount within 30 days of receiving the claim payment. Also clarifies the definition of "repurchase" to exclude loans repurchased (recalled) within 30 days of the lender's receipt of the claim payment. In addition, clarifies that if a claim is recalled and a subsequent claim is filed, the lender must provide a complete history of the account from the out-of-school date reported on the Claim Form. Updates the appendix definitions of "Recall" and "Repurchase" by including references to the appropriate CCI sections.

Claims recalled or repurchased on or after 18 months from publication of the Common Account Maintenance claim submittal records (CAM Chapter 11), unless implemented earlier by the guarantor.

502

8.6.A./CCI 8.6.A. Claim Payment Amount

States that the guarantor will pay 98% of outstanding principal and eligible interest for an ineligible borrower claim.

Ineligible borrower claims received by the guarantor on or after July 1, 2001, unless implemented earlier by the guarantor.

525

8.7/CCI 8.7 Claim Repurchase

Clarifies that a lender may capitalize accrued interest for the period during which a loan is held by the guarantor without obtaining a signed forbearance agreement from the borrower, regardless of who initiates a repurchase.

Repurchase transactions completed on or after January 1, 2001, unless implemented earlier by the guarantor.

286

CCI 8.7 Claim Repurchase

For purposes of the CCI, expands the definition of "recall" to include any loan on which the lender returns the claim payment amount within 30 days of receiving the claim payment. Also clarifies the definition of "repurchase" to exclude loans repurchased (recalled) within 30 days of the lender's receipt of the claim payment. In addition, clarifies that if a claim is recalled and a subsequent claim is filed, the lender must provide a complete history of the account from the out-of-school date reported on the Claim Form. Updates the appendix definitions of "Recall" and "Repurchase" by including references to the appropriate CCI sections.


502





#

CCI 8.7 Claim Repurchase

For purposes of the CCI, adds language that requires the lender of a repurchased loan to send a repayment schedule to the borrower no more than 60 days after the lender considers the repurchase to be complete. In addition, requires the lender to establish the first payment due date no more than 75 days after the lender considers the repurchase to be complete. Also modifies language for a rehabilitated loan that has been purchased to require that the schedule be sent to the borrower no more than 60 days and the first payment due date must be no more than 75 days after the lender considers the repurchase to be complete. The lender may determine the date on which it considers the repurchase to be complete, based on information it retains as well as on its own procedures and policies.

Loans rehabilitated or claims repurchased on or after 18 months from publication of the Common Account Maintenance claim submittal records (CAM Chapter 11), unless implemented earlier by the guarantor.

503

8.8.D. Timely Claim Filing Violations/ CCI 8.8.D. Timely Claim Filing Violations



498

8.8.G./CCI 8.8.G. Amount of Interest Purchased on Cured Claims

8.8.H./CCI 8.8.H.Cure Procedure for Due Diligence Violations and Gaps

8.8.K./CCI 8.8.K. Intensive Collection Activities (ICA)/ Location Cure Procedure

Aligns various subsections in chapter 8 and CCI chapter 8 to clarify that the completion of ICA/location cure activities alone does not necessarily result in reinstatement of the loan's guarantee.


472

CCI 8.10 Rehabilitation of Defaulted Loans

For purposes of the CCI, adds language that requires the lender of a repurchased loan to send a repayment schedule to the borrower no more than 60 days after the lender considers the repurchase to be complete. In addition, requires the lender to establish the first payment due date no more than 75 days after the lender considers the repurchase to be complete. Also modifies language for a rehabilitated loan that has been purchased to require that the schedule be sent to the borrower no more than 60 days and the first payment due date must be no more than 75 days after the lender considers the repurchase to be complete. The lender may determine the date on which it considers the repurchase to be complete, based on information it retains as well as on its own procedures and policies.

Loans rehabilitated or claims repurchased on or after 18 months from publication of the Common Account Maintenance claim submittal records (CAM Chapter 11), unless implemented earlier by the guarantor.

503

Chapter 9: Consolidation Loans

9.2 Borrower Eligibility and Underlying Loan Holder Requirements

Incorporates the provisions of the common Consolidation loan forms that require a borrower to certify that he or she does not owe a refund on a Pell, SEOG, or LEAP Grant and that all loans being consolidated were used to finance the education of the borrower, the borrower's spouse, or the borrower's child.

For all Consolidation loans made using the common Consolidation loan forms that were approved for use by the Department in October 2000, and must be used for all Consolidation loan applications signed on or after January 1, 2002.

473





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9.2 Borrower Eligibility and Underlying Loan Holder Requirements

Incorporates the provisions of the common Consolidation loan forms by adding information about the new Request to Add Loans form. In addition, this proposal clarifies that a lender disclose new repayment terms to the borrower, if the terms of the borrower's Consolidation loan change due to the addition of loans within the 180-day add-on period.


474

9.3.B. Completing the Application

Incorporates the provisions of the common Consolidation loan forms. Married couples who consolidate loans jointly are no longer required to complete a separate spousal application because all necessary spousal information is on the common Consolidation loan forms.


475

9.3.C. Completing the Verification Certificate

Incorporates the provisions of the common Consolidation loan forms which now include the borrower's authorization for release of information.


476

9.5.A. Disclosing Repayment Terms

Incorporates the provisions of the common Consolidation loan forms by adding information about the new Request to Add Loans form. In addition, this change clarifies that a lender disclose new repayment terms to the borrower, if the terms of the borrower's Consolidation loan change due to the addition of loans within the 180-day add-on period.


474

9.6 Interest Benefits and Special Allowance

Removes the reference to NSL loans from the text that discusses interest subsidy on Federal Consolidation loans made from applications received by lenders between January 1, 1993, and August 9, 1993, inclusive.


468

Chapter 10: Cohort Default Rates and Appeals

Chapter 10 Cohort Default Rates and Appeals 10.1 Overview of Cohort Default Rates and Terminology

Incorporates the provisions of Final Rules by centralizing the terms and definitions applicable to cohort default rates. The Participation Rate Index information was deleted from subsection 10.5.A. and inserted, with revisions, in section 10.1. In addition, the term "weighted average cohort rate" is revised to the term now in use by the Department, the "dual-program cohort default rate."

Cohort default rates calculated on or after July 1, 2001.

509

10.2 Calculation of Cohort Default Rates

Incorporates the provisions of Final Rules by defining how cohort default rates are calculated and the types of schools for which the rates are calculated. Also provides more detailed information regarding the formulas used to calculate cohort default rates.


510

10.3 Draft Cohort Default Rates and Challenges

Incorporates the provisions of Final Rules by adding a new section 10.3 to provide a more detailed overview of draft cohort default rates and combines this information with an overview of cohort default rates in general. In addition, deletes section 10.4.


511





#

10.4 Official Cohort Default Rates, Adjustments and Appeals 10.4.A. Requests for Adjustment 10.4.B. Appeals

Incorporates the provisions of Final Rules by adding a new section 10.4 and new subsections 10.4.A. and 10.4.B. to centralize the time frames for appeals and adjustments, and to detail the reasons that a school may appeal an official cohort default rate. In addition, provides that any school may appeal its most recent cohort default rate based on improper loan servicing and collection, and that a school subject to a loss of eligibility for a single-year cohort default rate in excess of 40% may submit a participating rate appeal, an average rates appeal, or a thirty-or-fewer borrowers appeal. Also includes the extension of the time that HBCUs and tribally controlled and Navajo community colleges are exempt from some cohort default rate sanctions and from requirements to ensure default rates of less than 25%. Section 10.5 and subsections 10.5.A., 10.5.B., and 10.5.C. were deleted.


513

10.5 Consequences of High Official Cohort Default Rates

Incorporates the provisions of Final Rules by providing (in subsection 10.3.B. that was renamed and redesignated as section 10.5) additional information regarding the consequences, exemptions from the consequences, and preventing the evasion of the consequences of high official cohort default rates. In addition, removes the requirements related to additional default reduction actions for high cohort default rates by deleting section 10.3 and subsections 10.3.A. and 10.3.C.


512

10.6 Cohort Default Rates for Lenders and Holders

Removes descriptions of guarantor activities because the Common Manual does not regulate or detail guarantor activities. In addition, corrects the name of the Departmental staff responsible for lender cohort default rate discussions.


514

Appendix A: Interest Benefits and Special Allowance

A.2.A. Special Allowance Rates

A.2.B. Termination of Special Allowance

Corrects a typographical error in formula 10 and clarifies special allowance billing requirements.


459

A.3.D. 799 Codes

A.3.E. Deactivation

Subsection A.3.D. is redesignated A.3.E. and a new subsection A.3.D. is added to incorporate a detailed chart of applicable 799 codes and valid code combinations into the Common Manual.

The codes and combinations detailed on the chart were originally effective upon publication in statute or as specified in statute.

469

Appendix F: Common Forms

Loan Origination Forms

Exhibits the updated version of the Federal Stafford Loan School Certification. Also exhibits the following new common Consolidation loan forms:

• FFELP Federal Consolidation Loan Application and Promissory Note

• Federal Consolidation Loan Verification Certificate • FFELP Request to Add Loans to a Federal

Consolidation Loan (180 Day Add-On Provision)

Deferment Forms Exhibits the updated version of each deferment form.

Claim Forms Exhibits the updated and renamed Default Aversion Assistance Request Form (previously entitled Preclaim Request Form). Also exhibits the updated version of the Claim Form.





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Loan Discharge/Cancellation Forms Exhibits the updated versions of the following forms:

• Loan Discharge Application: False Certification of Ability to Benefit

• Total and Permanent Disability Cancellation Request

Appendix G: Glossary

Cohort Default Rate

Updates the definition of Cohort Default Rate by replacing the term "weighted average cohort rate" with the term now in use by the Department, "dual-program cohort default rate."


509

Default Aversion Request Period

Updates the definition of Default Aversion Request Period to state that this period begins no earlier than the 60th day and ends no later than the 120th day of the borrower's delinquency.

Loans for which the first day of delinquency on the oldest outstanding due date is on or after July 1, 2000, unless implemented earlier by the guarantor.

453

Dual-Program Cohort Default Rate

Replaces the term, "Weighted Average Cohort Rate" with the term now in use by the Department, the Dual-Program Cohort Default Rate.


509

Recall

Updates the definition of Recall by including a reference to the appropriate CCI section.


502

Repurchase

Updates the definition of Repurchase by including a reference to the appropriate CCI section.


502

Totally and Permanently Disabled Under the revised definition of Totally and

Permanently Disabled, the certifying physician no longer needs to consider the borrower's ability to attend school as a condition of the borrower's eligibility for discharge.

Total and permanent disability claims filed by the lender on or after July 1, 2001.

499

Appendix H: History of Federal Education Loan Programs and the Common Manual

H.1 History of Federal Education Loan Programs and the Common Manual

Updates history to include policies with effective dates on or before January 2001.

Not applicable.

H.2 History of Excess Interest Rebates and Variable Interest Rate Conversions

Annual variable interest rates listed in "Summary of Variable-Rate Conversion Provisions" table updated to include rates effective through June 30, 2001.

Not applicable.

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Table of Contents

Chapter 1: Overview

1.1 Introduction ............................................................................................................................................................ 11.2 Acknowledgments .................................................................................................................................................. 11.3 About the Manual .................................................................................................................................................... 11.4 Disclaimer .............................................................................................................................................................. 21.5 Participating Guarantors and Contact Information .................................................................................................... 3

Chapter 2: About the FFELP

2.1 The Federal Family Education Loan Program (FFELP) .............................................................................................. 12.1.A. Overview ................................................................................................................................................................ 12.1.B. Types of Loans Available ......................................................................................................................................... 12.2 The Life of a FFELP Loan......................................................................................................................................... 22.2.A. Origination .............................................................................................................................................................. 22.2.B. The Interim Period .................................................................................................................................................. 72.2.C. Repayment ............................................................................................................................................................. 82.3 Other FFELP Resources ......................................................................................................................................... 102.3.A. Federal Statute, Regulations, and Dear Colleague Letters/Dear Partner Letters ..................................................... 102.3.B. U.S. Department of Education Publications ............................................................................................................ 11

Chapter 3: Lender Participation

3.1 Eligible Lenders ...................................................................................................................................................... 13.2 Schools Acting as Lenders ...................................................................................................................................... 23.3 Participation and Guarantees .................................................................................................................................. 23.3.A. Approval for Participation ........................................................................................................................................ 23.3.B. Agreement to Guarantee Loans ............................................................................................................................... 33.3.C. Assignment of Loans .............................................................................................................................................. 33.3.D. Transfer of Loan Guarantee ..................................................................................................................................... 33.4 Lender Responsibilities ........................................................................................................................................... 43.4.A. Recordkeeping Requirements ................................................................................................................................. 43.4.B. Loan Sale or Transfer .............................................................................................................................................. 63.4.C. Prohibited Activities ................................................................................................................................................ 63.4.D. Borrower Defenses ................................................................................................................................................. 73.4.E. Charges to Borrowers ............................................................................................................................................. 73.5 Lender Reporting .................................................................................................................................................... 83.5.A. Federal Origination Fee and Lender Fees: Payment and Reporting .......................................................................... 83.5.B. Interest Benefits and Special Allowance Reporting .................................................................................................. 93.5.C. Credit Bureau Reporting .......................................................................................................................................... 93.5.D. Reporting Loan Status Changes .............................................................................................................................. 93.5.E. Reporting Loan Sales and Transfers ...................................................................................................................... 103.5.F. Social Security Number Change Reporting ............................................................................................................ 103.5.G. NSLDS Reporting .................................................................................................................................................. 103.5.H. Reporting Loans Paid in Full .................................................................................................................................. 113.6 Third-Party Servicers ............................................................................................................................................ 113.6.A. Administrative Capability ....................................................................................................................................... 123.6.B. Financial Responsibility ......................................................................................................................................... 123.7 Lender of Last Resort ............................................................................................................................................ 143.7.A. Eligible Lenders .................................................................................................................................................... 143.7.B. Benefits of Participation ........................................................................................................................................ 143.7.C. How the LLR Program Works ................................................................................................................................ 143.8 Independent Audits ............................................................................................................................................... 153.8.A. Annual Compliance Audits .................................................................................................................................... 153.8.B. Third-Party Servicer Audits ................................................................................................................................... 16

Table of Contents

3.9 Exceptional Performer Designation ........................................................................................................................ 163.9.A. Applying for the Designation ................................................................................................................................. 173.9.B. Department Determination of Request for Designation .......................................................................................... 17

Chapter 4: School Participation

4.1 Institutional Eligibility .............................................................................................................................................. 14.1.A. Establishing Eligibility ............................................................................................................................................. 14.1.B. Written Agreements between Schools ..................................................................................................................... 34.1.C. Maintaining Eligibility .............................................................................................................................................. 44.1.D. Loss of Eligibility ..................................................................................................................................................... 84.2 Administrative Capability Standards ........................................................................................................................ 94.2.A. Financial Aid Administrator Responsibilities .......................................................................................................... 104.2.B. Financial Aid Administrator Training ...................................................................................................................... 104.2.C. Withdrawal Rates .................................................................................................................................................. 114.3 Financial Responsibility Standards ........................................................................................................................ 114.3.A. General School Financial Responsibility Requirements .......................................................................................... 114.3.B. Specific Criteria for Determining School Financial Responsibility ........................................................................... 124.3.C. Sufficient Cash Reserve Requirements .................................................................................................................. 134.3.D. Composite Score ................................................................................................................................................... 134.4 Reporting Social Security Number Changes .......................................................................................................... 154.5 Leave of Absence ................................................................................................................................................. 154.6 Withdrawal Dates .................................................................................................................................................. 164.7 Return of Title IV Funds ......................................................................................................................................... 184.7.A. Return Amounts for Title IV Grant and Loan Programs ........................................................................................... 194.7.B. Processing Returned Funds .................................................................................................................................. 224.7.C. Responsibilities for Unpaid Refunds ...................................................................................................................... 234.8 Student Status Reporting ...................................................................................................................................... 234.8.A. National Student Loan Data System (NSLDS) Student Status Confirmation Reporting ............................................ 234.8.B. Reporting Student Status Changes to the Lender or Guarantor .............................................................................. 254.8.C. National Student Clearinghouse ............................................................................................................................ 254.9 Providing Information to Students ......................................................................................................................... 264.9.A. Consumer Information .......................................................................................................................................... 264.9.B. Entrance Counseling ............................................................................................................................................. 294.9.C. Exit Counseling ..................................................................................................................................................... 304.10 Recordkeeping Requirements ............................................................................................................................... 304.11 Third-Party Servicers ............................................................................................................................................ 324.12 Quality Assurance Program ................................................................................................................................... 334.13 Independent Audits ............................................................................................................................................... 33

Chapter 5: Borrower Eligibility and Loan Certification

5.1 Applying for Stafford and PLUS Loans ..................................................................................................................... 15.2 Eligibility Requirements for Stafford and PLUS Loans .............................................................................................. 25.2.A. Borrower and Student Eligibility Requirements ........................................................................................................ 25.2.B. Student Eligibility Requirements .............................................................................................................................. 35.2.C. Student Enrollment Requirements ........................................................................................................................... 45.2.D. Determining Citizenship or Eligible Noncitizen Status .............................................................................................. 45.2.E. Prior Overpayment, Default, Discharge, or Write-Off ................................................................................................ 65.2.F. Effect of Bankruptcy on Eligibility ............................................................................................................................ 95.2.G. Recognized Equivalent of a High School Diploma .................................................................................................... 95.2.H. Ability-to-Benefit Provisions .................................................................................................................................... 95.2.I. Use of Telecommunications and Correspondence in Programs of Study ................................................................ 105.2.J. Study at Participating Foreign Schools .................................................................................................................. 115.2.K. Study-Abroad Programs ........................................................................................................................................ 115.2.L. Ineligibility of Medical Interns and Residents ......................................................................................................... 11

Table of Contents

5.2.M. Social Security Number Data Match ...................................................................................................................... 115.2.N. Ineligibility Due to Drug Conviction ........................................................................................................................ 125.3 Eligibility Requirements Specific to Stafford Loans ................................................................................................ 125.4 Eligibility Requirements Specific to PLUS Loans .................................................................................................... 135.5 Determining the Student’s Dependency Status ...................................................................................................... 145.6 Verification Requirements ..................................................................................................................................... 155.7 Loan Limits and Amounts ..................................................................................................................................... 165.7.A. Defining an Academic Year ................................................................................................................................... 175.7.B. Defining Enrollment Status .................................................................................................................................... 195.7.C. Determining the Period of Enrollment .................................................................................................................... 205.7.D. Determining the Loan Amount ............................................................................................................................... 205.7.E. Determining the Student’s Cost of Attendance (COA) ............................................................................................. 215.7.F. Determining the Expected Family Contribution (EFC) ............................................................................................. 225.7.G. Determining the Amount of Estimated Financial Assistance (EFA) .......................................................................... 225.7.H. Stafford Loan Annual and Aggregate Loan Limits .................................................................................................. 235.7.I. Increased Unsubsidized Stafford Loan Limits for Health Profession Students ......................................................... 265.7.J. Interest Subsidy on Stafford Loans ........................................................................................................................ 285.8 School Certification of the Loan ............................................................................................................................. 285.8.A. Preventing Overawards ......................................................................................................................................... 295.8.B. Refusing to Certify an Application or Reducing Borrower Eligibility ........................................................................ 295.8.C. Financial Aid Administrator Professional Judgment ............................................................................................... 295.8.D. Determining the Disbursement Schedule .............................................................................................................. 295.8.E. Forwarding the Loan Information .......................................................................................................................... 335.8.F. The NCHELP FFELP CommonLine Network ............................................................................................................ 33

Chapter 6: Guarantee, Disbursement, and Delivery

6.1 Obtaining a Loan Guarantee .................................................................................................................................... 16.1.A. Lender Origination of the Loan ................................................................................................................................ 16.1.B. Guarantee of the Loan............................................................................................................................................. 26.1.C. Facilitating Guarantee Processing ........................................................................................................................... 36.1.D. Stafford Loan Interest Rates .................................................................................................................................... 36.1.E. Resolving Interest Rate Discrepancies on Stafford Loans ......................................................................................... 46.1.F. PLUS Loan and SLS Loan Interest Rates .................................................................................................................. 66.1.G. Processing the Guarantee Disclosure ...................................................................................................................... 76.1.H. Adjusting the Guaranteed Loan Amount .................................................................................................................. 76.1.I. Initial Disclosure to the Borrower ............................................................................................................................ 86.2 Loan Disbursement by Lenders ............................................................................................................................... 96.2.A. Earliest Date a Loan May be Disbursed ................................................................................................................... 96.2.B. Multiple Disbursement Requirements for Stafford and PLUS Loans ....................................................................... 106.2.C. Disbursement of Loan Proceeds by Individual Check ............................................................................................. 106.2.D. Disbursement of Loan Proceeds by Electronic Funds Transfer (EFT) or Master Check ............................................ 116.2.E. Disbursement for Students in Study-Abroad Programs or Foreign Schools ............................................................ 116.2.F. Consummated and Unconsummated Disbursements ............................................................................................. 126.2.G. Reissuing a Loan Disbursement ............................................................................................................................ 126.2.H. Late Disbursement by a Lender ............................................................................................................................ 136.2.I. Effect of Bankruptcy on Loan Disbursement .......................................................................................................... 136.3 Loan Delivery by Schools ...................................................................................................................................... 146.3.A. Verification of Satisfactory Academic Progress ...................................................................................................... 146.3.B. Overawards .......................................................................................................................................................... 146.3.C. Notices and Authorizations .................................................................................................................................... 156.3.D. Receipt of Loan Proceeds ..................................................................................................................................... 186.3.E. Delivery of Proceeds ............................................................................................................................................. 196.3.F. Credit Balances ..................................................................................................................................................... 256.3.G. Return or Refund of Loan Proceeds ....................................................................................................................... 256.3.H. Late Delivery by a School ...................................................................................................................................... 27

Table of Contents

6.3.I. School Disbursement and Delivery Requirements ................................................................................................. 276.4 Disbursement and Delivery of Proceeds in Cases of Loss of School Eligibility ........................................................ 316.5 Students Who Transfer ......................................................................................................................................... 326.5.A. Students Who Transfer before Full Disbursement of the Loan ................................................................................ 326.5.B. Students Who Transfer after Full Disbursement of the Loan .................................................................................. 326.6 Guarantee and Federal Origination Fees ................................................................................................................ 336.6.A. Payment of Guarantee Fees .................................................................................................................................. 336.6.B. Nonpayment of Guarantee Fees ............................................................................................................................ 336.6.C. Recalculation of the Guarantee Fee ....................................................................................................................... 336.6.D. Refund of the Guarantee Fee ................................................................................................................................. 346.6.E. Deducting the Federal Origination Fee.............................................................................................

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