Docstoc

PROMISSORY NOTES

Document Sample
PROMISSORY NOTES Powered By Docstoc
					PROMISSORY NOTES
               Volume 32, Issue 2                                                                          February 2010




 Inside This Issue
 UAS Attends COHEAO Conference ............................................................................. page 1
 Assignment Form........................................................................................................... page 2
 FSA Handbook Correction ............................................................................................ page 3
 DUNS Registration Required ........................................................................................ page 3
 G5 Phase 2 Implementation .......................................................................................... page 4
 Personnel Profile: UAS Celebrates 40 Years .............................................................. page 6
 Coming Events ............................................................................................................... page 7
 Employee Milestones..................................................................................................... page 7




UAS ATTENDS COHEAO
CONFERENCE
                                                             As expected, a major focus of the COHEAO
                                                             Annual Meeting was proposed change to Title
                                                             IV loan programs. While the SAFRA bill
                                                             eliminating both the FFEL and Perkins
                                                             programs passed the House in September,
                                                             legislation has yet to be introduced in the
                                                             Senate. Democrats remain committed to
                                                             significant reform, but the landscape has
                                                             changed (election of Senator Brown in MA,
                                                             stalled health care bill, and shifting focus to
                                                             jobs). There is consensus that any changes to the
                                                             Perkins program will not be effective until
                                                             July 1, 2011 (confirmed by both Gail McLarnon
                                                             and Congressman Tim Bishop as noted below).
                                                             There continues to be considerable uncertainty,
                                                             and an opportunity remains to impact the future
                                                             of the Perkins program.


                                                           1
Promissory Notes                                     February 2010



                   Gail McLarnon of the Office of Postsecondary
                   Education also stated that 84% of all new
                   Stafford loans during the past fiscal year,
                   including those through the PUT program, were
                   funded by the Department and with this
                   significant shift in schools from FFEL to Direct
                   Loans, the primary goal of the legislation has
                   been largely accomplished.
                   Congressman Tim Bishop (D-NY) spoke on
                   Wednesday morning. He is a strong supporter
                   of student financial aid and Perkins in particular.
                   He believes an education bill will be passed by
                   the Senate under normal rules (i.e. without using
                   Budget Reconciliation) and a typical conference
                   committee will be created to work out
                   differences between the House and Senate. He
                   hopes to be a member of that committee and is
                   open to advocate for the unique benefits and
                   provisions of the existing Perkins program.
                   Congressman Bishop can be a strong ally of
                   COHEAO and institutions fighting for the
                   Perkins loan program.
                   Since the Senate has yet to pass any legislation,
                   that is where the next fight will take place.
                   Please contact your Senators to express your
                   opinion on the Perkins program. Encourage
                   your administration to send position statements
                   on behalf of your institution. While COHEAO
                   efforts have not produced a Perkins “champion”
                   in the Senate, they have raised concerns in
                   Senate offices regarding the elimination of the
                   program’s unique characteristics. Your voice can
                   make a difference. ■

ASSIGNMENT FORM
                   As of this writing, the Department of Education
                   (ED) has not published an assignment form to
                   replace the one that expired 6/30/09. According
                   to the Department, the form itself is available,
                   but they are postponing distribution until new
                   assignment instructions are available.
                   During a recent teleconference on another topic,
                   Brian Smith of ED stated that the expired form
                   could be used until the new form is published. If


                   2
Promissory Notes                                        February 2010



                       your assignments have been rejected due to
                       submission on expired forms, please contact the
                       ED Borrower Services, Default Resolution
                       Department at (202) 377-3373. ■

    FSA HANDBOOK
    CORRECTION         In Electronic Announcement 2010-01-14, Jeff
                       Baker, Director Policy Liaison and
                       Implementation, Federal Student Aid states the
                       2009-2010 Federal Student Aid Handbook
                       contains an error. Volume 3, page 3-144
                       incorrectly indicates that AmeriCorps awards or
                       benefits are no longer estimated financial
                       assistance (EFA). This general statement is not
                       accurate. AmeriCorps awards or benefits are
                       generally EFA for purposes of the Federal Title
                       IV student assistance programs, as they have
                       been in the past. Also as in the past, AmeriCorps
                       awards or benefits are not to be included as EFA
                       when determining eligibility for subsidized
                       Stafford loans, but are included as EFA for
                       unsubsidized Stafford loans. In addition, while
                       AmeriCorps awards or benefits are EFA, an
                       institution may, as in the past, for the Campus-
                       Based, ACG, National SMART Grant, and the
                       TEACH Grant programs exclude as EFA a
                       portion of any subsidized Stafford loan that is
                       equal to or less than the amount of the student’s
                       AmeriCorps award or benefit paid for the cost
                       of attendance.
                       The FSA Handbook is an excellent resource that
                       explains student loan regulations in easily
                       understood language. Volume 6 details the
                       campus-based programs, including the Perkins
                       loan program. ■



   DUNS REGISTRATION   All schools must register their Data Universal
                       Numbering System (DUNS) numbers and
                       Taxpayer Identification Numbers (TIN) with the
                       federal government’s Central Contractor
                       Registration (CCR) database by March 31st.
                       Beginning in April 2010, the ED will process
                       and disburse all federal funds through the


                       3
Promissory Notes                                                February 2010



                            Department of Treasury rather than the Federal
                            Reserve. While this change will not impact how
                            or when payments will be delivered to a
                            school’s bank account, registration is needed to
                            accomplish the change.
                            Please see the January 28 Electronic
                            Announcement
                            http://ifap.ed.gov/eannouncements/012810DUNSregistrati
                            onrequirement.html. Questions can be directed to
                            the G5 Hotline at 888-336-8930 or e-mail to
                            edcaps.user@ed.gov. ■



G5 PHASE 2 IMPLEMENTATION
                            The Department of Education will implement
                            Phase 2 of G5 February 10-16.

                            The G5 Web site will not be available from 3:00
                            P.M. (ET) Wednesday, February 10 to
                            6:00 A.M. (ET) Tuesday, February 16, 2010.
                            Schools will not be able to draw down funds
                            during this period for the following Title IV
                            Programs:
                               Academic Competitiveness Grant (ACG)
                               Federal Pell Grant (Pell Grant)
                               Federal Supplemental Educational
                                Opportunity Grant (FSEOG)
                               Federal Work Study (FWS)
                               National SMART Grant
                               TEACH Grant
                               William D. Ford Federal Direct Loan
                            During this period, the COD System will accept
                            ACG, National SMART Grant, Pell Grant,
                            TEACH Grant, and Direct Loan records.
                            However, after 2:00 P.M. (ET) on February 10
                            CFL changes (as a result of actual
                            disbursements) and funding will not be
                            processed by G5 until February 16th.
                            In order for funds to be available for drawdown
                            prior to the shutdown, actual disbursements with
                            disbursement dates of February 10-16, 2010


                            4
Promissory Notes                                                                             February 2010



                                                    must be received by the COD System no later
                                                    than 9:00 A.M. (ET) on Wednesday, February
                                                    10, 2010, and subsequently accepted by the
                                                    COD System. Disbursements submitted but not
                                                    accepted by the deadline, disbursements
                                                    submitted after the deadline, and disbursements
                                                    with a disbursement date after February 16,
                                                    2010 will be funded after G5 re-opens on
                                                    February 16th. ED expects financial processing
                                                    to be caught up by February 19th.
                                                    Also during this period, the Loan Consolidation
                                                    Center will accept consolidation applications.
                                                    However, beginning on February 9th the funding
                                                    and booking of loan consolidation applications
                                                    will be held until after G5 re-opens on February
                                                    16th. ED expects the funding and booking of
                                                    pending loan consolidation applications to be
                                                    caught up by Friday, February 19th. ■
                                                    Find further information in the Electronic
                                                    Announcement at
                                                    http://ifap.ed.gov/eannouncements/012810G5PhraseII.html.




                                           CONTACTING UAS
           Your Client Representative (CR) is your first point of contact at UAS. S/He is proficient in daily
           operations and dedicated to meeting your needs. In addition, there is a whole team of experts
           available at UAS. For questions about services, you may wish to contact our Client Services team
           at 866-814-0914. Or, you can feel free to contact any of our management staff. All UAS personnel
           can be reached via our client toll-free number: 800-558-7700 or via e-mail protocol
           firstname.lastname@ncogroup.com. Individuals may be contacted directly as follows:
                   Missie Hall, Customer Relations Supervisor, 800-368-5149
                   Jennifer Hurkmans, Customer Relations Supervisor, 866-771-3393

                   Mindy Nolde, Client Services Supervisor, 800-660-4062 (melinda.nolde@ncogroup.com)
                   Debbie Glish, Regulations, 877-800-1489
                   Joel Sherfinski, CAP/CAM/ASC programs, 866-771-3392

                   Lori Bennett, E-services, Payment Processing, 800-401-9306 (lori.vertal-
                    bennett@ncogoup.com)
                   Natalie Girmscheid, Chief Operating Officer, 800-201-6388




                                                   5
Promissory Notes                                                                            February 2010




                              PERSONNEL PROFILE
                              UAS CELEBRATES 40 YEARS


                   Last month UAS celebrated the completion of 40 years servicing student
                   loans. At our last milestone birthday 10 years ago, we measured progress
                   in terms of using personal computers, incoming toll-free telephone
                   numbers, and Y2K compliance. Now we look back on such innovations as
                   the IVR telephone system, real time database updates, email, Internet
                   delivery of information, and electronic signatures and entrance/exit
                   counseling. It’s amazing how much our world has changed again in just a
                   short time.


                   We thank all of our clients for allowing us to partner in your student loan
                   management. We especially thank Capital University, Cedarville
                   University, Carroll University, and Kendall College that have been with us
                   almost from the beginning.




                          A festive office celebrates 40 years of student loan servicing.




                                                   6
Promissory Notes                                                         February 2010




    Coming Events
    NACUBO
    Student Financial Services Conference
    March 14-16, 2010
    Grand Hyatt
    San Antonio, Texas
    www.nacubo.org




    PDG
      th
    24 National Bursars’ Conference
    April 18-21, 2010
    Hilton St. Petersburg Bayfront
    St. Petersburg, Florida
    www.prodev.com




    Anniversaries
    Leslie Jasinski                  24 years
    Barb Kreft                       14 years
    Melissa Cain                      6 years


    Congratulations
    To Borrower Representative Brenda Walsh on her promotion to Administration Supervisor,
    with responsibility for our Operations Support Team.




                                                7

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:56
posted:4/28/2012
language:English
pages:7