Docstoc

Direct Loans The Common Origination and Disbursement System

Document Sample
Direct Loans The Common Origination and Disbursement System Powered By Docstoc
					    StudentLoans.gov…
Focusing On Your Borrowers’
        Experience




                              1
        Wood Mason
U.S. Department of Education
     Federal Student Aid
        770.383.9662
    wood.mason@ed.gov




                               2
Agenda
•School Options
•Documentation
•Homepage & Login
  •Special Direct Consolidation Loan
  •My Profile
•Processes
  •Entrance Counseling
  •Direct PLUS Loan Request & Credit
      •Endorser addendum
  •Electronic Master Promissory Note
  (eMPN)

                                       3
School Options
•Set via the School Options Information
COD screen
•Non-award year specific
   •Electronic Master Promissory Note
   •Entrance Counseling
•Award year specific
   •Parent PLUS Request
   •Grad PLUS Request




                     SASFAA Annual Conference - February 26-29, 2012
                                                                       4
                                    Greensboro, NC
School Options
•Define valid Award Range start/end
dates
   •Loan periods
   •Displays on the PLUS Request screen
•School composed messages
   •PLUS Request and eMPN communications
•Main campus can choose under which
states to display




                    SASFAA Annual Conference - February 26-29, 2012
                                                                      5
                                   Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  6
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  7
               Greensboro, NC
Documentation
•Electronic copies of loan documentation
available on StudentLoans.gov
   •Disclosure Statement (PDF)
   •Completed eMPNs (HTML/PDF)
   •Direct PLUS Loan Requests
   (completed/incomplete)
   •PLUS Loan correspondence (PDF)
   •Completed Endorser Addendum
   (HTML/PDF)




                   SASFAA Annual Conference - February 26-29, 2012
                                                                     8
                                  Greensboro, NC
                                    University of Harley   Willie “G”




SASFAA Annual Conference - February 26-29, 2012
                                                                        9
               Greensboro, NC
Homepage & Login
•Homepage provides the
user…
  •Access to financial aid tools
  and resources
  •Selection of language in
  which to complete processes
  •Unique Login capability for
  access to secure functions




                     SASFAA Annual Conference - February 26-29, 2012
                                                                       10
                                    Greensboro, NC
Homepage & Login
•My Profile provides options to…
   •Verify personal information
      •Email address
   •Complete secure functions
      •entrance counseling
      •Direct PLUS Loan Request
      •electronic Master Promissory Note
      (eMPN)
      •Endorse a Direct PLUS Loan
   •View and/or print electronic
   correspondence and loan
   documentation


                       SASFAA Annual Conference - February 26-29, 2012
                                                                         11
                                      Greensboro, NC
Homepage & Login
•My Profile provides options to…
   •Receive additional assistance via “I am
   not sure”
   •Enter email address
      •Receive electronic correspondence
   •View/print electronic correspondence
      •Loan documentation
      •Disclosure statements
      •eMPN




                      SASFAA Annual Conference - February 26-29, 2012
                                                                        12
                                     Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  13
               Greensboro, NC
………
DE
……
….




 SASFAA Annual Conference - February 26-29, 2012
                                                   14
                Greensboro, NC
                                           deso@email.com
                                           deso@email.com




SASFAA Annual Conference - February 26-29, 2012
                                                            15
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  16
               Greensboro, NC
Entrance Counseling
•Undergraduate Student
   •Fulfills requirement for Direct
   Subsidized and Direct Unsubsidized
   loans
•Graduate & Professional Student
   •Fulfills requirement for Direct
   Subsidized, Direct Unsubsidized and
   Direct PLUS loans




                    SASFAA Annual Conference - February 26-29, 2012
                                                                      17
                                   Greensboro, NC
Entrance Counseling
•School participation set on the
COD website under “Options”
   •Default for new school is “Y”
   •Year specific
•The Main Campus of a multiple
campus institution determines the
display of name and address
   •Direct Loan School Code and
   address of an additional location will
   display as well



                      SASFAA Annual Conference - February 26-29, 2012
                                                                        18
                                     Greensboro, NC
Entrance Counseling
•Upon completion…
  •System generated acknowledgement sent
  to selected schools
      •Response type “EC”
  •View completed Entrance Counseling
     •Weekly Entrance Counseling Report
        •Posted to school NewsBox on the COD
        website
  •Search via COD website
     •SSN
     •Date Range



                    SASFAA Annual Conference - February 26-29, 2012
                                                                      19
                                   Greensboro, NC
                                           deso@email.com
                                           deso@email.com




SASFAA Annual Conference - February 26-29, 2012
                                                            20
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  21
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  22
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  23
               Greensboro, NC
Can select up to 3 schools


 SASFAA Annual Conference - February 26-29, 2012
                                                   24
                Greensboro, NC
                                                  Borrower must
                                                  complete all
                                                  sections
                                                  including
                                                  “Borrower’s
                                                  Rights and
                                                  Responsibilities”




SASFAA Annual Conference - February 26-29, 2012
                                                             25
               Greensboro, NC
Direct PLUS Loan Request
•Prompts your borrower to…
  •Review pertinent information about the
  Direct PLUS Loan process
  •Select a Direct PLUS Loan for a Parent
  borrower or Graduate/Professional Student
  borrower




                   SASFAA Annual Conference - February 26-29, 2012
                                                                     26
                                  Greensboro, NC
Direct PLUS Loan Request
•Upon completion…
  •System generated acknowledgement sent
  to schools
      •Response type “SP”
      • Response contains credit check status
      • Response contains borrower’s option to
        proceed
      • Denied credit does not require loan
        inactivation/cancellation
      • Denied credit does not preclude loan
        origination




                     SASFAA Annual Conference - February 26-29, 2012
                                                                       27
                                    Greensboro, NC
Direct PLUS Loan Request
•Schools can access completed PLUS
Loan Request information
  •View Completed PLUS Loan Request
  report
     •Posted weekly to the school NewsBox on the
     COD website
  •Search via COD website
     •SSN
     •Date Range




                     SASFAA Annual Conference - February 26-29, 2012
                                                                       28
                                    Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  29
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  30
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  31
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  32
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  33
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  34
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  35
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  36
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  37
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  38
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  39
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  40
               Greensboro, NC
Credit History
•When the credit check result is
“declined” the borrower can…
   •Appeal the credit decision
      •Provide documentation of extenuating
      circumstances that led to adverse credit history
   •Obtain an endorser
   •Not pursue the PLUS Loan any further
      •School can offer Unsubsidized funds to the
      Dependent student
   •Indicate their being undecided as to next
   steps



                       SASFAA Annual Conference - February 26-29, 2012
                                                                         41
                                      Greensboro, NC
COD Customer Service is notified and will contact the
borrower


   SASFAA Annual Conference - February 26-29, 2012
                                                        42
                  Greensboro, NC
Endorser Addendum
•Borrower…
  •Must still complete a PLUS MPN
  •Provide loan data to Endorser
•Endorser…
  •Agrees to repay the loan if the borrower
  does not
  •CANNOT BE THE STUDENT FOR WHOM
  THE DIRECT PLUS LOAN IS INTENDED
  •Endorser undergoes a credit check
     •Same adverse credit history applies
  •Completes Endorser Addendum
     •Electronically via StudentLoans.gov
     •Paper
                      SASFAA Annual Conference - February 26-29, 2012
                                                                        43
                                     Greensboro, NC
Endorser Addendum
•Upon completion…
  •If there is an award on the COD database
  and the Endorser links to that award
       •School is notified electronically via a
       “CO” response file
  •If there is NOT an award on the COD
  database
       •No notification send if endorsed via
       paper addendum
       •Updated “SP” acknowledgment
           •Includes endorsed amount
  •Endorser data can be found on the
  Award Detail Page in COD
                     SASFAA Annual Conference - February 26-29, 2012
                                                                       44
                                    Greensboro, NC
                    236945



Borrower must provide Loan reference number
(PLUS Application ID) or Award ID to endorser



  SASFAA Annual Conference - February 26-29, 2012
                                                    45
                 Greensboro, NC
                                         Required




SASFAA Annual Conference - February 26-29, 2012
                                                    46
               Greensboro, NC
eMPN
•Electronic Master Promissory
Note…
   •Stafford Subsidized/Unsubsidized
   eMPN
   •Grad/Professional student PLUS
   eMPN
   •Parent PLUS eMPN




                     SASFAA Annual Conference - February 26-29, 2012
                                                                       47
                                    Greensboro, NC
eMPN
•Upon completion
  •Updated loan origination response if loan
  origination has been submitted to COD
  •System generated acknowledgement if
  no loan origination on COD database
     •Response type “PN”
  •View completed MPN report
     •Posted weekly to school NewsBox on the
     COD website
  •Search via COD website
     •SSN
     •MPN ID
     •Date Range

                     SASFAA Annual Conference - February 26-29, 2012
                                                                       48
                                    Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  49
               Greensboro, NC
                              PLUS MPN requires student
                              data as well…




SASFAA Annual Conference - February 26-29, 2012
                                                          50
               Greensboro, NC
                                        Requires 2 references…



SASFAA Annual Conference - February 26-29, 2012
                                                                 51
               Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  52
               Greensboro, NC
Borrower’s signature MUST MATCH PIN DATA

  SASFAA Annual Conference - February 26-29, 2012
                                                    53
                 Greensboro, NC
SASFAA Annual Conference - February 26-29, 2012
                                                  54
               Greensboro, NC
        Wood Mason
U.S. Department of Education
     Federal Student Aid
        770.383.9662
    wood.mason@ed.gov




                               55

				
DOCUMENT INFO
Categories:
Tags:
Stats:
views:4
posted:6/1/2012
language:English
pages:55