DIRECT LOAN TROUBLESHOOTING GUIDED DISCUSSION SPRING TRAINING MAKING A DIFFERENCE 2014-2015 Aaron...
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Transcript of DIRECT LOAN TROUBLESHOOTING GUIDED DISCUSSION SPRING TRAINING MAKING A DIFFERENCE 2014-2015 Aaron...
DIRECT LOAN
TROUBLESHOOTING
GUIDED DISCUSSION S P R
I NG
TR
AI N
I NG
MAKING A DIFFERENCE 2014-2015
Aaron Peterson, Anoka-Ramsey Community College
Angela Lofgren, Metropolitan State University
Jody Stadler, University of Minnesota -Twin Cities
DISCUSSION TOPICS
• NSLDS Over-awards
• Resolving Default
• COD
• PLUS Processing
MAKING A DIFFERENCE 2014-2015
NSLDS OVER-AWARDSOver-award Flags• 2014-2015 FSA Handbook p. 4-60• If a student is over-awarded and your school has already
disbursed Direct or PLUS loan funds, you have a few options:• The second or subsequent disbursement can be canceled or reduced
• If the over-award situation occurs after Direct Loan funds have been fully disbursed, you do not need to adjust it. However, you might have to adjust the aid package to prevent an over-award of Campus-Based funds.
Documentation• GEN 96-13• Attachment C, Question 37
• NSLDS documentation
Reaffirmation or Promise–to–Pay
MAKING A DIFFERENCE 2014-2015
RESOLVING DEFAULT
Regulations
• GEN 96-13
• Repayment in full (including consolidation)
• Satisfactory repayment arrangements
• Loan rehabilitation
• Know your NSLDS Loan Status codes: 2014-2015 FSA Handbook p. 1-
59
Documentation
• Letter from Loan Servicer
• Unacceptable Documentation
COD… TIPS, TRICKS, AND TESTIMONIALS
How to find the meaning of an Error Code:
Log into COD and then go to the BATCH tab
• Type in student’s SSN and click on the corresponding “Reject” link
What are some “common” Reject codes that administrators encounter?
Remember, contact COD when in doubt! (800)848-0978
PLUS PROCESSING New PLUS Loan Changes Effective March 29, 2015
• EA 2/27/2015• PLUS Loan Counseling Requirement• New <CreditRequirementsMet> tag in Common Record • New Requirements for Determining Adverse Credit:• Bankruptcy, foreclosure, tax lien, default determination
OR• The applicant has one or more debts that are:• 90+ days delinquent• Are in collection or have been charged off during the two years prior
the credit report.
AND• The total amount of the outstanding balance of those debts is
greater than $2,085.00
SUMMARYNSLDS Over-awards:
Resolving Defaults:
PLUS Processing:
Tips and Tricks?
MAKING A DIFFERENCE 2014-2015
AARON PETERSON, Anoka Ramsey Community [email protected]
ANGELA LOFGREN, Metro State [email protected]
JODY STADLER, University of Minnesota - Twin [email protected]
Thank you for attending!