LOUISIANA STUDENT
FINANCIAL ASSISTANCE COMMISSION
|
|||
| LPM NO.: | L2005-1 | Effective Date: | As Indicated |
| Pub. Date: | January 21, 2005 | Distribution: | Lenders and Schools |
| Topic: | Common Manual Update | ||
To assure that your Common Manual remains current, please record this document on your LPM/LPB index, and retain it in Appendix E of your manual.
The nation’s guarantors provide the following summaries to inform schools, lenders, and servicers of the latest Common Manual policy changes. These changes will appear in the manual’s next annual update in July 2005. These changes will also be incorporated into the December 2004 Integrated Common Manual. The Integrated Common Manual is available on several guarantor websites, and it is also available on NCHELP’s website at www.NCHELP.org in the e-library. Please carefully note the effective date of each policy change.
NSLDS
Reporting
The Common
Manual has been updated to remove specific references to the National Student
Clearinghouse and to recognize that other entities may also offer the service
of providing student enrollment status changes for schools.
| Affected Sections: | 4.8
Student Enrollment Status Reporting 4.8.B Reporting Student Enrollment Status Changes to the Lender or Guarantor 4.8.C National Student Clearinghouse 9.1 Verifying Enrollment 10.1.B Documentation Required for Authorized Deferment |
| Effective Date: | Enrollment reporting by schools beginning February 1997. |
| Basis: | None |
| Policy Information: | 807/Batch 117 |
| Guarantor Comments: | None. |
Resolving
Delinquency That Precedes Certain Forbearances
The Common Manual has been revised to state consistently that
a lender may grant an administrative forbearance to resolve an outstanding delinquency
that precedes any of the following:
· An administrative forbearance granted due to a military mobilization, a local or national emergency, or a natural disaster.
· A mandatory administrative forbearance granted due to exceptional circumstances — a military mobilization, a local or national emergency, or a designated disaster area.
Revised policy cross-references
subsections 10.19.K and 10.21.B for information about forbearance eligibility
associated with the aforementioned events, and enhances regulatory citations
that support the policy language.
| Affected Sections: | 10.19.F Delinquency before a Deferment or Certain Forbearances |
| Effective Date: | Administrative forbearance granted by the lender on or after July 1, 2003, unless implemented by the lender no earlier than November 1, 2002. |
| Basis: | §682.211(f)(2); §682.211(f)(11); §682.211(i)(2). |
| Policy Information: | 808/Batch 117 |
| Guarantor Comments: | None. |
Endorsers
of Delinquent Loans
The Common Manual has been revised to remove references to a "delinquent
endorser" or an "endorser's delinquency." Instead, the manual consistently refers
to the "endorser of a delinquent loan."
| Affected Sections: | 11.4
Due Diligence Requirements 11.7.D Endorser Address Skip Tracing Requirements 11.8.B Endorser Telephone Skip Tracing Requirements |
| Effective Date: | Retroactive to the implementation of the Common Manual. |
| Basis: | §682.411(n). |
| Policy Information: | 809/Batch 117 |
| Guarantor Comments: | None. |
Exceptional
Performer Definition
The Common Manual has been revised to include a general definition
of "Exceptional Performer" in appendix G. The definition reads as
follows:
Exceptional Performer: A designation conferred upon a qualified lender, servicer, or guarantor by the Department of Education for an exceptional level of performance in servicing FFELP loans, if the lender, servicer, or guarantor requests such status and meets all statutory and regulatory requirements. See section 3.9 for more information.
Specific details regarding
the eligibility criteria and benefits of such a designation are found in Common
Manual section 3.9, "Exceptional Performer Designation."
| Affected Sections: | Appendix G |
| Effective Date: | Retroactive to the implementation of the Common Manual. |
| Basis: | §682.415; DPL FP-04-04 |
| Policy Information: | 810/Batch 117 |
| Guarantor Comments: | None. |