LOUISIANA STUDENT
FINANCIAL ASSISTANCE COMMISSION
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LPM NO.: | L2004-7 | Effective Date: | As Indicated |
Pub. Date: | October 8, 2004 | 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 September 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.
Student
Enrollment Status Reporting
The Common
Manual has been updated to provide consistency with the NSLDS Enrollment
Reporting Guide, which requires a school to report enrollment information
whenever the enrollment status changes for an individual student. Changes that
must be reported include any change that the school is required to report through
enrollment reporting, previously called the Student Status Confirmation Report
(SSCR). Examples of enrollment changes that a school is required to report include
a change from full-time to half-time status, half-time to less than half-time
status, a withdrawal, a graduation, or an approved leave of absence that complies
with Title IV requirements. If a student's enrollment status changes and the
school does not expect its NSLDS enrollment reporting to be completed within
the next 60 days, the school must submit an ad hoc report within 30 days.
Affected Sections: | 4.8 Student Enrollment Status Reporting |
Effective Date: | Enrollment reporting by schools beginning in September 1996. |
Basis: | NSLDS Enrollment Reporting Guide. |
Policy Information: | 803/Batch 116 |
Guarantor Comments: | None. |
Reinstatement
of Title IV Eligibility
The Common Manual has been revised to state that a borrower with one or more defaulted Title IV loans, or defaulted Title IV loans for which a judgment has been obtained, who wants his or her Title IV eligibility reinstated must request reinstatement from the holder of each defaulted loan or from the holder of each defaulted loan from which a judgment has been obtained.
Affected Sections: | 5.2.E Prior Default |
Effective Date: | Retroactive to the implementation of the Common Manual. |
Basis: | §682.401(b)(4). |
Policy Information: | 804/Batch 116 |
Guarantor Comments: | None. |
Due
Diligence Requirements for Loans with Monthly Repayment Obligations and with
Repayment Obligations Less Frequent than Monthly
Footnote 3 in Figure 11-1, Due Diligence Requirements for Loans with Monthly Repayment Obligations and with Repayment Obligations Less Frequent than Monthly, addressed only loans with monthly repayment obligations. The footnote has been revised to reflect the fact that the timing of the collection activities must ensure that no gaps of greater than 45 days occur through the 330th day of delinquency for loans with repayment obligations less frequent than monthly.
Affected Sections: | Figure 11-1 |
Effective Date: | Loans on which the first day of delinquency on the oldest outstanding due date is on or after July 1, 1996. |
Basis: | §682.411(b)(2) and §682 Appendix D. |
Policy Information: | 805/Batch 116 |
Guarantor Comments: | None. |
Due
Diligence with a Rolling Delinquency or Special Occurrence for Loans with Repayment
Obligations Less Frequent than Monthly
Figure 11-3 addresses due diligence requirements for loans with repayment obligations less frequent than monthly. Footnote 1 of the figure previously referenced day 270 as the default date for these loans. Footnote 1 has been corrected to state that the timing of the collection activities must ensure that no gaps of greater than 45 days occur through the 330th day of delinquency.
Affected Sections: | Figure 11-3 |
Effective Date: | Loans on which the first day of delinquency on the oldest outstanding due date is on or after July 1, 1996. |
Basis: | §682.411(b)(2) and §682 Appendix D. |
Policy Information: | 806/Batch 116 |
Guarantor Comments: | None. |