Common Manual: Unified Student Loan Policy. Becca Diskin MASFAP Conference March 7, 2007. What is The Common Manual ?. First published in December 1995. Created by guarantors. Document designed to help train new financial-aid and student-loan administrators on the FFELP.
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Becca Diskin MASFAP Conference March 7, 2007
Web site created. www.commonmanual.org
Guaranty agencies had individual policy manuals
Nation’s guaranty agencies develop The Common Manual. Unified Student Loan Policy, a single-policy manual.
The Common Manual available on diskette.First policies effective April 1, more than 900 policies developed and implemented.
2006What is The Common Manual?
You are a new financial-aid administrator at a four-year undergraduate school. Three weeks into the school year Chris, who is a sophomore at your school, comes into your office to see how his Stafford loan would be affected if he drops out of classes for the semester. Which chapter of the Common Manual do you think would be most helpful for you to research the answer to his question?
Chapter 9: School Reporting Responsibilities and the Return of Title-IV Funds
As the director at your school, you are interested in learning more about cohort-default rates because you recently received notice that the rate at your school has increased dramatically over last year. What chapter of the Common Manual would be most beneficial to your research?
Chapter 16: Cohort Default Rates and Appeals
It is your second year in the financial-aid office, and packaging season has started. You need a refresher on certifying student loans. What chapter in the Common Manual do you think would provide the best information?
Chapter 6: School Certification
You are a sales representative for a leading guarantor in the Midwest. You have scheduled a visit with a potential customer, and the customer has asked what type of due diligence your organization would offer to assist in lowering the school’s cohort-default rates. What chapter in the Common Manual would you use to begin your research?
Chapter 12: Due Diligence in Collecting Loans
You have been asked to present a session at MASFAP about the History of the FFELP. What part of the Common Manual might provide you with helpful dates and information?
Appendix H: History of the FFELP and the Common Manual
Becca Diskin MASFAP Conference
March 7, 2007