common manual unified student loan policy l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Common Manual: Unified Student Loan Policy PowerPoint Presentation
Download Presentation
Common Manual: Unified Student Loan Policy

Loading in 2 Seconds...

play fullscreen
1 / 32

Common Manual: Unified Student Loan Policy - PowerPoint PPT Presentation


  • 316 Views
  • Uploaded on

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.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Common Manual: Unified Student Loan Policy' - Mia_John


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
common manual unified student loan policy

Common Manual: Unified Student Loan Policy

Becca Diskin MASFAP Conference March 7, 2007

what is the common manual
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.
  • Used to locate information about federal regulations regarding financial aid and guarantor policies.

1

what is the common manual3

Integrated Common Manual created.

Web site created. www.commonmanual.org

Timeline

Guaranty agencies had individual policy manuals

Nation’s guaranty agencies develop The Common Manual. Unified Student Loan Policy, a single-policy manual.

1980-1994

The Common Manual available on diskette.First policies effective April 1, more than 900 policies developed and implemented.

1995

1996

2000

2006

What is The Common Manual?

1

structure
Structure
  • Governing Board made up of guarantor representatives.
  • Apolitical.
  • A Policy Committee processes ideas into policy.
    • Interested parties may comment on proposed policies.
  • Finalized by Policy Committee and voted on by Governing Board.

2

versions
Versions
  • IntegratedCommon Manual (ICM).
    • www.commonmanual.org
  • e-Collection CD-ROM.
    • Provided by Guarantors to schools.
  • Paper.

2

slide6
ICM
  • Available on most guarantor web sites.
  • Hyperlinks and search capability.
  • Amendments indicated by underline and strikeout.

3

e collection
E-Collection
  • CD-ROM format.
  • Contains:
    • The Electronic Common Manual.
    • The Higher Education Act of 1965, as amended.
    • Federal Regulations.
    • Dear Colleague Letters.
  • Search feature.
  • Menu for quick navigation.

3

how it is organized
How It Is Organized
  • 18 chapters.
  • 9 appendices.
  • Sections and subsections where appropriate.
  • Table of Contents.
  • Citations and references.
  • Guarantor contact information.

3

updates
Updates
  • Changes occur throughout the year.
  • Electronic versions updated as new policies are approved.
  • Paper and CD-ROM distributed each year.
    • Bulletins or newsletters.

4

what information can be found
What Information Can Be Found?
  • 18 Chapters.
    • Overview.
    • About the FFELP.
    • Lender Participation.
    • School Participation.
    • Borrower Eligibility.
    • School Certification.
    • Loan Origination.

4-5

what information can be found12
What Information Can Be Found?
  • Loan Delivery.
  • School Reporting Responsibilities and the Return of Title-IV Funds.
  • Loan Servicing.
  • Deferment and Forbearance.
  • Due Diligence in Collecting Loans.
  • Claim Filing, Discharge, and Forgiveness.

5-6

what information can be found13
What Information Can Be Found?
  • Violations, Penalties, and Cures.
  • Federal Consolidation Loans.
  • Cohort Default Rates and Appeals.
  • Program Reviews.
  • Limitation, Suspension, and Termination.

6-7

what information can be found14
What Information Can Be Found?
  • 9 appendices.
    • Interest Benefits and Special Allowance.
    • PLUS/SLS Refinancing.
    • Guarantor-Specific Information.
    • U.S. Department of Education Contact Information.
    • Guarantor Bulletins.
    • FFELP Community Initiatives.
    • Glossary.
    • History of the FFELP and the Common Manual.
    • Index.

7

quiz question 1
Quiz Question 1

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?

4-7

slide17
Answer:

Chapter 9: School Reporting Responsibilities and the Return of Title-IV Funds

quiz question 2
Quiz Question 2

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?

4-7

slide19
Answer:

Chapter 16: Cohort Default Rates and Appeals

quiz question 3
Quiz Question 3

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?

4-7

slide21
Answer:

Chapter 6: School Certification

quiz question 4
Quiz Question 4

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?

4-7

slide23
Answer:

Chapter 12: Due Diligence in Collecting Loans

quiz question 5
Quiz Question 5

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?

4-7

slide25
Answer:

Appendix H: History of the FFELP and the Common Manual

training briefs
Training Briefs
  • Developed to help users understand how to access and use the Common Manual.
  • 16 published briefs.
  • Available at www.commonmanual.org

9

training briefs27
Training Briefs
  • Explain the numbering system.
    • Figure 2-1.
  • Appendices F and H provided for quick access.
  • Matrix that helps users locate information that has moved.
  • Download instructions.
  • Search Tips.

9-10

training briefs28
Training Briefs
  • Subscribing to the public Listserv.
  • How ideas and requirements become policy.
  • Governing Board structure.

10

tips and tricks
Tips and Tricks
  • Available in PDF format.
    • Go to www.commonmanual.org
  • Explains search and selection buttons.
  • Copy Text Keys.
    • ICM Features.

11

common manual unified student loan policy32

Common Manual: Unified Student Loan Policy

Becca Diskin MASFAP Conference

March 7, 2007