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Enhancing the Perkins Loan Program with Electronic Signatures: A Comprehensive Overview

Discover the latest advancements in the Perkins Loan Program, highlighting the integration of electronic signatures. With over $1.1 billion in loans issued last year and partnerships with national organizations and universities, FSA is dedicated to streamlining processes through electronic means. This session outlines the evolution of Perkins forms, the introduction of eNotes, and the ongoing support from FSA for schools to facilitate a smooth transition. Learn how schools can adapt to these changes and the resources available to promote electronic signatures in student aid.

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Enhancing the Perkins Loan Program with Electronic Signatures: A Comprehensive Overview

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  1. Session 38 Electronic Signatures in the Perkins Loan Program Session 21-

  2. Overview Last year, the Perkins program had: • Over $1.1B in loans issued • A federal contribution of around $160M • Over 695,000 students awarded • Total loans outstanding of over $7B • 2,260 schools participating • An average loan was $1,681 Session 21-

  3. Status • FSA has been committed to promoting the use of electronic signatures in the student aid process • Standards were issued in 4/01; revised in 7/01 • FSA worked with the community to create a trusted 3rd party authentication service based on the FSA PIN. • Electronic signatures are currently available for all Title IV programs • Electronic signatures are in use for Direct Loans and FFELP promissory notes Now is the time for Perkins… Session 21-

  4. What Has FSA Done for Perkins? • Partnerships with national organizations COHEAO and NACUBO • Partnerships with schools Penn State, University of Minnesota, University of Illinois, and Iowa State University • Partnerships with trusted 3rd party authentication service providers NCS and STAN Session 21-

  5. Perkins Note Evolution Previous Perkins Forms Current Perkins Forms Possible Perkins eNote Session 21-

  6. School Wish List • FSA subsidizes STAN authentication costs for Perkins schools • FSA helps schools to create downloadable eNote (HTML; JAVA; XML; Cold Fusion) • FSA enables MPN for Perkins note • FSA revises Standards to allow for school based PIN for Perkins • Expanded use of FSA PIN for Federal aid (Title 7) and non-Federal aid (state grants) Session 21-

  7. Subsidized STAN E-Note in Various Formats Cold Fusion HTML What Does All of this Mean? SFA SCHOOLS Electronic Signature Standards Consent Display Integrity Access Identification/ Authentication Attribution Maintenance Certification Authentication Authentication Format Format Session 21-

  8. Schools “To Do” List • Create an enterprise-wide team (technical, legal, and business) to determine how electronic signatures might fit into the school’s current processes • Review Standards and determine compliance • Flow chart current paper process • Flow chart how an e-process might look like • Perform a cost/benefit analysis • Understand identification and authentication alternatives • Understand encryption to be able to utilize STAN Session 21-

  9. FSA “To Do” List • STAN Subsidy • Finalize subsidy payment arrangements for authentication • Facilitate a cheaper encryption solution • eNote Development • Develop format that is best suited for schools’ needs • Future…??? • Enable MPN • Revise Standards • Expand FSA PIN Session 21-

  10. Next Steps For Perkins… Are you ready for Electronic Signatures? Session 21-

  11. Contact Information Neil Sattler Federal Student Aid (202) 377-3513 neil.sattler@ed.gov Visit FSA’s Electronic Identification website at: EID.SFA.ED.GOV Session 21-

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