1 / 13

Getting Your Perkins PhD

Getting Your Perkins PhD. May 17, 2012. Financial Aid has Awarded Perkins – Now What?. We Fear That Which We Do Not Understand Regulations Auditors’ Findings Cohort Default Calculation. Forge a School-Billing Servicer Partnership. Share Knowledge Support for Audits

bailey
Download Presentation

Getting Your Perkins PhD

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. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Getting Your Perkins PhD May 17, 2012 Financial Aid has Awarded Perkins – Now What?

  2. We Fear That Which We Do Not Understand • Regulations • Auditors’ Findings • Cohort Default Calculation

  3. Forge a School-Billing Servicer Partnership • Share Knowledge • Support for Audits • Annual Review of Program Setup to Ensure Continued Compliance

  4. The Beginning: Making the Loan, In-School Status • Entrance Interviews • Prom Notes • 34CFR 674.31 • DCL CB-06-11 • TILA, Reg Z • Annual Disclosures • 34CFR 674.16(a) • 34 CFR 674.19(e)(4)(iii) • Red Flag Rules • FTC 16 CFR 681 • Tax Forms • IRS Publication 970

  5. The Next Step: Exit Process 34 CFR 674.42(b) HEOA section 488(b) HEA section 485(b)(1)(A) • Graduates • Withdrawn or LTHT • Notification of need to go through exit process • Exits: Online / Mailed • 34 CFR 674.42(b)

  6. The Calm Before the Storm: Grace • Grace Audit Notices • 34 CFR 674.42(c) • Should you do more? • Multiple Grace Periods? • NSLDS Reporting

  7. Uh-Oh: Here Comes Repayment • Billing: Monthly vs. Quarterly, etc. • 34 CFR 674.41(a) • 34 CFR 674.43 • Multiple payment options • Consolidation and LVCs • HEA Section 428C(a)(3)

  8. Whew: Deferments, Cancellations, Etc. • Deferments • Cancellations • 34CFR 674.52 • Forbearance • Interest due at end of Forbearance • Death and Disability

  9. Say It Isn’t So: Delinquency & Default • 60-Day Final Demand Letters and 90-Day Due Diligence Calls • 34 CFR 674.43(b) • 34 CFR 674.43(c) • Definition of Default • Cohort Default and the Orange Book • http://ifap.ed.gov/perkinscdrguide/1011PerkinsCDR.html • Skip-Tracing • 34 CFR 674.44

  10. Far from the Pathway: Looking into the Abyss • Government Assignment • HEA Section 463(a)(5) • State Tax Offset • IRS Reform Act of 1998 • Perpetual Billing • Settling • Can you collect after 7 years?

  11. To the Rescue: Pre-Collections and Collection Agencies • Pre-Collections • Internal • External • Credit Bureau Reporting and E-OSCAR • 34 CFR 674.45(a)(1)&(b) • DRAP • Dear Colleague Letter CB-05-11 • Rehabilitation • Acceleration • Collection Agencies

  12. Successful Conclusion: Paid in Full • Prom Notes vs. PIF Letters • 34 CFR 674.19(e) • Retention of Original Notes • 34CFR 674.19(e)(4)(iii) • Replenishes your Perkins Program • They key to success? Communication with your borrowers.

  13. CONGRATULATIONS GRADUATES !! Sal Flores, Chapman University Laurelle Swan, ECSI

More Related