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.

Used to locate information about federal regulations regarding financial aid and guarantor policies.

1

What is The Common Manual?

TimelineGuaranty agencies had individual policy manuals

1980-1994 Nation’s guaranty agencies develop The

Common Manual. Unified Student Loan Policy, a single-policy manual.

1995

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

1996

Integrated Common Manual created.2000

Web site created. www.commonmanual.org2006

1

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 Integrated Common Manual (ICM).

www.commonmanual.org

e-Collection CD-ROM. Provided by Guarantors to schools.

Paper.

2

ICM Available on most guarantor web sites.

Hyperlinks and search capability.

Amendments indicated by underline and strikeout.

3

ICMwww.commonmanual.org

3

E-CollectionCD-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 18 chapters.

9 appendices.

Sections and subsections where appropriate.

Table of Contents.

Citations and references.

Guarantor contact information.3

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?

18 Chapters.

1. Overview.

2. About the FFELP.

3. Lender Participation.

4. School Participation.

5. Borrower Eligibility.

6. School Certification.

7. Loan Origination. 4-5

What Information Can Be Found?

8. Loan Delivery.

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

10. Loan Servicing.

11. Deferment and Forbearance.

12. Due Diligence in Collecting Loans.

13. Claim Filing, Discharge, and Forgiveness.

5-6

What Information Can Be Found?

14. Violations, Penalties, and Cures.

15. Federal Consolidation Loans.

16. Cohort Default Rates and Appeals.

17. Program Reviews.

18. Limitation, Suspension, and Termination.

6-7

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

What Information Can Be Found?

Quiz

4-7

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

Quiz Question 1

Answer:

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? 4-7

Quiz Question 2

Answer:

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?

4-7

Quiz Question 3

Answer:

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? 4-7

Quiz Question 4

Answer:

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?

4-7

Quiz Question 5

Answer:

Appendix H: History of the FFELP and the Common Manual

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 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 Briefs

Subscribing to the public Listserv.

How ideas and requirements become policy.

Governing Board structure.

10

Tips and Tricks Available in PDF

format. Go to

www.commonmanual.org

Explains search and selection buttons.

Copy Text Keys. ICM Features.

11

Any Questions?

THANK YOU!

Common Manual: Unified Student Loan

Policy

Becca Diskin MASFAP

Conference

March 7, 2007