From kelli.kelnar at efsi.net Mon Apr 2 22:47:21 2007 From: kelli.kelnar at efsi.net (Kelli Kelnar) Date: Mon Apr 2 22:47:33 2007 Subject: [Lender] OASFAA Conference Message-ID: Hi, Thanks to all of you who have registered for the upcoming OASFAA Spring Conference. Your sponsorship is greatly appreciated. All exhibitors and sponsors will be recognized at our Thursday luncheon. At that time we will also acknowledge those of you who have hit certain milestones in the financial aid/student loan industry. Unfortunately there were a lot of you who did not provide that information on your registration form. If you wish to provide it now my e-mail is kelli.kelnar@efsi.net. Just submit your name, company name and the number of years you have been in this business. We will need the information by COB Wednesday, 4/4/2007. Thanks so much for your attention to this matter! See you next week in Tulsa! Kelli Kelnar OASFAA Corporate Chair EFSI 405.752.8900 Phone 405.535.6787 Cell 405.752.8901 Fax kelli.kelnar@efsi.net -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20070402/4bddcb44/attachment.html From pmcconahay at ou.edu Tue Apr 10 19:33:51 2007 From: pmcconahay at ou.edu (Mc Conahay, Pamela K.) Date: Tue Apr 10 19:33:45 2007 Subject: [Lender] OU Begins Transmission of 07-08 Loan Certifications Message-ID: <13C6AAE71C512F4E9DC7970DF41BCF8E0819F55B@XMAIL.sooner.net.ou.edu> Dear Lenders: It's that time again. We've done a transmission of a small batch of 07-08 Stafford Loan certifications yesterday and everything went smoothly, so we're ready to start sending "mass quantities". I'm posting this message to both OASFAA-L and the OLAC listserv because I don't want to miss anyone. If you're a school, this won't interest you...or maybe it will. Keeping lenders informed like this is an important part of running a smooth loan process and I encourage you to do the same. PLEASE SHARE THIS INFORMATION WITH YOUR PROCESSING FOLKS. Tonight, Jeffrey Chia (one of our wonderful IT guys) will load approximately 400 award responses to our FAMs system (students who responded through March 30). There is no way to know how many of those 400 had Stafford Loans in their packages or how many accepted them. Those who accepted the offered amount of Stafford loan will have a loan record created and transmitted at approximately 4 a.m. on 4/11/07. So, it is possible up to 400 Stafford loans could be sent out tomorrow a.m. On Friday 4/13, Jeffrey will load another 800 award responses, and there will be loan records created and sent at 4 a.m. Saturday morning, 4/14. We'll let you catch your breath and send another batch in the early a.m. on Wednesday 4/18 and again on Saturday 4/21 Jeffrey will keep doing that Wednesday/Saturday schedule until we get caught up loading the 2400 award responses that are queued up (and of course, more coming in every day). Once we're caught up, the loans will start transmitting every day as is our normal process. About 07-08 PLUS and Graduate PLUS Loans: we just began loading PLUS certification requests for 07-08 to our system. Don't be concerned that we haven't certified these yet and if your student or parent borrower is told that we don't have a record of a PLUS cert, it's too soon to start freaking out. Let us get caught up first. Of course, now I need to share with you all our standard loan period and disbursement dates for Summer 07 and Fall 07-Spring 08 (see attached). Since we've been sending summer loans for a while, the summer dates are no surprise. Someone in your shop is bound to ask "why do you different disbursement dates for Stafford/Private and PLUS"? Because all of our PLUS Loans are disbursed via paper check by the ELM NDN, we are allowed to request them up to 30 days prior to the start of the loan period. We take that maximum lead time so we have time to prepare all those checks for mailing, confirming enrollment, etc. "Well, you get your private loans via paper check too, why aren't those set 30 days prior to the start of the loan period?" Because, while we have regulatory grounds for holding paper PLUS checks (can't release disbursements more than 10 days prior to the start date), there is no such regulatory requirement for private loans. When we set private loan disbursements to arrive 30 days prior, students began demanding their private loan checks before our regular Title IV disbursement process was set to begin. Yes, the checks are legally theirs, but we haven't done billing before that, so they'd want to have us figure out how much to have them pay out of their private loan checks (might as well be sitting in the corner with a quill pen and an abacus) OR they wouldn't pay anything and then have difficulty later on because they spent the private loan money on non-direct costs and didn't have enough $ for tuition. We resolved this problem by not letting the private loan disbursements get here so early. If the check isn't here, they can't have it, right? LISTEN UP, THIS IS IMPORTANT: If your origination system has OU set for EFT disbursement of PLUS Loans because you transmit the funds to the NDN via EFT, YOUR SYSTEM IS GOING TO HAVE A PROBLEM WITH OUR PLUS DISBURSEMENT DATE, thinking it should be no more than 14 days prior to the first day of the loan period. Your origination folks will probably have to do some kind of override to allow the loans to send to the NDN as early as we want. Be sure to alert them to this issue or you'll start getting rejects on all our PLUS Loans. THIS EMAIL IS YOUR DOCUMENTATION THAT THESE FUNDS WILL ACTUALLY BE DISBURSED VIA PAPER CHECK, NOT EFT. Yes, these dates are legal, refer your folks to 34 CFR 668.167(a). Feel free to ask questions. I'll see you all at OASFAA!!! Pam McConahay Assoc. Dir., Compliance, Training & Lender Relations University of Oklahoma Financial Aid Services 1000 Asp Avenue, Room 216 Norman OK 73019-4078 (405) 325-4617 Fax (405) 325-7608 pmcconahay@ou.edu This message, and attachments if any, from the University of Oklahoma may contain confidential or privileged information. If you are not the intended recipient of this information, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this information. If you received this transmission in error, please notify the sender and delete this message immediately. Thank you. T -------------- next part -------------- A non-text attachment was scrubbed... Name: 2007-2008 Disb Dates for Lenders.doc Type: application/msword Size: 48640 bytes Desc: 2007-2008 Disb Dates for Lenders.doc Url : http://lists.onenet.net/pipermail/lender/attachments/20070410/b3d34e46/2007-2008DisbDatesforLenders-0001.doc From gslcommunications at ogslp.org Thu Apr 12 15:17:41 2007 From: gslcommunications at ogslp.org (GSL Communications) Date: Thu Apr 12 15:17:03 2007 Subject: [Lender] Special Allowance Rates Message-ID: <4DBFFBDDB31CC9478D80306664172CFD3E3E4E@elgar.lan.ogslp.org> The Department of Education (ED) has released the special allowance rates for the quarter ending March 31, 2007. The average of the bond equivalent rates of the 91-day Treasury bills auctioned during the quarter ending March 31, 2007, is 5.12 percent. The average of the bond equivalent rates of the quotes of the 3-month commercial paper (financial) rates in effect for each of the days in the quarter ending March 31, 2007, is 5.37 percent. Below is a link to view ED's announcement regarding the new rates. If you have any questions, please contact Policy, Compliance, and Training at 405.234.4432 or 800.247.0420. Thank you. http://www.ogslp.org/News/Archives/pdf/SA_March2007.pdf Communications OGSLP 405.234.4440 or 800.247.0420 gslcommunications@ogslp.org Note: This communication and attachments, if any, are intended solely for the use of the addressee hereof. In addition, this information and attachments, if any, may contain information that is confidential, privileged and exempt from disclosure under applicable law. If you are not the intended recipient of this information, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this information. If you have received this message in error, please promptly notify the sender and immediately, delete this communication from your system. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20070412/1335eeb6/attachment.html From gslcommunications at ogslp.org Wed Apr 18 10:40:35 2007 From: gslcommunications at ogslp.org (GSL Communications) Date: Wed Apr 18 10:39:57 2007 Subject: [Lender] Access to NSLDS Message-ID: <4DBFFBDDB31CC9478D80306664172CFD3E3E6D@elgar.lan.ogslp.org> Dear Lenders and Servicers: Please see the notice below from the U.S. Department of Education regarding the temporary suspension of NSLDS access to lenders, servicers, and guarantors. The Oklahoma Guaranteed Student Loan Program is gathering information and is closely monitoring this issue. If additional news regarding this issue becomes available, we will notify you. Sincerely, Mary Heid NSLDS Supervisor Oklahoma Guaranteed Student Loan Program (405) 234-4489 Note: This communication and attachments, if any, are intended solely for the use of the addressee hereof. In addition, this information and attachments, if any, may contain information that is confidential, privileged and exempt from disclosure under applicable law. If you are not the intended recipient of this information, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this information. If you have received this message in error, please promptly notify the sender and immediately, delete this communication from your system. ________________________________ From: FPOPERATIONS [mailto:FPOPERATIONS@LISTSERV.ED.GOV] On Behalf Of Washington, Carolyn Sent: Wednesday, April 18, 2007 6:22 AM To: FPOPERATIONS@LISTSERV.ED.GOV Subject: [FPOPERATIONS] Access to NSLDS Effective immediately, access to information in the National Student Loan Data System (NSLDS) by all participants in the student loan program except students, borrowers and institutions of higher education is temporarily suspended. During this temporary suspension of access, the Department will more fully examine the specific usage of NSLDS by those entities for which access has been suspended to determine if there was unauthorized usage. Upon completion of this examination we will consider options for providing NSLDS access to these entities. Note that postsecondary educational institutions as well as individual students/borrowers will continue to have access to NSLDS information. Carolyn Washington Content Manager Financial Partners Services 202-377-3530 carolyn.washington@ed.gov -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20070418/bb856171/attachment.html From mheid at ogslp.org Wed Apr 18 16:51:08 2007 From: mheid at ogslp.org (Heid, Mary) Date: Wed Apr 18 17:08:08 2007 Subject: [Lender] Operational Impacts of NSLDS Access Suspension Message-ID: OGSLP Operational Impacts of NSLDS Access Suspension On April 17, 2007, Susan Szabo, of the United States Department of Education Office of Federal Student Aid made an announcement regarding the temporary suspension of access to the National Student Loan Data System (NSLDS) by all participants in the student loan program, except students, borrowers and institutions of higher education. This access suspension includes but is not limited to lenders, servicers, and guarantors. We do not anticipate this action to prohibit OGSLP from submitting our monthly data to NSLDS. We do realize that some of our business operations will be impacted until access can be restored. Today the NCHELP Daily Briefing,contained an overview of the impact of this temporary suspension. Listed below are some highlights from NCHELP's impact compilation: Student Eligibility * Processing delays where borrower eligibility questions would prohibit them from receiving new aid. * Ability to calculate a student's cumulative loan amount borrowed for financial aid administrators is severely hampered. Interim Servicing, Repayment Servicing and Default Prevention * Inability to research enrollment on a borrower. * Inability to make NSLDS on-line updates for borrowers or schools, if needed. * Inability to assist borrowers with locating their loans Default and Post Default Serving * Potential claim returns or rejects due to inability to verify discrepant out of school dates. * Schools will see an increase in lender inquiries regarding out of school dates. Service to Borrowers Hampered * Response to borrowers will be difficult when identification of outside loan holders is necessary. * Will severely hamper the ability to address questions from borrowers and schools regarding loan repurchases and loan forgiveness. OGSLP is monitoring this issue closely and will keep you advised of additional issues that may arise regarding this access suspension. Sincerely, Mary Heid NSLDS Supervisor Oklahoma Guaranteed Student Loan Program (405) 234-4489 Note: This communication and attachments, if any, are intended solely for the use of the addressee hereof. In addition, this information and attachments, if any, may contain information that is confidential, privileged and exempt from disclosure under applicable law. If you are not the intended recipient of this information, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this information. If you have received this message in error, please promptly notify the sender and immediately, delete this communication from your system. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20070418/5e7f69ad/attachment.html