From pmcconahay at ou.edu Thu May 3 17:30:09 2007 From: pmcconahay at ou.edu (Mc Conahay, Pamela K.) Date: Thu May 3 17:29:22 2007 Subject: [Lender] Question re Length of Credit Approval Status Message-ID: <13C6AAE71C512F4E9DC7970DF41BCF8E0851C84D@XMAIL.sooner.net.ou.edu> I need help with something bankers should know, so I'm contacting my friendly neighborhood bankers for info. Yes, my brother, my niece, my other niece and my sister all work for banks or credit unions, but they're not in the neighborhood nor are they necessarily friendly at all times. Every year, we have an issue with parents who get a PLUS credit denial in May when applying for a summer PLUS loan. If they get denied, we offer the student a dependent unsub for summer (assuming they haven't gotten all of their dependent unsub annual limit prior to summer They want us to use that same credit denial as justification to offer the student a dependent unsub loan for Fall 07-Spring 08, they don't want to apply again for 07-08 and get another credit hit. Makes sense to me. Long ago, we decided that, because a credit approval is usually good for 90 days, we would consider the summer PLUS denial as also valid for the upcoming fall/spring if the credit decision was issued within 90 days of the start date of the fall semester. Now, we're seeing credit approvals that last up to 120 days. What is the industry standard for being able to approve a new loan without pulling credit again? 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. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20070503/82d9c50d/attachment.html From pmcconahay at ou.edu Fri May 4 15:56:16 2007 From: pmcconahay at ou.edu (Mc Conahay, Pamela K.) Date: Fri May 4 15:55:23 2007 Subject: [Lender] Question re Length of Credit Approval Status Message-ID: <13C6AAE71C512F4E9DC7970DF41BCF8E0851CC03@XMAIL.sooner.net.ou.edu> OK, I've heard from virtually everyone, and the most common length of credit validity is 180 days. A few have 120 days, but most are 180. And, this makes sense----why pay to pull credit more often than you have to, especially on a loan program where you're insured against default losses anyway? I also heard that ED considered trying to regulate this a few years ago. NCHELP and some other professional organizations for student loan entities explained some banking regulations to ED (like, the classification of what type of lender an entity is by their portfolio distribution drives how often you have to pull credit). ED decided that the banking/credit regulators had this under control and there was no need for ED to regulate this issue. So, this means that we'll be able to change our policy about how early in the spring we let a PLUS credit denial "count" for both the current year and the upcoming aid year. That will make life easier for all of us. Thanks again for your input! 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. -------------- next part -------------- An HTML attachment was scrubbed... URL: http://lists.onenet.net/pipermail/lender/attachments/20070504/26b5a169/attachment.html From gslcommunications at ogslp.org Thu May 17 15:06:21 2007 From: gslcommunications at ogslp.org (GSL Communications) Date: Thu May 17 15:04:57 2007 Subject: [Lender] Register for OGSLP's Annual Conference Message-ID: <4DBFFBDDB31CC9478D80306664172CFD3E3F7F@elgar.lan.ogslp.org> OGSLP's Annual Conference on June 7 Financial Aid Professionals: Everyday Heroes Registration is now open for OGSLP's conference on Thursday, June 7, at Moore Norman Technology Center's new South Penn campus located at S.W. 134th and Penn in Oklahoma City. The conference will offer a wide variety of information designed to educate and inspire attendees. The theme, Financial Aid Professionals: Everyday Heroes, pays tribute to the hard-working school and lender staff members who empower students to achieve their educational goals. Guest speaker Brett Lief, president of the National Council of Higher Education Loan Programs, Inc. (NCHELP), will open the conference with an informative industry update. Additionally, we're pleased to have Dr. Arnold Mitchem, president of the Council for Opportunity in Education, as our luncheon speaker. You won't want to miss this inspirational message! This year, we're offering three interest session tracks with something for everyone. The "basic" track is geared toward new and support staff. The second track is "making work work," a series of sessions designed to help financial aid veterans become even more effective in their jobs. Our third and always popular track includes sessions on the various loan processing products. See the full agenda for more information. This conference is provided by the Oklahoma Guaranteed Student Loan Program. Please note: the total cost of the meal provided will not exceed $10 per person. Click here to register and view the agenda and hotel information. 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/20070517/2f204ade/attachment.html