[Oasfaa] Direct Loan issues for 12-13

Tue Feb 21 14:27:29 CST 2012

Hello all, I hope this finds you doing well.  My office has the luxury of processing aid through PeopleSoft and with that comes a fantastic network and listserv where we air our complaints, suggestions, etc.  As great as this is, I know that not every has access to something similar.

On the PeopleSoft listserv, folks started chatting about the problems with processing 2012-2013 Direct Loans.  Some conversation has occurred on FINAID-L as well, but I wanted to follow up with OASFAA folks to try and spread the word in case you haven't heard it from another sources.  I followed up with Pat Kennedy at ED on the questions that had come up.  Here is the skinny at the moment:

*         2012-2013 Subsidized Direct Loans, Unsubsidized Direct Loans, and Plus (both Parent and Grad) Direct Loans with a first disbursement after June 30th will not have a rebate.  Likely, that isn't news to anyone.

*         COD will not be able to process these loans until sometime in early July.  However, until COD's March update, the exact date for accepting these changes will not be known.  If you were to send a loan that includes a 0% rebate amount prior to COD being able to process this loan, it will be rejected.

*         ED is aware of how this affects our processing and the impact on our students in these situations.  An Electronic Announcement should be forthcoming in late February or early March that explain the details of the situation.

Until that time, that is as much information as Pat can share, simply because that is all he has.  While we wait with bated breath for that Electronic Announcement, my suggestion would be to look at your 12-13 set up to see how you can NOT process 0% rebate loans until COD is ready.  Just as importantly, also look at whatever institutional and student impact this delay has.

Good luck, everyone!

Mendy Schmerer
2011-2012 OASFAA President
Assistant Director
Office of Student Financial Aid
University of Oklahoma Health Sciences Center
1106 N. Stonewall, Rm 301
Oklahoma City, OK  73117
(405) 271-2118, x 48817 (p)
(405) 271-5446 (f)
Mendy-Schmerer at ouhsc.edu<mailto:Mendy-Schmerer at ouhsc.edu>
http://www.ouhsc.edu/financialservices/SFA/

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