Title: Agents in Training: Tips, Shortcuts
1Agents in Training Tips, Shortcuts Decrypting
the Jargon
- Dawna Ziverk, OGSLP Client Solutions
-
- Pam Hicks, OGSLP Communications
2Acronyms
- FAFSA
- Fathers Application For Sending Away
- Funding Application for Free Stuff Anywhere
- Free Application for Federal Student Aid
- OASFAA
- Offering All Staff Friendly Answers Anytime
- Oklahoma Association of Student Financial Aid
Administrators - Oklahomas All Student Attitude Adjustment
3Acronyms contd
- OGSLP
- Oklahoma Guaranteed Student Loan Program
- Oh Gosh, Students Listen Please
- Oklahomas Great State of Loan Professionals
- SAR
- Students are Always Right
- Staffs Aggravating Records
- Student Aid Report
4Acronyms contd
- EFC
- Enroll For Cash
- Everyones Funds Count
- Expected Family Contribution
- IFAP
- Information for Financial Aid Professionals
- Interesting Facts About Pell
- Important Financial Aid People
5The Student Loan Process
Department of ED
6The Players
- Student
- Parent
- School/Financial Aid Office
- Lender
- Secondary Market
- Servicer
- Guaranty Agency
- U.S. Department of Education
7Student
- Complete the Free Application for Federal Student
Aid (FAFSA) - Maintain satisfactory academic progress while
enrolled in school - Provide demographic updates to school and lender
- Document deferment and forbearance during
repayment
8Parent
- Supply need analysis data (income information) to
school - Borrow through Parent Loans for Undergraduate
Students (PLUS)
9School/Financial Aid Office
- Administer financial aid programs
- Inform students/parents of rights and
responsibilities - Determine financial aid eligibility for
students/parents
10Lender
- Primary source of FFELP capital
- Disburse FFELP funds to schools on behalf of
student borrowers - Receive and process FFELP borrowers payments
- Example Arvest, BancFirst, Bank of Oklahoma,
MidFirst, OSLA Stillwater National Bank
11Secondary Market
- Purchase FFELP loans from lenders
- Receive and process FFELP borrowers payments
- Example Nelnet, OSLA Sallie Mae
12Servicer
- An entity that enters into a contract with a
lender or secondary market to administer any
aspect of its participation in the student loan
process - Example Nelnet, OSLA Student Loan Servicing
Sallie Mae
13Guaranty Agency
- Insure student loan lenders against default,
bankruptcy, disability or death of borrowers - Provide training and technical support to schools
and lenders - Develop and provide forms and reports
- Offer assistance to borrowers, schools and
lenders
14Guaranty Agency contd
- Provide default prevention services
- Provide financial literacy program/services
- Provide outreach/college access programs
- Example OGSLP
15U.S. Department of Education
- Regulate federal student aid programs
- Pay subsidized interest on FFELP loans
- Reinsures loans
16Industry Players
- Oklahoma Association of Financial Aid
Administrators (OASFAA) www.finaidapps.ou.edu/oasf
aa/index.html - Southwest Association of Financial Aid
Administrators (SWASFAA) www.swasfaa.org - National Association of Financial Aid
Administrators (NASFAA) www.nasfaa.org - National Council of Higher Education Loan
Programs (NCHELP) www.nchelp.org
17Who to contact at OGSLP?
- Loan Services
- Client Solutions
- Policy Implementation, Training Communication
- Default Prevention
- Early Assistance
- Claims Review
- Recoveries
- Legal
- Compliance
- Oklahoma Money Matters
18- BREAKING NEWS
- More Acronyms
19More Acronyms
- ED
- Enrollment Directions
- Education Decisions
- U.S. Department of Education
- HERA
- Hear Everyone Repeat A-lot
- Hows Everything Really Answered
- Higher Education Reconciliation Act
20More Acronyms contd
- NSLDS
- Need Some Loan Dollars to Spend
- Narcoleptic Students Learn Differently System
- National Student Loan Data System
- CFR
- Code of Federal Regulations
- Cant Find the Rules
- Continuously Fun Reading
21More Acronyms contd
- FFELP
- Federal Family Education Loan Programs
- Freshman Funds to Experience Lots of Parties
- Finally Feeling Excited to Leave Parents
22Game Rules(Hierarchy of Guidance)
- Higher Education Act (HEA)
- Primary Law
- Federal Regulations (CFR)
- Interpret and implement the law
- Sub-regulatory guidance
- Dear Colleague/Partner Letters
- Federal Student Aid Handbook
- Common Manual
23The Higher Education Reconciliation Act (HERA)
- Signed by President Bush on February 8, 2006
- Most provisions effective July 1, 2006
- OGSLP HERA Resource Pagewww.ogslp.org/News/Archiv
es/2006/2006DRA.shtml
24Dear Colleague Letters (DCLs)
- Provide operational guidance
- Summarize law changes
- Provide interim guidance
25DCL Types
26DCL Numbering
GEN-06-02
Sequential Numbering, usually starting with 1
at the beginning of the year.
DCLs can be found at www.ifap.ed.gov or at
www.nchelp.org.
27Federal Student Aid Handbook
- Produced by Department of Education
- A multi-volume annual publication that provides
detailed information on - Administration of the Title IV federal student
aid programs - Institutional eligibility to participate in these
programs
28Common Manual
- Unified, guarantor policy developed in 1995
- Common FFELP guidance administered by all 36
guarantors - Entire volume updated every July (this year will
be different w/HERA changes) - Glossary of FFELP terms
- History appendix and Guarantor-Specific
Information appendix - Found on OGSLP or NCHELP Web site
29Example of Terms Found in Common Manual Glossary
- Master Promissory Note (MPN)
- Origination Fee
- Disbursement Date
- Federal PLUS Loan
- Guarantor/Guaranty Agency
- Free Application for Federal Student Aid (FAFSA)
- Subsidized Loans
- Unsubsidized Loans
- Eligible Student
30Common Manual Updates
- Common Manual Bulletins (via OGSLP Online News)
- Common Manual Training Briefs(via OGSLP Online
News) - Common Manual Public Listserv
- Instructions to subscribe are in your How to
Find the Answer Resource Guide
31Versions of the Common Manual
- Paper
- Electronic
- CD - ROM (e-Collection)
- Integrated
- Available on our Web site atwww.ogslp.org under
School/Lender
32Resources
- Common Manual
- e-Collection
- www.ogslp.org/Schools-Lenders/common-manual.shtml
- Federal Student Aid Handbook
- www.ifap.ed.gov
- IFAP Web site www.ifap.ed.gov
33OGSLP How to Find the Answer - Resource Guide
- Common Manual
- IFAP
- Industry Players
- Available Listservs
34OGSLP
35OGSLP Schools/Lenders Page
36OGSLP HERA Resource Page
37IFAP
38IFAP - DCLs
39Federal Student Aid Handbook
40Department of Education (ED)
41NCHELP
42NCHELP e-Library
43OASFAA
44SWASFAA
45NASFAA
46HERA Hot Topics
- Master Promissory Notes (MPNs)
- Interest Rates for Stafford and PLUS loans
- Origination Fees
- Federal Default Fee
- Loan Limits
- Multiple Disbursement Rules
- Graduate and Professional Student PLUS Loan (new
program)
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