Understanding the Assignment Process Thursday, March 10, 2011 at 2:00 p.m. EST Moderated by Pattie Mastin, Account Manager
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- Shavonne Elaine Bradford
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1 WELCOME Understanding the Assignment Process Thursday, March 10, 2011 at 2:00 p.m. EST Moderated by Pattie Mastin, Account Manager
2 AGENDA What is Assignment and the Reasons for Assigning Loans General Assignment Procedures (including timelines) Assignment Documentation What is required? Assignment Processing What happens once the loan is Accepted
3 What is Assignment Processing? Assignment as defined by the Department of Education (34 CFR ), is the process of submitting loans to ED for collection. There are three reasons why you would assign loans to ED: - Liquidation - Total and Permanent Disability (non-veteran) - Default **At this time, defaulted assignments are not mandatory.**
4 SPECIAL NOTE: VA Total and Permanent Disability Discharges Do not assign to ED! Mail Loan Discharge Application and VA supporting documentation to Discharge Unit in Atlanta, GA or submit electronically. AssignProcedures.html - Appendix III Dear Colleague Letter GEN-09-07: If approved, the remaining balance of the loan is discharged.
5 Assignment Procedures: Non-Veteran Total and Permanent Disability assignment: schargeassignprocedures.html Defaulted loan assignment: idationassignprocedandforms.html
6 Assignment Procedures: **Definition of Totally and Permanently Disabled New definition effective July 1, 2010 The condition of an individual who is: 1)unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that- (i)can be expected to result in death; (ii)has lasted for a continuous period of not less than 60 months; or (iii)can be expected to last for a continuous period of not less than 60 months; or 2)has been determined by the Secretary of Veterans Affairs to be unemployable due to a service-connected disability.
7 Assignment Procedures: 1.) Non-Veteran Total and Permanently Disability Assignments Borrower must complete the Loan Discharge Application for TPD. Borrower must submit within 90 days of the date physician certifies form. School must stamp receipt date on Application! ED will reject assignment if the receipt date (school s receipt date of the application) is greater than 95 days from the physician s signature date. ED allows 5 days for mailing.
8 Non-Veteran Total and Permanent Disability Assignments, cont. School must review the Application and assign loan to ED if certification supports TPD. School must complete and submit the Federal Perkins Assignment form and Manifest. Instructions: TPDDischargeAssignProcedures.html Include original promissory note or certified true copy. Bankruptcy/judgment info (if applicable).
9 Non-Veteran Total and Permanent Disability Assignments, cont. Mail package to: U. S. Department of Education 3015 South Parker Road, Suite 40 Attn: TPD Servicing Aurora, CO Contact information: (8 am to 8 pm ET) Fax:
10 Non-Veteran Total and Permanent Disability Assignments, cont. **Instructions state that you must a copy of the assignment Manifest and Institutional Certification Form to the TPD Servicer in a password-protected zip file. This step is not necessary!
11 Assignment Procedures: 2.) Default - Assignments can be submitted at any time and for any borrower for the following reasons: The school has not been able to collect despite following due diligence procedures. Total amount outstanding (including principal, accrued interest, collection costs and late charges) must be at least $25.00 or greater. The loan has been accelerated.
12 Default, cont. You may not assign a loan if: a bankruptcy petition has been filed; there is a judgment pending (unless the judgment has been entered as assigned to the United States); the borrower is deceased; loans assigned between June 21 and June 30 must bear a postdated certification date of the following July 1. **Regardless of the reason for assignment, loans placed with ED are assigned without recompense.
13 Assignment Timeline: 90 days prior to assignment, you must send notification of pending assignment to your borrowers. Campus Partners can provide you with a list of borrowers to receive the notice or can even send this notification for you. Sample Notification Letter. 60 days before generating assignment forms must recall from any outside firms. Remove from collections (first level of collection must be completed). Withdraw from credit bureau.
14 Required Documentation: Institutional Certification Form Submission Package Manifest Perkins Assignment Form (Borrower and Loan Information) Original Promissory Note(s) Judgment Information (if applicable) Bankruptcy Information (if applicable) Due Diligence Documentation (if applicable)
15 Optional Documentation: Disbursement Records Repayment Schedule Complete Repayment History Acceleration Notice Documentation of Recall Approved Cancellation Documentation
16 Institutional Certification Form - Complete one form for each batch of assignment submissions. Attach Manifest to the Institutional Certification page. Complete Section A and photocopy to save time. Must have original signature in Section B, item 11.
17 Institutional Certification Form, cont. Remember, complete only one Institutional Certification for each batch of loans you are assigning and make sure it bears an original signature. Complete one Borrower and Loan Information page for each account/loan you are assigning. Computer-generated facsimile are acceptable, but must be identical in format and content.
18 The Assignment Form-OMB# Expires 8/31/2012 Federal Perkins Loan Program/ NDSL Assignment Form: Institutional Certification Section A Institutional Information 1. Name of Institution 2. Serial Number 3. Street Address of Institution 4. City 5. State 6. Zip Code Section B - Certification I understand that if I knowingly make false statements or misrepresentation on this form in the course of assigning 7. Type Name of Authorized Official 8. Telephone Number 9. Type Title of Authorized Official 10. Alternate Contact 11. Signature of Authorized Official 12. Certification Date
19 Package Manifest (Part C): Each package of assignments must include a manifest. Attach to the Institutional Certification Form and list all loans you are assigning. School name and Serial Number must appear at the top of each page of the manifest. Date of first disbursement must match the first disbursement date on NSLDS.
20 Package Manifest (Part C), cont. Loans must agree with the manner in which they were reported initially reported to NSLDS. If loans included in an account were reported as one loan, list them as one loan on the manifest. If loans were reported as separate loans, list separately on manifest.
21 Package Manifest MANIFEST INSTITUTION NAME: SAMPLE COLLEGE SERIAL NO: 0000 BORROWER S NAME TYPE OF INT TOTAL AMOUNT DATE(S) OF FIRST SOCIAL SECURITY NO. LOAN RATE OUTSTANDING DISBURSEMENT CAMERON, TERRY E 5% /30/70 MASTIN, STEVE P 5% /18/90 NOTES: The Date of First Disbursement must match the date of first disbursement on NSLDS Loan Types: P for Perkins I for National Direct Student Loans E for National Defense Student Loans
22 The Assignment Form-OMB# Only one Institutional Certification page is needed for each batch of assignments. May use computer-generated fax or photocopy of form Accounts that may not be assigned: Total amount outstanding is less than $25.00 (unless the borrower has more than one loan that when combined will total $25.00 or more) Special instructions: Complete Borrower and Loan Information page for each loan Package all loans for that borrower together, and Include a clarifying statement explaining the loan combination.
23 The Assignment Form-OMB# Federal Perkins Loan Program/NDSL Assignment Form: Borrower and Loan Information SECTION A BORROWER INFORMATION 1. Current or Last Known Name (Last, First, MI) 2. Previous Name(s) (Optional) 3. Social Security Number 4. Date of Birth (MM/DD/YYYY) 5. Departure Date (MM/DD/YYYY) 6. Current or Last Known Permanent Address (Number and Street) 7. Telephone Number ( ) 8. City 9. State 10. Zip Code
24 The Assignment Form-OMB# SECTION B COSIGNER INFORMATION (Complete if applicable) 11. Name of Cosigner of Loan (Last, First, MI) 12. Social Security Number of Cosigner (Optional) 13. Current or Last Known Permanent Address of Cosigner (Number and Street) 14. Telephone Number ( ) 15. City 16. State 17. Zip Code
25 The Assignment Form-OMB# SECTION C- LOAN INFORMATION: HISTORICAL 18. Type of Loan (Check appropriate space) Perkins Direct Defense 20. Date of Last Advance (MM/DD/YYYY) 21. Date Last Grace Period Ended (MM/DD/YYY) 19. Applicable Interest Rate on the Loan % 23 Was this loan ACCELERATED? (Check appropriate space.) If YES, provide date of acceleration. If NO, provide date this loan became fully mature (due-in). YES NO Date (MM/DD/YYYY) 22. Date of Default (MM/DD/YYYY) 24. Was this loan LITIGATED? (Check appropriate space.) If YES, provide date and attach judgment. YES NO Date (MM/DD/YYYY) 25. Borrower Repayment status (For use only by schools closing out program) 26. Reason this loan is being assigned or has been determined uncollectable. (Check appropriate space) Hardship Incarceration Unemployment Liquidation Refusal to Pay Address Unknown Total and Permanent Disability Other (Please Explain)
26 The Assignment Form-OMB# SECTION D LOAN INFORMATION: FINANCIAL 27. Principal Amount Loaned (Not Refunds) $ 30.Principal Amount Cancelled $ 28. Principal Amount Adjusted $ 31. Principal Amount Outstanding (27 less 28, 29, & 30) $ 29. Principal Amount Repaid $ 32. Collection Costs Repaid $ 33. Interest Repaid $ 34. Interest Cancelled $ 35. Interest Due $ 36. Collection Costs/Penalty/Late Charges $ 37. Total Amount Outstanding (Sum of Items 31, 35, and 36) $
27 The Assignment Form-OMB# SECTION E CANCELLATION INFORMATION (Optional) Cancellations Granted for this Loan 38. Type of Cancellation 39. Percentage Rate 40. Principal Cancelled 41. Interest Cancelled 42. Cancellation Service Start Date (MM/DD/YYYY) 43. Cancellation Service End Date (MM/DD/YYYY)
28 Original Promissory Note - Must be valid legal documents Perkins / NDSL promissory notes Must contain signatures Loan amounts Dates for each loan period Perkins Master Promissory Notes Borrower signature The principal amount loaned must be supported by institutional disbursement records (disbursement records are not required to be submitted with assignment) Disbursement records must be retained 3 years from date loan is closed
29 What if the Prom Note is not available or defective? A photocopy of the note (front and back) may be submitted with the following statement: Certified True Copy I declare under penalty or perjury that the foregoing is a true and correct copy of the original promissory note. Signature: Title: Date: You may also use copies of signed disbursement checks (front/back) or vouchers, or submit an original affirmative legal judgment with the appropriate transfer statement.
30 Loans should be separated by: Loan types (Perkins or NDSL) New Loans awarded after the borrower entered repayment Loans with more than one interest rate
31 Prom notes signed electronically: Most recent audit must verify the extent to which your school s electronic signature authentication process meets ED s standards: At ED s request, provide an affidavit or certification on creation/maintenance of electronic records Schools must be able to provide testimony if dispute is raised in connection with litigation
32 Judgment Loans (if Applicable) - Original or certified true copies of the judgment must be transferred to the Department with the Assignment Form. The judgment interest rate and expiration date must be provided. You should check with your school s attorney to determine how to transfer the judgment (varies by state). A breakdown of the judgment amounts should be shown on the Perkins Assignment Form. Loans with expired judgment may still be assigned (refer to page 8).
33 Judgment Account Assignment - Transfer of judgment: You may be required to notify the court that rendered the judgment of the assignment (varies by state) If your state does not require that a judgment be assigned in the court, attach the following: All rights, titles, and interest of the undersigned in this judgment are hereby assigned to the United States of America School official authorized to release assets must sign this statement (signature on Institutional Certification page does not suffice)
34 Bankruptcy (if applicable) - Active bankruptcy cases will stop assignment of the loan account. Loan accounts ruled nondischargeable can be assigned. Dismissed bankruptcy petitions can be assigned. Supporting bankruptcy documentation must be included with the assignment submission.
35 Bankruptcy, cont. The Department will not accept accounts for assignment after a school is notified that the borrower has filed a Chapter 13 (Wage Earner Plan) petition. If the borrower fails to comply with the repayment terms, the school must notify the court for further action.
36 Due Diligence Documentation (if applicable) - If your school had a cohort default rate below 20% as of June 30 of the second year preceding the year in which the Assignment submission is made, you are not required to submit documentation of due diligence activity. If your school had a cohort rate of 20% or higher as of June 30 of the second year preceding the year in which the Assignment submission is made, you must submit all required due diligence documentation. (See page 9 for details.)
37 Mailing Instructions: U.S. Department of Education Perkins Loan (NDSL) Assignment Processing Center P.O. Box 4136 Greenville, TX Since you must mail to P.O. Box, you must use U.S. Postal Service Return Receipt Requested
38 Assignment Questions: Questions pertaining to status of assignment or correction of rejected submissions: Call Processing Division, Perkins Loan Assignments (415) Written inquires should be mailed to: Federal Student Aid U.S. Department of Education Operation Services, Processing Division Perkins Loan Assignments 50 Beale Street, Suite 8601 San Francisco, CA
39 Assignment Review Process: Once received, perform a manual count Reasons for rejections: If assignment manifest is not present; automatic rejection If there is a discrepancy on the manifest (i.e. loans not reported on the manifest) If due diligence requirements are not met Data elements fail to meet edit requirements Loans on manifest will continue to be reviewed individually If criteria is met and assignments accepted, will receive Report NCLM710B **must notify Campus Partners of acceptance**
40 Resubmission Procedures: If ED returns the files you may still correct the information and resubmit if you do so within 45 days. Use the same Assignment form, make the necessary changes and initial by each change in BLUE or BLACK ink only. If account is resubmitted more than 45 days after date of return, change the Certification Date and Interest Amount Due!
41 Resubmission Procedures, cont. Resubmission must be clearly written on the envelope. An Assignment Submission package manifest must be included along with the Corrections Worksheet that was returned. You may also use a new Assignment form (don t resubmit old form).
42 Cure Process for Assigning Defaulted Loans: Use if you have loans rejected due to missed due diligence. Specific procedures for the cure process outlined on page 13. Is the equivalent of reworking the loan. Label each assignment form as Cure Process Submission at the top of each form.
43 After the Loan is Accepted: Verify the assignment has been updated on NSLDS Do appropriate write off in your loan system or notify Campus Partners Record Retention: 34 CFR (e) states that records must be retained for 3 years from date of acceptance
44 QUESTIONS?
45 Thank you for joining us! Should you have questions or want additional training, please contact Pattie Mastin at or call
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