08/04/2005
Claim Form Revised
The Claim Form that has been in use since July 2002 has been modified as the result of regulatory changes and industry suggestions to improve the efficiency of its use and the process it supports. The revised Claim Form, published in July 2005, has an implementation date of claims filed on or after January 1, 2006. However, lenders/servicers can implement the revised form prior to this date.
Click here to view new Claim Form.
Some of the changes you will find with the modified form:
Renumbering of field 20, $ Curr Prin Bal, as 20a.
Addition of new field 20b, $ Unpd Fees/Int, due to regulatory changes related to the Taxpayer Relief Act (TRA).
Removed all references to claim type "BO" due to change in bankruptcy regulations since the original development of the claim type code. A claim can no longer be filed for a Chapter 7/11 unless there is a motion for discharge due to undue hardship.
Field 2, DCO, field description for DE claim type- November 1, 2002 final regulations allows for the discharge of a Consolidation loan, either full or partial, due to the death of a PLUS student.
Field 37b, $ DI Refund, this field is no longer optional and must be populated for all DI claims. The word "optional" was removed.
Field 42, #Reconv Months, regulations published November 1, 2002 adjust the number of days to place Stafford loan into repayment from 45 days to 60 days. Common Manual proposal 641 aligned SLS PLUS loan reconversion with Stafford loans. The field description was modified -For Stafford and SLS loans, multiply the number of events listed in field 41 times 3.0 months (90 days), use 2.0 months (60 days) for PLUS and Consolidation loans.
