The Common Manual Governing Board recently approved changes that modify policies in the Common Manual.

The items outlined in this publication provide you with interim updates regarding the policy changes that will be incorporated in the Common Manual when the next annual update is published.

 

If you have questions regarding information contained in this bulletin, please contact the OGSLP Policy, Compliance and Training Division at (405) 234-4432 or 1-800-247-0420.

 

Chapter 6:  School Certification

Effects of Consolidation Loan on New Stafford Loan Eligibility

The Common Manual has been revised to reflect a change in the treatment of the unallocated amount of a Consolidation loan by the National Student Loan Data System (NSLDS).  The unallocated amount of a Consolidation loan is no longer included in the aggregate subsidized, unsubsidized, and outstanding principal balances on NSLDS.  In addition, the financial aid administrator is no longer required to investigate whether an unallocated amount might impact a student's eligibility for additional Stafford loans, unless the school has information that conflicts with NSLDS data.  If the school has conflicting information at the point at which it is certifying the loan, the school must resolve the conflict and must include the result of that resolution in the school’s calculations regarding the student’s eligible loan amount.  The school is not required, at the point of loan delivery, to double-check NSLDS to determine if the financial aid history has changed.  If, however, the school obtains conflicting information that may affect the student’s eligibility in the interim between the loan certification and the delivery of funds, the school is required to resolve the conflicting information and adjust the loan amount, if necessary.

Affected Sections:                  6.11.G Effects of Consolidation Loan on New Stafford Loan Eligibility

Effective Date:                        January, 2006.  

Basis:                                      DCL GEN-96-13, Q&A #13 and #14; NSLDS Newsletter Number 11, February 2006.

 

Chapter 13:  Claim Filing, Discharge, and Forgiveness

Unpaid Refund

The Common Manual has been revised to reflect that a borrower is no longer required to submit a separate sworn statement of declarations along with the Loan Discharge Application: Unpaid Refund form because the application includes that sworn statement of declarations.

Affected Section:                    13.8.F Unpaid Refund

Effective Date:                        Retroactive to the approval of the common Loan Discharge Application: Unpaid Refund.

Basis:                                      Loan Discharge Application: Unpaid Refund.