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

Oklahoma Guaranteed Student Loan Program

Common Manual Update - 87

Unified Student Loan Policy

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 Implementation, Training and Communications Division at (405) 234-4440 or 1-800-247-0420.

Chapter 4: School Participation,
Chapter 9: Loan Servicing &
Chapter 10: Deferment and Forbearance

NSLDS Reporting

The Common Manual has been updated to remove specific references to the National Student Clearinghouse and to recognize that other entities may also offer the service of providing student enrollment status changes for schools.

Affected Sections:         4.8        Student Enrollment Status Reporting
4.8.B    Reporting Student Enrollment Status Changes to the Lender or Guarantor
4.8.C    National Student Clearinghouse
9.1        Verifying Enrollment
10.1.B Documentation Required for Authorized Deferment

Effective Date: Enrollment reporting by schools beginning February 1997.

Basis: None.

Chapter 10: Deferment and Forbearance

Resolving Delinquency That Precedes Certain Forbearances

The Common Manual has been revised to state consistently that a lender may grant an administrative forbearance to resolve an outstanding delinquency that precedes any of the following:

· An administrative forbearance granted due to a military mobilization, a local or national emergency, or a natural disaster.

· A mandatory administrative forbearance granted due to exceptional circumstances—a military mobilization, a local or national emergency, or a designated disaster area.

Revised policy cross-references subsections 10.19.K and 10.21.B for information about forbearance eligibility associated with the aforementioned events, and enhances regulatory citations that support the policy language.

Affected Sections: 10.19.F Delinquency before a Deferment or Certain Forbearances

Effective Date: Administrative forbearance granted by the lender on or after July 1, 2003, unless implemented by the lender no earlier than November 1, 2002.

Basis: §682.211(f)(2); §682.211(f)(11); §682.211(i)(2).

Chapter 11: Due Diligence in Collecting Loans

Endorsers of Delinquent Loans

The Common Manual has been revised to remove references to a “delinquent endorser” or an “endorser's delinquency.” Instead, the manual consistently refers to the “endorser of a delinquent loan.”

Affected Sections: 11.4 Due Diligence Requirements
11.7.D Endorser Address Skip Tracing Requirements
11.8.B Endorser Telephone Skip Tracing Requirements

Effective Date: Retroactive to the implementation of the Common Manual.

Basis: §682.411(n).

Appendix G: Glossary

Exceptional Performer Definition

The Common Manual has been revised to include a general definition of "Exceptional Performer" in appendix G. The definition reads as follows:

Exceptional Performer: A designation conferred upon a qualified lender, servicer, or guarantor by the Department of Education for an exceptional level of performance in servicing FFELP loans, if the lender, servicer, or guarantor requests such status and meets all statutory and regulatory requirements. See section 3.9 for more information.

Specific details regarding the eligibility criteria and benefits of such a designation are found in Common Manual section 3.9, "Exceptional Performer Designation."

Affected Sections: appendix G

Effective Date: Retroactive to the implementation of the Common Manual.

Basis: §682.415; DPL FP-04-04