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

Oklahoma Guaranteed Student Loan Program

Common Manual Update - 89

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

Withdrawal Determinations at Schools Required to Record Attendance

The Common Manual has been updated to reflect revised guidance provided by the Department in DCL GEN-04-12. Previously, a school that was required to record attendance was required to make a determination of whether a student withdrew no later than one week after the student’s last date of academic attendance as determined from the school’s attendance records. Revised guidance changes the date of determination of the student’s withdrawal from one week to 14 days after the student’s last date of academic attendance as determined from the school’s attendance records.

Affected Sections: 4.6 Withdrawal Dates

Effective Date: Withdrawal determinations made by the school on or after November 17, 2004.

Basis: DCL GEN-04-12.

Inadvertent Overpayments

The Common Manual has been updated to include a new subheading and information pertaining to inadvertent overpayments. An inadvertent overpayment exists when a school delivers loan funds to a student who is no longer in attendance. When the school completes a return of Title IV funds calculation, an inadvertent overpayment must be included as “aid that could have been disbursed.” The student must qualify for a late disbursement to be eligible to retain funds that were delivered as an inadvertent overpayment. If the student is ineligible for all or a portion of the inadvertent overpayment, the school must return the ineligible amount to the lender within 30 days of the date of the school’s determination that the student withdrew.

Affected Sections: 4.7.A Return Amounts for Title IV Grant and Loan Programs

Effective Date: Any student who withdraws on or after February 13, 2004.

Basis: DCL GEN-04-03; 2004-05 Federal Student Aid Handbook, Volume 5, Chapter 2, page 5-47.

Student Enrollment Status Reporting Requirements for Foreign Schools

The Common Manual has been updated to reorganize information in section 4.8 and to include student enrollment status reporting requirements for foreign schools. In most cases, foreign schools receive a request for enrollment information from the guarantor. The school must review the report, update the student enrollment information, and return the report to the guarantor within 30 days of the date it receives the guarantor’s request. If the foreign school has the capability of reporting electronically, the school will receive Enrollment Reporting information from the NSLDS electronically or on tape. In this case, the school must update the enrollment information and return the updated file to the NSLDS within 30 days of the date it receives the guarantor’s request. Foreign schools that do not respond to Enrollment Reporting requests within 30 days are not in compliance with Enrollment Reporting requirements.

Affected Sections: 4.8 Student Enrollment Status Reporting

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

Basis: Student Financial Aid Handbook for Foreign Schools.

Chapter 5: Borrower Eligibility

Multiple School Enrollment

Section 5.14 has been renamed "Multiple School Enrollment" and the current section 5.14 has been re-designated as section 5.15. A student who is enrolled simultaneously on at least a half-time basis in more than one school may be eligible to receive a Stafford loan—and the parent may be eligible to receive a PLUS loan—at both schools for the same payment period or period of enrollment. If one school has already certified a loan for the student, the other school is required to take the following actions:

· Eliminate the student's living costs from the cost of attendance (COA) because those costs were included in the COA at the first school.

· Ensure that the student does not receive loan funds in excess of annual loan limits at that school and that the total amount of the loans received by the student for enrollment at both schools does not exceed the student's highest applicable annual loan limit.

If neither school is aware of the student's simultaneous enrollment in two different schools until after both schools have certified Stafford loans and the