Oklahoma Guaranteed Student Loan Program
Common Manual Update - 92
Unified Student
Loan Policy
(Click here to download PDF version.)
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 3: Lender Participation
Acceptable Source Documents for Social Security
Number Changes
The Common Manual
is revised to remove “Income tax return” and “Official military orders,
documents, or papers” from the list of acceptable source documents that may be
used by a lender or school to report Social Security number (SSN) changes. The policy adds “Unexpired
Affected Sections: 3.5.F
Social Security Number Change Reporting
9.1 Reporting
Social Security Number Changes
Effective
Date: Social
Security number changes made by the lender or school on or after January 1,
2006, unless implemented earlier by the guarantor
Basis: Acceptable
Forms of Documentation (12/17/04); NSLDS Quick Access; Financial Partners
Portal Website (www.fp.ed.gov)
Chapter 4: School Participation
Withdrawal Rates
The Common Manual
has been updated to eliminate subsection 4.2.C and to move the information
about student withdrawal rate requirements for schools seeking initial
participation in a Title IV program to subsection 4.1.A “Establishing
Eligibility.” A school seeking to
participate for the first time in a title IV program must not have a withdrawal
rate during its latest completed award year that exceeds 33% of its regular,
undergraduate students. In addition,
instructions have been added explaining the calculation of the withdrawal rate.
Affected Sections: 4.1.A
Establishing Eligibility
4.2.C Withdrawal
Rates
Effective Date: Retroactive
to the implementation of the Common Manual.
Basis: §668.16(l)
Chapter 5: School Certification
Eligible Parent Borrower
The Common Manual
is updated to remove language limiting the number of eligible parent borrowers
who may borrower for a dependent student to two. All of a dependent student’s eligible parent
borrowers may borrower separately to provide for the educational expenses of
the dependent student provided that the combined borrowing of the parent
borrowers does not exceed the calculated cost of attendance (COA) minus
estimated financial assistance (EFA).
Affected Sections: 5.1.C
Parent Borrower Eligibility Requirements
Effective Date: Retroactive to the
implementation of the Common Manual
Basis: §682.201(b)(3);
December 1, 1995, Federal Register, Volume 60, No. 231, pages 61807 - 61808