Oklahoma Guaranteed Student Loan Program
Common Manual Update - 95
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 &
Chapter 9: School Reporting Responsibilities and the Return of Title IV Funds
Acceptable Source Documents for Social Security Number Changes, Date of Birth and First Name Changes or Corrections
The Common Manual is revised to include guidance for lenders and schools regarding acceptable source documents for making date of birth and first name changes or corrections.
Acceptable Source Documents for Reporting the Correction
of a Date of Birth
· Birth certificate
· Current driver’s license (if it contains a birth date)
· State ID (if it contains a birth date)
· Passport
·
Unexpired
Acceptable Source Documents for Reporting a First Name
Change
· Court order
· Marriage certificate
·
Acceptable Source Documents for Reporting the Correction
of a First Name
· Social Security card
· Current driver’s license
· Birth certificate
· State ID
·
· Court order
· Marriage certificate
· W-2 Form
· Passport
·
Unexpired
·
·
· Alien Registration Card (Form I-551 or I-151)
Affected Sections: 3.5.F Social Security Number Change Reporting
9.1 Reporting Social Security
Number Changes
Effective Date: Date of birth and first name changes or corrections made on or after July 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 6: School Certification
Determining PLUS Loan Eligibility
The Common Manual
has been updated to clarify that a school is not required to perform need
analysis to determine a student’s eligibility for a PLUS loan. Likewise, a school is not required to
determine a student’s eligibility for a Pell grant or a subsidized or
unsubsidized
Affected Sections: 6.15.C PLUS Loan Certification
Effective Date: PLUS loans certified by the school on or after July 1, 2004.
Basis: 2004-05 Federal Student Aid Handbook, Volume 3, Calculating Awards, Packaging and Originating, Chapter 6—Packaging Aid, page 3-91.
School Certification of the Loan
The Common Manual is revised to align information in the loan certification section of the manual with information that is currently included in subsection 7.7.G. Specifically, under “School Certification of the Loan,” language has been added to state that in order for a loan to be eligible for disbursement, the loan must be certified by the school before the end of the loan period or the date on which the student ceases to be enrolled at least half time, whichever is earlier.
Affected Sections: 6.15 School Certification of the Loan
Effective Date: Retroactive to the implementation of the Common Manual.
Basis: None.
Chapter 13: Claim Filing, Discharge, and Forgiveness
Clarifying False Certification Provisions
The Common Manual has been amended to clarify that if a borrower meets all of the criteria specified in the text that pertains to a particular type of false certification loan discharge, he or she will be eligible to have his or her applicable loan(s) discharged. In addition, the revised text is corrected to state that the borrower may qualify for a discharge of the loan, in full or in part, depending on the type of false certification discharge that is appropriate to the borrower’s situation. Previous text indicated that the borrower would qualify for discharge of the “entire loan” which is not accurate in all circumstances.
Affected Sections: 13.8.D False Certification
Effective Date: Retroactive to the implementation of the Common Manual.
Basis: §682.402(e)
Lenders May Send the False Certification Loan Discharge Application
The Common Manual has been corrected to include a statement that, in some cases, the borrower first contacts the lender to assert that his or her loan was falsely certified. In these cases, the lender may initiate the false certification loan discharge process by sending the loan discharge application to the borrower. Previously, Common Manual text indicated only that the guarantor would send the loan discharge application to the borrower or that the guarantor would send the loan discharge application to the lender for the lender to forward to the borrower.
Affected Sections: 13.8.D False Certification
Effective Date: Retroactive to the implementation of the Common Manual.
Basis: §682.402(e)(12)(i)
Refund of Interest Benefits and Special Allowance
The Common Manual has been revised to add the requirement that if a guarantor determines that a loan is eligible for false certification loan discharge because the borrower did not endorse and did not receive the proceeds of a loan disbursement check, the lender, within 30 days of receiving the notification from the guarantor, must adjust the loan record for any interest benefits and special allowance payments that the lender received on the loan or portion of the loan being discharged and report the adjustment on the next scheduled Lender’s Interest and Special Allowance Request and Report (LaRS report).
Affected Sections: 13.8.D False Certification
Effective Date: Retroactive to the implementation of the Common Manual.
Basis: §682.402(e)(8)(ii)(B)(4)