Publication Date: June 27, 2008
Bulletin ID: DLB-08-17
Summary: Operational Guidance for Direct Loan Changes to be Implemented
June 27-28, 2008
Dear Direct Loan Colleague:
Over the past several months, a number of regulatory and legislative
changes to the terms and conditions of Direct Loan Program loans have
required corresponding changes in how schools process Direct Loan data
in the Common Origination and Disbursement (COD) System.
We have covered some of these changes in previously released communications.
This bulletin and its attachment, "Operational Guidance for Direct
Loan Changes to be Implemented June 27-28, 2008", provide additional
and, in some cases, new information about the operational implementation
of the changes affecting the Direct Loan Program.
Note: Outage information about the COD System implementation
was provided in a June
20, 2008 Electronic Announcement posted on the Information for Financial
Aid Professionals (IFAP) Web site.
In the attachment, we cover operational information about:
- Origination Fee Reduction for Direct Subsidized Loans and Direct Unsubsidized
Loans
- Interest Rate Reduction for Undergraduate Direct Subsidized Loans
- Entrance Counseling for Graduate and Professional Student Direct PLUS
Loan Borrowers
- "Late" Late Disbursements
- Loan Periods Greater than 12 Months
- Increased Annual Loan Limits for Direct Unsubsidized Loans
- Revised MPNs for Direct PLUS Loans and Direct Subsidized Loans/Direct
Unsubsidized Loans
- Option Change for the Direct Loan Electronic Master Promissory Note
- Changes to Direct PLUS Loan Terms and Conditions
- Change to "Pnote Search" Screen on the COD Web site
Some changes do not affect processing with the COD System, but may affect
a school’s processes. Please review all sections of the attachment as
well as the previously released communications.
If you have questions about the information contained in this bulletin,
please contact the COD School Relations Center at 800/848-0978 or by e-mail
at CODSupport@acs-inc.com.
Thank you for your ongoing partnership in the Direct Loan Program.
Sincerely,
William Leith
Acting General Manager, Application, Operations and Delivery Services
Attachments/Enclosures:
Operational Guidance for
Direct Loan Changes to be Implemented June 27-28, 2008 in PDF Format,
55KB, 4 pages
Posted 06/30/08 to www.NASFAA.org. Please submit Web Site questions or comments to Web@NASFAA.org
