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Sign up for our next Web Conference!
Get the Most from System 3i
Thursday, August 9--2:00 to 3:30 PM
E-mail Debra Pitts at dpitts@campuspartners.com to register. |
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Campus
Partners
Update Newsletter
August 1, 2007 |
Download a printer-friendly Update here
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| We will be closed Monday, September 3 for Labor Day. Our on-line systems will be available during normally scheduled hours. |
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New Cancellation Codes and Changes to Accounting Report
Campus Partners has released two new cancellation codes that may be used on System III:
· I4 – Early Intervention
· S0 – Survivors of 9/11/01
Based on recent guidance from the Department of Education (ED), a borrower’s cancellation percentage rate must start over if the borrower provides early intervention services and then begins providing or supervising the provision of services to high-risk children from low-income families (Child/Family Services).
For example, a borrower has received the following cancellations while working in the early intervention field:
Early Intervention – 15% Year One
Early Intervention – 15% Year Two
The borrower now has a position that qualifies as Child/Family Service. Instead of receiving a cancellation at 20% for the next year of service, the borrower’s cancellation will be considered as a separate cancellation category. Therefore, his or her cancellation percentage must start over at the 15% cancellation rate.
We are in the process of updating the NDSL/INST Accounting Report to reflect these changes. The changes will appear on reports as of 7/31/07, which you can access via eXpressReports. Below is a summary of the changes with the new information printed in bold.
Section 2 – Accounting Entries
| 7. |
Loan Principal Cancelled – 7/1/72 and after |
| 7.16 |
Child/Family Service – High Risk Children 15% (R4 cancellation code) |
| 7.17 |
Child/Family Service – High Risk Children 20% (R4 cancellation code) |
| 7.18 |
Child/Family Service – High Risk Children 30% (R4 cancellation code) |
| 7.19 |
Early Intervention – 15% (I4 cancellation code) |
| 7.20 |
Early Intervention – 20% (I4 cancellation code) |
| 7.21 |
Early Intervention – 30% (I4 cancellation code) |
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| 16. |
Interest Earned on Loans |
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E.8. Child/Family Service – High Risk Children |
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E.9. Early Intervention |
Important FISAP Information
Because the two cancellations have always been combined on the FISAP, no changes are needed for this year’s NDSL (Perkins) Fiscal Operations Analysis provided by Campus Partners. |
As a convenience to full-service customers, we are reviewing all cancellations that were previously processed as R4 cancellations. Our Transaction Processing area is analyzing each form processed to determine if a change needs to be made (e.g., an R4 reprocessed as an I4-Early Intervention). If changes are needed, your Customer Service Representative will reprocess the form(s) for you. If the borrower received a Child/Family Services cancellation and switched to Early Intervention, we also will reprocess those under the same guidelines. Any borrower whose cancellation percentage changes will be notified of this adjustment.
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New Survivor Cancellation and Changes to the 2007 FISAP and
Accounting Report
We are in the process of updating our NDSL/INST Accounting Report for the new survivor cancellation, which will be processed on System III with an S0 cancellation code. These changes are indicated in bold print below:
Section 2 – Accounting Entries
| 10.6 |
Principal Cancelled – Survivors of 9/11/01
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| 16. |
G. |
Interest Cancelled - Other |
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Interest Cancelled - Survivors of 9/11/01 |
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H. |
Interest Written Off |
The final FISAP has been published by ED in Dear Colleague Letter CB-07-12 (http://www.ifap.ed.gov/dpcletters/CB0712.html). The primary changes to this year’s FISAP were summarized in DCL CB-07-06, and in the June 2007 Update newsletter.
One of the most significant changes to the information that Campus Partners provides to customers is in Part III, Section A. ED has added two new data fields to allow for the new survivor cancellation:
- Field 17 – Loan Principal Cancelled for 9/11/01 Survivors. This field is located under the Credit Balances column and displays loan principal cancelled for loans discharged for surviving spouses of public service victims of the September 11, 2001 terrorist attacks.
- Field 38 – Cost of Loan Principal Cancelled for 9/11/01 Survivors. This field is to be reported under the Debit Balances column and represents the cost of loan principal and interest cancelled for loans discharged for surviving spouses of public service victims of the September 11, 2001 terrorist attacks.
IMPORTANT FISAP INFORMATION:
Due to the addition of these two new fields, the account numbers have changed on this year’s FISAP. Since this release was not made as of June 30, 2007, your NDSL (Perkins) Fiscal Operations Analysis on eXpressReports will not reflect the new account numbering. If you receive a monthly Fiscal Operations Analysis, your July 31, 2007 report will reflect the new account numbers.
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Campus-Based Reallocation Form & Process
As announced in Dear Colleague Letter CB-07-13, the Campus-Based Reallocation Form (ED Form E40-4P) for 2006-07 has been approved by the Office of Management and Budget. This form will be available for electronic completion and submission through the eCampus-Based Web site (http://cbfisap.ed.gov) in late July 2007. The Campus-Based Reallocation Form is used in the FSEOG, FWS, and Perkins Loan programs (the campus-based programs) to release unexpended portions of a school’s 2006-07 allocations or to request supplemental 2007-08 FWS funds for community service jobs. To review the Q&A included in this DCL, go to http://www.ifap.ed.gov/dpcletters/CB0713.html.
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Volume 4 of the 2007-2008 FSA Handbook Now Available
Volume 4 of the FSA Handbook, “Processing Aid and Managing Federal Student Aid Funds,” is now available on ED’s IFAP Web site. Released volumes of the Handbook for 2007-2008 are available at www.ifap.ed.gov and may be accessed by selecting FSA Handbook, under the Publications heading.
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House Passes College Cost Reduction Act
The House passed the College Cost Reduction Act of 2007 (H.R. 2669) by a 273 to 149 vote, with 47 Republicans joining Democrats in support of the bill. During debate on the House floor, Democrats, led by House Education and Labor Committee Chairman George Miller (D-CA), praised the bill describing it as the largest federal effort to help students and families pay for college since the GI Bill, without cost to U.S. taxpayers. Republicans criticized the bill for spending too much on loan benefits, which help borrowers who have graduated, while not spending enough on increasing Pell Grants, which help students trying to attend college. Republicans also complained that the bill would become a burden on the federal budget because it creates nine new entitlement programs. They also argued that the cuts to lender subsidies are too extensive.
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Regulatory Wisdom from Sharon Cameron
Question: If a Perkins loan was previously cancelled due to bankruptcy discharge, is the borrower eligible to receive additional Perkins funds?
Answer: According to the 2006-2007 FSA Handbook: “As a result of the Bankruptcy Reform Act of 1994, a student or parent may not be denied FSA loans solely on the basis of a bankruptcy filing or discharge. They also may not be required to repay a previously discharged loan in order to reestablish eligibility for new loans. However, FAA’s have somewhat more latitude in making awards under the Perkins program than under the DL (Direct Loan) and FFEL because they may consider a student’s willingness to repay. If a student has filed for or received a discharge in bankruptcy, has had an FSA loan determined dischargeable by a court of law, or has had an FSA loan discharged in bankruptcy, the bankruptcy may be considered when determining a student’s willingness to repay provided it is not the sole basis for the determination and for a denial of a Perkins loan. Schools may also, of course, consider the student’s post-bankruptcy credit history in determining willingness to repay.” |
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Third-Party Compliance Audit Report Available Soon
Our third-party compliance audit, conducted by Porter Keadle Moore, LLP,
for the fiscal year ending June 30, 2007is in the process of being finalized. If you have ordered an audit report, we will mail it to you in mid August. To request this material in paper format or on CD-ROM, please see the attached form. This form is also available by clicking here. Please contact your Customer Service Representative with any additional questions.
Attachment: Audit Request Form
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Product Development News
| Available Now! |
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| •System 3i Enhancements |
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Access was provided to allow customers to view and print iPROMise
documents and to create iPROMise status reports on demand. |
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A new function was added to 3i to support the manual entry of individual student financial aid awards to be loaded into the iPROMise database. |
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| Coming Soon! |
| •System III Enhancements |
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Metro 2 credit bureau reporting (3rd Quarter); Final testing is underway. Test files have submitted to all four bureaus. Campus Partners is awaiting final approval from each bureau. |
•System 3i Enhancements |
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The ability to print exit materials from System 3i, on demand. This will provide and easy way for the customer to login and print the necessary exit documents and conduct an individual exit interview session for a student that may be leaving school mid-semester. |
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Additional transactions of System 3i |
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Customer Insight
Joel Cofer (Customer Service Representative) is very nice to work with. Anytime I have a question, he always takes the time to work with me. That goes for all the people I talk to at Campus Partners.
Sheryl Nocilla
Montana State University
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iPROMise - Complete Customer Access
Thanks to recent enhancements, customers can now access iPROMise via System 3i, allowing them to track borrower completion of all steps of the entrance counseling and interview, Master Promissory Note, and Total Loan Indebtedness process. Customers can view, download, and print completed iPROMise documents for each of their borrowers, and create reports to further monitor their borrowers’ status. Search criteria for each report can be saved for future use, and reports can be downloaded into PDF, comma separated, rich text, and Excel format. In addition, customers can enter new award amounts into iPROMise via 3i and specify separation dates, award years, student notification methods, grace period, and other critical information.
In an expanded version, this month’s “How to” guide provides an in depth look at newly released iPROMise functionality and step-by-step instructions for searching for borrower records, creating reports, and entering award data. The "How to" is available in our Reading Room. Please contact your Customer Service Representative if you need the address.
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Long-Term Customer Anniversaries
We are celebrating partnerships with several long-term customers this quarter. Special recognition goes to Converse College, Emory and Henry College, Queens University of Charlotte, and Virginia Military Institute, customers of 40 years, and to Newberry College, Shoreline Community College, Wake Forest University Health Sciences, and West Tennessee Business College all of which have been customers for 35 years. We also want to thank Austin Community College and Denmark Technical College for allowing us to service their loans for the past 30 years.
Names of all customers attaining 5,10, 15, 20, 25, 30, 35 and 40-year anniversaries with us during this quarter are attached. Customers reaching anniversaries with us during the fourth quarter of 2007 will be listed in the November Update.
Attachment:Long-Term Customer Anniversaries
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Customer Closeup
Pete Lisi, Student Loan Manager at the University of Medicine and Dentistry of New Jersey (UMDNJ), is profiled in this quarter’s "Customer Closeup." Pete manages the loan operations for the Perkins, Health Profession, and Private loans for over 5,000 borrowers statewide. UMDNJ, the largest private medical school in the country, has over 15,000 faculty and staff members and partnerships within the state that affect nearly every person in New Jersey on a daily basis. The University offers over 60 undergraduate and graduate degrees/certificates in 43 fields of study. To read more about this most impressive institution, visit their Web site at www.umdnj.edu.
Please join us in celebrating with Pete and UMDNJ their 25 years of partnership with Campus Partners this month.
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Classroom 101
The second session of Classroom 101 (formerly Student Loans 101) will be held in our Winston-Salem office on November 8-9, 2007. The curriculum includes:
- Reports and Accounting 101
- Loans and Advances 101
- Managing Delinquency 101
- Deferment and Forbearance 101
- System III 101
- System 3i and More
Please register soon as this workshop fills up early. To register, fax a completed registration form to Debra Pitts at 336-607-2025.
Attachment: Classroom 101 Flyer and Registration Form
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Study Hall is in Session!
Our Web Conferences are more popular than ever with more and more customers participating in these interactive training events. This month, Get the Most from System 3i will be offered on August 9.
To register for these events, please contact Debra Pitts at dpitts@campuspartners.com. Please contact Sindy Martin at 800-458-4492, ext. 2094 or via e-mail at smartin@campuspartners.com for more details.
Study Hall Schedule for 2007
| Topic |
Date |
| Get the Most from System 3i |
Thursday, August 9
2:00 to 3:30 Eastern |
| 10 Things You Need to Know about Perkins Loans |
Thursday, September 13
2:00 to 3:30 Eastern |
| How to Submit New Loans and Advances |
Thursday, October 11
2:00 to 3:30 Eastern |
| Open |
Thursday, November 8
2:00 to 3:30 Eastern |
| Tips for Managing Delinquencies |
Thursday, December 13
2:00 to 3:30 Eastern |
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Conference Schedule-See you there!
Representatives from Campus Partners will attend the following conferences:
COHEAO will hold its Mid-Year Conference in Boston, MA on July 28-31. More information is available at www.coheao.org.
Williams & Fudge will present its 2007 Student Loans and Receivables Collection Conference on September 30-October 3 at the Hilton Kingston Plantation in Myrtle Beach, SC. For more information, visit http://www.wfcorp.com.
The Great Plains Collectors Network will hold its meeting in October in Omaha/Lincoln, NE. More details will be published at a later date.
PDG will hold its Receivables Collection Conference (East) in New Orleans on September 30 to October 3. More information is available at www.prodev.com.
KASRO will present its Fall Conference in October at the University of Kentucky in Lexington, KY. More information is available at www.kasro.net.
The Minnesota Collection Network will hold its annual meeting on October 21-24 in Minneapolis, MN. For more information, visit www.mncollectionnetwork.com.
PDG will hold its Receivables Collection Conference (West) in Long Beach, CA on November 11-14. Visit www.prodev.com for more information.
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Cutoff Dates
Cutoff
dates for July, August, September, and October are presented below:
Transaction |
July2007 |
August2007 |
September2007 |
October2007 |
| Last day to receive collection payments |
07/24 |
08/28 |
09/25 |
10/26 |
| Last day to receive regular payments |
07/25 |
08/29 |
09/26 |
10/29 |
| Last day for online payments |
07/27 |
08/31 |
09/28 |
11/02 |
| Date final post begins |
07/27 |
08/31 |
09/28 |
11/02 |
| Report date used for final post |
07/31 |
08/31 |
09/30 |
10/31 |
| Last day deposits created for deposit to bank account |
07/27 |
08/31 |
09/28 |
10/31 |
2007 Cutoff Dates
| Month |
Last day to receive collection payments |
Last day to receive regular payments |
Last day for on-line payments |
Date final post begins |
Report date used for final post |
Last day deposits created for deposit to bank account |
| December |
12/26/2006 |
12/27/2006 |
12/29/2006 |
12/29/2006 |
12/31/2006 |
12/29/2006 |
| January |
01/26/2007 |
01/29/2007 |
02/02/2007 |
02/02/2007 |
01/31/2007 |
01/31/2007 |
| February |
02/23/2007 |
02/26/2007 |
03/02/2007 |
03/02/2007 |
02/28/2007 |
02/28/2007 |
| March |
03/27/2007 |
03/28/2007 |
03/30/2007 |
03/30/2007 |
03/31/2007 |
03/30/2007 |
| April |
04/24/2007 |
04/25/2007 |
04/27/2007 |
04/27/2007 |
04/30/2007 |
04/27/2007 |
| May |
05/25/2007 |
05/29/2007 |
06/01/2007 |
06/01/2007 |
05/31/2007 |
05/31/2007 |
| June |
06/26/2007 |
06/27/2007 |
06/29/2007 |
06/29/2007 |
06/30/2007 |
06/29/2007 |
| July |
07/24/2007 |
07/25/2007 |
07/27/2007 |
07/27/2007 |
07/31/2007 |
07/27/2007 |
| August |
08/28/2007 |
08/29/2007 |
08/31/2007 |
08/31/2007 |
08/31/2007 |
08/31/2007 |
| September |
09/25/2007 |
09/26/2007 |
09/28/2007 |
09/28/2007 |
09/30/2007 |
09/28/2007 |
| October |
10/26/2007 |
10/29/2007 |
11/02/2007 |
11/02/2007 |
10/31/2007 |
10/31/2007 |
| November |
11/27/2007 |
11/28/2007 |
11/30/2007 |
11/30/2007 |
11/30/2007 |
11/30/2007 |
| December |
12/21/2007 |
12/26/2007 |
12/28/2007 |
12/28/2007 |
12/31/2007 |
12/28/2007 |
| January |
01/28/2008 |
01/29/2008 |
02/01/2008 |
02/01/2008 |
01/31/2008 |
01/31/2008 |
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