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Help Your Students Avoid Potential Scams

May 16, 2018

Students have plenty of options when it comes to paying for college. Unfortunately, the need for financial aid fuels predators looking to scam potential borrowers.

To help students better understand how to identify scams, the U.S. Department of Education (ED) provides an online guide. This web page contains a glossary of student aid terms, details on ways to get FREE help with student loan payments, and answers to a variety of questions, including:

  • What are student loan debt relief companies?
  • How do I identify a student loan scam?
  • What do I do if I’ve already shared my information or paid one of these student loan debt relief companies?
  • Are there legitimate private companies that ED works with?

This guide, which emphasizes that borrowers NEVER have to pay for help with their student loans, is a valuable resource for every potential student borrower.

Check it out and share it with your students.

Latest from FSA – TEACH Grant Exit Counseling to Move to StudentLoans.gov

May 15, 2018

FSA recently announced that – effective June 17, 2018 – the TEACH Grant exit counseling module will move from the National Student Loan Data System (NSLDS) Student Access website to StudentLoans.gov. This move takes place as part of a larger effort to implement additional Common Origination and Disbursement (COD) System functionality for the 2018-19 Award Year.

FSA has created a PDF to provide additional information about this transition. FSA will provide information about other system changes that will occur as part of the June 2018 implementation in future Electronic Announcements.

For more information about this transition, see FSA’s announcement.

Latest from FSA: Performance Results and Allocation Information Available

May 11, 2018

FSA recently announced that customer service performance results for each of the Department of Educations federal loan servicers for the quarters ending Sept. 30, 2017, and Dec. 31, 2017, are now available in the FSA Data Center. Allocations in effect from March 1, 2018 to Aug. 31, 2018 are also available.

The quarterly performance results include the following metrics:

  • Percent of Borrowers in Current Repayment Status
  • Percent of Borrowers 91-270 Days Delinquent
  • Percent of Borrowers 271-360 Days Delinquent
  • Borrower Survey
  • Federal Personnel Survey

For more information along with links to the performance results, see FSA’s announcement.

Latest from FSA: Total and Permanent Disability Match Process with Department of Veterans Affairs Begins

April 19, 2018

FSA recently announced a new process to identify and assist disabled federal student loan borrowers who may be eligible for Total and Permanent Disability (TPD) loan discharge. Through this process, the Department of Education will match borrowers on the National Student Loan Data System (NSLDS) database who owe federal student loans or have Teacher Education assistance for College and Higher Education (TEACH) Grants to the Veterans Affairs database.

Beginning in April 2018 and staggered over several weeks, borrowers who are positively identified in the match will receive letters explaining that they are eligible for loan discharge. These letters will be mailed along with a TPD application. The matching process will be conducted on a quarterly basis, occurring in March, June, September, and December each year.

This process will be similar to a data-matching process instituted in 2016 between the Department of Education and the Social Security Administration (SSA).

For more details on the new data matching process, see FSA’s announcement.

Reminder: Protect PII When Submitting Documents to the Nelnet School Service Center

April 18, 2018

Do you know the best ways to protect personally identifiable information (PII) when submitting documents to the Nelnet School Service Center? We recommend the following guidelines:

  1. When emailing documents containing PII, save them as new files and password-protect or encrypt them. Send the encrypted documents as email attachments and provide the password (if applicable) in a separate email or by phone.
    1. Note: If you use email-encryption software, the encrypting and attaching process will be handled by the software.
  2. Never email PII to a personal email account. Nelnet employees will never ask you to do so.

As a reminder, PII is any information about an individual that can be used to distinguish or trace an individual’s identity. Examples include name, social security number, date of birth, and place of birth. PII must be protected when documents are submitted to servicers. Loss of PII can lead to identity theft and/or other fraudulent use of the information.

If you have any questions on this process, please contact the Nelnet School Service Center at 866.463.5638.

Latest from FSA: New Reports Posted to FSA Data Center

April 10, 2018

FSA recently posted six new reports that highlight the characteristics of Direct Loan borrowers in Repayment loan status to the FSA Data Center. FSA posted these reports along with a series of updates to the quarterly application, disbursement, and portfolio reports to include data through Dec. 31, 2017.

Key findings in these reports cover topics that include:

  • Characteristics of Current and Delinquent Borrowers in Active Repayments
  • Application Volume and Aid Disbursements
  • Outstanding Loan Portfolio Overview
  • Enrollment in Income-Driven Repayment Plans
  • Tracking Toward Public Service Loan Forgiveness
  • New Direct Loan Defaults and Delinquency Rates

To access these reports, log in to the FSA Data Center, the centralized online source for FSA data.

For more information, check out FSA’s announcement about the new reports.

Latest from FSA: Webinar Recording – The FISAP in the COD System

March 26, 2018

FSA recently announced the availability of a recording of their March 2018 Webinar that provided information on the upcoming transition of business processes for the Campus-Based programs to the COD System.

The webinar, which originally took place on March 7, can be viewed here. No registration is required.

For more information on the webinar, please see the original announcement from FSA.