Download - Perkins 101

Perkins 101

2012 CASFAA Annual Conference

December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

How does that money get back into the Perkins Fund, anyway?

Laurelle Swan, Vice President, West Coast Region, ECSI

December 10, 2012

Making the Loan, In-School Status



• Entrance Interviews• Online or in-person?

• Promissory Notes• Online vs. paper

• Annual Disclosures and Regulation Z

• Red Flag Rules

• Tax Forms• 1098E and 1098T

Exiting School, Entering Grace



• Statuses:• Graduated, Withdrawn, or LTHT• Process – likely the most critical

component of a successful program

• Notification of exit process• Carrots and sticks

• Exits: Online or in-person?

• Mailed exit requirement

Grace Status



• Grace Audit Notices• Required

• Grace ending services• Optional

• Multiple grace periods• 9-month vs. 6-month

Repayment



• Billing: Monthly vs. Quarterly

• Multiple payment options•Online options•International options

• Consolidation and LVCs

Reprieve: Deferments and Cancellations



• Deferments

• Cancellations

• Forbearances•Interest due at end of forbearance

• Death and Disability

Delinquency and Default



• Default Management• Cohort default stats/rates

• Required delinquency notices• 60-day final demand letter• 90-day due diligence calls

• Definition of Default

• Skip-tracing: both address and phone

Pre-Collections, Collection Agencies and Available Tools



• Pre-Collections• Internal vs.

External

• Collection Agencies

• Credit Bureau reporting and E-OSCAR

• DRAP

• Rehabilitation

The Final Frontier



•State Tax Offset programs

•Government Assignment•Pros and Cons

•Perpetual Billing

Success – Paid in Full



• Prom Notes vs. PIF Letters

• Retention of original notes

• Key to success?

Thank you!



Laurelle Swan, Vice PresidentWest Coast Region, ECSI

[email protected]

mailto:[email protected]

Download - Perkins 101

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