perkins 101
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Perkins 101. How does that money get back into the Perkins Fund, anyway? Laurelle Swan, Vice President, West Coast Region, ECSI December 10, 2012. 2012 CASFAA Annual Conference. December 8 – 11, 2012 Anaheim, CACASFAA Annual Conference. Entrance Interviews Online or in-person? - PowerPoint PPT PresentationTRANSCRIPT
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
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• 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
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• Statuses:• Graduated, Withdrawn, or LTHT• Process – likely the most critical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
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• Grace Audit Notices• Required
• Grace ending services• Optional
• Multiple grace periods• 9-month vs. 6-month
Repayment
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• Billing: Monthly vs. Quarterly
• Multiple payment options•Online options•International options
• Consolidation and LVCs
Reprieve: Deferments and Cancellations
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• Deferments
• Cancellations
• Forbearances•Interest due at end of forbearance
• Death and Disability
Delinquency and Default
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• 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
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• Pre-Collections• Internal vs.
External
• Collection Agencies
• Credit Bureau reporting and E-OSCAR
• DRAP
• Rehabilitation
The Final Frontier
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
•State Tax Offset programs
•Government Assignment•Pros and Cons
•Perpetual Billing
Success – Paid in Full
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
• Prom Notes vs. PIF Letters
• Retention of original notes
• Key to success?
Thank you!
2012 CASFAA Annual Conference
December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference
Laurelle Swan, Vice PresidentWest Coast Region, ECSI