Legislative Updates, December 2011
Federally-Owned Loan Transfer Initiatives for December 2011
On Dec. 7, the Department of Education (ED) announced it will continue its transfer initiatives to enhance the efficiency of borrower services by its loan servicers. During December, ED will implement the following initiatives:
- Direct Loans and FFEL-Purchased Loans with Multiple Servicers – For borrowers who have loans serviced by multiple federal servicers, ED will transfer each borrower’s loans to the servicer (PHEAA, Great Lakes, Nelnet or Sallie Mae) that currently services the most loans or highest total dollar amount for that borrower.
- Rehabilitated/Reinstated Loans with Student Loan Servicing Center (ACS) – ED will continue the transfer of rehabilitated (defaulted loans that went through the rehabilitation process) and reinstated (loans discharged due to total and permanent disability, then restored because the borrower no longer meets the requirements) loans from ACS to Great Lakes for borrowers whose loans were not transferred during the April and September time periods. Transfers are scheduled for Dec. 16.
For more information about these transfer initiatives and a brief Q&A provided by ED, see ED's e-nnouncement.
Public Comment on NSLDS Enrollment and Gainful Employment Reporting Data Standards
On Dec. 2, ED announced a Public Comment Period for NSLDS Enrollment and Gainful Employment Reporting Data Standards. ED is working to provide XML as an NSLDS reporting option for exchanging enrollment and gainful employment data with ED. ED is working with the Postsecondary Electronic Standards Council (PESC) to develop these standards. You may review the information on the PESC website.
All comments should follow the format outlined on the PESC website and be sent to PESC's President and CEO, Michael Sessa, at Michael.Sessa@PESC.org.
If you have questions about using NSLDS to report enrollment or gainful employment information, contact the NSLDS Customer Support Center at 800.999.8219 or email@example.com.
If you have a policy or compliance question regarding these updates or another Title IV issue, please contact our Policy, Compliance and Training Department at 405.234.4432 or firstname.lastname@example.org. We're here to help!