New NCHELP Trading Partner Notification of ECASLA 'Put' File
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The National Council of Higher Education Loan Program (NCHELP) has developed a notification document for loans 'Put' to the Department of Education.
The NCHELP Trading Partner Notification of ECASLA 'Put' File describes the file layout for loan data. This file description explains the layout and formatting that can be used by lenders, or servicers on the behalf of the lender, to notify trading partners of loans that are scheduled to be 'Put' to the Department of Education under the Loan Purchase Commitment Program as authorized in the ECASLA.
Lenders that 'Put' loans to the Department can notify schools and guarantors of their intention to 'Put' with this notification file. TG can also notify its school partners when it learns of a lender's 'Putting' loans for their specific school.
Please note that this file format was developed as an optional notification for lenders to use in notifying trading partners of their intent to 'Put' loans to the Department of Education. This is not a requirement of the Program itself. Instead, this is intended to help address concerns associated with loan originations that could be affected by the transaction. As a notification, there is not an associated return file or process prescribed to support this optional exchange.
TG encourages lenders to work closely with their trading partners in order to determine the benefits of implementing this standardized file layout and to align expectations and details regarding this exchange.
How lenders can use the Pre-Put file
The notification file describes the file layout for loan data. It can be used by lenders or servicers to notify affected entities of loans that are scheduled to be Put to ED under the Loan Purchase Commitment Program. A lender may transmit its Pre-Put files to the same address as its CommonLine or CAM files: SMTP/POP3 = tgcommonline@tgslc.org; or to its assigned unique FTP directory, if that protocol is in place. The files should be encrypted with TG's PGP key. For information on testing or transmission of ECASLA Pre-Put Notification files, please contact TG at good.data@tgslc.org.
To print the file layout
If you want to print or download the file layout describing the notification file, click the PDF to the right.
How schools can receive and use the Pre-Put file
TG is now receiving Pre-Put files from lenders. Upon request by a school, TG will forward the information regarding the school's borrowers when the file is received. The school can then use the information to identify FFELP loans that may be Put to ED, to be aware of the transaction when initiating cancellations or returns of funds, and in default prevention efforts if necessary.
Once a school has requested this information, TG will continue to provide it as any new Pre-Put files that include the school's borrowers are received.
Keep in mind that — until TG receives and processes information from the ED servicer confirming that a FFELP loan has been successfully Put, ending the guarantor's direct involvement in subsequent loan adjustment activities — TG's processes will remain active and our EFT process can be used to facilitate returns, cancellations, and other types of adjustments. After confirming the Put, TG's system is updated to reflect that the loan is in an "AE — Transferred Out" status that prevents further transaction processing as the guarantor of the loan. After that time, the school will work directly with the lender that held the loan to communicate post-sale transactions to ED's servicer.
Please contact TG’s Product Support at product.support@tgslc.org, or call (800) 332-1455 if you wish to be informed when TG is notified about Pre-Put loans.