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Federal Updates
Total and Permanent Disability Discharge: Informing the Borrower before July 1
Regulations pertaining to total and permanent disability (TPD) discharge are in the midst of a transition that will culminate this summer when the conditional provisions take effect and cause significant changes to the discharge process. The changes will have important implications for borrowers.
Closed School Corner
The Department of Education announces eight new closures and one correction.
TG Policies
TG Announces New Consolidation Loan Policy
In an effort to offer greater flexibility and choice to student borrowers and families, TG is pleased to announce a policy revision regarding education loan consolidation.
TG Announces G-date for Claim Filing
TG has selected September 30, 2002, as its G-date, or the date on which it will begin trading Common Claim Initiative (CCI) records for claim filing via Common Account Maintenance (CAM).
TG Announces Revised Policy on Indemnification Agreements
Effective immediately (as allowed in subsection 8.3.B of the Common Manual), TG Claims will accept a signed, notarized indemnification agreement for the purpose of claim filing on a loan for which the original promissory note is required but is lost, missing, or damaged.
Common Supplemental Claim Form Improves Efficiencies
Effective July 1, 2002, TG Claims will require use of the common Supplemental Claim Form for requests to increase a claim payment amount. As of that date, TG will no longer accept its proprietary Application for Supplemental Claim Payment form.
TG Updates
TG Launches Pre-delinquency Call Center, Advances VFA
Success in preventing default has helped spark a variety of creative ideas to help borrowers successfully manage student loan repayment. The result of one such idea is TG's Pre-delinquency Call Center, which extends TG's repayment counseling to full life-of-the-loan support. The Center, intended to strengthen the results of TG's Voluntary Flexible Agreement (VFA), began operations on June 10, 2002.
2002 Common Manual—Upcoming Release
The 2002 edition of the Common Manual will soon be available to customers, including updates to the various electronic formats introduced last year—the online Integrated Common Manual (ICM) and the updated desktop reference library, the e-Collection on CD-ROM.
Trends and Issues
Tuition Plans Offer Options for College Savings
Qualified Tuition Programs are commonly referred to as "529 plans," after the section of the IRS code that provides the plan's special tax breaks. A "529 plan" helps families and individuals prepare for the future costs of a college education.
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