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Federal Updates
ED issues Perkins MPN implementation guidance
ED recently released the paper and electronic versions of the Perkins loan Master Promissory Note (Perkins MPN) for schools to use in the upcoming 2003-2004 academic year. ED has also just released Dear Colleague Letter (DCL) CB-03-14 outlining its guidance for the implementation of the note.
Trends and Issues
Edufacts™ — July 2003
Ten years ago, student loans accounted for 47 percent of financial aid issued to postsecondary students nationwide, and grants accounted for 51 percent. Now, those proportions have been effectively reversed. In 2001-2002, loans accounted for 57 percent of financial aid while grants accounted for 42 percent.
Stafford loan eligibility Q&A
Have you ever been in the process of figuring a student's Stafford loan eligibility only to find yourself tangled up in some of the tricky rules on the subject? TG has developed the following Q&As to provide illustrations of some of the more complicated applications of these rules. Use these examples the next time you're faced with a similar situation — or, if you have a question that is not addressed below, contact TG customer assistance at cust.assist@tgslc.org.
Common Record: CommonLine is on the horizon
The Common Record is a new standard within the student financial aid community that allows schools to transmit data and receive funds for several different types of aid through one electronic system. Common Record achieves this task by standardizing the data elements, definitions, edits, and structure of all of the incorporated aid programs. Currently, Common Record accommodates the Pell grant, Direct loan, and campus-based aid programs and is a "flexible record" that will soon be used for FFELP and alternative loan funds as well.
Common Manual
Common Manual leadership changes announced
The Common Manual Governing Board is pleased to announce several changes to its leadership for the 2003-2004 fiscal year, which began August 1, 2003. The board oversees the annual update and production of the Common Manual and e-Collection CD-ROM.
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