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TG Updates
TG names new president/CEO
TG's Board of Directors has named Sue McMillin to the position of chief executive officer and president for the corporation. McMillin, who most recently served as TG's senior vice president for customer relations and business operations, will succeed Milt Wright, who has been TG's president and CEO since 1993 and will retire on September 30, 2004.
TG offers addenda for disclosing new interest rates
As announced in Shoptalk Online 256, interest rates on Stafford and PLUS loans will drop to new lows on July 1, 2004. To help lenders and servicers disclose the new rates to borrowers, TG is again offering interest rate addenda to accompany its Notice of Guarantee/Disclosure (NOG).
Impact of DMR changes on schools and lenders clarified
In Shoptalk Online 257, TG provided a set of TG loan status codes for its Default Management Report (DMR), a tool that helps schools manage their cohort default rates. The TG loan status codes replace the NSLDS loan status codes that were formerly used. In response to recent questions about the TG loan status codes, we would like to clarify two points to reassure our school and lender partners about the transition.
TG adds Doug Savage and Sam Casarez to national sales team
Doug Savage and Sam Casarez joined TG's national sales team this month as account representatives. Together, they bring with them nearly 25 years of financial aid and higher education experience. Doug will join Gene Vitale to serve TG schools in Florida, and Sam will serve TG's schools in Mississippi, Alabama, and Tennessee.
Federal Updates
ED finalizes guidance on post-120-day late disbursements
ED has modified and finalized guidance that it provided last August concerning how a school requests to make a late disbursement beyond the 120-day timeframe allowed by federal regulations. As reported in Shoptalk Online 219, ED's Jeff Baker provided temporary guidance on this issue at the 2003 NASFAA Conference. The guidance that follows is no longer temporary.
Closed school corner
The Department of Education announces one new closure.
Trends and Issues
Edufacts™ — May 2004
Each month, TG provides current information about education issues through Edufacts. Produced by TG as a public service, Edufacts illustrate studies and surveys conducted by TG and other educational organizations, and trends observed. In May, Edufacts looked at students' summer activities.
Legislative Update
The June 9 issue of TG's Legislative Report looks at the winners and losers in the FY 2006 federal budget and provides updates on HEA reauthorization bills and other student aid-related legislation before Congress, and on the status of FY 2005 appropriations. The report also reprints a letter of support for HR 4283, the College Access and Opportunity Act of 2004, and for HR 4102, the Access and Equity in Higher Education Act of 2004. The letter was sent to the members and staff of the Texas Congressional Delegation on behalf of the Texas Association of Student Financial Aid Administrators (TASFAA), the Association of Texas Lenders for Education (ATLE), and TG on May 26.
Also included is an update on the Texas Sunset Advisory Commission review of TG.
Keep up with the latest developments by reading the full reports on TG Online at www.tgslc.org/lege_report/index.cfm.
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