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Federal Updates
ED issues DCL on the CCRAA
On January 8, ED issued Dear Colleague Letter (DCL) GEN-08-01/FP-08-01, providing guidance on the provisions of the College Cost Reduction and Access Act of 2007 (CCRAA).
HEROES waiver extended
In the December 26, 2007, Federal Register, ED announced an extension through September 30, 2012, of the waivers and modifications provided under the HEROES (Higher Education Relief Opportunities for Students) Act of 2003.
Dear Colleague Letter provides addenda and Plain Language Disclosures
On January 8, ED issued Dear Colleague Letter (DCL) FP-08-02 that announces revised promissory note addenda and Plain Language Disclosures (PLD) for Federal Stafford Loans and Federal PLUS Loans, and a new promissory note addendum for Federal Consolidation Loans.
CRI granted permanent approval
On December 21, ED notified guarantors that it has approved the Common Review Initiative (CRI) on a permanent basis, beginning January 1, 2008.
Latest volume of the 2008-09 FSA Handbook now online
ED has released volume 2, School Eligibility and Operations, of the new 2008-09 Federal Student Aid Handbook (FSA Handbook).
NSLDS Newsletter #16 available
On December 21, ED released NSLDS Newsletter #16, which discusses the upcoming implementation of an e-mail notification process that will replace the National Student Loan Data System (NSLDS) user ID and password letters as well as enrollment late letters.
Reminder to issue Form 1099-C
FFELP lenders are reminded of their responsibility to issue an IRS Form 1099-C, Cancellation of Debt, to borrowers and to the IRS for the reporting of all forgiveness of indebtedness, including that provided under the Teacher Loan Forgiveness Program.
TG Updates
TG's FAFSA program available to schools and community organizations
TG is again making available to schools and community organizations The FAFSA-Made-Easy, a video program to help students and families complete the Free Application for Federal Student Aid (FAFSA).
TG helps students and families with planned workshops and trainings for Financial Aid Awareness Month
Each year in February — also known as Financial Aid Awareness Month — TG joins with financial aid professionals around the country as they spread the word about financial aid and help students on that first step to receiving aid — completing the Free Application for Federal Student Aid, or FAFSA.
Reminder: Join TG for its 4th annual lender workshop
TG has scheduled its 2008 Lender Workshop, an annual forum for lenders and loan servicers to learn about regulatory changes and other issues affecting higher education and the student financial aid industry.
Meet Debra Wright, TG's team lead for claims clerical support
TG devotes an entire department to processing and managing claims so that lenders get paid what they’re due promptly and efficiently. Debra Wright, who heads up TG’s clerical support team for claims, exemplifies TG’s dedication to timely service. She leads by example, chipping in when the workload demands it and treating each team member as a peer.
Trends and Issues
Question of the week
If an otherwise eligible dependent undergraduate student's parent has been denied a PLUS loan, may a school refuse to certify an additional unsubsidized Stafford loan for that student? In other words, is it up to the school's discretion whether the student may have access to those loan funds?
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