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TG Updates
TG is ready to accept ECASLA Pre-Put files from lenders
Under the recently implemented Loan Purchase Commitment Program established by the Ensuring Continued Access to Student Loans Act (ECASLA) of 2008, certain fully disbursed loans may be Put, or sold, to ED. In order to streamline the exchange of information that occurs when a loan is Put, the National Council of Higher Education Loan Programs (NCHELP) has developed a notification document. The intent of the NCHELP Trading Partner Notification of ECASLA Put File is to help address concerns associated with loan originations and modifications that could be affected by the Put transaction.
How lenders can use the Pre-Put file
The notification file describes the file layout for loan data, and 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 place 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.
How schools can use the Pre-Put file
TG is ready to receive the 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.
Once a school has initially requested this type of 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 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 - Assigned to ED" 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.
Frequently asked questions
Following are some ECASLA-related questions recently submitted by schools, and responses from TG experts:
Q.: Will the school receive a refresh file (perhaps an M record) indicating that the lender ID has been modified once the sale goes through? Will these be included with a school's regular refresh records?
A.: No. After the lender ID, servicer ID, and guarantor ID changes occur, TG will be unable to generate refreshes on the loan. However, the school may receive a CommonLine 4 file from the original lender as some lenders are implementing programming to send Current Servicer (field 42), Adjustment cut-off date (field 58), and Anticipated Put date (field 59) to schools. This may also require programming changes on the school's system, so it would be best to consult with the Pre-Put lender or servicer on this issue.
TG is considering generating a report in the future to reflect the lender ID changes on these loans. In the meantime, the school can run a CIR (Comprehensive Institutional Report) for Current Lender ID 899577 using a broad date range, starting with January 1, 2008, to capture the required data.
Q.: When the lender ID does change, will that affect the borrower's Loans By Web (LBW) pre-selected lender for subsequent loans?
A.: No, LBW will not change the pre-selected lender for subsequent loans.
Q.: When a borrower's loans have been Put, is the school still required to provide exit counseling to borrowers and submit the borrower's exit counseling information to the guarantor?
A.: Yes. Per the Common Manual Subsection 4.4.D, "The school must ensure that the student borrower provides the school with his or her current name, address, Social Security number, references, and driver's license number and state of issuance (if any). The school also must ensure that the student borrower provides his or her expected permanent address, the name and address of his or her expected employer (if known), and the address of his or her next of kin.
"The school must ensure that this information is provided to each guarantor listed in the student's records within 60 days after the student borrower provides the information."
Although NSLDS will indicate that ED is the current servicer, lender, and guarantor for Put loans, the school remains responsible for providing exit counseling to those borrowers, since the loans will remain FFELP loans that are serviced by ED's servicer.
TG will accept and store the information that is provided to us, should the school need to access it in the future.
Technical assistance
If you would like to print or download the file layout describing the notification file, please use the link below — http://www.tgslc.org/pdf/NCHELP_ECASLA_PUT_v1_20081121.pdf.
For testing of CAM, Lender Manifest, and the ECASLA Pre-Put Notification, please contact TG at good.data@tgslc.org.
To receive a notification file from TG
To receive updates with notifications that TG receives on Pre-Put loans, please contact TG's product support at product.support@tgslc.org, or call (800) 332-1455.
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New Positive+Balance™ training examines life after college
A bachelor's degree doesn't pull quite the same weight it did just a generation ago for job seekers who recently graduated. Not long ago, a person with a bachelor's degree was several steps ahead of other job seekers when it came to getting a foot in the door and climbing the career ladder. Now, the market is flooded with college graduates competing for the same jobs. Since 1970, the number of Americans who earn a bachelor's degree or higher has nearly tripled from 11 percent to 29 percent.
Many students still assume their degree is enough to secure a well-paying first job right out of college. The reality is that the average salary for a recent college graduate in an entry-level position is $25,000. Also, because of uncertainties in the market, breaking into the workforce is even tougher. According to the National Association of Colleges and Employers, the number of employers that plan to reduce their college hires has more than doubled from 2008 to 2009.
Training to help
A new workshop for TG's Positive+Balance™ financial literacy program helps students understand what to expect when they graduate and look for a job. The Expectations: A Look at Life after College session provides a snapshot of the latest job market statistics and hiring trends for recent college graduates. It also reinforces key concepts related to transitioning from college to career.
Participants in the session learn important factors to consider when looking for a job, such as office culture and the type and amount of benefits offered. They also consider cost-of-living factors and whether the salary they expect to make will adequately cover the cost of living in the city where they live.
The new Positive+Balance session provides tips to help students get noticed by an employer and improve their chances of getting hired. Students also are offered encouragement to take early steps, like pursuing internships, to hedge the risk of a weak job market.
TG trainers present the Expectations: A Look at Life After College session. Workshop slides and accompanying workbook can also be downloaded free of charge from the Positive+Balance CommunitySM, TG's online resource for educators and financial aid professionals seeking financial literacy solutions and support.
To learn more
For more information about Positive+Balance, visit TG Online at www.tgslc.org/PositiveBalance. If you would like TG's assistance in developing, implementing, or improving your financial literacy efforts, contact your account executive, or send an message to positivebalance@tgslc.org.
You'll find a wealth of information and resources on financial literacy through the Positive+Balance Community. To sign up for a membership, visit www.PositiveBalance.org.
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TG to offer enhanced TG Message Central service
In June 2008, TG launched a new electronic customer notification service — TG Message Central. TG Message Central provides schools and lenders with news about TG. Subscribers receive information about product enhancements, processing schedule changes, conferences and workshops, and other TG-related items — all just by opening their . In early April, TG will release an enhancement to TG Message Central, which will allow customers to choose the types of messages they would like to receive.
Subscribing
If you are not a current subscriber to TG Message Central and would like to receive news by this service, you can subscribe through TG Online. Prior to the April rollout of the enhanced TG Message Central, new subscribers will automatically receive all messages from TG. After the implementation, new subscribers will be required to establish a subscriber account, then specify their preferences for message types.
Current subscribers to TG Message Central will not have to resubscribe to receive messages. Subscribers should watch for an announcement about the implementation in their box. The subject line will be "TG Message Central — Welcome to TG Message Central 2.0."
Upcoming training
To help users get the most from TG Message Central, TG will offer several training webinars. The webinars will focus on the key features and functions of TG Message Central, describe enhancements to the service, and offer time for Q&A. Register at one of the following training times.
- Thursday, April 2; 2:00 p.m. to 3:00 p.m., CDT
- Friday, April 3; 10:00 a.m. to 11:00 a.m., CDT
To register
Schools, lenders, and servicers can register for the TG Message Central webinars at http://tgslc.na4.acrobat.com/f79913243.
Questions
To learn more about TG Message Central, contact TG's product support team at (800) 332-1455, or send an message to product.support@tgslc.org.
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TG Annual Training Conference watch: Plan your conference experience
The 2009 TG Annual Training Conference offers three days of training on a variety of subjects important to schools and lenders, including financial literacy, default prevention strategies, and regulatory and legislative developments. Set to debut on Wednesday, April 22, at the Renaissance Hotel in Austin, Texas, the conference provides attendees a chance to learn more about industry change and to ask the financial aid questions that matter to them.
To help you plan your training experience, TG placed the conference agenda online. The agenda offers a day-by-day breakdown of sessions according to subject and time. Using the agenda, you'll be able to choose which sessions to focus on, learn who the keynote speaker is, plan for evening events, and more. Review the agenda at www.tgslc.org/tgconference/agenda.cfm.
Other conference details
Conference attendees should be aware of a few other conference developments.
- Early registration ends March 20. After this date, the registration fee increases to $75 per person. As a reminder, payment prior to the conference is preferred; however, onsite payments will be accepted.
- Make your hotel reservations prior to March 31, which is the final date to register. Hotel information can be found at www.tgslc.org/tgconference/accom.cfm.
To learn more and register
Find out more about this year's TG Annual Training Conference by visiting TG Online at www.tgslc.org/tgconference/index.cfm. You can register for the conference at www.tgslc.org/tgconference/register.cfm.
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