Five online courses help orient new education-lending professionals
USA Funds launches online training for education lenders
INDIANAPOLIS — USA Funds®, the nation’s leading education-loan guarantor, has announced the release of five online-training courses to help education-lending professionals understand their responsibilities for administering the Federal Family Education Loan Program. Offered at no cost to lenders, the courses are geared to lender representatives who are new to education lending or experienced lender representatives who want a refresher on the basics of the student-loan program.
The online courses cover the following topics:
Financial-Aid Overview for Lenders provides lending professionals with an overview of the key federal student-aid programs. The course steps learners through the processes of calculating financial need and awarding student aid.
Guarantee Process explains the process of guaranteeing FFELP loans. Course materials offer a thorough review of school, lender and guarantor responsibilities, as well as a description of the application and correction processes.
Loan Disbursement and Delivery reviews disbursement time frames, multiple-disbursement regulations and disclosure statements, and lists the methods that can be used to disburse and deliver funds.
Default Prevention provides education lenders with a better understanding of their due-diligence requirements for preventing default on past-due loan accounts, and discusses the activities that lenders and servicers must undertake to avoid penalties associated with failure to adhere to those due-diligence standards.
Claim Filing and Post-Claim Recovery explains the steps lenders must take to receive reimbursement from guarantors for default and other types of claims filed on eligible student loans. The online course also reviews guarantors’ post-claim recovery efforts.
“These online courses for education lenders provide a comprehensive overview of the processes and procedures necessary to comply with the rules of the student-loan program,” said Brent L. Dove, USA Funds lender-relations manager. “We’re pleased to offer this convenient online training in addition to our Education-Lender Forums and Student-Loan Boot Camp to help our lender-partners keep up to date with the latest resources and requirements for delivering FFELP loans.”
Education lenders can access the courses by visiting the “Education Lender” section of the USA Funds Web site, www.usafunds.org/lenders, and selecting “Workshops and Training” and “USA Funds University Online Learning.” First-time users must complete a brief one-time registration before they can access the courses.
In addition to the new courses for lenders, USA Funds offers a comprehensive online curriculum of more than 40 online courses for campus financial-aid professionals.