USA Funds Adds to List of Acceptable Social Security Number Documentation

USA Funds^® is expanding the list of source documents that lenders and schools may use to correct a borrower’s Social Security number in their records. The policy change is effective for SSN changes that a school or lender reports on or after May 1, 2009, unless implemented earlier by the school or lender.

In addition to other permissible documents, the school and lender now may use a copy of the Institutional Student Information Record or Student Aid Report as a source document to correct an inaccurate SSN, provided the data match with the U.S. Social Security Administration was successful and did not result in a C Code/Flag.

Because the U.S. Department of Education uses a database match with SSA to confirm the validity of SSNs, the data on those reports is a reliable resource for documenting a valid SSN. When a data entry error occurs that results in an inaccurate student SSN in loan records, the school may use the ISIR or SAR to correct its own records and may provide a copy of the form to the lender to assist in the correction of the SSN on the lender’s records.

For more information about USA Funds’ policy on acceptable documentation for SSN changes, or the additional documentation now permitted, contact USA Funds’ policy experts.