USA Funds Update

USA Funds Sponsors ‘Developing Arizona’s Human Capital’ Conference
USA Funds^® recently provided support to the Arizona Commission for Postsecondary Education to sponsor the “Developing Arizona’s Human Capital: Addressing Today’s Postsecondary Education Challenges” conference. Read more.

‘RELAX’ When Handling Difficult Situations in Financial Aid Office
To help ensure that financial-aid administrators and their student-employees maintain professionalism during difficult situations in the office, USA Funds University suggests the RELAX technique. Learn more.

Operations Bulletin

Dear Colleague Letter Summarizes College Cost Reduction and Access Act
The U.S. Department of Education released GEN-08-01. The letter summarizes the major changes to the Title IV loan and grant programs made by the College Cost Reduction and Access Act, and provides clarification and expanded guidance to assist lenders and schools in implementing the CCRAA changes. The letter also notes triggering events — an important tool in establishing implementation procedures and systems — for the CCRAA provisions. Read the letter on the USA Funds Web site using Adobe Reader.

Department Releases Revised Stafford, PLUS and Consolidation Documentation
In Dear Colleague Letter FP-08-02, the Department of Education released revised addenda for federal Stafford loan and PLUS loan Master Promissory Notes and the consolidation loan application and promissory note, as well as Plain Language Disclosure Statements for Stafford and PLUS loans. Because the revised documents explain aspects of the College Cost Reduction and Access Act and the Higher Education Reconciliation Act, USA Funds encourages schools and lenders to discontinue use of the previous addenda and begin using the revised forms.

Ruling Allows Autodialed and Prerecorded Wireless Phone Messages to Borrowers
The Federal Communications Commission on Jan. 4 ruled that autodialed and prerecorded-message calls are permissible to wireless numbers that those being called provided during the credit application process. The ruling means that members of the student loan community again can use auto-dialed prerecorded messages in contacting delinquent and defaulted borrowers via cell phone or other wireless device. The FCC indicated that only calls made to wireless numbers provided directly by the borrower are permissible.

USA Funds Shares Policy on Submitting Fax and Electronic Copies of Death Certificates With Death Claims
USA Funds’ policy staff advises that USA Funds cannot accept fax or electronic copies of death certificates with death claims. Read more.