USA Funds Update

USA Funds Provides $16.3 Million in Support of Higher Education
USA Funds^® provided a total of $16.3 million to programs that helped Americans pursue higher education during the fiscal year ending Sept. 30. USA Funds supported a variety of scholarship and outreach programs designed to help students and families prepare for, pay for and succeed in higher education. Read more.

USA Funds Presents Financial-Aid-Training Webcasts
Registration is open for the USA Funds Winter-2007 Webcasts for Financial-Aid Professionals. The sessions, which will take place between Nov. 27, 2007, and Feb. 28, 2008, will include topics from the USA Funds Fall-2007 Financial-Aid Workshop series under way now. The webcasts also will focus on a variety of additional topics. The workshops and webcasts are open to both schools and lenders. You can learn more about and register for the winter webcasts and the fall workshops through the USA Funds University Online-Learning Site.

Debt-Management Perspectives

USA Funds Debt Manager Helps University of Hawaii-Hilo Reach Its Lowest Default Rate
The University of Hawaii-Hilo’s 2005 cohort-default rate is 2.8 percent — the lowest in the school’s history. Jeff Scofield, the university's financial-aid director, attributes the default-rate success to a variety of factors — including the school’s use of USA Funds Debt Manager^®. Learn more.

Tech Talk

 Customer Feedback Shapes Upcoming Enhancements to USA Funds Loan Counselor
Effective Oct. 22 USA Funds will incorporate enhancements to USA Funds Loan Counselor^SM. USA Funds based the changes on feedback from customers who used the online-counseling tool. Read more.

OpenNet Implements Option to Print Notice of Loan Guarantee, New Security Procedures
USA Funds’ school- and lender-customers will have the option to print a Notice of Loan Guarantee for individual borrowers in OpenNet, starting Oct. 22. The loan-delivery system’s users also will see new security features. Learn more.

Web-Based Services Off-Line Oct. 20-22
USA Funds’ guarantor-servicer will implement system and software upgrades Oct. 20-22 as part of its fall release. As a result, USA Funds Debt Manager will be unavailable between 6 a.m. EDT Saturday, Oct. 20, and 7 a.m. EDT Monday, Oct. 22. Additionally, the following USA Funds Web services will be unavailable between 3 p.m. EDT Oct. 20, and 7 a.m. EDT Oct. 22: USA Funds’ Web site, OpenNet, USA Funds Connection^®, USA Funds Loan Counselor entrance and exit counseling, and MEDLOANS Online Loan Portfolio.

NCHELP Invites Feedback From Meteor and CommonLine Users
The National Council of Higher Education Loan Programs and the Meteor Project will lead user-group sessions about the latest updates to the Meteor software and the efforts of NCHELP’s electronic-standards committee. They will present the sessions during upcoming U.S. Department of Education Federal Student Aid conferences. Learn more.

Operations Bulletin

September-2007 Integrated Common Manual Available
The September-2007 Integrated Common Manual is available on the USA Funds Web site. View and print the Integrated Common Manual, including the summary of changes approved Sept. 20, 2007, by the Common Manual Governing Board. Appendix C of the September Integrated Common Manual includes an update to USA Funds’ policy prohibiting the use of the blanket guarantee process for the making of loans that will be delivered by “direct disbursement” to borrowers attending foreign schools or study-abroad programs. You will need Adobe Reader to view the updated documents.

Department Offers Additional SMART-Grant-Eligibility Guidance
In a Dear Colleague Letter, the U.S. Department of Education provides further information about course-enrollment requirements for the National Science and Mathematics Access to Retain Talent Grant Program. According to GEN-07-07, an otherwise-eligible student can receive a SMART Grant if enrolled in at least one course that meets the specific requirements of the student’s SMART Grant-eligible major during that payment period. To qualify for the grant during that payment period, the student cannot be enrolled only in general-education courses or electives that satisfy general-degree requirements.