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description: tags: AppendixIPerkinsNSLDSDueDiligence

description: tags: AppendixIPerkinsNSLDSDueDiligence

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Published by: anon-560734 on Jan 23, 2008
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05/08/2014

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 Appendix I: Perkins/NDSL Due DiligenceChecklist 
C
ONTACTS
W
ITH
T
HE
B
ORROWER 
 
Conducted an Exit Interview
Disclosure of Repayment Information 
Grace Period Contacts 
9-month initial grace period 
1
st
contact (90 days after the commencement of anygrace period) 
2
nd
contact (150 days after the commencement of anygrace period) 
30-day billing notice (240 days after thecommencement of any grace period)
6-month initial grace period & post deferment graceperiods 
1
st
notice (90 days after the commencement of anygrace period)
30-day billing notice (150 days after thecommencement of any grace period)
B
ILLING
P
ROCEDURES
 
 TYPE OF BILLING SYSTEM USED: 
Coupon System (coupon must be sent to borrower at least 30days before the first payment is due, OR 
Billing System
Statement of account at least 30 days before first paymentis due
Statement of account 15 days before due date of subsequent payments
Electronic transfer of funds
Statement of account at least 30 days before first paymentis due
Annual statement of account thereafter
Appendix I - 1
 
LATE CHARGES (for period of enrollment beginning on or after1/1/86):
A late charge is required when the borrower's paymentbecomes overdue (not to exceed 20 percent of the installmentpayment most recently due)
Borrower notified of the amount of the late charge imposedOVERDUE NOTICES: 
First overdue notice 15 days after payment due date 
Second overdue notice 30 days after first overdue notice
Final Demand Letter 15 days after second overdue notice TELEPHONE CONTACT (If borrower does not respond to finaldemand letter within 30 days):
 Telephone contact made with borrower before beginningcollection procedures (must make two attempts to reach theborrower on different days and different times)
Contacting the endorser, if applicable (for loans before July 23,1992)ACCELERATION (if loan is accelerated): 
Notice of intent to accelerate provided 30 days beforeacceleration
Notice of acceleration provided on or after the effective dateof acceleration
Remember, Acceleration is an option, not a requirement
A
DDRESS
S
EARCHES
 
IF MAIL, OTHER THAN UNCLAIMED MAIL, SENT TO BORROWER ISRETURNED UNDELIVERED, INSTITUTION SHALL TAKE STEPS TOLOCATE THE BORROWER 
Institutional records reviewed in all appropriate offices for anupdated address on the borrower
Printed or web-based telephone directories & informationoperators used to obtain new address
ED Skiptracing Service used
A
DDRESS
S
EARCHES
(
CONT
'
D
)
Appendix I - 2
 
IF ALL OF THE ABOVE FAILS 
Institutional personnel used to attempt to locate the borrower,or 
Account referred to commercial skiptracing serviceIF SKIPTRACING IS UNSUCCESSFUL 
Reasonable attempt to locate the borrower at least twice ayear
C
OLLECTION
P
ROCEDURES
 
Inform the borrower of the availability of the Student LoanOmbudsman's OfficeCREDIT BUREAU REPORTING
Defaulted borrower reported to credit bureau, unlessprohibited by state lawEFFORTS TO COLLECT
First Collection effort
Institutional personnel used to collectOR
Collection firm used to collectIf first attempt to collect cannot convert the account to regularrepayment status by the end of 12 months (or if the borrowerdoes not qualify for forbearance, deferment, postponement,or cancellation)
LitigationOR
Second effort to collect
Institutional personnel used to collect - if the school firstattempted to collect by using its own personnel, it mustrefer the account to a collection firm unless state lawprohibits doing so
Collection firm used to collect - if the school first used acollection firm, it must attempt to collect by using its ownpersonnel or by using a different collection firm, or theschool must submit the account to ED for assignment
12-month limit on unsuccessful collection attempt by anyentityIf first and second attempts to collect are not successful
Annual attempt to collect from the borrower
Appendix I - 3

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