Student Loan Paperwork ERROR could mean Billions of Dollars in Debt will Disappear by Jason Michael Spencer

Jason Spencer

Christmas is coming early this year for many student loan borrowers and never before has Santa been this generous. As reported by the New York Times, a paperwork error may potentially relieve thousands of people from the obligation of paying off their private student loans.

This potential dream scenario for borrowers stems from one company, National Collegiate Student Loan Trusts, a very large owner of private student loans. The company is an umbrella company for 15 trusts that hold 800,000 private student loans totaling $12 billion.

The loans in question here, estimated at $5 billion or more, are in default, meaning the borrowers fell behind on their payments. As a result, the accounts were turned over to collection agencies. In some cases where the money was not recovered with typical collection tactics, National Collegiate filed lawsuits against the borrowers.

To date, dozens of these lawsuits filed by National Collegiate Student Loan Trusts against borrowers have been dismissed by judges due to insufficient or unclear proof of ownership of the debt, commonly referred to as “chain of title”.  Any company trying to collect on debt payments must be able to document it is actually owed the money. This is an important legal protection to safeguard consumers from being caught in the web of their loan being bought and sold by investors (through a process known as securitization) without adequate documentation of the originator of the loan, payment history, outstanding balance, etc.

What does this mean?

For those who have had or will have their student loan debt dismissed because of this situation, it’s almost as good as winning the lottery. The debt vanishes along with the stress of an unmanageable monthly payment, collectors, and court. The situation of inadequate documentation resulting in dismissed debt is not new but is very unusual at this scale. Hundreds of these cases have been dismissed thus far, but it is difficult to estimate how many more borrowers might see their debts wiped out due to fragmented reporting from local courthouses for the cases on the docket.

Will removing this debt improve credit scores for these borrowers?

Undoubtedly, yes. The original delinquency will still show on the borrower’s credit report, which does have a negative effect on their credit score. But removing the outstanding debt will reduce the borrower’s overall credit utilization which will have a positive effect on his or her credit score.

How Bad is the Student Loan Debt Crisis?

A recent Experian analysis showed that outstanding student loan debt per student borrower has increased. It has grown 15% over the last four years, with the average student loan balance a whopping $32,000. This includes both private and federally insured student loans. The overall total of outstanding student loan debt was $1.49 trillion in the fourth quarter of 2016. Yes, that’s trillion with a “T”. This is an increase of 21% since 2013.

These are big numbers, but it does need to be taken in context. Education is clearly an investment, and a college degree is a low bar for many jobs. The unemployment rate for Americans with a bachelor’s degree was 2.7% in 2016 vs. 4.4% for those with some college but no degree and 5.2% for those with only a high school diploma, according to the Bureau of Labor Statistics.

That said, a recent NY Fed study showed that nearly one-third of U.S. college graduates are working in jobs that don’t require a college degree – even if having the degree helped them land it in the first place.

In other words, taking out a student loan is not a cut-and-dried decision. But as long as a student loan is carefully evaluated along with your earnings potential and a manageable payback plan, it can be an investment in your future.

Moving Forward

Just as any financial management decision, do your research before making a decision. Generally, federal student loans have lower interest rates and some have income-based payment plans to make the monthly payments more manageable. Also, look for loans with low annual percentage rates (APR) available at sites like Student Loan Relief.

Lastly, always keep in mind not to bite off more than you can chew. Beyond the very unusual story happening with National Collegiate Student Loan Trusts, student loans need to be paid back. Along with getting a job that college has prepared you for, paying off your student loans needs to be a part of your post-graduation plan.

Jason Michael Spencer Student Loan Relief Inc in Dallas Texas

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Jason Spencer Dallas Texas by Jason Spencer Student Loan Relief Inc

America’s best and brightest are angry at being forced into decades of servitude by the overwhelming weight of debt undertaken for the betterment of one’s self and society. It’s certainly no secret that Student Loans have become this nations largest category of debt and their size continues to grow at a torrid pace. Student Loan Relief has identified 233 different Congressional and State Governmental Bills and Policies, creating more than 300 different programs that can provide assistance to those that either need it or deserve it. Assistance that includes loan forgiveness, interest rate reduction, payment postponement, and immediate payment reduction according to Jason Spencer Student Loan.

Student Loan Relief offers its clients an affordable way to make their Federal Student Loan debt easier to manage. Their consultants work with borrowers to identify the best combination of Federal, State, and/or Local programs, given their financial needs. Student Loan Relief will then create an implementation strategy that will maximize the impact of each program for the borrower’s unique situation. Participation in any of the programs will never negatively affect the borrower’s credit but may, in some instances, improve their credit score according to Jason Spencer Student Loan.

We have all been told there is nothing anyone can do about their Student Loan debt, aside from paying it off in full. If you don’t pay, the Federal government has the power to garnish your wages, take your belongings, and even take your spouse’s tax return. At Student Loan Relief we have a team of researchers that tirelessly scour new Congressional Bills for statues and programs that are buried within them that help our clients. We also follow legislation that is in the pipeline to be voted on in both the House and Senate. Currently, there are 11 Bills on the docket that would provide substantial assistance to Student Loan borrowers.

It comes as a surprise to most to learn that both Federal and State governments have passed a number of laws to help borrowers, unfortunately, they failed to tell anyone about it. The failure by our government to effectively communicate the creation of literally hundreds of programs to assist worthy borrowers is a problem, but at least it’s a problem with a possible solution. Thus while we have all been led to believe that the problem is that there is no help for student loan borrowers, the actual problem was one of effective communication of the help created for student loan borrowers and of how to go about enrolling oneself in the little-known programs.

Communication of the programs is difficult because many of them are not found in stand-alone legislation. They are buried within other legislation and there is no way of knowing they exist, aside from reading every Bill that gets passed by both Houses of Congress and signed by the President. An example is that in section 5201 and 10908 of the (http://www.opencongress.org/house_reconciliation) [Health Care Reform Bill __title__ Health Care Reform Bill] a number of new programs benefiting borrowers were created, but few noticed because it’s in a Health Care Reform bill on page 486 according to  Jason Spencer Student Loan.

Discovering that a Student Loan Relief program exists is the easy part of the process, the much more challenging aspect of the process is complying with the extensive list of requirements. The requirements usually include a myriad of “if-then” statements that can create a daunting task for anyone that does not have their Ph.D.’s in Law. In the rare instance, a borrower can locate a program and comply with requirements to participate, more hurdles exist, such as the fact that in many instances borrowers are given just one chance to change their loan. This often leads to selecting a program that doesn’t maximize the benefits available and there is no way of changing it back. Another formidable hurdle is that many of the programs require additional work each year and the work required can change from year to year. For example, the (http://stuff.mit.edu/afs/sipb/contrib/wikileaks-crs/wikileaks-crs-reports/R40122.pdf [William D. Ford Act __title__ William D. Ford Act)] created, arguably, the best Student Loan Relief plans to date when it was signed into law in 2008 and funded in 2010, but Bill numbers 33 pages while the amendments to the Bill number 52 pages to date according to Jason Spencer Student Loan.

The complexity of the application, qualification, and maintain requirements further creates a need for the existence of an organization to provide Alumni Financial Aid Counseling to Student Loan borrowers. Financial Aid counseling by the nation’s colleges does an amazing job at helping student borrow enough to meet their Universities ever rising tuition costs but they fail to provide adequate if any, direction once the student has graduated. One of our clients said the lack of any advice when he did his exit interview with the financial aid office was akin to facing a cross country journey and your “guide” providing you with just a local city bus pass, when you needed an airplane ticket. At Student Loan Relief we do our best to put every client in a first class seat for their journey but taking over managing the entire process on their behalf.

Often these types of government programs are looked on with disdain by some Americans, but these types of Relief plans should not be seen in the same light. The borrowers that need assistance have done everything right in life. They were told to study hard in high school so that they could get into the best possible college. And they did. They were told not to worry about the cost of college because a degree is worth millions over your lifetime. So they didn’t. They were told to study something they love and not to let money be the only deciding factor in their future. And many of them did. They were told to get a degree no matter the cost because they would not be employable in the new global marketplace with one. And our nations best and brightest did what their parents and society told them to do, and now the 17-year-old kid that decided to go to NYU has to find a way to make a $2500 a month payment six months after graduation in an entry-level job, and since he can’t make that teaching in his first few years he has to take a management position at Abercrombie instead of pursuing his passion for education.

In conclusion Student Loan Relief, Inc. has created a program that assists our nations best and brightest when they are in times of need and also rewards them for choosing to enter into occupations of National Need. We do this through the discovery, application, qualification, and maintenance of State, Federal and Private programs created on their behalf. We hope to help this nation’s 37 million student loan borrowers throw off the shackles of servitude binding them from pursuing the lives they deserve according to Jason Spencer Student Loan.

Student Loan Relief has developed programs that will assist nearly every one of the 40 million Americans that currently carry Student Loan debt. Whether you have defaulted, are simply struggling to keep up with monthly payments or your base-level living expenses are too high to support one more bill payment – we can help lower your loan payments if you’re in need of help. There’s nothing wrong with accepting the assistance provided, we are here to help!

Contact Information: Student Loan Relief Inc Address: 1910 Pacific Avenue, Dallas, TX 75201 Telephone: 855-693-3356 Website: http://studentloanrelief.us

Jason Spencer Student Loan

Student Loan Relief Inc Dallas Texas

Jason Spencer CEO Student Loan Relief

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Jason Spencer Student Loan Relief Inc by Jason Spencer Dallas Texas

Jason Spencer

America’s best and brightest are angry at being forced into decades of servitude by the overwhelming weight of debt undertaken for the betterment of one’s self and society. It’s certainly no secret that Student Loans have become this nations largest category of debt and their size continues to grow at a torrid pace. Student Loan Relief has identified 233 different Congressional and State Governmental Bills and Policies, creating more than 300 different programs that can provide assistance to those that either need it or deserve it. Assistance that includes loan forgiveness, interest rate reduction, payment postponement, and immediate payment reduction according to Jason Spencer Student Loan.

Student Loan Relief offers its clients an affordable way to make their Federal Student Loan debt easier to manage. Their consultants work with borrowers to identify the best combination of Federal, State, and/or Local programs, given their financial needs. Student Loan Relief will then create an implementation strategy that will maximize the impact of each program for the borrower’s unique situation. Participation in any of the programs will never negatively affect the borrower’s credit but may, in some instances, improve their credit score according to Jason Spencer Student Loan.

We have all been told there is nothing anyone can do about their Student Loan debt, aside from paying it off in full. If you don’t pay, the Federal government has the power to garnish your wages, take your belongings, and even take your spouse’s tax return. At Student Loan Relief we have a team of researchers that tirelessly scour new Congressional Bills for statues and programs that are buried within them that help our clients. We also follow legislation that is in the pipeline to be voted on in both the House and Senate. Currently, there are 11 Bills on the docket that would provide substantial assistance to Student Loan borrowers.

It comes as a surprise to most to learn that both Federal and State governments have passed a number of laws to help borrowers, unfortunately, they failed to tell anyone about it. The failure by our government to effectively communicate the creation of literally hundreds of programs to assist worthy borrowers is a problem, but at least it’s a problem with a possible solution. Thus while we have all been led to believe that the problem is that there is no help for student loan borrowers, the actual problem was one of effective communication of the help created for student loan borrowers and of how to go about enrolling oneself in the little-known programs.

Communication of the programs is difficult because many of them are not found in stand-alone legislation. They are buried within other legislation and there is no way of knowing they exist, aside from reading every Bill that gets passed by both Houses of Congress and signed by the President. An example is that in section 5201 and 10908 of the (http://ift.tt/2vEstAp) [Health Care Reform Bill __title__ Health Care Reform Bill] a number of new programs benefiting borrowers were created, but few noticed because it’s in a Health Care Reform bill on page 486 according to  Jason Spencer Student Loan.

Discovering that a Student Loan Relief program exists is the easy part of the process, the much more challenging aspect of the process is complying with the extensive list of requirements. The requirements usually include a myriad of “if-then” statements that can create a daunting task for anyone that does not have their Ph.D.’s in Law. In the rare instance, a borrower can locate a program and comply with requirements to participate, more hurdles exist, such as the fact that in many instances borrowers are given just one chance to change their loan. This often leads to selecting a program that doesn’t maximize the benefits available and there is no way of changing it back. Another formidable hurdle is that many of the programs require additional work each year and the work required can change from year to year. For example, the (http://ift.tt/2usmnVi [William D. Ford Act __title__ William D. Ford Act)] created, arguably, the best Student Loan Relief plans to date when it was signed into law in 2008 and funded in 2010, but Bill numbers 33 pages while the amendments to the Bill number 52 pages to date according to Jason Spencer Student Loan.

The complexity of the application, qualification, and maintain requirements further creates a need for the existence of an organization to provide Alumni Financial Aid Counseling to Student Loan borrowers. Financial Aid counseling by the nation’s colleges does an amazing job at helping student borrow enough to meet their Universities ever rising tuition costs but they fail to provide adequate if any, direction once the student has graduated. One of our clients said the lack of any advice when he did his exit interview with the financial aid office was akin to facing a cross country journey and your “guide” providing you with just a local city bus pass, when you needed an airplane ticket. At Student Loan Relief we do our best to put every client in a first class seat for their journey but taking over managing the entire process on their behalf.

Often these types of government programs are looked on with disdain by some Americans, but these types of Relief plans should not be seen in the same light. The borrowers that need assistance have done everything right in life. They were told to study hard in high school so that they could get into the best possible college. And they did. They were told not to worry about the cost of college because a degree is worth millions over your lifetime. So they didn’t. They were told to study something they love and not to let money be the only deciding factor in their future. And many of them did. They were told to get a degree no matter the cost because they would not be employable in the new global marketplace with one. And our nations best and brightest did what their parents and society told them to do, and now the 17-year-old kid that decided to go to NYU has to find a way to make a $2500 a month payment six months after graduation in an entry-level job, and since he can’t make that teaching in his first few years he has to take a management position at Abercrombie instead of pursuing his passion for education.

In conclusion Student Loan Relief, Inc. has created a program that assists our nations best and brightest when they are in times of need and also rewards them for choosing to enter into occupations of National Need. We do this through the discovery, application, qualification, and maintenance of State, Federal and Private programs created on their behalf. We hope to help this nation’s 37 million student loan borrowers throw off the shackles of servitude binding them from pursuing the lives they deserve according to Jason Spencer Student Loan.

Student Loan Relief has developed programs that will assist nearly every one of the 40 million Americans that currently carry Student Loan debt. Whether you have defaulted, are simply struggling to keep up with monthly payments or your base-level living expenses are too high to support one more bill payment – we can help lower your loan payments if you’re in need of help. There’s nothing wrong with accepting the assistance provided, we are here to help!

Contact Information: Student Loan Relief Inc Address: 1910 Pacific Avenue, Dallas, TX 75201 Telephone: 855-693-3356 Website: http://ift.tt/2ewO73k

Jason Spencer Student Loan

Student Loan Relief Inc Dallas Texas

Jason Spencer CEO Student Loan Relief

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Guarantor Loans – The Prime 5 Myths About Guarantor Loans

Jason Spencer

Guarantor financial loans are a new variety of lending, they provide individuals with bad credit a chance borrow some money for generally any explanation (apart from possibly leaving the region). Various areas have nothing at all but bad points to say about these guarantor financial loans as not only do they normally have a twisted view of the existing financial market, but normally do not truly know the whole specifics about how these financial loans function.

I imagined a tiny article debunking some of the key myths scattered about the online would assist a large amount of future borrowers make up there individual thoughts.

So without additional ado I existing to you the top 5 myths about guarantor financial loans debunked when and for all:

Guarantor’s have to hand more than there financial institution information

This is not accurate, though some loan providers demand the guarantor’s financial institution information there are also a couple that have no want for this. These are generally more compact providers that attempt to create up a solid connection with the borrower and test not to have to count on the guarantor unless of course contact with the borrower dies down.

The fascination costs provided are ludicrously significant

Although there is some reality in this statement it is significant to take into consideration the alternate options. Unsecured loan providers are handful of and considerably between, again when points went sour to the stop of 2007 the greater part of the major loan providers pulled out, from Welcome Finance to significantly extra not too long ago the lending arm of Lloyds TSB: Black Horse Finance.

As soon as loan company that has survived is Daily Loans, the shown fascination fee found on Income Supermarket is 34.9%. This is for individuals with a superior to good credit record. One more loan company is Provident, they provide doorstep financial loans for individuals with bad credit this signifies anyone comes to your door when a week/thirty day period to obtain your payments. The fascination fee shown for Provident is 272.2%.

Past of all we have pay back working day financial loans, I am confident you have read of Wonga, they provide an fascination fee of 360% (whilst it should really be observed the APR is 4214%).

Now getting a search at the fee British isles Credit history provide through Guarantor Loans On-line the fascination truly appears pretty reasonable for bad credit financial loans. They publicize an fascination fee of 43.85% on all financial loans immediate and a a little bit reduced fee on all broker business enterprise. As opposed to some of the other providers outlined over, these costs are also mounted.

The personal loan is secured against the guarantor’s house

Guarantors are expected to be householders even so as opposed to secured financial loans totally nothing at all is secured on the house. The only explanation guarantors have to be homeowner is simply because they are significantly extra probably to make personal loan repayments to keep away from it impacting their property finance loan costs. They also will generally have a tested financial keep track of report.

You can only get a modest personal loan

Guarantor personal loan amounts are frequently expanding presently the greatest you can borrow is £5000. When a single loan company will increase the amount of money provided, most will comply with fit. This is wonderful for people and signifies that with any luck , we will be observing amounts breaking through £5000 in the next yr or so.

Guarantor financial loans go on the guarantor’s credit file and not the borrowers

Guarantor financial loans are in the borrower’s name, the personal loan will not demonstrate up on the guarantor’s credit file unless of course the personal loan defaults (if the two borrower and guarantor refuse to pay back). This signifies it is a superior way to deal with a bad credit file and with any luck , be able to in the potential go for a extra mainstream alternative through a financial institution. The guarantor want not get worried about the personal loan halting them having finance in their individual name if vital.

So there you have it, with any luck , this has been insightful and helped out a little bit when choosing no matter if or not to go down this route. As often it is pretty significant to feel extensive and tough about getting out a personal loan, particularly if having a shut pal or relative included.

Source

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Senator Warren’s New Student Loan Reform Bill Nears Passage by Jason Spencer Student Loan

Jason Spencer

Jason Spencer Student Loan Expert In Dallas Texas

In this country student loan’s are a type of financial assistance offered to students that have to be repaid in future, as compared to other types of assistance as scholarships, donations, and allowances. These loans play a pivotal role for students pursuing higher education in the USA. Nearly 12 million of students apply for and utilize these loans to pay off their educational costs. In European countries, these loans are available in a more subsidized form and are usually government backed. However, in the USA, the majority of college educations are funded by either student themselves or their families with public organizations being financed partially by state and domestic taxation. USA’s higher education sector has proved to be a profitable investment both for public and the individuals, despite the fact that the returns acquired from these investments are generally overstated in several cases according to Jason Spencer Student Loan.

Historical Background

Federal capital started to provide security by acting as a guarantor for students’ loans granted by banks and other lenders in 1965, inaugurating a program which is now termed as FFEL. The first student loan granted at federal level, however, assigned under Education Act 1958, were actually direct advances capitalized through Treasury finance, pursuing a proposition of renowned economist Milton Friedman. Eventually, when Congress decided to expand these advances, the budget regulations made the security approach becoming more appealing. (Febp.newamerica.net, 2014)

Contemporary Situation
Lowest share of direct loans (2007)

In 2007, direct loan program volume touched the lowest point as a percentage of total capital student loan level since the time it commenced in 1990s. However, this declining trend got upturned in 2008. Extensive credit crunch and financial collapse in 2008 & 2009 challenge the ability of several private lenders to grant advances/loans under government backed student finance program, and several lenders stepped out from the program. As a result, schools who were pursuing guarantee program previously switched to direct finance program which once again boosted its volume in 2008 according to Jason Spencer Student Loan.

Elimination of FFEL (2009 & 2010)

In 2009, US President Barack Obama proposed to eliminate FFEL and all student finances must be made under direct loans. He disagreed that subsidies granted to private lenders according to program were needless and cost reduction can be made if all student finances are provided under direct loan program. Therefore, eventually, in July 2010 FFEL was eliminated and all fresh loans were provided under direct finances.

Elizabeth Warren proposed student loan bill (2014)

Elizabeth Warren’s bill proposed to allow all student private borrowers to refinance their loans at subsidized prevailing rates and as a result rich class will not face any increase in taxation. Overall, senate voted 56 to 38 against the proposed bill. This response was highly regretted by Warren who criticized that Democrats are not willing to provide any financial solution to students and like to exaggerate on an issue. She argued that if this bill would have been implemented it will provide a financial cushion to the students pursuing higher studies. Through its implementation all existing borrowers will have to pay a lower interest rate of 3.84% which current borrowers are offered and paying. In contrary, President Obama’s administrative action to enhance income-based repayment arrangement to previous loans, this step would have helped private borrowers which generally face very high interest rates. (The Wire, 2014)

Elizabeth Warren’s Agenda

Elizabeth Warren is considered as an advocate of providing a financial cushion to students by refinancing their education loans on lower prevailing rates and doesn’t support the growing debt burden on them in recent years. She took a stand for middle class families who are unable to afford higher education and are highly pressurized by education debt burden. She argued that nearly 40 m of individuals are under the education debt burden of $1.2 trillion and it hampers the ability of people to acquire homes, automobiles and commencing small projects and an immediate action needs to be taken to curb the situation.  (Rolling Stone, 2014)
She further urged to issue fresh college loans on no or very low interest rate that banks on Wall Street acquires from Fed- to moderately bipartisan. Her suggestion to refinance existing student loans fewer than 4% interest rates almost cleared the Senate this summer, and will once again will return to Senate for fresh voting in upcoming months. She criticized country’s policies for investment in paving taxation loopholes created by billionaires and imposed students to repay their debts at higher interest rates Jason Spencer Student Loan.

Bill’s current status

The bill was advocated and supported by all the Democrats and two separate individuals as well. Three Republicans also voted in the favor of the bill. However, rest of the Republicans did not seem to be supportive. Despite of receiving a negative feedback from the Senate, Warren stands positive about the Bill’s outcome in upcoming years.

President Obama’s Response

President Obama supported Warren’s bill of refinancing student loans in one of his addresses on August 2014 and also motivating students to perform efficiently in their classes in upcoming fall season. During his weekly address, he supported and advocated Democratic Senator Elizabeth Warren’s approach towards student financial aid and assistance Jason Spencer Student Loan.
Warren’s Bill which was unable to gain any approval in Senate this June would permit 25 m student loan borrowers to refinance their payments at prevailing lower rates. White House seems to be a firm supporter of this bill, whereas president personally encouraging the bill approval and implementation on different occasions recently. He urged that students should also be allowed to refinance their loans just like their parents are allowed to refinance their mortgages. His further emphasis was on universities’ tuition costs that need to be curbed and controlled and advised students to perform well this year. During his address he motivated younger people to take perform in their academic field diligently and further highlights the importance of education through numerous suggestions and set forth Warren’s Bill possibility to be approved for the welfare of USA’s students. His speech seems to be supportive of Warren’s agenda which is evident in his several addresses at different occasions. (http://ift.tt/IQ8baZ, 2014)

WARREN BILL’S MISSING ELEMENTS

As the preceding paragraphs highlight, the student loan bill that Senator Elizabeth Warren is trying to push through congress will have a lot of benefits for the students as it allows them to refinance their existing outstanding loans at a much lower rate that is prevalent nowadays. The following paragraphs will seek to explain how this bill or any other bill that relates to this subject may be shaped in the future.
In order to cover this topic thoroughly, let us take a critical analysis of Elizabeth Warren’s bill and see what it is missing. On the face of it, it makes perfect sense, why should students get stuck with paying such a high interest rate when other bank loans such as mortgages are considerably lower.

The fact that the costs associated with this bill and its implementation has to be supposedly borne by a new tax that will be levied on millionaires makes it for sure that this bill will be met with failure in terms of gaining votes from Republicans in congress is concerned.  I would recommend for future bills on this issue that they should not be linked to any other tax. The fact that with the effect of this bills, the defaults would go down anyway would mean the government would save money. Hence, the bill could pay for itself. (Gobel, 2014)

Here it has to be noted that any future bill should not make the same mistake that Warren’s initial bill did. It basically called for the students to be allowed to get loans refinanced at the inter-bank lending rate of 0.75 per cent. This is absolutely absurd if you have any background in finance or just a general understanding of how banking works. The inter-bank lending rate is one for banks to borrow for short terms in order to stabilize the financial system. How can this be compared to the same situation when applying to students who repay their loans over ten or more years and also there is a very high chance of default on these loans when compared to the inter-bank lending.
Warren also initially made the mistake of not taking into account the laws that were already in place to check student default rates. The laws that already exist can actually offer forgiveness to students (even high income ones) and their payments could also be adjusted according to their income. These laws that already exist should be taken into consideration when looking at the different bills that could be proposed to help students pay off their debt in the future.

ALTERNATE BILLS/SOLUTIONS

Looking over the Warren bill, I also believe there are a lot of new topics on this issue that previous bills have not taken in to account. In my opinion, these should form the foundations for any new bills proposed and passed on this sensitive topic.
First of all we have to know that the college tuition fees have risen considerably in recent memory. The fact that students have to pay more comparatively means that there should be some allowance in the system that allows them relief in paying off this huge debt. The burden of debt of younger generations is such that they do not consider themselves as truly graduated until they have paid off their student debt. The fact that they will be paying off their debt so much so in the future means that they will be more likely to delay all the different life events that their parents and grandparents went through. This includes important events like starting a family or buying a house. This means that the entire economic growth of the USA will be likely to slow down. If there are people still paying off loans they carried rather than spending on or thinking about spending on a house means that the economy could suffer as a whole.
There are also experts that suggest the overall cost benefit analysis of college education shows that the benefit of college education far exceeds the entire costs incurred. With this in mind, we could say that it is necessary to make sure that students do not borrow too much. As I see it, the problems begin to appear if the initial salary of a college grad is less than what he owes the bank for the student loan. Any future bill to re-finance loans should also have strict stipulations with regards to the amount the students are allowed to borrow. This would mean that students that borrow more than what is necessary to spend on other expendable items would be constrained.

FUTURE OF WARREN’S BILL
​
The future appears to be really bleak as it stands though. The reason why I say this is spelt out in the numerous paragraphs above. I can imagine there will be a lot of mechanisms put in place for people to be forgiven their student loans because they simply could not pay. The reason I say this is built upon the premise that as people continue to take loans for college and the college’s own tuition begins to increase and to add to that the number of pupils in college begin to increase we can see the logical conclusion forming, that is there will be many more defaults in the future and the bills passed now should take this fact with a pinch of salt and accept it. The quicker they realize this is a significant problem, the faster they would be able to form logical solutions in the form of bills that could counter it.
Lastly, I will mention something about Tom Harkin, the senator from Iowa. He tried to legislate that student loans should be made part of a person’s overall bankruptcy claim. This is certainly not allowed at present and would make for bleak viewing in terms of bank allowing credit to students considering the number of bankruptcies there are in America. It is precisely this kind of ill-though out, stop gap measure that could lead this situation to even more deterioration. The need of the hour is legislation that not only tries to make up for mistakes in the past, but rather be a beacon of light for legislators who try to solve any other problems that may arise with respect to this issue in the future.

Jason Spencer Student Loan
Student Loan Relief Inc
1910 pacific avenue
Dallas, TX 75201
855-693-3356

References
Febp.newamerica.net,. (2014). Background & Analysis. Retrieved 15 September 2014, from http://ift.tt/2uiRWAZ
http://ift.tt/IQ8baZ, T. (2014). Obama pushes Elizabeth Warren’s student loan reform bill. The Washingtion Times. Retrieved 15 September 2014, from http://ift.tt/1pnaHtV
Rolling Stone,. (2014). The Student Loan Crusader: How Elizabeth Warren Wants to Reduce Debt. Retrieved 15 September 2014, from http://ift.tt/1vh3QDc
The Wire,. (2014). Senate Votes Down Elizabeth Warren’s Student Loan Bill. Retrieved 15 September 2014, from http://ift.tt/1uY6FsU
Gobel, R. (2014). What Elizabeth Warren’s Student Loan Bill Is Missing. Forbes. Retrieved 15 September 2014, from http://ift.tt/1kY8gdS

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Check out my latest video: Jason Spencer – 3 Deadly Mistakes Students Make When Taking Out Loans

For many bright-eyed freshmen, student loans are a means to an end. They facilitate tuition, smooth a study abroad trip, and provide funds for those all-too-expensive textbooks. But with debts on the rise, students today can’t afford to be careless when taking out loans. In this video, Jason Spencer points out 3 common and deadly mistakes students make when taking out loans for college.
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National Student Loan Database FAQ’s Jason Spencer Student Loan

Jason Spencer

Jason Spencer Student Loan

About the National Student Loan Data System (NSLDS)

1. What is NSLDS?
2. What are the sources for the information held in the NSLDS database?
3. How often is the information updated on the NSLDS system?
4. Can I update loan information and personal identifiers online?
5. What section of the site can I use to satisfy the FAT requirement?
6. How can I suggest improvements or changes to the site?
7. When is the NSLDS web site available?
8. How can I contact the NSLDS Customer Support Center if I’m a foreign school?

________________________________________
Technical/Browser questions

9. Is the site secure?
10. Am I charged for using the site?
11. Can I use another browser besides Microsoft Internet Explorer?
12. Can I use a different version of Microsoft Internet Explorer?
13. How long can I be inactive before the site automatically logs me off?
14. Why am I experiencing a slow response?
15. When the site tells me that it is not responding, what should I do?
16. Why are the graphics or pictures not appearing?
17. Why do the pictures and graphics appear washed out or fuzzy?
18. Why can’t I view the entire page on my PC?
19. Why does my session crash periodically?
20. When my computer crashes, how can I re-establish connection to the site? Do I need to call someone to log me off?
21. Why are pages being displayed with previously viewed content?
22. How do I clear the cache?
23. Why is there no link to download Netscape?

________________________________________
Access questions

24. Who can have access to the site?
25. Can someone else in my office use my user ID and password to access the site?
26. Can our organization sign up multiple users for NSLDS online access?
27. Can a servicer access the site?
28. Do students have access to the information?
29. Can I give this information to students?
30. What happens if my Title IV loan is in default?
31. What is User Access Verification?
32. What happens if I can’t read what is in the box?
33. What happens if I have tried three times and failed?
34. What happens when I am locked out from the User Access Verification?
35. Can I get re-instated after being locked out from the User Access Verification?

________________________________________
User ID questions

36. What is the duration of a password?
37. How will I know to change my password?
38. What is the format of a password, and how long should it be?
39. What passwords are acceptable?
40. Do passwords and user IDs expire?
41. Are logon attempts limited?

________________________________________
Problem questions

42. What if the information in NSLDS is incorrect?
43. What if information is missing from NSLDS?
44. How do I resolve duplicate overpayment debts reported to NSLDS?
45. What if no contacts are listed in the Organization Contact pages?
46. How do we update our Organizational Contact information?

Jason Spencer Student Loan

________________________________________
Printing questions

47. Why does the printout look different from the Web page?
48. Why does my browser sometimes crash when printing a Web page?

________________________________________
Frequently referenced Department of Education documentation

49. Where can I find NSLDS reference material?
50. Where can I find the ISIR Guide?
51. Where can I find the FSA Handbook?
52. Where can I find the NSLDS Newsletters?
53. Where can I find the NSLDS Enrollment Reporting Guide and NSLDS User Guide for Transfer Student Monitoring?
54. Where can I find the Transfer Student Monitoring / Financial Aid History Processes and Batch File Layouts?
55. Where can I find a copy of the TEACH Grant Counseling Guides (Initial and Subsequent Counseling and Exit Counseling Guides)?

________________________________________
Frequently asked questions regarding NSLDS data

56. My school is closing or has become ineligible, what do I need to do? (NSLDS Enrollment Reporting Guide)
57. My student has a consolidation loan but NSLDS shows that my student is over the aggregate limits for subsidized loans, can I still give unsubsidized loans? (FSA Handbook)
58. Can I award my student if a loan is in a particular loan status code? (ISIR Guide, Appendix C)
59. What is the ”unallocated loan amount”? (NSLDS Newsletter, 11)
60. What are the current aggregate loan limits? (Gen 08-08)
61. Can I continue to award aid although the ISIR has a Comment Code 138? (GEN 96-13, Q & A 26)
62. Can I continue to award aid although NSLDS shows negative information? (GEN 96-13, Q & A 37)

________________________________________

About the National Student Loan Data System (NSLDS)

1. What is NSLDS?
________________________________________
The National Student Loan Data System (NSLDS) is the national database of information about loans and grants awarded to students under Title IV of the Higher Education Act (HEA) of 1965. NSLDS provides a centralized, integrated view of Title IV loans and grants during their complete life cycle, from aid approval through disbursement, repayment, deferment, delinquency, and closure.
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2. What are the sources for the information held in the NSLDS database?
________________________________________
Information and data for NSLDS is received from the following sources:
• Guaranty Agencies, for information on the Federal Family Education Loan Program (FFELP)
• Department of Education Loan Servicers (ED Servicers)
• Department of Education Debt Collection Services (DCS), for information on defaulted loans held by the Department of Education
• Direct Loan Servicing (DLS), for information on Federal Direct Student Loans
• Common Origination and Disbursement (COD), for Federal Grant Programs information
• Conditional Disability Discharge Tracking System (CDDTS), for disability loan information
• Central Processing System (CPS), for aid applicant information
• Schools, for information on Federal Perkins Loan Program, student enrollment and aid overpayments.
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faqs

3. How often is the information and data updated on the NSLDS system?
________________________________________
For a specific organization’s loan reporting schedule, search for the organization using the Data Provider Schedule link on the Org tab. GAs report loan information at least monthly, many, more frequently. Schools or their servicers report Perkins loan information monthly. Schools or their servicers report overpayments within 30 days of discovery of the overpayment. The DCS and DLS report information weekly. COD reports information daily on Pell, SMART and ACG grants. Schools and guaranty agencies also report enrollment at least monthly.
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Understanding the Difference between Loan Delinquency and Loan Default by Jason Spencer Student Loan

4. Can I update loan information and personal identifiers online?
________________________________________
For almost all users, the answer is ”No.” Schools do not have the ability to update loans or personal identifiers online. Only data providers can update loan related information, usually through their regular submittals to NSLDS. However, limited users from a GA can update loan related information online.
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5. What section of the site can I use to satisfy the FAT requirement?
________________________________________
The FATs (Financial Aid Transcripts) are no longer a requirement. With postscreening and the introduction of the transfer monitoring process, schools are no longer required to respond to requests for paper FATs.
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6. How can I suggest improvements or changes to the site?
________________________________________
We encourage your comments. Please call the NSLDS Customer Support Center at 1-800-999-8219 Monday through Friday, 8:00 am to 9:00 pm ET or email us at nslds@ed.gov.
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7. When is the NSLDS web site available?
________________________________________
The NSLDS web site is available from 6am Monday (Eastern Time) to 7pm Saturday. Typically, the site is also available from 7pm Saturday to 5am Sunday and from 11am Sunday to 6pm Sunday, although outages may occur for system maintenance.
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8. How can I contact the NSLDS Customer Support Center if I’m a foreign school?
________________________________________
Callers in locations without access to 800 numbers may call 785-838-2141 (this is not a toll free number).
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Jason Spencer Student Loan

Technical/Browser questions

9. Is the site secure?
________________________________________
Yes. The first step is the use of a secure browser such as Microsoft Internet Explorer versions 5.x to 7.x. Certain browsers and certain computers have the ability to communicate securely by scrambling the information as it passes across the Internet. The method of communication is called SSL, or Secure Sockets Layer. We require the use of a secure browser before a connection can be made to NSLDS. After you reach us using the secure browser, the information is also scrambled again to ensure only authorized NSLDS users can read it. The security of the system should always be your number one priority.
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10. Am I charged for using the site?
________________________________________
The Department of Education does not charge for access to the site. Your Internet service provider (ISP), however, may charge for Internet access.
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11. Can I use another browser besides Microsoft Internet Explorer?
________________________________________
Yes, but the site is designed to be used with Microsoft Internet Explorer. The System Requirements page identifies the specific versions recommended. The Web pages may not display or function correctly with other browsers.
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12. Can I use a different version of Microsoft Internet Explorer?
________________________________________
Yes, but the site is designed to be used with specific versions of Internet Explorer. The System Requirements page identifies the recommended versions. The Web pages may not display or function correctly with a version not listed on the System Requirements page.
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13. How long can I be inactive before the site automatically logs me off?
________________________________________
For security reasons, you will be logged off if you are inactive (you do not use your mouse or keyboard) for 30 minutes. Never leave the NSLDS Web site open on an unattended computer. You are personally responsible to make sure that access to the site is always secured.
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14. Why am I experiencing a slow response?
________________________________________
There can be several reasons why a user may experience a slow response time. First, you may be connected to the site by a slow modem. If this is the case, upgrading to a faster modem is highly recommended. If you are using the site during peak usage time (around 10 am weekdays) you might consider using the site during off-peak hours when response times should be faster.
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15. When the site tells me that it is not responding, what should I do?
________________________________________
You are probably using the site during a period of high usage. It is recommended that you try the site at a non-peak time. If the problem persists, call the NSLDS Customer Support Center at 1-800-999-8219 Monday through Friday, 8:00 am to 9:00 pm ET.
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Student Loan Debt and Resources for Help by Jason Spencer Student Loan

 

16. Why are the graphics or pictures not appearing?
________________________________________
You may have the graphics or picture option setting on your browser turned off. Consult your browser’s Help for details on setting this option.
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17. Why do the pictures and graphics appear washed out or fuzzy?
________________________________________
There are a few reasons why this may happen. First, you may have your display set to a minimal number of colors. Also, you should have your display set at the highest possible resolution possible. We recommend a resolution of at least 800×600.
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18. Why can’t I view the entire page on my PC?
________________________________________
Some pages are too large to be viewed entirely on one screen. However, you can increase the amount of a Web page that you can see by setting your display to maximum resolution.
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19. Why does my session crash periodically?
________________________________________
Session crashes are usually caused by problems with the user’s PC. This can be especially true if the user has an older computer with a slow processor and a small amount of memory. We recommend closing all other applications when using your browser in order to free system memory. If this does not work, you should reboot your computer and try again. You may want to consider adding memory to your PC and removing applications from your start-up file.
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Student Loan Defaults Hurt Universities by Jason Spencer Dallas

 

20. When my computer crashes, how can I re-establish connection to the site? Do I need to call someone to log me off?
________________________________________
Just log on to the site again. Your previous session is automatically disconnected. You do not need to call someone to log you off.
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21. Why are pages being displayed with previously viewed content?
________________________________________
Your browser can store copies of previously visited pages in a cache file on your computer. This means that pages may be redisplayed from the cache with old content rather than being displayed with the requested information. The caching of pages is dependent on the cache setting in your browser configuration. Refreshing can be forced by using the browser’s Refresh/Reload button; this requests the new information from NSLDS and ignores the computer’s cache. Clearing the browser’s cache can relieve this problem. Also see the System Requirements page for details on configuring your browser.
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22. How do I clear the cache?
________________________________________
IE 7.x
• Click the Tools menu, then the Internet Options command.
• Click the General tab. In the Browsing history section, click Delete… Click Delete all…, and then click Yes.

 

IE 6.x and 5.x
• Click the Tools menu, then the Internet Options command.
• Click the General tab. In the Temporary Internet Files section, click Delete Files. Click Delete all offline content, and then click OK.
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23. Why is there no link to download Netscape?
________________________________________
As of March 1, 2008 AOL discontinued support of the Netscape client products. For this reason a link to download the browser has been removed from this site. If you currently are using Netscape to access NSLDS, you can continue with this browser, however, it is no longer supported.
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Access questions

24. Who can have access to the site?
________________________________________
Access to NSLDS information is granted to individuals whose specific job responsibilities include at least one of the following activities:
• Determining a specific student applicant’s eligibility for Title IV student aid;
• Billing and collecting on a Title IV loan;
• Enforcing the terms of a Title IV loan;
• Billing and collecting on a Title IV grant overpayment;
• Submitting student enrollment information;
• Ensuring the accuracy of a financial aid or borrower record;
• Assisting with default aversion activities; and
• Obtaining default rate information.
Individual without these job related responsibilities should immediately be deleted from NSLDS access. Your organization is responsible for maintaining an accurate and current listing of active users. Employees who have left your organization should immediately be removed from the system by your Primary Destination Point Administrator (PDPA).
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25. Can someone else in my office use my user ID and password to access the site?
________________________________________
No. User IDs and passwords are for your individual use only, and are confidential ED information. You must not disclose your password to anyone, and you must take the necessary steps to prevent anyone from gaining knowledge of your password. Use of an NSLDS user ID by anyone other than the user is a security violation and the user ID will be terminated. Security violations can cause an entire organization to lose access to NSLDS.
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26. Can our organization sign up multiple users for NSLDS online access?
________________________________________
Yes. If you have multiple users with job responsibilities that have a need for NSLDS access, the Primary Destination Point Administrator (PDPA) can sign them up at fsawebenroll.ed.gov. There is no limit to the number of users by organization.
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27. Can a servicer access the site?
________________________________________
Yes. In order for a servicer to enroll for NSLDS online access, the school authorizing official must sign the application made through fsawebenroll.ed.gov. The authorizing official should never approve a user for access to NSLDS unless this person is an employee of the school or of the servicer which the school has contracted to perform NSLDS functions. It is the institution, not the servicer who is ultimately responsible for the timely and accurate reporting of the data to NSLDS.
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28. Do students have access to the information?
________________________________________
Students have access to their own information on the NSLDS Student Access Web site, www.nslds.ed.gov. A student will need to use his/her FSA assigned PIN to log in. Please instruct students to this site so that they may directly view their personal student loan information. Never ask students for their PIN and remind them that they must not share their PIN with any entity. Like your user ID and password, the student PIN is private and personal.
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29. Can I give this information to students?
________________________________________
Yes. It is permissible to show or print a student’s information to/for that student. However, this information is protected by the Privacy Act and care must be taken with any printed Personally Identifiable Information (PII). We strongly suggest that you verify (via a driver’s license or other identification) that the student receiving the printed NSLDS information is in fact the student identified on the printed material. Keep identity theft in mind at all times.
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30. What happens if my Title IV loan is in default?
________________________________________
Your request for online access to NSLDS is denied if you have a loan currently on NSLDS that has been reported as in default or as discharged due to death. Additionally, NSLDS runs a program monthly to identify any current online users for whom a loan has been reported in a default or discharge due to death status. Persons identified will have their online access revoked. Once the loans are out of default you will have to re-apply for access.
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31. What is User Access Verification?
________________________________________
After entering your user ID and password, you are presented with the User Access Verification page. NSLDS must protect the personally identifiable information (PII) in the database and this page allows NSLDS to detect automated users who attempt to access the system without authorization. A box will display with letters and numbers that may be slightly distorted. Follow the instructions and enter what you see in the blank box. Then, click Submit Response
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32. What happens if I can’t read what is in the box?
________________________________________
If you have difficulty viewing the current image, click the refresh button on your internet browser for a new image to display. If you hit enter without attempting to replicate what you see, it will count as an ”attempt”. You will have three attempts to enter the image correctly in order to gain access to the data in NSLDS.
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33. What happens if I have tried three times and failed?
________________________________________
The User Access Verification tool, called CAPTCHA, will lock out a user that has failed to correctly enter the image displayed after 3 attempts. This prevents unauthorized users from gaining access to the personally identifiable information (PII) in NSLDS. If you tried unsuccessfully 3 times you will receive a message that says ”You have failed the verification test. Your account has been disabled. Please contact the Customer Support Center at (800) 999-8219 for further assistance. Callers in locations without access to 800 numbers may call 785-838-2141 (this is not a toll free number).”
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34. What happens if I am locked out from the User Access Verification?
________________________________________
Your user ID will be inoperable and you will not be able to gain access to NSLDS. Call the Customer Support Center immediately at (800) 999-8219 to discuss your situation with a customer support representative. Explain what has happened. Your identity will be verified and your attempts will be evaluated to determine if you can regain access.
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35. Can I get re-instated after being locked out from the User Access Verification?
________________________________________
Call the Customer Support Center immediately at (800) 999-8219. The customer support representative will verify your identity. The situation will be evaluated to determine if you can regain access.
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Jason Spencer Student Loan

User ID questions

36. What is the duration of a password?
________________________________________
Federal Student Aid User ID (FSA ID) passwords expire and must be changed every 90 days.
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37. How will I know to change my password?
________________________________________
A warning that your password needs to be changed will be issued 15 days before expiration. The password can be changed anytime during those 15 days using the ”Change Password” link on the FSA Login page.
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38. What is the format of a password, and how long should it be?
________________________________________
• Passwords must be a minimum of eight characters in length.
• Passwords must contain three (3) of the four (4) criteria:
• English UPPERCASE letters (A – Z)
• English lowercase letters (a – z)
• Westernized Arabic numerals (0-9)
• Non-alphanumeric special characters (!,@,#,$,&,*)
• Passwords are case sensitive.
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39. What passwords are acceptable?
________________________________________
You must not disclose your password to anyone, and you must take the necessary steps to prevent anyone from gaining knowledge of your password. Passwords must be unique and may not be the same as your previous five passwords. Unauthorized passwords include:
• Matches that resemble the word ”password” in any form (e.g. capitalized, adding a number)
• Matches that pertain in any way to the user’s name in any form (e.g. login name, first or last name)
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40. Do passwords and user IDs expire?
________________________________________
The password for any FSA ID not accessed in 90 days is automatically expired and will require a password change. Any organization code associated with a FSA ID not used during a 365 day period will be removed and will no longer be available as a selection when accessing NSLDS. The user will have to contact their Primary Destination Point Administrator to reapply for access to the organization code which was automatically removed.
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41. Are logon attempts limited?
________________________________________
FSA IDs will be locked after 3 unsuccessful logon attempts and cannot be used for 30 minutes. After automatically becoming unlocked after 30 minutes, users can try again or select ”forgot password” link at the FSA Logon page and answer the challenge questions to reset the password. Only contact the Customer Support Center if you forgot your challenge questions or need help with the following:
• Contact CPS/SAIG Technical Support at 800/330-5947 or by e-mail at CPSSAIG@ed.gov for user sign-up, FSA ID access and passwords
• Contact NSLDS Customer Support Center at 800/999-8219, Monday through Friday from 8 a.m to 9 p.m. ET or by e-mail at NSLDS@ed.gov for NSLDS related questions
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Problem questions

42. What if the information in NSLDS is incorrect?
________________________________________
You should contact the data provider included in the NSLDS record and provide them with information that assists the data provider in its investigation and possible correction of the errors. If the data provider is unable or unwilling to correct the data, contact the NSLDS Customer Support Center.
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43. What if information is missing from NSLDS?
________________________________________
Due to time lapses in reporting, the most current information may not be contained in NSLDS at the time of inquiry. If the student’s loan information is not available within 45 days of disbursement, you may want to contact the Guaranty Agency, Direct Loan Servicing Center or the student’s school.
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44. How do I resolve duplicate overpayment debts reported to NSLDS?
________________________________________
We have identified a small number of duplicate overpayment debts in NSLDS. These duplicates show the same overpayment as being held by a school and also by the Department’s Debt Collection Service (DCS). They occur when the identifiers for the overpayment are not properly reported and matched. The method described below is the fastest and most efficient way to update a student’s record if he or she is being denied aid as a result of a duplicate overpayment debt.

If you come across one of these cases when determining eligibility for an applicant, and you are certain that the two overpayments are exactly the same, you may pay the student Title IV aid once you have resolved the overpayment issue and the student is otherwise eligible.

If you find one of these duplicates you should contact the school that originally reported the overpayment (contact information is available on the NSLDS Web pages) and inform them of the problem. That school (or you, if you identified the problem with one of your own overpayments) should, after confirming that the two overpayments in NSLDS are duplicates of each other, delete the school-reported overpayment using the NSLDS Overpayment Delete Confirmation page.

Before deleting an overpayment debt, the school must:
• Verify that the school no longer has any responsibility for the overpayment.
• Using this Web site, validate that the overpayment debt has been reported to NSLDS (by DCS GA555). It does not matter if DCS has reported the overpayment debt as repaid.

If both of the conditions above are true, the overpayment debt can be deleted as follows:
• Click Overpayment List in the Aid tab. Click on the desired Student.
• Click numbered bullet next to the Overpayment debt showing your school as the Source. This navigates you to the Overpayment Display page.
• Click Delete. This navigates you to the Overpayment Delete Confirmation page.
• Click Confirm. This removes the overpayment from the system.

A new ISIR is generated and sent to all schools listed on the FASFA.

If you have any questions or need assistance to delete an overpayment debt, please contact the NSLDS Customer Support Center at 1-800-999-8219 or via email at nslds@ed.gov.
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45. What if no contacts are listed on the Organization Contact list page?
________________________________________
If you need to reach a data provider and there are no contacts listed, call the NSLDS Customer Support Center at 1-800-999-8219. They may be able to assist you. The information on this page is dependent upon the organization providing current names, phone numbers, and other contact information. We encourage you to maintain accurate contact information and help encourage other financial aid professionals to enter their organization’s contact information.
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46. How do we update our Organizational Contact information?
________________________________________
You can update the currently listed contact information by clicking on the number next to the function that needs to be changed. Follow the Help Page Instructions found by clicking the Help Icon ”?” You can also add contacts for additional functions by clicking the ADD button on the Contact List Page. NSLDS encourages all schools to list at least a primary contact and a contact for Enrollment Reporting as these contacts are used for email notifications.
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Jason Spencer Student Loan

Printing questions

47. Why does the printout look different from the Web page?
________________________________________
Your browser formats content according to the size of the printed page, not the size of the on-screen window. Text is word-wrapped and graphics are repositioned to accommodate paper size.
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48. Why does my browser sometimes crash when printing a Web page?
________________________________________
Sometimes Web pages contain complex graphics. Complex graphic images may stress the printer driver beyond what it can handle. Usually, the printer manufacturer is aware of such a problem, and may already have an updated printer driver available for you. Check your printer manufacturer’s Web site for an updated driver. Installing the latest driver should solve the printing problems for you.
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Frequently referenced Department of Education documentation

49. Where can I find NSLDS reference material?
________________________________________
You can find NSLDS reference material on the IFAP Web site by selecting ”Processing Resources” from the home page and ”NSLDS Reference Materials” from the Processing Resources page. Alternatively, you can select this link to get there. The material is organized by year and publication type.
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50. Where can I find the ISIR Guide?
________________________________________
You can find the ISIR Guide on the IFAP Web site by selecting ”Publications” from the home page and the ”ISIR Guide” link under ”Processing Publications” from the Publications page. Alternatively, you can select this link to get there. The ISIR Guide and related updates are organized by award year.
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51. Where can I find the FSA Handbook?
________________________________________
You can find the FSA Handbook on the IFAP Web site by selecting the ”Current Handbook” link from the home page under the ”Handbook” section on the right-hand side margin of the page.
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52. Where can I find the NSLDS Newsletters?
________________________________________
You can find the NSLDS Newsletters by selecting the News & Events link on the menu bar of the NSLDS Professional Access Web site login page. Selecting this link will open a new window and take you to the NSLDS Newsletters on IFAP. You can also find the NSLDS Newsletters on the IFAP Web site by selecting ”Processing Resources” from the home page, followed by the ”NSLDS Reference Materials” link from the Processing Resources page and the ”NSLDS Newsletters” link from the iLibrary – NSLDS Reference Materials page. Alternatively, you can select this link to get there. For archived copies of the Newsletters select the ”here” link found at the top of this page. The Newsletters are organized in descending order by publication date and newsletter number.
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53. Where can I find the NSLDS Enrollment Reporting Guide and NSLDS User Guide for Transfer Student Monitoring?
________________________________________
You can find the NSLDS Enrollment Reporting Guide and the NSLDS User Guide for Transfer Student Monitoring on the IFAP Web site by selecting ”Processing Resources” from the home page, followed by the ”NSLDS Reference Materials” link from the Processing Resources page and the ”NSLDS User Documentation” link from the iLibrary – NSLDS Reference Materials page. Alternatively, you can select this link to get there. The Guides are organized in descending order by publication date.

Client FAQ for Loans Serviced by Fedloan Servicing

 

54. Where can I find the Transfer Student Monitoring / Financial Aid History Processes and Batch File Layouts?
________________________________________
You can find the Transfer Student Monitoring/Financial Aid History Processes and Batch File Layouts on the IFAP Web site by selecting ”Processing Resources” from the home page, followed by the ”NSLDS Reference Materials” link from the Processing Resources page and the ”Transfer Student / Financial History Processes and Batch File Layouts” link from the iLibrary – NSLDS Reference Materials page. Alternatively, you can select this link to get there. The Guides are organized in descending order by publication date.
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55. Where can I find a copy of the TEACH Grant Counseling Guides (Initial and Subsequent Counseling and Exit Counseling Guides)?
________________________________________
You can find the TEACH Grant Counseling Guides (Initial and Subsequent and Exit Counseling Guides) at the ATS (Agreement to Serve) Web site. Schools may use these counseling guides when completing in person counseling with their students. Students may wish to print the Initial and Subsequent Counseling guide so that they have a copy of the material covered during their counseling session.
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Frequently asked questions regarding NSLDS data

56. My school is closing or has become ineligible, what do I need to do? (NSLDS Enrollment Reporting Guide)
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If a school’s eligibility to participate in Title IV aid changes, it is the school’s responsibility to update properly all students on its Enrollment Reporting roster before discontinuing participation in the Enrollment Reporting process. Please review the NSLDS Enrollment Reporting Guide for enrollment reporting and associated questions. The ERG also provides details on the enrollment reporting process and Web pages that allow schools to update enrollment data in real time.
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57. My student has a consolidation loan but NSLDS shows that my student is over the aggregate limits for subsidized loans, can I still give unsubsidized loans? (FSA Handbook)
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The Federal Student Aid Handbook discusses the eligibility requirements for students and parent borrowers and the aid administrator’s responsibility to ensure that recipients qualify for their aid awards.
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58. Can I award my student if a loan is in a particular loan status code? (ISIR Guide, Appendix C)
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Due to the variance of loan status codes please refer to the ISIR Guide, Appendix C. The ISIR Guide assists Financial Aid Administrators (FAAs) in interpreting student information on the Institutional Student Information Record (ISIR), which includes key processing results and National Student Loan Data System (NSLDS) financial aid history information.
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59. What is the ”unallocated loan mount”? (NSLDS Newsletter, 11)
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There are instances when NSLDS cannot account for all of the outstanding balance of a FFEL Consolidation Loan. NSLDS reports such amounts as ”unallocated” on the NSLDS Web site and ISIRSs. A comprehensive discussion on this topic can be found in the NSLDS Newsletter 11.
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60. What are the current aggregate loan limits? (Gen 08-08)
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Please refer to Dear Colleague Letter GEN 08-08 for aggregate loan limits effective as of July 1, 2008.
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61. Can I continue to award aid although the ISIR has a Comment Code 138? (GEN 96-13, Q & A 26)
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To protect the privacy of recipients of Title IV aid, NSLDS users are required to enter the SSN, first name, and date of birth for a student record they are trying to review. A Comment Code 138 on the ISIR is an indication that the FAFSA applicant’s SSN was found in NSLDS but the system could not confirm that it belonged to the applicant. School users can be assisted in the resolution of these issues by contacting the NSLDS Customer Support Center at 1-800-999-8219, Monday through Friday from 8 a.m. to 9 p.m. ET.

Dear Colleague Letter GEN 96-13 states that NSLDS is to be used for purposes of determining student eligibility for Federal Title IV student assistance. The letter included a series of questions and answers regarding the data in NSLDS. The ISIR Comment Code 138 is addressed in Q & A 26. The answer states, ”the school must determine if the existing NSLDS record is that of the applicant and, if so, must use the information in the NSLDS when determining eligibility for Title IV aid”. If the school determines that the SSN in NSLDS is for the applicant and concludes ”that the failure to match on name or date of birth is because the student did not complete the application properly…it should instruct the applicant to make any necessary corrections to the CPS record, using the SAR or ISIR correction process. However, the school need not await the results of those corrections before using the reviewed data in the NSLDS for determining the student’s eligibility.”

If the opposite is true, the answers states ”If the school, after reviewing the data in the NSLDS, determines that it is not the applicant’s financial aid history, it can continue to process the application assuming that the student had not received any relevant Title IV aid.”

To review the complete Question and Answer use this link: GEN 96-13, Q & A 26.
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62. Can I continue to award aid although NSLDS shows negative information? (GEN 96-13, Q & A 37)
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Dear Colleague Letter GEN 96-13 states that NSLDS is to be used for purposes of determining student eligibility for Federal Title IV student assistance. The letter included a series of questions and answers regarding the data in NSLDS. This situation is addressed with Question 37:

”Q37 Must the school make certain that any default statuses or other negative information in the NSLDS be cleared in the NSLDS before it can disburse Title IV student aid?

A37 No, if the school can document that the student is eligible for Title IV aid despite such negative information contained in the NSLDS, it may award and disburse aid. An example would be if the NSLDS Financial Aid History page of the SAR or ISIR shows that the student has a defaulted loan, but the school has obtained documentation from the holder of the loan that the borrower had made ‘satisfactory arrangements to repay.’ This guidance is consistent with current requirements regarding the resolution of problems reported to a school by the CPS on a SAR or ISIR.”

Jason Spencer Student Loan
student loan relief inc

Dallas Texas

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