Posted Date:November 24, 2009
|Author:||Jana Hernandes, Service Director, Operations, Federal Student Aid|
Subject: Loan Servicing Information - NSLDS Identification Information and New School Report for FFEL Purchased Loans
In Electronic Announcements posted on the Information for Financial Aid Professionals (IFAP) Web site on August 28, 2009 and September 16, 2009, we explained our transition to additional servicer support for loans that the Department of Education (the Department) owns. Currently, these loans include William D. Ford Federal Direct Loan (Direct Loan) Program loans and FFEL Purchased Loans. FFEL Purchased Loans are made under the Federal Family Education Loan (FFEL) Program by FFEL lenders and subsequently purchased by the Department through methods commonly referred to as a "PUT." Six servicers comprise the team that assists us with loan servicing, and five of these servicers currently service FFEL Purchased Loans.
In our earlier communications, we named the five servicers that are currently servicing FFEL Purchased Loans—Department of Education Loan Servicing Center (ACS), FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet, and Sallie Mae. We explained that upon assignment of a FFEL Purchased Loan to one of these servicers the borrower receives correspondence that identifies the servicer and provides its contact information. In addition, the servicer’s information is available in the National Student Loan Data System (NSLDS) within seven to ten business days after the loan has been assigned to the servicer.
To date, an individual lookup needed to be done via the appropriate NSLDS Web site (NSLDS Student Access Web site for students or NSLDS Professional Access Web site for schools). Individual lookups are still an option; however, a new "Status of Loans Purchased by ED Report" (PLPED3) is also now available for school use.
We have posted NSLDS Newsletter 25: NSLDS Identification Information and New School Report for FFEL Purchased Loans on the IFAP Web site. This newsletter elaborates on NSLDS identification information for FFEL Purchased Loans and illustrates its location on school and student Web pages. In addition, the newsletter explains options related to the new "Status of Loans Purchased by ED Report" (PLPED3) and its selection via the NSLDS Professional Access Web site. We have also posted the NSLDS Record Layout for this report on the IFAP Web site.
We appreciate the community’s continued patience, understanding, and support as we implement the multi-servicer approach to servicing federally-owned loans.
If you have questions about the information in this announcement, NSLDS Newsletter 25, or the record layout for the "Status of Loans Purchased by ED Report" (PLPED3), contact the NSLDS Customer Support Center at 800/999-8219. You can also contact Customer Support by e-mail at email@example.com.