Posted Date:February 27, 2015
|Author:||Sue O'Flaherty, Service Director, Program Management, Federal Student Aid|
Subject: Direct PLUS Loan Changes - System Changes for the Determination of Adverse Credit History and the Duration of a Credit Check (from 90 Days to 180 Days) to be Implemented March 27-29, 2015
During the period of March 27-29, 2015, we plan to implement Common Origination and Disbursement (COD) System functionality that supports the processing of Federal Pell Grant (Pell Grant), Iraq and Afghanistan Service Grant, Teacher Education Assistance for College and Higher Education (TEACH) Grant, and William D. Ford Federal Direct Loan (Direct Loan) awards for the 2015-2016 Award Year. With the implementation, we will make system updates as a result of the changes to the Direct PLUS Loan adverse credit history provisions.
This is the third in a series of announcements that will provide operational information about the changes to the Direct PLUS Loan adverse credit history provisions. In an attachment to this announcement, we highlight the COD System changes we will make to determine when an applicant has an adverse credit history and to allow a credit check to remain valid for 180 days instead of the current 90 days.
As a reminder, information about other COD System changes that will be implemented during the March 27-29, 2015 period will be posted in a future Electronic Announcement on the Information for Financial Aid Professionals (IFAP) Web site.
More information about 2015-2016 processing is also available in the 2015-2016 COD Technical Reference.
If you have additional questions about the COD System implementation or the system changes explained in the attachment, contact the COD School Relations Center at 800/848-0978. You may also e-mail CODSupport@ed.gov.