Posted Date:March 14, 2016
| Author: | Jeff Baker, Director, Policy Liaison and Implementation, Federal Student Aid |
Subject: Supporting Documentation for Assignments of Federal Perkins Loans
In an effort to streamline the Federal Perkins Loan assignment process for institutions, Federal Student Aid (FSA) has developed the attached chart that provides information about the necessary loan documentation that must be included when institutions assign Federal Perkins Loans to the Department of Education (Department).
NOTE: Guidance on the wind-down of the Perkins Loan program, as described in Dear Colleague Letter GEN-16-05, does not include any specific requirements that institutions assign their Perkins Loans to the Department.
The chart is categorized by loan status with three columns of acceptable supporting documentation requirements: (1) required documentation, (2) alternatives to required documentation, and (3) extenuating circumstances documentation. We hope that institutions find this chart helpful as they prepare to assign loans to the Department.
We are in the process of updating the Federal Perkins Loan Program Assignment and Liquidation User Guide which will provide additional information on the procedures for assigning Perkins Loans to the Department. We will notify the financial aid community when this User Guide has been posted to the Information for Financial Aid Professionals (IFAP) website at www.ifap.ed.gov.
As a reminder, institutions were informed in an Electronic Announcement, Perkins Loan Assignment System - System Availability and User Access Process dated September 21, 2015, that the automated Perkins Loan Assignment System (PLAS) was available for use.
For additional information or questions about the process for the assignment of Perkins Loans to the Department, please contact the Campus-Based Call Center at 877/801-7168. Customer service representatives are available Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). You may also e-mail CBFOB@ed.gov.