Posted Date:May 3, 2019
|Author:||Federal Student Aid|
Subject: Updated Federal Perkins Loan Assignment and Liquidation Guide Now Available
The updated Assignment and Liquidation Guide is now available on the Campus-Based Processing Information Page on the Information for Financial Aid Professionals (IFAP) website. From the IFAP website’s home page, click on the Processing Resources box, and then click on the Campus-Based Processing Information link. Perkins Liquidation and Assignment information is highlighted in an orange box on the right side of the page. Note: We encourage schools to bookmark the Campus-Based Processing Information Page for easy reference.
The Assignment and Liquidation Guide (Guide) has been updated and restructured. It has been updated to reflect necessary changes due to the transition of the business processes for the Campus-Based programs to the Common Origination and Disbursement (COD) System. In addition to making changes relating to the system transition, the Guide was updated to provide further clarity and detail on various steps in the process of assignment and for liquidation.
The Guide is divided into two parts and includes three appendices:
Part I provides schools that are not liquidating with the procedures for assigning loans to the Department for any reason.
Part II provides schools that may have questions about liquidation or schools that wish to begin liquidation with complete information and procedures about the process.
Appendix A provides contact information.
Appendix B is a quick reference guide for the liquidation process (see more below).
Appendix C provides an “Assignments at a Glance” table, showing what documentation is required or not required when submitting loans for assignment to the Department.
Schools may find the following new items particularly helpful:
An Assignment Submission Checklist on page 21.
A Perkins Loan Liquidation Steps Checklist on page 44.
Appendix B is a quick reference guide to the complete liquidation process. The “quick guide” is an overview of the different steps under the Perkins liquidation process and explains how schools use the functionality of the COD Web Site to complete each step of the liquidation process.
If you have questions regarding the Perkins Assignment and Liquidation Guide, contact the COD School Relations Center at 1-800-848-0978. You may also email CODSupport@ed.gov.