FEDERAL PERKINS LOAN PROGRAM
ED FORM 553
The approved ED Form 553 is designed to serve as the transmittal form for one borrower. Please read all instructions carefully before completing this form.
Section 463(a)(5), 20 U.S.C. 1087cc authorizes this request. No assignment of a Federal Perkins Loan, a National Direct Student Loan, or a National Defense Student Loan may take place unless accompanied by a completed ED Form 553.
-- Do not combine Defense, Direct, and Federal Perkins Loan information on the same ED Form 553. In those cases where a borrower received more than one type of loan, a separate ED Form 553 must be completed for each.
-- Submit one original and one photocopy of a completed ED Form 553 for each defaulted loan account being assigned to the U.S. Department of Education. Please retain a photocopy for your institutional records.
-- Submit the original promissory note(s) and all required due diligence documentation in accordance with applicable regulations (and/or procedures) for each assignment to the U.S. Department of Education.
-- All financial information must be entered as dollars and cents (e.g., $1,200 or $1,200.44).
-- All items requiring dates must be entered on the form as Month, Day, and Year (e.g., January 1, 2002 or 01-31-2002).
-- This form may be photocopied should supplies run short; however, all assignments must bear an original signature in Item 10.
-- It is mandatory that a social security number for each borrower be provided on the ED Form 553.
PERKINS LOAN PROGRAM
ED FORM 553
|Section A||INSTITUTIONAL INFORMATION|
|1||Full name of submitting institution. If branch campus, identify as such.|
|2||Full street name and number of institution.|
|3||City in which institution is located.|
|4||State in which institution is located.|
|5||Four-digit campus-based serial number as found on the institution's campus-based award letter.|
|6||Institution's nine-digit employer identification number as assigned by the Internal Revenue Service along with the two-digit suffix assigned by the Central Registry System of the Department of Education.|
|7||Zip code of submitting institution's address.|
|8||Typed name of authorized institutional official making the assignment.|
|9||Date of submission to the U.S. Department of Education. Show as MM/DD/YYYY. If submission is received on or after July 1 of a particular year, certification must reflect that date. The certification date of any resubmission must be updated if more than 60 days has elapsed since the original submission.|
|10||Original signature of authorized institutional official whose name appears in Item #8.|
|11||Typed title of authorized institutional official making the assignment.|
|12||Telephone number (include area code) of authorized official.|
|13||Name of individual to be contacted in absence of authorized institutional official.|
|Section B||BORROWER INFORMATION|
|14||Current or last known name of borrower.|
|15||Any other name by which the borrower may have been known (maiden names, name changes, etc.).|
Security number of borrower as ascertained from institutional
records. Do not provide institutional account number.
|17||Birth date of borrower as ascertained from institutional records.|
|18||Specific date or best approximation of date the borrower left the institution.|
|19-23||Current address and telephone number of last known permanent address and telephone number of the borrower. Do not show an institutional residence hall address.|
|24-28||Any work address(es) and telephone number(s) of borrower as ascertained from institutional files. Use additional sheets if necessary.|
|29||Full name of individual who cosigned this loan for the borrower, if applicable. (NOTE: Any defaulted Federal Perkins Loan signed for by a minor on or after July 23, 1992, being submitted for assignment, cannot bear the signature of a cosigner.)|
|29||Social Security number of cosigner is no longer required, however, if one has been ascertained from the application, please provide it|
|30-34||Most current address and telephone number available for any cosigner of this loan|
|Section C||LOAN INFORMATION - HISTORICAL|
|35-37||Type of loan disbursed.|
|38||Interest rate reflected on promissory note used to make this loan or subsequent interest rate changes due to litigation and presence of a judgment. ED acceptance of any promissory note bearing an interest rate that is not in compliance with ED regulations for the applicable timeframe will be reported to the ED Campus-Based Financial Management Section for reconciliation with the assigning institution.|
|39||Date of last disbursement, not original date of loan. (NOTE: In the event of a late disbursement [e.g., after the borrower's departure date], please enter the date for which the promissory note was signed, the date that the last advance became effective.)|
|40||Date last grace period ended (e.g. six (6) months from the departure date, nine (9) months from the departure date)|
|41||Date following the day on which payment was due and not received, resulting in default.|
|42-44||Date of acceleration (if marked "yes") or date the loan would have "matured", i.e., been paid-in-full, if past (if marked "no"). Attach documented proof.|
of whether loan was ever litigated and effective date of
|48-53||FOR INSTITUTIONS IMPLEMENTING SCHOOL CLOSURE OR INSTITUTIONS WITHDRAWING FROM THE PERKINS PROGRAM ONLY: Indication of alternative status of student at time of closure: I (in school); G (Grace Period); D (Deferment); R (Repayment).|
|49-54||Indication of primary reason loan is uncollectable.|
|Section D||LOAN INFORMATION - FINANCIAL|
|55||Original amount loaned to borrower as indicated on promissory note, or, if applicable, total amount outstanding on judgment. This should total what's reflected on the promissory note. NOTE: DO NOT INCLUDE REFUNDS UNDER THIS ITEM, See item #56.|
|56||Any amount refunded or never disbursed which would reduce the principal amount for which the borrower is liable. Attach documented proof.|
|57||Total amount repaid and credited to principal as of certification date|
|58||Total amount of principal that has been canceled on this loan.|
|59||Total principal amount of this loan that is currently outstanding. (Item 55 less 56, 57 and 58).|
|60||Total amount of collection costs repaid, as of certification date. This includes any collection fees that were repaid.|
|61||Total amount of interest repaid as of certification date.|
|62||Total amounts of interest that have been canceled on this loan.|
|63||Total amount of interest due as of the certification date.|
|64||Total amount of collection costs that have been properly assessed on this loan in accordance with program regulations, and any penalty or late charges assessed against the loan that are outstanding as of the certification date. The costs attributable to the following activities can be included: skip-tracing, litigation, address searches, generation of letters, etc.|
|65||Total dollar amount currently outstanding on this loan.|
|Section E||CANCELLATION AND DEFERMENT INFORMATION|
|66-95||Any cancellations that have been exercised on this loan. Show dates as MM/DD/YYYY.|
|96-104||Any deferments that have been exercised on this loan. Show dates as MM/DD/YYYY.|