FAP659: Final CCRAA rules, holiday shopping guide, Douglas Spotted Eagle

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Student Financial Aid News
+ A major briefing on the CCRAA from NASFAA
+ Simplification of the deferment process that amends sections 674.38, 682.210, and 685.204 to allow a borrower’s representative to request a military service deferment or an Armed Forces deferment.
+ Accurate and complete photocopy of a death certificate that amends sections 674.61, 682.402, and 685.212 to allow the use of an accurate and complete photocopy of the original or certified copy of the borrower’s death certificate to support the discharge of a Title IV loan due to death.
+ Loan counseling for graduate or professional student PLUS loan borrowers that amends sections 682.603, 682.604, 685.301, and 685.304 to require entrance counseling and modify exit counseling for graduate or professional student PLUS borrowers.
+ The final rules makes changes to §§674.8 and 674.50 by altering the Program Participation Agreement to require assignment of Perkins Loans in default if the outstanding principal balance is more than $100, the loan has been in default for more than seven years, and no payment has been received in the last 12 months. The regulations would allow Perkins Loan assignment without the borrower’s Social Security Number.
+ The final rules make no changes to the proposed provisions to limit the amount of collection costs that can be assessed to students on defaulted Perkins Loans to 30 percent of the total principal, interest, and late charges on first collection efforts, and 40 percent on second collection efforts or in cases of litigation.
+ Capitalization on consolidation loans during any period of deferment would occur only at the end of an authorized in-school deferment or at the time of loan default. This change would bring consolidation loan capitalization in line with the Stafford and PLUS Loan programs.
+ The final rules add a clarifying provision stating that a loan discharge due to identity theft can only be granted if a state or federal judge conclusively determines that a FFEL or Direct Loan was falsely certified due to the crime of identity theft and can identify the perpetrator of the crime.
+ These regulations allow a lender to suspend credit bureau reporting on a loan for 120 days while a lender investigates claims of identity theft, allow a lender to grant a 120-day administrative forbearance while it investigates claims of identity theft, and if the loan becomes unenforceable, prohibits lenders from collecting interest or special allowance payments from the Department. Lenders that submit a verdict conclusively proving identity theft within three years after it began its investigation it will be fully reimbursed by the Department.

Scholarship Update
+ InfoComm International established the International Communications Industries Foundation (ICIF) to address the industry’s need for a high-quality workforce and endowed the ICIF with $1.2 million to fund scholarships for students and AV industry workers. There are two types of scholarships. Both require that students be majoring in audiovisual subjects or related fields, including audio, video, telecommunications, electronics, technical aspects of the theater, data networking, software development and information technology. Students with other majors may be considered if they can demonstrate a relationship to career goals in the industry.
+ $1,500 award
+ Details at our free college scholarship search site

Free Stuff Friday
+ Since everyone else has jumped aboard, why not us? It’s your Free Stuff Friday holiday shopping guide!
+ Google Calendar: program these dates in: January 22 (4 weeks out), February 5 (6 weeks out) – claim any mail in rebates the day you open your gifts!
+ Dealhack tells you shipping deadlines
+ Simple gifts can be incredibly useful and not cost you more than a sheet of paper – got child watching skills? Give babysitting gift certificates. Have other useful, powerful skills? Music composition, graphic design, etc.? Roll your own gift certificates with ReGiftable.
+ While you’re at it, make your own gift boxes
+ What do you get for the person who has everything? Surprise.com has some ideas – but shop around on their prices.
+ What else can you give? ChangingthePresent.org offers gift certificates to charities. They even have a Facebook gift interface.

Podsafe Music
+ Douglas Spotted Eagle, Doo’lIt’Saa’Da

Reminders

+ Financial Aid Podcast Show Notes at FinancialAidNews.com.
+ Discuss this episode at the Financial Aid Forum!
+ Private student loans
+ Stafford loans | Other federal student loans
+ Student loan consolidation at StudentLoanConsolidator.com
+ FAFSA tutorials and free help
+ The Financial Aid Podcast is a publication of the Student Loan Network.

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