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PLUS MPN’s
Tips
for Managing the PLUS-MPN Process
:
The
U.S. Department of Education has announced the final PLUS-loan
Master Promissory Note (MPN) process. The Department’s
guidance indicates that the PLUS MPN may be used for Federal
PLUS loans made for periods of enrollment beginning on or
after July 1, 2003. It must be used for all Federal PLUS loans
certified on or after July 1, 2004, regardless of the period
of enrollment for which it is intended.
The
new PLUS MPN is similar to the Stafford MPN in many ways,
including its use as a note for multiple loans for the same
borrower. Schools and lenders are reminded, however, that the
PLUS MPN differs from the Stafford MPN in some important ways,
including the following:
The
PLUS MPN serves as both the application and the promissory
note. The parent borrower applies for the loan through the
school and the PLUS-Application-MPN process. In contrast, with
the Stafford MPN, borrowers apply for loans via the Free
Application for Federal Student Aid (FAFSA).
The
Stafford MPN is valid for all loans that the student borrower
may obtain for a period of up to 10 years, providing other
conditions are met. The PLUS MPN, however, is valid only for
loans made for a single dependent student. To obtain loans for
another dependent student, the parent must complete a separate
PLUS MPN.
With
the PLUS MPN, both schools and lenders must develop and
document a process by which either party collects the parent
borrower’s requested loan amount. The party responsible for
collecting the loan-amount information must document and
retain the loan-amount requests. Schools and lenders also must
document any borrower requests to adjust the requested loan
amount. Schools may use the Federal PLUS Loan Information and
School Certification Form to collect the requested loan
amount. Schools and lenders also may use a separate loan
amount request document, a parent-response section in the
financial-aid award letter or a documented telephone or
electronic-request process.
For
PLUS-MPN forms, the school must provide an electronic or paper
loan certification. An electronic certification must include,
at a minimum, the information included in the paper Federal
PLUS Loan Information and School Certification Form.
As
with the Stafford MPN, the PLUS MPN is valid for new loans
even if the student changes schools or the loan is obtained
with the support of another guarantor. If the parent changes
lenders, however, a new note must be completed.
At
any time, the school, borrower or lender may choose to obtain
a new PLUS MPN.
When
using an MPN, if the parent obtains an endorser for a PLUS
loan, the endorsement applies only to that particular loan. If
the parent obtains new loans subsequent to the first endorsed
loan, the parent must sign a new MPN and, if applicable,
obtain an endorser signature for the subsequent loan. If the
parent requests an adjustment to the loan amount on an
endorsed loan, the lender must obtain a new PLUS MPN and
Endorser Addendum.
The
Department issued final guidance regarding the PLUS-MPN
process in Dear Colleague Letter (DCL) GEN-03-03.
Submitted
by: Jacqueline Bell, USA Funds Services account executive
Tech Talk
Web Site Check-Up:
Using the Web to Improve Service to Students
Few financial aid administrators will argue
that an effective presence on your institution’s Web site
enhances communications with your customers.
Your Web site can either help you to serve students
more effectively, or it can create complications.
This depends on how effectively your information is
organized, and how simply it is delivered.
Each year, as use of the Internet
increases, your presence on your school’s Web site will
become more and more important.
As access to the World Wide Web expands and tuition
costs rise, more prospective and current students, parents,
and others will be visiting your site to research
opportunities, seek assistance, and examine their options for
financing a higher education.
Whether you are only now preparing to
expand your Web site content, or if you have already created
and posted in-depth financial aid information on the Web, this
article provides you with some things to consider when working
with your presence on the Web.
General Considerations
The biggest challenge in creating and
posting information on your site is to assure that it is
well-organized, easy to understand, and inviting to use.
The first and most important rule is to
organize and write your information from a student’s
perspective, not from your perspective as a financial aid
professional. Do
not use technical terms, over-explain your process, or offer
volumes of information. This
will only intimidate and frustrate your virtual visitors.
Do this, and you will find you have increased, rather
than decreased, your workload!
Effective Web writing is also important. Cut your information to include only the bare essentials.
If some of your information requires long explanation,
offer a link that a visitor can use to access detailed
information. Use
bulleted lists and bold subheadings, and avoid long
paragraphs.
One valuable tip: Include a new work-study
student in your office to help with creating or upgrading your
site information. Why,
do you ask? A new student will appreciate your role in financing their
education (they chose to work for you), but he or she will be
unfamiliar with your office process and the jargon common in
the industry. If
he or she doesn’t “get it,” then you can be fairly sure
that most of your customers won’t either.
Your new work-study student will help keep your focus
centered on getting the messages across to your customers.
Critical Sections
Although several factors play a role in the
information that is included on your site, there are some
sections that should always be included.
Each of the suggestions listed below should be
customized or adjusted to meet the needs of your office,
institution, programs, and students.
Include a glossary of terms
An online glossary helps to explain those terms that you find
you have to explain repeatedly.
Review financial aid glossaries offered in publications
from guarantors, lenders, servicers, and others for terms to
include. Encourage
your staff to recommend additions.
Create links from other documents on your site to
glossary entries. Include
a “Suggest a New Term” link on each page of your glossary
to capture those terms your site visitors are looking for but
cannot find.
Offer an events and activities calendar
Post early and final deadlines for
submitting forms, requesting information, or registering.
Include dates, times, and locations of financial aid
presentations, activities, and fairs.
Make sure you post major deadlines in the campus-wide
calendar offered to visitors of your school’s Web site, or
ask the owners of this page to offer a link to your calendar.
Promote news and events
This is the place to post guidance that is
relevant to many of your students during a specific time of
year. If the
guidance is lengthy, then post a summary and offer a full page
description through a link.
Include important notices, changes in deadlines, and
new scholarship and grant opportunities.
Include a one-page summary of “Steps To Take This
Semester,” so that each student can understand, keep track
of, and complete the tasks necessary to obtain his or her aid.
Provide a section for forms and
instructions
Offer links to all of the forms necessary
to complete the various processes in your office.
Consider sorting them by either time of year, by type
of student, or by another easy-to-understand set of
categories. If
possible, offer forms in different formats, in different
languages if they are available, or with accompanying
instructions.
Supply useful Web links
Set up a page that provides Web links to
online resources. Organize
and categorize your links by type of resource or by audience.
Consider providing a one-sentence description for each
link.
Describe your process
A helpful resource can be a simple,
step-by-step description of your process for obtaining
financial aid. Again,
it is important to describe your process in terms that a
student can understand. Eliminate
any steps that do not require action from the student’s
perspective.
Include a staff and subject directory
Offer a directory of the names, phone numbers, and e-mail
addresses of your staff.
Offer a listing organized by last name, and a listing
offered by topic. That
way, visitors can look up a member of your team if they know
their name, or if they have a question about a specific
program or issue.
Link to your online services portal
If your institution offers online account status, billing
options, and other electronic services through a user name and
password, make sure to include a link to these resources.
To promote these services, summarize what tasks
students can accomplish using the portal.
Offer an e-mail link or phone number students can call
if they are having difficulty with access.
Compile your frequently asked questions
A list of frequently asked questions with
prepared responses can help students and parents with their
questions. It can
also be a useful resource for staff who counsel students over
the phone or in person. Include
a “Suggest a Question” link to capture those questions
your site visitors need answers for but cannot find.
Offer an office fact sheet
A simple one-page sheet that lists your
office name, your office’s vision or mission, physical and
mailing addresses, instructions for special shipping, main
phone numbers, fax numbers, Web site addresses, and a map can
help students communicate with you and help visitors find you.
Include a site map
A site map lists the pages available on
your Web site. As
visitors return more frequently, they will find this feature
useful to jump directly to a specific page they need.
The site map will also help your office staff to
navigate through your information quickly.
Good luck with your site creation or
enhancements!
Submitted
by Sarah Perry, TG
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