One Year Delay of Mandatory Assignment of Perkins Loans

May 4, 2022 · by COHEAO · Spark Notes

 

Today, the office of Federal Student Aid (FSA) announced a one year extension of the mandatory assignment of Federal Perkins Loans in Default for more than two years. If you have any questions, please reach out to COHEAO’s executive director, Robert Moran.

 

Click here to view the announcement.

 

FSA’s announcement is below:

 

(CB-22-10) Extended Deadline for Mandatory Assignment of Federal Perkins Loan in Default for more than Two Years

 

 

POSTED DATE

 

May 04, 2022

AUTHOR

 

Federal Student Aid

ELECTRONIC ANNOUNCEMENT ID

 

CB-22-10

SUBJECT

 

Extended Deadline for Mandatory Assignment of Federal Perkins Loan in Default for more than Two Years

As a reminder, in an Aug. 27, 2021 Electronic Announcement (EA ID: General 21-53) we required all institutions to assign to the U.S. Department of Education (the Department) all loans made under the Federal Perkins Loan (Perkins Loan) Program that they hold and that have been in default for more than two years. Institutions were required to complete their assignments by June 30, 2022.

As a result of delays brought about by the COVID-19 pandemic, this announcement delays the June 30, 2022, deadline by one year to June 30, 2023. All other conditions in EA ID: General 21-53 remain in effect.

To assist the Department in its assessment of all older active Perkins Loans, we are asking schools to provide the reasons why they were unable to meet the original June 30, 2022, deadline. Schools will be prompted to provide these reasons on the 2023–24 FISAP in the Additional Information section for Part III, Section C, Fields 5.3 and/or 5.4.

Contact Information

If you have questions about the information in this announcement, contact the COD School Relations Center at 1-800-848-0978. You may also email CODSupport@ed.gov.

 

 

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