The Department of Education has published its latest version of the Federal Perkins Loan Program Assignment and Liquidation Guide that contains important updates to reconciliation reports in NSLDS as well as procedures for submitting spreadsheets. Other changes include detailed guidelines for the new Perkins Portfolio Report (PRKPF1) and the Perkins Extract by Parameters Report (formerly called ReC005), which will help institutions process defaulted loans or during liquidation.
Read the full announcement for more details.
POSTED DATE: April 23, 2024
AUTHOR: Federal Student Aid
ELECTRONIC ANNOUNCEMENT ID: CB-24-09
SUBJECT: Updated Federal Perkins Loan Assignment and Liquidation Guide Now Available
We have updated the Federal Perkins Loan Program Assignment and Liquidation Guide.
The updated Assignment and Liquidation Guide (Guide) is now available on the Campus-Based Processing Information page on the Knowledge Center. Information related to Perkins Liquidation and Assignment is prominently displayed in a designated section on the right-hand side of the page. Note: We recommend that schools bookmark the Campus-Based Processing Information Page for convenient future access.
This Guide has been enhanced to incorporate recent additions and modifications to reconciliation reports available on the National Student Loan Database System (NSLDS®) website. It furnishes detailed instructions regarding the utilization of the new Perkins Portfolio Report (PRKPF1), alongside the Perkins Extract by Parameters Report (formerly called REC005), and the procedure for the spreadsheet submittal process. This resource aids schools in leveraging NSLDS reports for reconciliation purposes during the mandatory assignment of older, defaulted loans or during the liquidation process.
In addition to the changes noted above, the Guide includes essential modifications to guidance concerning the return of funds to the U.S. Department of Education (the Department) via G5/G6. It offers enhanced clarity on the appropriate channels for sending borrower payments for loans accepted for assignment by the Department, and comprehensively elaborates on loan purchasing procedures.
Contact Information
If you have questions about the information provided in this announcement, contact the FSA Partner and School Relations Center at 1-800-848-0978. You may also email CODSupport@ed.gov.
If you have questions specific to NSLDS data entry, access, use, or reports, contact NSLDS Customer Support Center at 1-800-999-8219 or email NSLDS@ed.gov.
SOURCE: (CB-24-09) Updated Federal Perkins Loan Assignment and Liquidation Guide Now Available