The Common Manual Governing Board, of which the New York Higher Education Services Corporation (HESC) is one of 36 participants, has recently approved several policies in Batch #147, to modify the Common Manual. The electronic Common Manual is linked through the HESC’s Web site and has been updated to include these changes. Please pay particular attention to the effective date of each policy change.

The following table includes a listing of the revised policies in Batch #147 for your information. To review the approved policies click on “Learn More.”

HESC has no specific comments or operational effects related to these policies.

Questions regarding this bulletin should be directed to the Office of Counsel & Regulatory Compliance, at (518) 473-3986, toll free at 1-866-431-HESC (1-866-431-4372) press 6, or askpolicy@hesc.org


Policy Changes Batch 147 – Approved February, 2008
  • Variable Rate Conversion Provisions
  • Exceptional Performer Eliminated
  • Frequency of Capitalization for Consolidation Loans
  • Lender Reporting Requirements
  • Armed Forces and Military Deferments
  • Borrower Choice of Lender
  • Transfer of Claim Other Than for Security
  • Disclosing Stafford Loan Eligibility Information to Grad PLUS Applicants
  • Establishing A Repayment Schedule
  • Consumer Information