Common Manual Bulletin 2008 - 005

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 Batches #149 and #150 to modify the Common Manual. The electronic Common Manual is linked through the HESC.org 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 revised policies in Batches #149 and #150. For additional details about these changes, click on "Learn More" to view the approved policies.

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

Direct questions regarding this bulletin 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 149 – Approved April 17, 2008

Spouses and Parents of September 11, 2001 Victims Loan Discharge Federal Trade Commission Holder Rule Expanded Identity Theft – Early Implementation Identity Theft – July 1, 2008 Implementation Entrance Counseling for Grad PLUS Borrower Required Notices and Authorizations Scheduled and Borrower-Based Academic Year in Standard Term-Based Credit-Hour Programs Enrollment Status Definitions Stafford Interest Rates Simplified Deferment Processing Death Claim Documentation Special Allowance Rates and Formulas Undergraduate, Graduate, and Professional Students HEROES Waiver Extension Learn More>>

Policy Changes Batch 150 – Approved April 17, 2008

Timely Payment of Federal Default Fee Lender Recordkeeping Requirements Permissible and Prohibited Activities Total and Permanent Disability Annual Loan Limit Progression Maximum Stafford and PLUS Loan Periods Minimum Loan Period Payment Periods Student Authorization for EFT Payment Return of Loan Funds Economic Hardship Deferment Military Deferment Definition of “School Affiliated Organization” Learn More>>