Through collaboration across the industry, documents identifying best practices have been developed to guide organizations in various functional areas. These best practices are solely intended as guidance that support processes from operational and business perspectives.
This file description explains the programming format you will use to create the NCHELP Rehabilitation Loan Notification file for FFELP (Federal Family Education Loan Program).
The NCHELP Rehabilitation Notification file for FFELP allows you to submit information regarding successfully rehabilitated loans.
Although this file may be used differently by organizations, the primary purpose of this file is to notify lenders and servicers of successfully rehabilitated loans for the purpose of complying with the new consumer credit agency reporting requirement.
Best Practices for Supporting Determining Documentation Requirements and Effective Dates for Economic Hardship Deferments (HRD)
The NCHELP Program Operations Committee has produced this document to assist in the standardization of the required documentation provided by the borrower in support of this entitlement and to encourage more consistency in the determination of effective date of the deferment by the granting organization.
Best Practice Approach to promote the disbursement of funds based on data contained in lender disbursement roster files, rather than the central disbursing agent’s (CDAs) systems’ data, calculations or edits. Ensure that all CDAs utilize the data provided in lender disbursement roster files, including, but is not limited to data in the following fields: Funds Release Date, Gross Disbursement Amount, Origination Fee, Guarantee/Federal Default Fee, Net Disbursement Amount, Fees Paid, Origination Fees Paid and Guarantee/Federal Default Fees Paid.
Endorsed by Education Finance Council (EFC) and National Council for Higher Education Loan Programs (NCHELP)
Participants in the Federal Family Education Loan Program (the “FFELP”) are committed to the highest ethical standards in helping students and families pursuing postsecondary education. In furtherance of this commitment, members of the Education Finance Council and the National Council of Higher Education Loan Programs endorse the following principles.
The E-Signature Electronic Records Exchange workgroup was created to reevaluate the assumptions and standards underlying the initial implementation of electronic signatures in the student loan industry and to review whether best practices could be recommended in connection with current e-signature record data exchange and retention processes during the life of a loan.