Session 21-3 Overview Last year, the Perkins program had: Over $1.1B in loans issued A federal contribution of around $160M Over 695,000 students awarded Total loans outstanding of over $7B 2,260 schools participating An average loan was $1,681
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Session 21-
Session 38
Electronic Signatures in the Perkins Loan Program
Session 21-
OverviewLast year, the Perkins program had:Over $1.1B in loans
issuedA federal contribution of around $160M Over 695,000 students
awardedTotal loans outstanding of over $7B2,260 schools
participatingAn average loan was $1,681
Session 21-
StatusFSA has been committed to promoting the use of electronic
signatures in the student aid processStandards were issued in 4/01;
revised in 7/01FSA worked with the community to create a trusted
3rd party authentication service based on the FSA PIN.Electronic
signatures are currently available for all Title IV
programsElectronic signatures are in use for Direct Loans and FFELP
promissory notes Now is the time for Perkins
Session 21-
What Has FSA Done for Perkins?Partnerships with national
organizationsCOHEAO and NACUBOPartnerships with schoolsPenn State,
University of Minnesota, University of Illinois, and Iowa State
UniversityPartnerships with trusted 3rd party authentication
service providersNCS and STAN
Session 21-
Perkins Note EvolutionPrevious Perkins FormsCurrent Perkins
FormsPossible Perkins eNote
Session 21-
School Wish List
FSA subsidizes STAN authentication costs for Perkins schools FSA
helps schools to create downloadable eNote (HTML; JAVA; XML; Cold
Fusion)FSA enables MPN for Perkins note FSA revises Standards to
allow for school based PIN for PerkinsExpanded use of FSA PIN for
Federal aid (Title 7) and non-Federal aid (state grants)
What Does All of this Mean?Electronic Signature Standards
Session 21-
Schools To Do ListCreate an enterprise-wide team (technical,
legal, and business) to determine how electronic signatures might
fit into the schools current processesReview Standards and
determine complianceFlow chart current paper processFlow chart how
an e-process might look likePerform a cost/benefit
analysisUnderstand identification and authentication
alternativesUnderstand encryption to be able to utilize STAN
Session 21-
FSA To Do ListSTAN SubsidyFinalize subsidy payment arrangements
for authenticationFacilitate a cheaper encryption solution eNote
DevelopmentDevelop format that is best suited for schools
needsFuture???Enable MPNRevise StandardsExpand FSA PIN
