Missouri Code of State Regulations › Title 6 - DEPARTMENT OF HIGHER EDUCATION AND WORKFORCE DEVELOPMENT › Division 10 - Commissioner of Higher Education › Chapter 2 - Student Financial Assistance Programs › Section 6 CSR 10-2.030 - Eligibility to Participate in the Missouri Student Loan Program

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule is contained in
				  the
Common Manual, Unified Student Loan
				  Policy
, which is produced collectively by the Missouri
				  Student Loan Program and all other guaranty agencies that administer the
				  guaranteed student loan program. It establishes the policies for implementation
				  and operation of the loan program for borrowers, schools, lenders, and
				  third-party servicers.
PUBLISHER'S NOTE: The secretary of state has
				  determined that the publication of the entire text of the material which is
				  incorporated by reference as a portion of this rule would be unduly cumbersome
				  or expensive. Therefore, the material which is so incorporated is on file with
				  the agency who filed this rule, and with the Office of the Secretary of State.
				  Any interested person may view this material at either agency's headquarters or
				  the same will be made available at the Office of the Secretary of State at a
				  cost not to exceed actual cost of copy reproduction. The entire text of the
				  rule is printed here. This note refers only to the incorporated by reference
				  material.
(1) The
Common Manual, Unified Student Loan Policy
establishes the
				guidelines and specifies the federal policies by which the Missouri Student
				Loan Program administers the guaranteed student loan program, including
				Stafford Loans, Parent Loans for Undergraduate Students (PLUS), Consolidated
				Loans, and Supplemental Loans for Students (SLS). These national policies
				standardize administrative processes and enhance default prevention
				procedures.
(2) The manual includes
				policies to be followed by schools, lenders and third-party ser-vicers that
				participate in the guaranteed student loan program.
(A) The manual contains general program
				information relevant to student loan borrowers, such as available loan types,
				eligibility criteria, borrowing limits, repayment options, interest rates,
				disbursement methods, and default activities.
(B) For schools, the manual outlines all
				applicable federal policies, including topics such as institutional eligibility
				criteria, recordkeeping and verification requirements, compliance reviews,
				entrance and exit counseling requirements, loan certification, disbursement and
				delivery methods, cohort default rates, and limitation, suspension and
				termination.
(C) For lenders, the
				manual also outlines all applicable federal policies, including topics such as
				eligibility criteria, audits, disbursement and delivery methods, loan
				servicing, due diligence requirements, claim filing, compliance reviews, and
				limitation, suspension, and termination.
(D) The manual also contains applicable
				policies that third-party servicers must adhere to in administering the
				guaranteed student loan program on behalf of schools and lenders.