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 publication of the full text of the material that the adopting agency has incorporated by reference in this rule would be unduly cumbersome or expensive. Therefore, the full text of that material will be made available to any interested person at both the Office of the Secretary of State and the office of the adopting agency, pursuant to section 536.031.4, RSMo. Such material will be provided at the cost established by state law. (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.

1. (2) The manual includes policies to be followed by schools, lenders and third-party servicers that participate in the guaranteed student loan program.

   1. (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.
   2. (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.
   3. (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.
   4. (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.
2. (3) The manual includes the standard forms necessary to the administration of the guaranteed student loan program.

AUTHORITY: sections 173.095, 173.100, 173.105, 173.110, 173.115 and 173.120– 173.186, RSMo (1994).* Original rule filed June 8, 1979, effective Nov. 11, 1979. Rescinded and readopted: Filed Oct. 11, 1983, effective Jan 13. 1984. Amended: Filed Oct. 1, 1985, effective Jan. 12, 1986. Amended: Filed July 1, 1988, effective Oct. 1, 1988. Amended: Filed Dec. 13, 1991, effective April 9, 1992. Rescinded and readopted: Filed Nov. 26, 1996, effective June 30, 1997. *Original authority: 173.095, RSMo (1967), amended 1978; 173.100, RSMo (1967), amended 1978, 1981, 1994; 173.105, RSMo (1978), amended 1993, 1994; 173.110, RSMo (1967), amended 1978, 1994; 173.115, RSMo (1988); 173.120, RSMo (1967), amended 1982; 173.130, RSMo (1967), amended 1978; 173.141, RSMo (1981); 173.150, RSMo (1967), amended 1994; 173.160 and 173.170, RSMo (1967), amended 1978, 1994; 173.180, RSMo (1967), amended 1978; and 173.186, RSMo (1986).