Expert answers to your specific questions
Now you have it—direct access to the experts at American Student Assistance®. Submit your question and we’ll e-mail you the answer, as well as post it on this page so that everyone can benefit from the information.
Read the latest Q&A
Does ASA support CAM processing? What other means may lenders use to submit files to ASA?
ASA uses CAM (CommonLine Account Maintenance) for the majority of our loan processing, enabling institutions to send and receive files about loan origination, preclaim reporting, borrower “in school” status, loan updates, changes and many more. In addition to this processing, ASA also handles a large volume of paper-submitted documentation, such as Master Promissory Notes and Notices of Loan Guarantee.
ASA is at the forefront of CR:C: Common Record CommonLine, a web-based form of loan information sharing that will become a mandatory industry standard within the next 3 – 5 years. ASA launched CR:C in July of 2005, and will continue to be an industry leader in this streamlined form of information processing.
As guarantors move away from paper processing, how does ASA archive Master Promissory Notes and other important information that is still paper-driven?
Since many forms of information in the student loan industry have moved from a paper-based process to an electronic one, ASA has instituted a digital archive process in which electronic copies of all appropriate paper documents are created by scanning them into a imaging system. When required, paper documents that are destined to be held (such as Master Promissory Notes) are retained securely in house until they are transferred to an off-site professional document storage facility. ASA’s commitment to maintaining accurate records is facilitated greatly by our scanning policy. This also helps to maintain the integrity of those paper forms which must be saved.
The Deficit Reduction Act of 2005 introduced a “Default Fee”—what exactly is this fee, who pays it, and how does it change our processing as a lender?
The Default Fee is a 1% fee of a student’s loan that must be paid to the Federal Reserve Fund. This fee must be paid by non-federal funds and in some circumstances may be charged to the borrower.
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Bob Cole
Director of Business Development
Biography
Robert (Bob) Cole has over ten years of experience in the higher education financing industry. In his current role, he is responsible for generating and fostering relationships with ASA’s school, lender, servicer, guarantor, and other financial institution partners.
Most recently, Bob served as Education Program Manager of Federal Family Education Loan Programs (FFELP) and State Programs at the Finance Authority of Maine (FAME). While at FAME, he managed a student loan portfolio of over $800 million and maintained relationships with the Department of Education and student loan partners. Prior to joining FAME, Bob worked for several years at ASA in the areas of Business Development, Training and Client Management.
He has an extensive knowledge of the FFEL program and has presented seminars to all members of the financial aid community, ranging from the novice to the veteran level. Bob received his bachelor’s degree from Bates College in Maine.
Bill Fortier
Lender Account Executive
Biography
Bill Fortier is responsible for developing and implementing ASA’s strategic partnerships with national and regional lenders, guarantors and key financial partners, as well as solidifying and supporting ASA”s existing relationships. He delivers a responsive and focused level of service to ASA’s lender and guarantor customers, and increases and broadens the agency’s commitment and visibility in the student loan industry nationwide.
Bill joined ASA in April of 2002 as a client liaison for lenders and servicers. He brings many years of financial aid, customer service and banking experience to ASA.
