An Assignment File is the actual file containing all the Assignment Records (accounts) referred to Loan Servicing on a given day. An Assignment File may contain one or more Assignment Records.

This file is a companion file to the Assignment file. It is created at the same time you save your Assignment file and should be transferred with the Assignment file to Loan Servicing.

1) Borrower Information: This information is mandatory and must be filled in for the record to be accepted. In the event you do not have a current address, enter the last known address.
2) Supplemental Information: This information in this frame is optional and relates mostly to employment and reference data. Although this information is optional, the more information provided the better the chances of a quick and sucessful recovery.
3) Documents Provided: Complete this frame if you are providing copies of Promissory Notes, Billing Statements, Correspondance etc... Once again, the more information provided, the better the chance of recovery.

Editing an Existing Assignment

No matter how careful you are in entering your accounts for assignment, there will certainly be times you need to edit an existing Assignment File. Before you edit an Assignment File, make sure you haven't already transferred the file to Loan Servicing. If you have already made this transfer , contact Loan Servicing directly so we can assist you in updating the account.

Edit an Assignment File by selecting "Open" from the File menu and then selecting the referral file you wish to edit from the dialog box.



Once the file has been sucessfully opened, you can add, edit or delete Assignment Records within this file.

To add another Assignment Record, enter the record exactly as you would when entering a new assignment.

To delete an Assignment Record which was previously saved, select "Delete Single Record" from the Delete menu. This option will open a small dialog box where you can select a single entry to delete.

To edit an Assignment Record which was preiously saved, select "Edit Record" from the Edit Menu. This option will open a small dialog box where you can select the record you with to edit. WHEN YOU HAVE COMPLETED THE EDIT PROCESS, BE SURE TO SAVE THE RECORD AGAIN OR YOU MAY LOSE THE ENTIRE RECORD.

Transfer an Assignment to Loan Servicing

Before you transfer your Assignment File to Loan Servicing, you will probally want to review each record for accuracy. The best way to do this is to select the "View Details" button on the toolbar. (You can also print the detail report by selecting "Print" from the File menu.) The detail report will list all the input data on each record in the Assignment File.

This is a handy report to print and keep on file so you can track the referrals made to Loan Servicing.

Once an Assignment File has been created, saved and reviewed for accuracy, you must transfer this file to Loan Servicing. The transfer can be made one of 2 ways.


1) Floppy Disk - You can copy an Assignment File (with its supporting Reference File) to a floppy disk and mail or deliver it directly to Loan Servicing at mail code 1023. You can copy an Assignment File using the "Copy to Floppy" menu item located on the File menu. If you wish, you can also copy the files directly from the \assignments\ directory to floppy using DOS or the Windows Explorer. In either event, just make sure you copy both the Assignment File (.asg) AND its supporting Referral File (.ref). You will notice the Assignment and Reference files are named according to the date on which they were originally created.

2) E-Mail - The Assignment (and Referral) Files may also be E-Mailed directly to Loan Servicing. If you choose this option, please make sure you also forward any supporting documentation by campus mail ASAP.


This completes the Assignment process. Loan Servicing will sent you confirmation that your referral has been received and that the accounts have been placed for billing and/or collection.



Documentation


With your assignment, please provide Loan Servicing with copies of all relevant documentation you may have on file for each borrower. This documentation could include, Promissory Notes, Applications, Billing Statements, Correcpondance, Payment Histories, etc...



Holds and Departmental Charges


Upon your assignment of an account to Loan Servicing, you must immediately remove any and all holds or departmental charges from the STAARS system. This will allow the borrower to make payments throught the University cashering system and be credited directly to your account with Loan Servicing. Additionally, Loan Servicing will place a hold on the student records to assure that the borrower does not register or receive academic transcripts without payment or approval.



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Manual Assignments




Assignment Summary


You do not need to use the "LS Assignment Utility" to make a referral to Loan Servicing. In fact, if you intend on making only a single referral, or very infrequent assignments, a manual assignment may work well for your department.

In order to make a manual assignment, you must provide the following information:


• Type of debt
  
• Borrower's full name and Social Security Number
  
• Amount of debt
  
• Date of default
  
• Borrower's last known address
  
• Additional Info. ie. Phone #, References, POE, etc.
  
• Copies of all relevant documentation
  
  
Forward this information directly to Loan Servicing at mail code 1023. We will immediately review the assignment and input the account for collection. Remember, the more information you can provide, the better the chances of a quick recovery.

You must also remember to remove all Departmental Charges and Holds.



Software vs. Manual Assignment


Advantages of Software Assignment:


• Speeds up assignment time
  
• Lessens the chance of data input error
  
• Aids in tracking assignments
  
• Allows you to make adjustments to the account after placement
  
• Helps develop a consistant assignment procedure.
  
  
Advantages of Manual Assignment:


• For "one-time" or infrequent assignments
  
• For offices without Windows 95 or 98 based systems
  
• For unique assignments.
  
  
In general, Loan Servicing recommends you use the LS Assignment Utility if possible. The Utility generates an output file that can be read directly by our billing and servicing software thereby reducing worktime and the chances for error or delay.



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General Assignment Information




Before the First Assignment


Before you make you first assignment to Loan Servicing, it is important to contact our office and discuss that type of account(s) that will be assigned. In order for Loan Servicing to properly manage your accounts, we will need to know some basics about the accounts and your department. For example, some of the questions you should be prepare to answer are:


• Is there a promissory note or other agreement signed by the borrower?
  
• What is the interest rate (if any) on the account?
  
• Have you asessed any collection or late fees?
  
• Are there payment or installment terms or is the entire balance due immediately?
  
• Do you want Loan Servicing to consider litigation to recover the debt?
  
• What FRS account do you wish the recovered funds to be credited to?
  
• Length of time you wish Loan Servicing to work your account
  
  
Answering these questions will help Loan Servicing set up your accounts quickly and efficiently. As always, if you have any questions on how Loan Servicing can help you manage your accounts, please contact us at 626-7004.



Charges


In general, Loan Servicing charges 10% of the assigned balance for billing and collection. (This may be slightly more or less depending on the type and number of the accounts referred.) Any costs associated with litigation or legal fees will be added to the BORROWER'S account and paid by that borrower. In the event recovery is unsuccessful, Loan Services will absorb all costs associated with the litigation.



STAARS


If your department places Holds or Departmental Charges on STAARS, they must be removed prior to assignment with Loan Services. Refer to Holds for more information on this topic.



Miscellenous Information


Loan Services will provide you with monthly activity reports on each of the accounts in active billing. If you have specific needs for reporting, we can provide custom reporting upon request.

For information on assigning accounts or help with the "LS Assign" software, contact Michael Richter at x7204.



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