Ready Set Repay Blast

Adverse Credit History Final Regulations and G5 Website Outage Alert

Adverse Credit History

On Oct. 23, the U.S. Department of Education published final regulations defining the standard for determining if a potential parent or student borrower has an "adverse credit history" for purposes of Direct PLUS Loan eligibility.

For both student and parent PLUS loan applicants, an adverse credit history is defined as a credit history that includes one or more debts with a total combined outstanding balance greater than $2,085 that also:

Additionally, the regulations:

These regulations are effective July 1, 2015, but are subject to early implementation. The Department will publish a separate Federal Register notice announcing the implementation date.

G5 website Outage Alert

The U.S. Department of Education recently issued an electronic announcement of scheduled system maintenance that will result in a G5 website outage from 9 p.m. (EST), Nov. 19 through 6 a.m. (EST), Nov. 24. During this period, schools will not be able to draw down Title IV Program funds.

The COD System will accept Pell Grant, TEACH Grant, Direct Loan, and Iraq and Afghanistan Service Grant records during this period; however, after 2 p.m. (EST), Nov. 19, CFL changes and funding will not be processed by G5 until Nov. 24. Disbursements scheduled from Nov. 19 through Nov. 24 must be received no later than 9 a.m. (EST), Nov. 19 and subsequently accepted by the COD system in order to be funded prior to the outage.

Mary Heid
Director for Default Prevention, Compliance & Training Services
Oklahoma College Assistance Program (OCAP)
P.O. Box 3000 | Oklahoma City, OK 73101-3000 |