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Quality Assurance Program

Perkins Due Diligence

This assessment outlines the Perkins due diligence process. If you identify areas requiring a corrective action, we recommend that you complete an Action Plan.

Activity Bar:
Perkins Due Diligence Activity 1: Exit Interview
Perkins Due Diligence Activity 2: Grace Periods
Perkins Due Diligence Activity 3: Billing Activity
Perkins Due Diligence Activity 4: Due Diligence Worksheet

Additional Links: 2016-2017 FSA Handbook, Campus-Based Programs, Chapter 5

Please note the regulatory citations are referenced in the first column of the assessment. To link to any of the regulatory references, click on the link in the regulatory link column and scroll down to the applicable section.

 

Perkins Due Diligence Regulatory Link(s) Activity
Default Status and Student Eligibility 34 CFR 674.51
  • Closed School Discharge 34 CFR 674.33(g)
  • Rehabilitation 34 CFR 674.39

34 CFR 674.8

34 CFR 674.33

34 CFR 674.39

34 CFR 674.41

34 CFR 674.42

34 CFR 674.43

34 CFR 674.44

34 CFR 674.45

34 CFR 674.46

34 CFR 674.47

34 CFR 674.48

34 CFR 674.49

34 CFR 674.50

 
Due Diligence - general requirements 34 CFR 674.41(a)
  • Mandatory Assignment34 CFR 674.8(d)(3)
Perkins Due Diligence Activity 4: Due Diligence Worksheet
Contact with the borrower - Disclosure of Repayment Information 34 CFR 674.42(a)  
Exit Counseling 34 CFR 674.42(b) Perkins Due Diligence Activity 1: Exit Interview
Contact with borrower during Grace Periods 34 CFR 674.42(c) Perkins Due Diligence Activity 2: Grace Periods
Billing Procedures 34 CFR 674.43 Perkins Due Diligence Activity 3: Billing Activity
Late Charges 34 CFR 674.43(b)(2)  
Notice of overdue payments 34 CFR 674.43(b), (c) and (d)  
Loan Acceleration 34 CFR 674.43(e)  
Telephone Contact 34 CFR 674.43(f)  
Address Searches 34 CFR 674.44  
Collection Procedures 34 CFR 674.45  
Litigation Procedures 34 CFR 674.46  
Costs chargeable to the fund 34 CFR 674.47  
Use of contractors to perform billing and collection or other program activities 34 CFR 674.48  
Bankruptcy of borrower 34 CFR 674.49  
Assignment of defaulted loans to the United States 34 CFR 674.50  

Last Updated November 2016

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