Claim Filing Requirements
There are specific procedures that must be followed when filing a claim for reimbursement with a guarantor. The requirements are dependent upon the type of claim being filed.
ISAC requires claims to be submitted using the common Claim Form. The Claim Form provides for three separate claim statuses: exceptional performer status; standard review status; and program review status. The claim-filing status assigned to the lender/servicer by the guarantor or the U.S. Department of Education determines the method by which the lender’s claims will be reviewed and paid, and the documentation the lender will be required to provide in the claim file. The three statuses are defined as follows:
- Exceptional Performer Status is defined in regulation and assigned by the U.S. Department of Education(ED) based on established lender compliance performance ratings. However, recent legislation has eliminated EP status for lenders/servicers that were not designated as an EP prior to 10/1/2007.
- A lender/servicer designated as an EP prior to 10/1/07 may continue to operate under EP status until the designation is terminated by ED or by expiration of the designation period. Lenders/servicers may continue to file claims using documentation requirements listed in the General Documentation Requirements.
- Standard Review Status is applicable to a lender for whom the guarantor has identified no significant servicing deficiencies. Lenders/servicers under this status may file claims following the documentation requirements outlined in the General Documentation Requirements subsection.
- Program Review Status is applicable to a lender/servicer that the guarantor has identified has significant servicing deficiencies. For lenders/servicers assigned this claim filing status, the guarantor may require additional information and documentation to support the claim.
When filing a claim, the lender/servicer must provide all documentation required for the specific claim type. If a lender fails to provide the required documentation, the guarantor may attempt to obtain the documentation from its own system, or may require the lender to provide the missing information, and possibly require the lender to refile the claim.