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Conducting Title IV Program Transactions Electronically

Learn about the legal equivalence between paper and electronic records, as well as guidance for conducting Title IV loan transactions electronically. Understand consumer consent requirements and the process of issuing an identity credential and authentication. Examples of transactions conducted electronically are also provided.

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Conducting Title IV Program Transactions Electronically

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  1. Session 18 Conducting Title IV program Transactions Electronically Session 18

  2. Background • Electronic Signatures in Global and National Commerce Act (E-Sign) • Legal equivalence between paper records and electronic records and with pen and ink signatures and electronic signatures • Guidance for conducting Title IV loan transactions electronically: GEN-01-06 Session 18

  3. E-Sign and the Title IV programs A school may use electronic records and signatures for any provision that requires: • A school to provide or make available written information to a student or parent • A student or parent to authorize, certify, or sign a document. Session 18

  4. Consumer Consent under E-Sign • A school must obtain a student’s consent before conducting transactions electronically. • Consent, or confirmation of consent, must be obtained electronically. Session 18

  5. Overview of Electronic Process • Issuing an identity credential (password or PIN) to a student. • Authenticating and using the credential to conduct a transaction electronically. • Establishing an electronic signature process. Session 18

  6. Identity Credential • Confirm the student’s identity through an independent source. • Deliver the credential by mail or in another secure way. • Take steps to protect the credential. Session 18

  7. Authenticating and using a credential • Check information entered by a student with information maintained in the school’s system. • Credential may be used to obtain access to a secure website (or page) to get information or complete a transaction electronically. Session 18

  8. Electronic Signature Process • PIN/Password is part of the process – its used to identify and authenticate the student as the source of the record. • Must also establish that the student intended to sign a particular record. Session 18

  9. Examples of transactions conducted electronically • Student completes and signs a verification worksheet. • School notifies a student that loan funds were credited to her account by sending e-mail message or posting the message on its website. Session 18

  10. Web sessions • For any online session where a student wishes to conduct a verification or authorization transaction, the entire session must be secure. • The session must be designed to produce a complete and accurate record of the transaction or activity conducted. Session 18

  11. Electronic records • Record retention requirements in 668.24 apply equally to paper and electronic records. • Standards for ensuring the accuracy, integrity, and accessibility of electronic records. Session 18

  12. Tech Slide We appreciate your feedback and comments. We can be reached: Phone: 202-377-4027 Fax: 202-275-4552 Email: john.kolotos@ed.gov Session 18

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