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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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