IC3 MPA Monthly Aggregate Settlement Date Report for the Master

United States Department of Education
Federal Family Education Loan Program
Loan Participation Program Under a Master Loan Participation
Agreement
Monthly Aggregate Settlement Date Report Submission Procedures

This document provides information and guidance to Custodians for FFEL lenders (Sponsors)
who have submitted or will be submitting Master Participation Agreements and supporting
documents to the U.S. Department of Education (the Department) for the purpose of
participating in the Loan Participation Purchase Program through offering to the Department
participation interests in certain FFEL loans made for the 2008-2009 and 2009-2010 academic
years.
The Procedures included below relate to the submission by an authorized Custodian of the
Aggregate Settlement Date Reports.
Monthly Aggregate Settlement Date Report
The Monthly Aggregate Settlement Date Report is due monthly, or when the Custodian
distributes funds then on deposit in the Collection Account, but not more frequently than on a
weekly basis. If reporting monthly, the report date is as of the last calendar day of the month,
and the report is due to the Department of Education seven business days (any day other than (i)
a Federal holiday, (ii) a Saturday or Sunday, or (iii) any other day on which banking institutions
or trust companies are authorized or obligated to remain closed), after the end of the month. If
reporting weekly, the report date will be the date the Custodian distributes funds.
The report should be prepared as an Excel file, in Excel 97 - 2000.
See the following documents for further instructions and information regarding the Aggregate
Settlement Reports:
•
•

Monthly Aggregate Settlement Date Report - the form of the report
Monthly Aggregate Settlement Report Data Fields – Definitions and Submission
Procedures.

Paperwork Burden Statement
According to the Paperwork reduction Act of 1995, no persons are required to respond to a
collection of information unless such collection displays a valid OMB control number. The valid
OMB control number for this information collection is 1845-NEW. The time required to
complete this information collection is estimated to average 1 hour per response, including the
time to review instructions, search existing data resources, gather the data needed, and complete
and review the information collection. If you have any comments concerning the accuracy of
the time estimate(s) or suggestions for improving this form, please write to: U.S. Department
of Education, Washington, D.C. 20202-4537. If you have comments or concerns regarding
the status of your individual submission of this form, write directly to: Policy Liaison and
Implementation, Federal Student Aid, U.S. Department of Education, 400 Maryland Avenue,
S.W., UCP3, 11th floor, Washington D.C. 20202-4537.

United States Department of Education
Federal Family Education Loan Program
Loan Participation Program Under a Master Participation Agreement
Monthly Aggregate Settlement Date Report for the Master Participation Agreement Program
Settlement Date: [Month-end date]
Line #

A

Custodian ID:

B

C

D

I. Pool Size
Beginning Balance
Ending Balance

Principal

Accrued Interest

Total

1
2

II. Delinquency Status
By Ending Balance ($)
# of Loans

Current

1-90 days

91-180 days

3
4

5
6
7

III. Class A Participation Certificate
Average daily Class A Certificate Principal Balance ($)
Actual Days in Period
Commercial Paper Rate + 0.50% (%)

8
9
10
11
12

Participation Yield:
Opening Participation Yield Balance
plus: New monthly Participation Yield
subtotal: Available Yield (line 8 + line 9)
minus: Cash available to pay Participation Yield (line 23)
Ending Participation Yield Balance

equals: line 5 x line 7 x (total of line 6 / 360)

IV. Collection Activity
13
14

799 Payments
Reimbursements by Schools

15

Reimbursement By Guarantors

16
17
18
19
20
21

Loans Put to the Department
Borrower Principal Payments
Borrower Interest Payments
Other Cash / Fees Collected
Investment Income

22

Cash Available For Distribution

Loan Proceeds / Redemptions

V. Distributions
23
24

Cash available to pay Participation Yield (if line 22≥10, then 10, if 22 < 10, then 22)

25

Remaining Amounts to Sponsor (line 22 - line 23 - line 24)

Outstanding Balance of Class A Participation Interests (line 22 - line 23, but not more
than line 28)

VI. Class A Participation Certificate Rollforward

September 24, 2008

Page 1 of 2

Pay.Gov Confirmation Number:
E

F

G

181-255 days

Over 255 days

Total

26
27
28
29
30

Opening Principal Balance of Class A Participation Certificate
plus: New Disbursements
Subtotal: Principal Balance of Class A Participation Cerfiticate
minus: cash distributed to Class A participation interests (line 24)
equals: Ending Principal Balance of Class A Participation Certificate

September 24, 2008

Page 2 of 2

United States Department of Education
Federal Family Education Loan Program
Loan Participation Program Under a
Master Participation Agreement

MONTHLY AGGREGATE SETTLEMENT DATE REPORT
DATA FIELDS - DEFINITIONS AND SUBMISSION PROCEDURES

This document provides information and guidance to Custodians for FFEL lenders (“Sponsors”)
who have submitted or will submit Master Participation Agreements with the U.S. Department of
Education (the Department) for Participation Interests in certain FFEL loans made for the 2009 2010 academic year.
This document defines the information that should appear in the Monthly Aggregate Settlement
Report. The report should be prepared as an Excel file, in Excel 97 - 2000. Please do not change
the Excel file format or alter any of the fields. Capitalized words in the body of the definitions
are defined in the Master Participation Agreement (MPA).
The report date of the Month-End Loan Schedule is the last calendar day of the month, and the
report is due to the Department seven business days after the end of the month. Should the due
date fall on a day that is a Federal holiday, a Saturday or Sunday, or day on which banking
institutions or trust companies are authorized or obligated to remain closed, then the due date is
the next business day.
Should a Custodian desire to remit funds to the Department more frequently than monthly, but
not more frequently than weekly, the report date will be the date the Custodian distributes the
funds, and will be for the period from the last distribution to the current distribution date.
All sections of this report need to be aggregated by the Custodian to the Sponsor level.

To submit the Monthly Aggregate Settlement Date Report to the Department attach the Excel file
to an email and send to the following FSA web email address: fsa_lr@ed.gov. Please include
your contact information in the body of the email in the event we have questions.
In the “Subject” line of the email, please write the following: Settlement Date Report--.
The Excel file should be titled: Settlement Date Report---
•
•

Custodian Name: The legal name of the Custodian.
Custodian ID: The Custodian LID/RID as assigned by the Department
Date Format: MMDDYY
Example: 093008 (September 30, 2008)

Comparison between the Monthly Aggregate Settlement Date Report and the Loan
Schedule
Listed below are line items in Section IV (Collection Activity) of the Monthly Aggregate
Settlement Date Report and a listing of the corresponding fields in the Month-End Loan
Schedule. When the Monthly Aggregate Settlement Date Report and the Month End Loan
Schedule are prepared, please make sure that amounts for the applicable line items are in
agreement. If there are multiple Month-End Loan Schedules due to multiple Servicers, the
Month-End Loan Schedules must aggregate to the Monthly Aggregate Settlement Report.

Line Number
per Monthly
Aggregate
Settlement
Report

Line Name per Monthly
Aggregate Settlement Report

Field in Month-End Loan Schedule

Line 13

799 Payments

Does not tie to the Loan Schedule

Line 14

Reimbursement By Schools

ReductionAmountSchool (Field 32)

Line 15

Reimbursement By Guarantors

GuarantyAgencyClaims (Field 34)

Line 16

Loan Proceeds / Redemptions

LoanProceeds (Field 37)

Line 17

Loans Put to the Department

LoanPutToDepartment (Field 38)

Line 18

Borrower Principal Payments

BorrowerPrincipalCollection (Field 39)

Line 19

Borrower Interest Payments

BorrowerInterestCollection (Field 40)

Line 20

Other Cash / Fees Collected

OtherCash (Field 41)

Line 21

Investment Income

Does not tie to the Loan Schedule

Page 2 of 7 

Header Line
Settlement Date: Fill in with the month-end date, or the distribution date if reporting more
frequently.
Custodian ID: Fill in with the Custodian ID as assigned by the Department.
Pay.Gov Confirmation Number: The confirmation number provided to you on the Pay.Gov
website immediately upon remitting payment. The Collection Activity on each Monthly
Aggregate Settlement Report must tie to one and only one Pay.Gov Confirmation Number. For
example, if the distribution for the September 30, 2008 report was remitted on October 6, 2008,
please include in the September 30, 2008 report the Pay.Gov Confirmation number received on
October 6, 2008.

Section I. Pool Size
Line 1

Beginning Balance
Principal (Column B1): Beginning borrower principal balance of the loans, which
should equate to the total ending balance of the loans for the prior month (Line B2).
Accrued Interest (Column C1): Beginning borrower accrued interest balance of the
loans, which should equate to the total ending balance of accrued interest/yield on the
loans for the prior month (Line C2).
Total (Column D1): Sum of Lines B1 and C1.
If there are multiple servicers for a Sponsor, aggregate Line 1 for all servicers. The
beginning borrower principal balance should be the actual beginning outstanding
principal balance including disbursements after the first disbursement that have been
made to schools but not yet funded by the Department.

Line 2

Ending Balance
Principal (Column B2): The total ending borrower principal balance of the loans as of
the month-end settlement date.
Accrued Interest (Column C2): The total ending balance of borrower accrued interest
on the loans as of the month-end settlement date.
Total (Column D2): Sum of Lines B2 and C2.

Page 3 of 7 

If there are multiple servicers for a Sponsor, aggregate Line 2 for all servicers. The
ending borrower principal balance should be the actual ending outstanding principal
balance including disbursements after the first disbursement that have been made to
schools but not yet funded by the Department.

Section II. Delinquency Status
Line 3

By Ending Balance ($)
Current (Column B3): The dollar balance of loans in the Participation Certification that
were current in their scheduled repayments at the end of the monthly reporting period.
1 to 90 days (Column C3): The dollar balance of loans in the Participation Certification
that were 1 to 90 days past due in their scheduled repayments at the end of the monthly
reporting period.
91 to180 days (Column D3): The dollar balance of loans in the Participation Certification
that were 91 to 180 days past due in their scheduled repayments at the end of the monthly
reporting period.
181 to 255 days (Column E3): The dollar balance of loans in the Participation
Certification that were 181 to 255 days past due in their scheduled repayments at the end
of the monthly reporting period.
Over 255 days (Column F3): The dollar balance of loans in the Participation
Certification that were over 255 days past due in their scheduled repayments at the end of
the monthly reporting period.
Total (Column G3): Sum of columns B3 to F3.

Line 4

# of Loans
Current (Column B4): The number count of loans in the Participation Certification that
were current in their scheduled repayments at the end of the monthly reporting period.
1 to 90 days (Column C4): The number count of loans in the Participation Certification
that were 1 to 90 days past due in their scheduled repayments at the end of the monthly
reporting period.

Page 4 of 7 

91 to180 days (Column D4): The number count of loans in the Participation Certification
that were 91 to 180 days past due in their scheduled repayments at the end of the monthly
reporting period.
181 to 255 days (Column E4): The number count of loans in the Participation
Certification that were 181 to 255 days past due in their scheduled repayments at the end
of the monthly reporting period.
Over 255 days (Column F4): The number count of loans in the Participation
Certification that were over 255 days past due in their scheduled repayments at the end of
the monthly reporting period.
Total (Column G4): Sum of columns B4 to F4.

Section III. Class A Participation Certificate
Line 5

Average daily Class A Certificate Principal Balance ($): The average daily Class
A Certificate Principal Balance for the monthly reporting period.

Line 6

Actual Days in Period: The number of calendar days in the in the monthly reporting
period.

Line 7

Commercial Paper Rate + 0.50% (%): The average of the bond equivalent rates of
the quotes of the 3-month commercial paper (financial) rates in effect for each of the
days in the quarter plus 50 basis points. The rate will be posted by the Department at:
www.federalstudentaid.ed.gov/ffelp.

Participation Yield
Line 8

Opening Participation Yield Balance: The beginning balance of the Participation
Yield, which should equate to the ending balance reported on the previous month’s
report (Line 12 on previous month’s report)

Line 9

plus: New Monthly Participation Yield: The calculation of the Participation Yield
for this month’s report. This is calculated as A) the daily average of the Class A
Certificate Principal Balance multiplied by the Commercial Paper Rate + 0.50%
multiplied by B) Actual Days in the Period divided by 360.
Daily average of the balances in Line 5 x Line 7 x (Sum of Line 6 ÷ 360)

Line 10

subtotal: Available Yield: This is the total Participation Yield, due and payable to
the Department, prior to cash distributions for this month. It is calculated as Line 8
plus Line 9.

Page 5 of 7 

Line 11

minus: Cash available to pay Participation Yield: This is the cash available to pay
the Participation Yield as calculated in Line 23.

Line 12

Ending Participation Yield Balance: This is a total Participation Yield due after
cash distributions for this month. It is the calculated as Line 10 minus Line 11.

Section IV. Collection Activity
Line 13

799 Payments: The total amount of cash received since the last month from the
Department on Form 799 for these loans in the participation.

Line 14

Reimbursement By Schools: The dollar amount of reimbursement payments
received from the schools for cancellations and school refunds during the monthly
reporting period

Line 15

Reimbursement By Guarantors: The dollar amount of reimbursement payments
received from the Guaranty Agency during the monthly reporting period.

Line 16

Loan Proceeds / Redemptions: The dollar amount of proceeds from loan sales to
third parties and redemptions from the Sponsor during the monthly reporting period.

Line 17

Loans Put to the Department: The dollar amount of proceeds received from the
Department for loans that are put to the Department for the monthly reporting period.

Line 18

Borrower Principal Payments: The total dollar amount of principal payments
collected from the borrower or third parties on the student loans during the monthly
reporting period.

Line 19

Borrower Interest Payments: The total dollar amount of interest payments
collected from the borrower or third parties on the student loans during the monthly
reporting period.

Line 20

Other Cash / Fees Collected: The dollar amount of cash transactions affecting the
loans made by the servicer (e.g., collection fees, attorney fees, late fees) during the
monthly reporting period.

Line 21

Investment Income: The dollar amount of income received on investment in
Permitted Investments of funds in the Collection Account. “Permitted Investments”
means overnight or short-term U.S. Treasury securities that will, in all cases, mature
on or prior to the day immediately preceding the date such funds are required to be
disbursed.

Line 22

Cash Available For Distribution: The dollar sum of the amounts listed above
under “Collection Activity” (Lines 13 through 21).

Page 6 of 7 

Section V. Distributions
Line 23

Cash Available to Pay Participation Yield: This is the cash available to pay to the
Department the aggregate outstanding Participation Yield then due, together with all
outstanding Participation Yields not paid to the Department on any previous
distribution date. This amount is calculated as:
I.
If Cash Available for Distribution (Line 22) is greater than or equal to the
Available Yield (Line 10), enter the Available Yield (Line 10).
II.

Line 24

If Cash Available for Distribution (Line 22) is less than Available Yield
(Line 10), then enter Cash Available for Distribution (Line 22).

Outstanding Balance of Class A Participation Interests: This is the cash available
to pay to the Department the aggregate outstanding principal balance of the Class A
Participation Interests held by the Department, calculated through the end of the most
recent calendar month.
This amount is calculated as: Line 22 minus Line 23, but not greater than Line 28.
Enter an amount only if the difference is positive.

Line 25

Remaining Amounts to Sponsor: This is any remaining amounts, after payment of
Participation Yield and aggregate outstanding principal balance of the Class A
Participation Interests, that is returned to the Sponsor.
This amount is calculated as: Line 22 minus Line 23 minus Line 24. Enter an amount
only if the difference is positive.

Section VI. Class A Participation Certificate Rollforward
Line 26

Opening Principal Balance of Class A Participation Certificate: This is the
opening balance of the Class A Participation Certificate for the monthly reporting
period. It should equate to the ending balance from the previous month’s report (Line
30).

Line 27

plus: New Disbursements: This is the funding received under the Participation
Certificate for new distributions during the monthly reporting period.

Line 28

Subtotal: Principal Balance of Class A Participation Certificate: Sum of Lines
26 and 27.

Line 29

minus: Cash Distributed to Class A Participation Interests: This is the cash
distributed for the Class A Participation Interests (Line 24).

Line 30

equals: Ending Principal Balance of Class A Participation Certificate: This is the
Ending Principal Balance of Class A Participation Interests for the monthly reporting
period.
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