§1010.160. Account Information, Payment Processing, Cosigner Payments  

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  • a)         Licensees must maintain detailed account information for each student loan borrower and cosigner, on the licensee's website, accessible to the borrower and cosigner, as applicable, through a secure login system.  The licensee must maintain account history for each loan serviced and a report of all loans for each borrower serviced by the licensee.


    b)         Licensees must credit borrower and cosigner payments promptly and accurately, including, but not limited to, by providing same-day crediting of electronic payments, if made before the posted cut-off time for same-day crediting, and crediting of paper check payments on the date received by the licensee.


    c)         Licensees must apply payments made by cosigners only to a loan for which the payor has cosigned, unless specifically directed otherwise by the cosigner/payor.