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(FP-07-05) Subject: Correction to Dear Colleague Letter FP-07-03

Publication Date: April 02, 2007

DCL ID: FP-07-05

Subject: Correction to Dear Colleague Letter FP-07-03

Dear Colleague:

We have discovered several minor errors in the attachments to the Dear Colleague Letter that was posted to IFAP on March 12, 2007 (FP-07-03) announcing the Office of Management and Budgets approval of the revised Federal Consolidation Loan Application and Promissory Note and related documents. Specifically, the heading for Section E in the Custom Version of the Federal Consolidation Loan Application and Promissory Note incorrectly included instructions for the borrower to check one box below.

In addition, the second paragraph of Item 8 in the Borrower's Rights and Responsibilities Statement on page 7 of both the Standard and Custom versions of the Federal Consolidation Loan Application and Promissory Note included some language that was incorrect, and several of the documents included with FP-07-03 contained a few minor punctuation errors. Corrected PDF files for the Federal Consolidation Loan Application and Promissory Note and related documents are included as attachments to this letter.

We have also replaced the attachments to FP-07-03 with the corrected documents. We apologize for any inconvenience these errors may have caused.

NOTE: If program participants have already printed and distributed the PDF documents that were included with FP-07-03, those documents remain valid and may continue to be used. However, from this point forward participants should print and distribute only the corrected documents that are attached to this letter. There are no other changes to the implementation and production guidance that was provided in FP-07-03.

In response to requests we have received since the posting of FP-07-03, we are including with this letter Microsoft Word versions of the Federal Consolidation Loan documents that were provided only as PDF files with the earlier Dear Colleague Letter. Both the PDF and Microsoft Word versions of the Federal Consolidation Loan documents are also available on the National Council of Higher Education Loan Programs (NCHELP) web site (www.nchelp.org).

Finally, we have also been asked to provide guidance on the continued use of the Addendum to the Federal Consolidation Loan Application and Promissory Note (see FP-06-05, April 2006) now that revised versions of the Federal Consolidation Loan Application and Promissory Note and related documents have been approved.

Program participants should not provide the Addendum to the Federal Consolidation Loan Application and Promissory Note to borrowers who will be completing the revised Federal Consolidation Loan documents included with this letter and FP-07-03.

Sincerely,

Jeff Baker, Director

Policy Liaison and Implementation

Federal Student Aid

Last Modified: 04/01/2007