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This resource is being maintained for historical purposes only and is not currently applicable.

Correction to 02/06/94 Announcement: 96/97 Verification Issues

PublicationDate: 2/12/97
Summary: Correction to 02/06/94 Announcement: 96/97 Verification Issues
Author: CSB - SFA Customer Support Branch


2/12/97

Dear Colleagues,

Please note the following correction to the SFA BBS Announcement
"SFA BBS and 1997-98 Verification Issues," originally posted
on 2/6/97:

2. If you accessed the 1997-98 Verification Guide on the SFA BBS
on or before today, Thursday, Feb. 6, please note that a modification
was made today to a paragraph on pages 34 and 35 of Chapter 3 to
reflect a change to the printed version. The new pages 34 and 35 now
indicate that for applications that have been selected for verification,
the verification regulations allow that FFEL funds can be held a
maximum of 45 days. This was only an omission from the original
text and does not reflect a change in policy. Please note that for all
other purposes other than verification, the November 29, 1996 cash
management regulations under Sec. 668.167 specify how long FFEL
program funds may be held. In general, FFEL program funds must
be disbursed to a student or parent by an institution within: (1) ten
business days of the date the institution receives the funds if a lender
provides those funds via EFT or master check; or (2) Thirty calendar
days of the date the institution receives the funds if a lender provides
those funds by a check payable to the borrower or copayable to the
borrower and the institution.

* * * * *
[[original announcement]]
2/6/97

Dear Colleagues,

1. The 1997-98 Verification Worksheets are now available for
downloading from the SFA BBS in portable document format (.pdf).
You can access the worksheets by choosing the following topics
from the main menu:

>> SFA Publications and Letter
>> SFA Guides
>> The Verification Guide
>> 1997-98 Verification Guide
>> "Downloadable 1997-98 Verification Worksheets..."

2. If you accessed the 1997-98 Verification Guide on the SFA BBS
on or before today, Thursday, Feb. 6, please note that a modification
was made today to a paragraph on pages 34 and 35 of Chapter 3 to
reflect a change to the printed version. The new pages 34 and 35 now
indicate that for applications that have been selected for verification,
the verification regulations allow that FFEL funds can be held a
maximum of 45 days. This was only an omission from the original
text and does not reflect a change in policy. Please note that for all
other purposes other than verification, the cash management
regulations specify that FFEL funds can be held for no longer than
30 days.

Thank you for your comments and your patience.

SFA Customer Support Branch
U.S. Department of Education

Last Modified: 08/16/1999