Summary: Federal Perkins/NDSL Loan Assignment Acceptance Notices - Delay
Author: DCS - Debt Collection Service
Posted on May 24, 1999
TO: Financial Aid Administrators
FROM: Jack Reynolds, Director (A)
Debt Collection Service
Subject: Federal Perkins/NDSL Loan Assignment Acceptance Notices - Delay
We are currently unable to provide confirmation in response to some of your Perkins/NDSL loan submissions to the U.S. Department of Education (ED) for assignment since late last year.
Your institution may have submitted ED553 forms for assignment to the Student Loan Processing Center (SLPC), Greenville, Texas and not yet received a status on the submission. Modifications currently being made to our computer system have resulted in delays in acceptance for some loans submitted to ED.
A new item #60, Collection Costs Repaid, has been added to the ED Form 553, which required a change in the calculations. Unfortunately our system is not yet fully operational. We anticipate a completion date of June 30, 1999 to complete these new changes. Once the system is fully operational, the SLPC will send out confirmation notices to your institution. In the interim, preliminary screenings are being done and any errors detected will be referred to your institution for correction.
If, unfortunately, this system modification is further delayed beyond June 30, 1999, you will be provided new instructions. For Fiscal Operations Report and Application to Participate (FISAP) reporting purposes, schools should report loans as if they are still with the school, unless ED provides confirmation of assignment acceptance.
Feel free to continue submitting these forms to ED for assignment, just remember that some of them may be delayed for this reason. We apologize for any inconvenience this may have caused you.
Any other questions or concerns should be directed to the Perkins Loan Assignment Specialist, Debt Collection Service, at (202) 708-4766.