| PublicationDate: 10/20/97 Summary: Update #4 Direct Consolidation Loans Author: OPE - Office of the Assistant Secretary for OPE Posted October 20, 1997 Dear Colleagues: I am pleased to provide the following information about our progress in resolving the backlog of Direct Consolidation Loan applications we had in process at the beginning of September. Applications Received from September 1996 to August 1997: 142,856 As of 10/6/97 As of 10/14/97 Applications Consolidated (completed): 69,912 75,595 Applications Withdrawn/Deactivated 25,494 35,038 Current Applications in Process 47,450 32,223 Breakdown of Current Applications: As of 10/6/97 As of 10/13/97 1) Applications in Pre-Certification Review stage (incomplete application): 2 6 2) Applications in Certification of Loan Amounts Stage (awaiting loan holder information): 10,900 7,140 Promissory note review 3) Applications in Promissory Note Stage: 36,548 25,007* *Of these 20,619 are awaiting borrower return of signed note; the balance are in quality-review prior to mailing. A reminder postcard is mailed to applicants who have not returned their notes urging them to do so promptly. I hope this information is helpful. I will continue to provide you with updated news of the progress in eliminating the application backlog. Respectfully submitted, Elizabeth M. Hicks Deputy Assistant Secretary Student Financial Assistance |