Publication Date: July 1, 2008
Author: William Leith, Acting General Manager, Application, Operations and Delivery Services, Federal Student Aid
Summary: Discontinuation of "Late" Late Disbursement Approval Request Process Effective July 1, 2008
Posted on 07-01-2008
As explained in a May 20, 2008 Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site, final regulations published on November 1, 2007 amended the provisions that allow schools to make late disbursements of Federal student aid authorized under Title IV of the Higher Education Act of 1965, as amended (HEA). As a result of these changes, which are now in effect, we have discontinued the process by which schools previously requested approval to make late disbursements beyond the regulatory late disbursement period. Late disbursements beyond the regulatory late disbursement period were commonly referred to as "late" late disbursements.
The purpose of this communication is to remind schools and third party servicers of the regulatory change and the discontinuation of the "late" late disbursement approval request process.
Effective July 1, 2008, the new regulations modify the late disbursement provisions in 34 CFR 668.164(g) as follows:
Discontinuation of "Late" Late Disbursement Approval Request Process
Effective July 1, 2008, the "late" late disbursement approval request process is discontinued.
If you have any questions about the information in this announcement, you may e-mail email@example.com or call Nicki Meoli at 202/377-4031.