Summary: This notice establishes the deadline for the submission of all William D. Ford Federal Direct Loan (Direct Loan) Program electronic loan records and promissory notes to the Secretary for the 1997-1998 academic year (Year 4).
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[Federal Register: July 7, 1999 (Volume 64, Number 129)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
Department of Education
Office of Postsecondary Education--William D. Ford Federal Direct Loan
DEPARTMENT OF EDUCATION
Office of Postsecondary Education--William D. Ford Federal Direct
AGENCY: Department of Education.
ACTION: Notice of deadline for submission of loan records and
SUMMARY: This notice establishes the deadline for the submission of all
William D. Ford Federal Direct Loan (Direct Loan) Program electronic
loan records and promissory notes to the Secretary for the 1997-1998
academic year (Year 4).
DEADLINE DATES FOR SUBMISSION OF RECORDS: Institutions that
participated in the Direct Loan Program during academic year 1997-1998
(Year 4) must submit all electronic loan records and promissory notes
associated with Direct Loans made during that year to the Secretary no
later than August 2, 1999.
SUPPLEMENTARY INFORMATION: An institution that participates in the
Direct Loan Program is required under 34 CFR 685.300(b)(6) to comply
with all requirements established by the Secretary relating to loans
made under that program. The Secretary has the authority under this
provision to establish a deadline by which all required electronic
records and promissory notes for a particular academic year must be
final, complete, accurate, and submitted to the Secretary.
The Secretary believes that establishing an annual deadline for the
submission of all electronic records (both initial and adjusted or
revised records) and promissory notes is necessary to protect the
rights of borrowers, and to protect the United States from unreasonable
financial risks. Under 34 CFR 685.309(a), schools that participate in
the Direct Loan Program are required to establish and maintain proper
administrative and fiscal accounting procedures. The establishment of
an annual submission deadline promotes compliance with this
requirement. An annual deadline also enables the Secretary to close out
the processing of Direct Loan Program cash records for an academic year
and makes it easier for the Secretary to determine that Direct Loan
funds were disbursed appropriately to student and parent borrowers.
Further, an annual deadline enables the Secretary to conduct program
reviews of Direct Loan schools more efficiently, since all Direct Loan
records submitted to the Secretary by the deadline are final.
The annual submission deadlines established in this notice are
separate from the 30-day requirement for the regular submission of
initial electronic records and promissory notes. Under 34 CFR
685.301(d), Direct Loan schools that participate under Origination
Option 1 or Origination Option 2 must submit loan origination records,
promissory notes, and disbursement records no later than 30 days after
the date the disbursements are made. Schools that participate under
Standard Origination must submit initial and subsequent disbursement
records to the Secretary no later than 30 days after the date of each
In some cases, institutions may need to adjust or revise electronic
records that were previously submitted to the Secretary within the
regular 30-day time period. The annual submission deadline established
in this notice is the date by which all electronic records (whether
adjusted/revised or initial) and promissory notes for the 1997-1998
academic year (Year 4) must be submitted to and accepted by the
Secretary. If initial records and promissory notes have not been
submitted before the annual deadline, the annual submission deadline
supersedes the regular 30-day requirement under 34 CFR 685.301(d).
Therefore, any initial records or promissory notes for the 1997-1998
academic year must be submitted to the Secretary by the annual
submission deadline, even if that date is earlier than the regular 30-
Any electronic record or promissory note for the 1997-1998 academic
year that is submitted to the Secretary after the annual submission
deadline will be rejected. This includes any record or promissory note
that was previously submitted, but rejected, on or before the
submission deadline. Records and promissory notes that have been
rejected and remain incomplete or inaccurate by August 2, 1999 may
result in institutional, rather than Federal, responsibility for the
loan or portion of the loan.
FOR FURTHER INFORMATION CONTACT: Jon Utz, U.S. Department of Education,
400 Maryland Avenue, SW, ROB-3, Room 3045, Washington, DC 20202-3272.
Telephone (202) 708-8242. If you use a telecommunications device for
the deaf (TDD) you may call the Federal Information Relay Service
(FIRS) at 1-800-877-8339.
Individuals with disabilities may obtain this document in an
alternate format (e.g., Braille, large print, audiotape or computer
diskette) on request to the contact person listed in the preceding
Electronic Access to this Document
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Note: The official version of this document is the document
published in the Federal Register. Free Internet access to the
official edition of the Federal Register and the Code of Federal
Regulations is available on GPO Access at:
(Catalog of Federal Domestic Assistance Number 84.268, William D.
Ford Federal Direct Loan Program)
(Program Authority: 20 U.S.C. 1087a et seq.)
Dated: July 1, 1999.
Chief Operating Officer for the Office of Student Financial Assistance.
[FR Doc. 99-17134 Filed 7-6-99; 8:45 am]
BILLING CODE 4000-01-P