Posted Date:December 6, 2010
Foreign School Update ID: FS-2010-10
|Author:||William Leith, Service Director, Program Management, Federal Student Aid|
Subject: Dear Colleague Letter Posted – GEN-10-18
On December 2, 2010, the Department of Education (the Department) posted Dear Colleague Letter GEN-10-18 on the Information for Financial Aid Professionals (IFAP) Web site. The Dear Colleague Letter provides institutions that participate in the William D. Ford Federal Direct Loan (Direct Loan) Program with guidance on Title IV, Higher Education Act (HEA) program requirements. More specifically, the guidance will assist institutions with the proper administration of various “cash management” requirements for maintaining, disbursing, and accounting for Direct Loan Program funds, as well as information on institutional discretion for adjusting a student’s cost of attendance to account for fluctuating currency exchange rates.
The guidance in this Dear Colleague Letter is intended to supplement, and, where necessary, clarify and correct, training previously provided to foreign schools in workshop sessions as part of their transition to the Direct Loan Program. For complete details, refer to Dear Colleague Letter GEN-10-18.