Bulletin ID
DLB - 97 - 12
| PublicationDate: 3/1/97 BulletinID: DLB - 97 - 12 DLB-97-12 March 1997 SUMMARY: Operational change in how Year 4 (1997-98) drawdowns should be performed. Dear Colleague: Beginning with Year 4, the 1997-98 award year, and for all future award years, your institution's Direct Loan cash balance will be year specific. For Years 2 and 3 (1995-96 and 1996-97), you will continue to maintain a combined cash balance; however, for Year 4, you will begin a separate cash balance. Specifically, drawdowns for Year 4 must be separate from drawdowns for any prior award year. The Loan Origination Center will generate separate Year 4 drawdown requests to the Department of Education's Payment Management System (EDPMS) for Option 1 and Standard Origination schools. If you are an Option 2 school, and you draw down on the same day for both Year 4 and a prior year, please be sure to perform two separate drawdown requests. Please note that schools will submit reconciliation files and return excess cash in the same format: Schools will submit one reconciliation file for previous years and one reconciliation file for Year 4. Excess cash for prior years must be returned separately from excess cash for Year 4. Sincerely, Joe L. McCormick, Chair Direct Loan Task Force |