Bulletin ID
DLB - 93 - 1
| PublicationDate: 8/1/93 BulletinID: DLB - 93 - 1 Dear Colleague: On August 10, 1993, President Clinton signed the Student Loan Reform Act of 1993, which established the Federal Direct Student Loan program, one of this Administration's most important initiatives. The Direct Loan program replaces the Federal Direct Loan Demonstration program and will be operational for the 1994-1995 academic year. In that first year, Direct Loans will represent 5 percent of the total loan volume and by the 1998-99 academic year, will account for at least 60 percent of the total loan volume. Enclosed is a brochure that more fully describes the Federal Direct Student Loan program, and should answer most of your immediate questions on the Program and how it will operate. The Department of Education is totally committed to the implementation of the Federal Direct Student Loan program and to ensuring that it is fully integrated into the Office of Postsecondary Education's Student Financial Assistance organization and delivery system. To that end I have appointed a Task force to coordinate and manage all phases of the implementation effort. The Task Force consists of Debbie Brown, Bob Evans, Jane Holman, Cyndi Reynolds, Maria Rojtman, and Diane Sedicum, who have been assigned to work on the implementation of Federal Direct Loans on a full-time basis. In addition, Leo L. Kornfeld will be available to consult and advise me and the Task Force in this effort. Leo's broad base of experience and knowledge will be invaluable in helping us achieve our goals and objectives. The Task Force may be reached at: Federal Direct Loan Task Force Office of Postsecondary Education, ROB-3 U.S. Department of Education 400 Maryland Avenue, SW Washington, D.C. 20202-5162 Phone (202) 708-9951 FAX: (202) 401-3424 The Task Force's immediate responsibilities are to determine the schedule for the work that must be done to ensure timely implementation of Federal Direct Loans and to fully develop the operational aspects of the Program. We will be involving the postsecondary education community in this process and will be relying on the comments, suggestions, and advice of the community at every stage as we implement and expand the program over the next few years. Obviously, one of the first activities is the selection of the institutional participants for the first year. We have received applications from institutions indicating interest in participating in the Federal Direct Loan Demonstration program. We will be contacting those schools to request any additional information that may be needed for the Federal Direct Student Loan Program. Schools that have not submitted an application for the Demonstration Program may still apply for participation in the Federal Direct Student Loan Program. We expect to print a Notice in the Federal Register by mid-September that will set out the selection criteria for the 1994-95 academic year and will include an application. We will be sending copies of that notice to all institutions when it is published in the Federal Register. We are all very excited about the Federal Direct Student Loan Program and are committed to having a quality program operational in a timely manner. We know we can count on your support and assistance in helping us achieve our goals. David A. Longanecker Assistant Secretary Postsecondary Education Dear Colleague: On August 10, 1993, President Clinton signed the Student Loan Reform Act of 1993, which established the Federal Direct Student Loan program, one of this Administration's most important initiatives. The Direct Loan program replaces the Federal Direct Loan Demonstration program and will be operational for the 1994-1995 academic year. In that first year, Direct Loans will represent 5 percent of the total loan volume and by the 1998-99 academic year, will account for at least 60 percent of the total loan volume. Enclosed is a brochure that more fully describes the Federal Direct Student Loan program, and should answer most of your immediate questions on the Program and how it will operate. The Department of Education is totally committed to the implementation of the Federal Direct Student Loan program and to ensuring that it is fully integrated into the Office of Postsecondary Education's Student Financial Assistance organization and delivery system. To that end I have appointed a Task force to coordinate and manage all phases of the implementation effort. The Task Force consists of Debbie Brown, Bob Evans, Jane Holman, Cyndi Reynolds, Maria Rojtman, and Diane Sedicum, who have been assigned to work on the implementation of Federal Direct Loans on a full-time basis. In addition, Leo L. Kornfeld will be available to consult and advise me and the Task Force in this effort. Leo's broad base of experience and knowledge will be invaluable in helping us achieve our goals and objectives. The Task Force may be reached at: Federal Direct Loan Task Force Office of Postsecondary Education, ROB-3 U.S. Department of Education 400 Maryland Avenue, SW Washington, D.C. 20202-5162 Phone (202) 708-9951 FAX: (202) 401-3424 The Task Force's immediate responsibilities are to determine the schedule for the work that must be done to ensure timely implementation of Federal Direct Loans and to fully develop the operational aspects of the Program. We will be involving the postsecondary education community in this process and will be relying on the comments, suggestions, and advice of the community at every stage as we implement and expand the program over the next few years. Obviously, one of the first activities is the selection of the institutional participants for the first year. We have received applications from institutions indicating interest in participating in the Federal Direct Loan Demonstration program. We will be contacting those schools to request any additional information that may be needed for the Federal Direct Student Loan Program. Schools that have not submitted an application for the Demonstration Program may still apply for participation in the Federal Direct Student Loan Program. We expect to print a Notice in the Federal Register by mid-September that will set out the selection criteria for the 1994-95 academic year and will include an application. We will be sending copies of that notice to all institutions when it is published in the Federal Register. We are all very excited about the Federal Direct Student Loan Program and are committed to having a quality program operational in a timely manner. We know we can count on your support and assistance in helping us achieve our goals. David A. Longanecker Assistant Secretary Postsecondary Education |