Bulletin ID
DLB - 96 - 22
| PublicationDate: 12/1/96 BulletinID: DLB - 96 - 22 DLB-96-22 December 1996 SUMMARY: Final Payments for Origination Services Dear Colleague: In the July 1996 Direct Loans Bulletin (DLB-96-11), we informed you that the final Payments for Origination Services (POS) to schools would be made in September. This September payment was processed and should have arrived at your school a few months ago. Due to a variety of reasons, we have decided to make one more FINAL POS payment. This payment will cover all loans originated on or before April 26, 1996 and reconciled by DECEMBER 31, 1996. The same criteria stated in DLB-96-11 will be used to calculate this final payment. POS will be calculated for loans that met one of the following on or before April 26, 1996. - 1) the origination record was received by the Loan Origination Center; - 2) the promissory note was received by the Loan Origination Center; - 3) the first disbursement was made. With the new 30-day reporting requirement for submitting Direct Loan records, schools should have already reconciled most loans that were originated on or before April 26, 1996. However, if your school has loan records from this period that have not been reconciled, please submit these reconciliation records IMMEDIATELY. This will ensure the receipt of final POS for as many loans as possible. If you have any questions regarding the final POS payments or the reconciling of loan records, please contact your Regional Direct Loan Account Manager as soon as possible. Thank you for your continued support of the Direct Loan Program. Sincerely, Diane Voigt, Chair Direct Loan Task Force |