Bulletin ID
DLB - 97 - 52
| PublicationDate: 12/1/97 BulletinID: DLB - 97 - 52 December 1997 DLB-97-52 Dear Colleague: In Transition Bulletin #17, dated April 21, 1997, the Department issued a form for schools to use if they experience problems receiving a timely response to promissory notes submitted to the Loan Origination Center. In an effort to respond more quickly to these requests, we have redesigned this document and request that schools use this form to replace the form that was issued earlier. If you have a borrower for whom you submitted a promissory note prior to the end of the late disbursement period but the promissory note acknowledgment was received after the end of the late disbursement period, please complete the Request for Authorization and fax it to the Direct Loan Task Force at 202/401-3424. EACH REQUEST WILL BE REVIEWED AND APPROVED ON A CASE-BY-CASE BASIS. Please remember that the school: is NOT required to receive a promissory note acknowledgment prior to making a Direct Loan disbursement is required to DOCUMENT EXCEPTIONAL CIRCUMSTANCES if a disbursement is made between 60 and 90 days after the borrower ceases to be enrolled on at least a half-time basis must contact the Direct Loan Task Force via fax to REQUEST AUTHORIZATION to make a late disbursement beyond the 90-day late disbursement period due to a late promissory note acknowledgement. The request will be reviewed on a case-by-case basis and will be faxed back to the school with a signature indicating approval or non-approval of the request A copy of the redesigned Request for Authorization is enclosed with this bulletin. Please note that it also will be available on the Direct Loan web site at http://www.ed.gov/DirectLoan. Thank you for your patience and continued support of the Direct Loan Program. Sincerely, Joe L. McCormick, Chair Direct Loan Task Force Enclosure Enclosure |