Bulletin ID
DLB - 99 - 40
| PublicationDate: 6/1/99 BulletinID: DLB - 99 - 40 June 1999 DLB 99-40 Subject: Cash balances for Direct Loans in GAPS vs. Loan Origination Center Dear Partner, This bulletin clarifies a recent letter you may have received from GAPS in May 1999. This letter went to some, but not all, Direct Loan schools and asks that you certify that the award balances in GAPS agree with your institution's records. While this is appropriate for other award programs, this does NOT apply to Direct Loans. With Direct Loan awards only, you do not need to certify your balances in GAPS. Do not use GAPS as a tool to reconcile school information for program year closeout or to verify your total drawdown amount for a given year. You should use your GAPS payment history only to confirm individual payment requests. For example, you could use the GAPS information to confirm a request or receipt of a drawdown in a particular year. However, if you want to confirm your total cash receipts for the 1997-1998 Direct Loan program year, please use the most recent 732-LOS report that you receive from the Loan Origination Center. We are currently developing a procedure to bring the Loan Origination Center data and GAPS data in balance. This process will begin once all schools successfully close out for the 1997-1998 Direct Loan program year. We encourage you to share this information with other parties in ALL offices involved in the processing of Direct Loans. If you have any questions about this bulletin, please contact the AFMS hotline at 202/205-6466. Thank you for your continued partnership in the Direct Loan program. Sincerely, Margaret E. White Acting Chair Direct Loan Task Force |