Publication Date: June 2004
Bulletin ID: DLB-04-17
Summary: Resolving Outstanding Borrower Pending Bankruptcy Issues
Posted on 06-09-2004
June 2004
DLB-04-17
Subject: Resolving Outstanding Borrower Pending Bankruptcy Issues
Dear Partner:
We recently informed you in DLB-04-14 (http://www.ifap.ed.gov/dlbulletins/DLB0414.html) that effective May 3, 2004 FSA changed its operational procedures related to a borrower's pending bankruptcy. In that bulletin, we also informed you that we were developing a plan for resolving outstanding issues associated with all Master Promissory Notes (MPNs), loans, and disbursements that were affected by our previous operational procedures related to pending bankruptcies.
At this time, we have completed the work necessary to reverse the inactivation and flagging of MPNs previously affected by pending bankruptcies. Schools can now resubmit previously rejected disbursements. If you have any questions about the action your school needs to take, please contact the COD School Relations Center at 800/848-0978 or via email at codsupport@acs-inc.com.
Thank you for your patience as we developed and implemented the plan for resolving the outstanding issues and for your ongoing partnership in the Direct Loan Program.
Sincerely,
Jane Holman
Acting Director, Title IV Delivery
School Delivery Channel