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MAR 12 1990
TO: Lenders Participating in the Health Education Assistance Loan (HEAL) Program
SUBJECT: Corrections to
Application and Disbursement data submitted to the HEAL Program
HEAL Policy Memorandum 90-1
This is a revision to HEAL Policy Memorandum 89-9 which implemented late fee charges to lenders who submitted insurance premiums to the Public Health Service (PHS) more than 30 days past the disbursement date. It also implemented a procedure of returning a computer listing to lenders detailing loan information previously submitted and listing any error messages on those loans the HEAL Branch considered to be uninsurable or questionable.
Reference is made to the following statement contained in Policy Memorandum 89-9: "...Insurance premium amounts received by the PHS for loans which have been determined to be uninsurable or questionable will be held by the PHS until receipt of corrected documentation, but no longer than 60 days from the original disbursement date of the loan. Upon expiration of this 60-day period the PHS will issue a refund check to the lender."
In response to lender concerns, the HEAL Branch is revising the 60-day period of time referenced in the above statement to 75 days to allow lenders a longer time period to furnish the corrected documentation to the HEAL program.
Please remember that it is in your best interest to submit all loan information correctly the first time so that uninsurable or questionable items do not exist. Please make every effort to thoroughly review all documents before they are submitted to the HEAL Program.
If you have any questions please contact Terri M. Ehrenfeld of the HEAL Branch at (301) 443-1540.Thank you.
Sincerely yours,
Michael Heningburg
Director
Division of Student Assistance
