|
PublicationDate: 2/12/97 Summary: Correction to 02/06/94 Announcement: 96/97 Verification Issues Author: CSB - SFA Customer Support Branch 2/12/97 Dear Colleagues, Please note the following correction to the SFA BBS Announcement "SFA BBS and 1997-98 Verification Issues," originally posted on 2/6/97: 2. If you accessed the 1997-98 Verification Guide on the SFA BBS on or before today, Thursday, Feb. 6, please note that a modification was made today to a paragraph on pages 34 and 35 of Chapter 3 to reflect a change to the printed version. The new pages 34 and 35 now indicate that for applications that have been selected for verification, the verification regulations allow that FFEL funds can be held a maximum of 45 days. This was only an omission from the original text and does not reflect a change in policy. Please note that for all other purposes other than verification, the November 29, 1996 cash management regulations under Sec. 668.167 specify how long FFEL program funds may be held. In general, FFEL program funds must be disbursed to a student or parent by an institution within: (1) ten business days of the date the institution receives the funds if a lender provides those funds via EFT or master check; or (2) Thirty calendar days of the date the institution receives the funds if a lender provides those funds by a check payable to the borrower or copayable to the borrower and the institution. * * * * * [[original announcement]] 2/6/97 Dear Colleagues, 1. The 1997-98 Verification Worksheets are now available for downloading from the SFA BBS in portable document format (.pdf). You can access the worksheets by choosing the following topics from the main menu: >> SFA Publications and Letter >> SFA Guides >> The Verification Guide >> 1997-98 Verification Guide >> "Downloadable 1997-98 Verification Worksheets..." 2. If you accessed the 1997-98 Verification Guide on the SFA BBS on or before today, Thursday, Feb. 6, please note that a modification was made today to a paragraph on pages 34 and 35 of Chapter 3 to reflect a change to the printed version. The new pages 34 and 35 now indicate that for applications that have been selected for verification, the verification regulations allow that FFEL funds can be held a maximum of 45 days. This was only an omission from the original text and does not reflect a change in policy. Please note that for all other purposes other than verification, the cash management regulations specify that FFEL funds can be held for no longer than 30 days. Thank you for your comments and your patience. SFA Customer Support Branch U.S. Department of Education |