August 2002

DLB-02-28

Subject: Refunded Cash Reminder - NO 2002-2003 Refunded Cash to LOC

Dear Partner,

This bulletin is to remind schools about 2002-2003 refunded cash. The Loan Origination Center (LOC) has been receiving money for 2002-2003, especially via the FEDWIRE process. This is delaying proper application and credit for these refunds.

PLEASE DO NOT WIRE MONEY TO THE LOC FOR 2002-2003. For 2002-2003 it is recommended that all refunds be returned electronically via GAPS. In addition, it is required that all refunds greater than $100,000 be returned via GAPS. At this time, there is NO FEDWIRE process for COD. All schools, whether full participant or phase-in participant, should be sending 2002-2003 refunds of cash to COD.

Please refer to DLB 02-24 for additional information as well as a detailed summary table with all address or web information.

If you have any questions, please contact COD School Relations Center at 800/848-0978 or email at CODsupport@afsa.com. We thank you for your ongoing partnership in the Direct Loan Program.

Sincerely,

Jane Holman
Acting Director, Title IV Delivery
Schools Channel