ED Issues DCL Correction
As noted in our June 18 Legislative Update, the Department of Education (ED) recently published guidance to provide schools and lenders important information about the approaching June 30, 2010 transition to the William D. Ford Direct Loan Program (DL). Specifically, the guidance outlines ED’s responses to various inquiries about origination and disbursement scenarios with respect to the transition period.
Yesterday, ED posted a correction to DCL GEN-10-10, FP-10-2. In Q&A #9, the question should read, “If the first disbursement of a FFEL loan was scheduled to be made prior to July 1, 2010, but was not made, can it be made after June 30, 2010?" The corrected letter is now posted to IFAP.
We’ll continue to keep you informed. Visit our legislation page to view new documents as they become available.