Publication Date: October 12, 2006
Bulletin ID: DLB-06-10
Summary: Updated Guidance on Making Borrower Payments
Posted on 10-12-2006
This bulletin updates and summarizes the correct process for making a borrower payment (i.e., returning funds at the borrower's request more than 120 days after disbursement) by sending a check to the Direct Loan Servicing Center's (DLSC's) Payment Center. As a reminder, if you are returning funds at a borrower's request within 120 days of disbursement, or are returning funds at any time in order to comply with a statutory or regulatory requirement, you should make the appropriate adjustment to the borrower's loan record or records and follow the process for making a refund of cash as updated in DLB-06-09.
To ensure the most accurate and timely processing of a borrower payment, please follow these guidelines:
Department of Education
If you have any questions about this bulletin or returning funds at the borrower's request more than 120 days after disbursement, contact the COD School Relations Center at 800/848-0978 or e-mail CODSupport@acs-inc.com.
Thank you for your ongoing partnership in the Direct Loan Program.