Lender and Servicer Due Diligence Measures Required by LOSFA Regarding the Office of the Ombudsman |
LOUISIANA STUDENT
FINANCIAL ASSISTANCE COMMISSION LOAN PROGRAM BULLETIN |
|
TO: |
Lenders and Schools |
DATE: |
July 25, 2000 |
TOPIC: |
Lender and Servicer Due Diligence Measures Required by LOSFA Regarding the Office of the Ombudsman |
To assure that your Common Manual remains current, please record this document on your LPM/LPB index, and retain it in Appendix E of your manual.
Pursuant to 34 CFR 682.411(b)(3), effective July 1, 2000, lenders and servicers must include information on the availability of the Student Loan Ombudsman’s Office in one of the due diligence letters sent to borrowers. Schedule D of Dear Colleague Letter GEN-00-04 dated March 2000 includes three methods of contacting the Ombudsman. LOSFA’s interpretation of the letter is that ALL three methods of contact must be included in the due diligence letter in order to justify a valid claim. The methods that must be included are: