Lender and Servicer Due Diligence Measures Required by LOSFA Regarding the Office of the Ombudsman

LOUISIANA STUDENT FINANCIAL ASSISTANCE COMMISSION
OFFICE OF STUDENT FINANCIAL ASSISTANCE

LOAN PROGRAM BULLETIN

TO:
Lenders and Schools
DATE:
March 20, 2001
TOPIC:
Notice of Loan Guarantee/Disclosure Statement Get New Look

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.

LOSFA's contracted software vendor, SallieMae Guarantor Services, has recently revised the Notice of Loan Guarantee/Disclosure Statement. This new design will eliminate the need for pre-printed and flash NOLG forms and the NOLG addendum. In addition, it incorporates regulatory updates, a repayment schedule and adds language about lender interest rate discounts.

The new design will begin March 20, 2001.

Lenders who use Remote Guarantee Printing (RGP) can now use plain 81/2 x 11 paper to print NOLGs from their laser printers. Printing will no longer be limited to pinfed pre-printed NOLG forms. Other enhancements include the availability of RGP through Document Direct for the Internet (DDI) and revised RGP guides. The new Remote Guarantee Printing Users' Guide will be available on USAGroup's website, www.usagroup.com. To access the guide, go to "An Education Lender." From there, click on "Technical Information," then "Technical Documentation." Under "Getting Started," choose either lender or lender servicer. The guide will be listed under "System Service Guides."

For more information about the NOLG/DS revisions, please contact your LOSFA School/Lender Services Representative at 1-800-259-5626, ext. 1011.