USDE Delays Modified Special Allowance (SAP) Code Reporting for ED Form 799

LOUISIANA STUDENT FINANCIAL ASSISTANCE COMMISSION
OFFICE OF STUDENT FINANCIAL ASSISTANCE

LOAN PROGRAM BULLETIN

TO:
Lenders and Schools
DATE:
March 3, 2000
TOPIC:
USDE Delays Modified Special Allowance (SAP) Code Reporting for ED Form 799

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.

On January 5, 2000, LOSFA issued an LPB providing modified special allowance code reporting for ED Form 799. The U. S. Department of Education provided the modified codes because recent amendments to the Higher Education Act of 1965 changed the method of calculating special allowance rates for loans first disbursed on or after January 1, 2000. Because the USDE needs to have additional time to modify its system, the Department has requested that lenders delay the reporting of the loans in Part IV until the quarter ending June 2000. Specifically:

The March 2000 quarter activity that is covered by the new codes in LOSFA’s January 5, 2000 LPB (based on     USDE’s December 1999 bulletin; i.e., CA, CB, CC, and CD) should be reported as prior quarter adjustments (i.e., special allowance code BI’s). The June 2000 quarter activity will be reported as normal activity (i.e., BC’s).

The Department apologizes for any inconvenience this may cause you and asks that any questions be directed to the Lender Reporting Team at (202)708-9776 or by e-mail to OSFA_LR@ed.gov.

 

 

 

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