ED Corrects Delivery of Proceeds Guidance

The Department of Education (ED) published a policy guidance letter dated June 11, 1999. The guidance letter was supposed to serve as a reminder to schools that the time frame for the delivery of Federal Family Education Loan Program (FFELP) loan proceeds received by Electronic Funds Transfer or master check is reduced from ten days to three days on July 1, 1999. However, the guidance letter mistakenly advised schools that the time frame for the return of FFELP funds is reduced from ten days to three days.