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Federal Updates
DCL Addresses Expiration of Disbursement Exceptions
The 1998 Reauthorization of the Higher Education Act provided two temporary exceptions to disbursement requirements for schools with low cohort default rates. These exceptions (described below) expire on September 30, 2002.
Recent legislative attempts to extend the disbursement exceptions beyond the upcoming expiration date have, thus far, proven unsuccessful. Shoptalk Online will keep you informed if legislation is enacted to extend these exceptions.
ED has released Dear Colleague Letter (DCL) GEN-02-06 to address schools' conversion to the normal disbursement requirements. The DCL states that FFELP loans certified on or after October 1, 2002, are subject to the applicable multiple disbursement and 30-day delayed delivery requirements.
Temporary Disbursement Exceptions
Currently, schools with cohort default rates of less than 10 percent for each of the three most recent fiscal years for which information is available are exempted from the following:
- The requirement that schools must schedule multiple loan disbursements. (Eligible schools may currently schedule a loan to be disbursed in a single installment for any period of enrollment that is not more than one semester, one trimester, one quarter, or 4 months.)
- The requirement that schools must delay, for 30 days, the first disbursement of a loan for first-year, first-time borrowers. (Eligible schools may currently disregard this delay.)
Questions
For questions regarding the expiration of these disbursement exceptions, contact TG Customer Assistance at (800) 845-6267 or send an message to cust.assist@tgslc.org.
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Closed School Corner
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Newly reported closures from the Postsecondary Educational Participants System and from the July 2002 Closed School Monthly Report supplied by the Department of Education: |
OPE
ID# |
School Name/
School Address
 |
Unofficial
Closure
Date |
ED's Official Closure
Date |
02060901 |
Brown College of Court Reporting
1125 Judson Rd.
Longview, TX 75601-9985 |
N/A |
6/20/2002 |
02146103 |
Chauffeurs Training School
4300 Dixie Dr.
Houston, TX 77021 |
N/A |
10/31/1990 |
01014803 |
Colorado Technical University
333 9th St. SW
Huron, SD 57350-2798 |
N/A |
5/15/2002 |
01019700 |
EQ School of Hair Design
1849 N. 73rd St.
Omaha, NE 68114-1905 |
N/A |
6/29/2002 |
00187600 |
Marycrest International University
1607 W. 12th St.
Davenport, IA 52804-4096 |
N/A |
6/21/2002 |
02149306 |
SCS Business and Technical Institute
756 Broad St.
Newark, NJ 07102 |
N/A |
10/14/1994 |
02610700 |
Shirley Baker Career Institute
10555 Northwest Freeway #226
Houston, TX 77092 |
N/A |
7/23/2002 |
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