Publication Date: January 17, 2008
Bulletin ID: DLB-08-02
Summary: Updated Guidance on Making Borrower Payments
Dear Direct Loan Colleague:
This bulletin updates and summarizes the correct process for making a borrower payment (i.e., returning funds at the borrower's request more than 120 days after disbursement) by sending a check to the Direct Loan Servicing Center's (DLSC's) Payment Center. As a reminder, if you are returning funds at a borrower's request within 120 days of disbursement, or are returning funds at any time in order to comply with a statutory or regulatory requirement, you should make the appropriate adjustment to the borrower's loan record or records and follow the process for making a refund of cash as updated in DLB-08-01.
To ensure the most accurate and timely processing of a borrower payment, please follow these guidelines:
U.S. Department of Education
Attention: Payment Center
P.O. Box 530260
Atlanta, GA 30353-0260
If you have any questions about this bulletin or returning funds at the borrower's request more than 120 days after disbursement, contact the COD School Relations Center at 800/848-0978 or e-mail CODSupport@acs-inc.com.
Thank you for your ongoing partnership in the Direct Loan Program.
Acting General Manager, Application, Operations and Delivery Services
Publication Date: 1/17/2008