Lender Electronic Funds Transfer Requirements

The U.S. Department of Education (ED) has recently issued guidance reminding lenders that the U.S. Treasury Department’s Debt Collection Improvement Act of 1996 mandates that all recipients of Federal funds must receive payments by Electronic Funds Transfer (EFT) after January 1, 1999. Attached are the instructions and form to complete if your lending institution needs to be enrolled as an EFT recipient with ED.

If you have any questions regarding the form, please contact the Lender Reporting Team at (202) 708-9776.

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