Lender Reviews

The U.S. Department of Education (ED) recently released a Dear Guaranty Agency (GA) Partner letter dated February 29, 2000, regarding lender reviews under CFR 682.410(c)(1). The GA Partner letter requests that agencies conducting lender reviews on or after 1/1/2000 concentrate on verifying certain data elements transmitted to the NSLDS. While the required scope is NSLDS "reconciliation," ED encourages agencies to continue conducting compliance reviews in traditional areas of lender administration. The GA Partner letter defines "on site" under the regulations to be the most appropriate "site" to conduct the review.  ED feels that the agency would be in the best position to determine the location(s) and required records to be reviewed.

A copy of the Dear GA Partner Letter can be obtained from ED's web site at: http://www.ed.gov/offices/OSFAP/IGAL.  If you are unable to access this web site and would like a hard copy, please contact Lynda Reid at (801) 321-7211. Any questions regarding this bulletin can be directed to the UHEAA Policy and Training Department at (801) 321-7166 or by e-mail at cjudd@utahsbr.edu.