Guaranteed Student Loan Program, Commissioner of Higher Education Financial Audit for the Fiscal Year Ended .. 2004
The book Guaranteed Student Loan Program, Commissioner of Higher Education Financial Audit for the Fiscal Year Ended .. 2004 was written by author Montana. Legislature. Legislative Audit Division Here you can read free online of Guaranteed Student Loan Program, Commissioner of Higher Education Financial Audit for the Fiscal Year Ended .. 2004 book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Guaranteed Student Loan Program, Commissioner of Higher Education Financial Audit for the Fiscal Year Ended .. 2004 a good or bad book?
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DEFAULT AVERSION FEE The Higher Education Amendments of 1998 authorized the payment of a Default Aversion Fee beginning October 1 , 1998. Upon receipt of a completed lender request for assistance (LFIA) not earlier than the 60'^ day of delinquency, a guaranty agency must engage in default aversion activities designed to prevent a default by the borrower. Department of Education Regulations provide for payment of a fee equal to 1 % of the loan balance at the time an LF?A is submitted, regardless... of whether or not the loan is brought current. The default aversion fees are to be transferred from the Federal Student Loan Reserve Fund (FSLRF) to the Agency Operating Fund (AOF) no more frequently than monthly. If the agency receives a default aversion fee and the account later defaults, the agency must rebate 1% of the claim amount to the FSLRF. The fee may be paid only once on any loan. During fiscal year 2004, net Default Aversion Fee revenue and expense, for the AOF and FSLRF respectively, was $390,074.
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