Guaranteed Student Loan Program, Commissioner of Higher Education Financial Audit for the Fiscal Year Ended .. 2005
Guaranteed Student Loan Program, Commissioner of Higher Education Financial Audit for the Fiscal Year Ended .. 2005
Montana. Legislature. Legislative Audit Division
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The agency then seeks reimbursement from the DE in accordance with reinsurance agreements between the agency and DE. Claim payments and subsequent reinsurance payments are paid from and deposited into the Federal Student Loan Reserve Fund. MGSLP's claims for reinsurance payments not received as of June 30, 2005, are included here. In addition, the receivable Due From Federal Government includes amounts MGSLP had not yet received for Loan Processing and Issuance Fees (Note 9) and Account Mainten...ance Fees (Note 10) for the last quarter of fiscal year 2005. The extent of the outstanding reinsurance activity and other pending reimbursements from DE as of June 30, 2005, is shown below. Reinsurance Claims $2,779,066 Federal Student Loan Reserve Fund Teacher Loan Forgiveness $10,000 Agency Operating Fund Account Maintenance Fee $89,852 Agency Operating Fund Loan Processing and Issuance Fee $34,042 Agency Operating Fund Total Due From Federal Government $2,912,960 4. LONG TERM INVESTMENTS MGSLP maintains an account with the Montana Family Education Savings Program (MFESP) for funds held in trust for recipients of MGSLP's essay scholarship contest.
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