Guaranteed Student Loan Program, Commissioner of Higher Education Financial-Compliance Audit for the Fiscal Year Ended .. 1997
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MGSLP does not agree with DE's position. MGSLP maintains that DE's interpretation of a payment "made by the borrower" is too narrow and that loan payoffs resulting from consolidation should be subject to agency retention as it is defined in section 428(c)(6) of The Act until a change in regulation or law differentiates an alternate retention rate. The 1996 Amendments to The Act, which become effective July 1, 1997, change the collection retention rate on default loan consolidation payoffs to 18....5%. MGSLP, in conjunction with other guaranty agencies across the country, are seeking resolution with DE on this issue. Currently, no legal action has been taken by any party. MGSLP believes the possibility that the agency will be required to pay DE an additional portion of the consolidated, defaulted loan payoffs is remote. The amount of this contingent loss is approximately $328,000 and has not been included in the financial statements due to its unlikely realization.
15. COMMITMENTS MGSLP is bound by Guarantee Reserve Agreements with the lending institutions participating in the Federal Family Education Loan Program in Montana.
What to read after Guaranteed Student Loan Program, Commissioner of Higher Education Financial-Compliance Audit for the Fiscal Year Ended .. 1997?
You can find similar books in the "Read Also" column, or choose other free books by Montana. Legislature. Legislative Audit Division to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
MGSLP does not agree with DE's position. MGSLP maintains that DE's interpretation of a payment "made by the borrower" is too narrow and that loan payoffs resulting from consolidation should be subject to agency retention as it is defined in section 428(c)(6) of The Act until a change in regulation or law differentiates an alternate retention rate. The 1996 Amendments to The Act, which become effective July 1, 1997, change the collection retention rate on default loan consolidation payoffs to 18....5%. MGSLP, in conjunction with other guaranty agencies across the country, are seeking resolution with DE on this issue. Currently, no legal action has been taken by any party. MGSLP believes the possibility that the agency will be required to pay DE an additional portion of the consolidated, defaulted loan payoffs is remote. The amount of this contingent loss is approximately $328,000 and has not been included in the financial statements due to its unlikely realization.
15. COMMITMENTS MGSLP is bound by Guarantee Reserve Agreements with the lending institutions participating in the Federal Family Education Loan Program in Montana.
What to read after Guaranteed Student Loan Program, Commissioner of Higher Education Financial-Compliance Audit for the Fiscal Year Ended .. 1997?
You can find similar books in the "Read Also" column, or choose other free books by Montana. Legislature. Legislative Audit Division to read onlineMoreLess
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