Extension of Lender Audit Requirement Deadline

The U.S. Department of Education (ED) recently issued a Dear Colleague Letter (DCL) regarding an extension of the lender audit submission deadline (see attached). All lenders participating in the Federal Family Education Loan Program (FFELP) must complete and submit their annual compliance audit by June 30, 1999 for any period in which the lender originated and/or held FFELP loans totaling $5 million or less.

Any questions regarding this extension can be directed to the Policy and Training Department at (801) 321-7166.

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