№ lp_2_1_15987
Administrative reporting instructions establishing calculation methods, submission requirements, and legal obligations for monthly payment of the Federal Consolidation Loan Interest Payment Rebate Fee to the U.S. Department of Education.
Country: United States
Responsible authority: U.S. Department of Education
Program: Federal Family Education Loan Programs
Legal basis: Higher Education Act of 1965, subsection 428C(f)
Related legislation: Paperwork Reduction Act of 1995
OMB control number: 1845-0046
Subject: Federal Consolidation Loan Interest Payment Rebate Fee (CLRF)
Reporting frequency: Monthly
Applicable loans: Federal Consolidation Loans disbursed after October 1, 1993, with specific provisions for applications received between October 1, 1998 and January 31, 1999
Fee rates: 1.05 percent annualized (0.0875 percent monthly); 0.62 percent annualized (0.05167 percent monthly for specified period)
Addressees: Lenders and servicers participating in the Federal Family Education Loan Programs
Reporting deadline: Within 30 days after the end of each calendar month
Penalties reference: 20 U.S.C. 1080, 1082, 1085, 1094, 1097
Contact information: [email protected]
Note: ; U.S. Department of Education, Washington, D.C. 20202-4651
Price: 8 / 10 USD
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