News

June 13, 2000
In May 2000, the Department of Education issued a Dear Colleague Letter, amending the NDSL and Perkins promissory notes. Until the Department of Education distributes new promissory notes, the addendum must be provided with a copy of the promissory note for all new loans made on or after August 1, 2000. Schools should also provided a copy of the Addendum to all borrowers who received loans between October 7, 1998 and August 1, 2000 in order to inform borrowers of the new benefits. The full-text can be found in the Dear Colleague Letter CB-00-07 on the Department of Education's IFAP site

Please note that the regulations state you "should" send a copy of the Addendum to all borrowers who received loans between 10/7/1998 and 8/1/2000. It does not state that you "must".

1. 1. ECSI is offering to send this addendum to your qualifying borrowers at a cost of $1.00 per notice
2. 2. ECSI is also offering to provide you with a "label print file" that will allow you to print name/address labels and perform your own notification free of charge.

Please advise us via an e-mail at admin@ecsi.net if we can provide either service for you. A memo will also be generated in the collection comment area that the Addendum was sent.