Ffel Consolidation Loan Rebate Fee Report And Remittance Form Page 2

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Consolidation Loan Rebate Fee Report
Instructions
Where to Submit: Mail this completed Consolidation Loan Rebate Fee Report and a check made payable
to the "U.S. Department of Education," with a notation for, and in the amount of, the Fee to:
U.S. Department of Education,
P. O. Box 979066, St. Louis, MO 63197-9000
If you wish to pay the Fee by Automated Clearing House (ACH) instead of by check, call the U. S. Depart-
ment of Education at (202) 377-3324/3322 for further instructions. The words "your" and "you" in these
instructions refer to the lending institution for which this Consolidation Loan Rebate Fee Report is being
prepared, or the person at the institution preparing the report.
Applicability: This Consolidation Loan Rebate Fee Report is used to report to the U.S. Department of
Education (ED) the Federal Consolidation Loan Interest Payment Rebate Fee authorized by subsection
428C(f) of the Higher Education Act of 1965, as amended. A servicer providing loan services to several dif-
ferent lenders must submit a separate Consolidation Loan Rebate Fee Report for each lender that it services.
Help on completing this Consolidation Loan Rebate Fee Report and on correcting or adjusting prior Reports
can be obtained from ED by calling (202) 377-3324/3322. NOTE: A lender holding one or more Federal
Consolidation Loans at the end of the month must submit a payment for the Consolidation Loan Rebate Fee
within 30 days of the end of the month for which the Fee is calculated.
Form Preparation: Submit the Consolidation Loan Rebate Fee Report using a photocopy of the front
page of this form, or by typing or computer generating a facsimile of the front page of this form. If a facsim-
ile is produced, include the form title, the ED form number, and all material in the boxes on the front page of
this form. The facsimile must be produced on 8½ x 11 inch plain white paper, and all items must be arranged
in the same order as on the form. The dollar symbols ($) must be included, but the lines outlining the boxes
and the underlines for each item may be omitted. The instructions for this form may also be omitted. ED
may reject a facsimile that does not meet these criteria.
Fee Calculation: The Federal Consolidation Loan Interest Payment Rebate Fee is calculated and paid
monthly to ED. It is equal on a monthly basis to 0.0875 percent of the unpaid balance of principal and the
accrued unpaid interest on all Federal Consolidation Loans disbursed after October 1, 1993, and held by the
lender on the last day of the month. (This is equal to an annualized rate of 1.05 percent.) Except for loans
based on applications received during the period from October 1, 1998 through January 31, 1999, inclusive,
for which the rebate is equal on a monthly basis to .05167 percent of the unpaid balance of principal and the
accrued unpaid interest. (This is equal to an annualized rate of 0.62 percent.) Use the item-by-item instruct-
ions in the following paragraphs to calculate the Fee and to complete the Consolidation Loan Rebate Fee
Report on the front page of this form.
1. Lender ID: Enter your six-digit lender identification number (LID). The “8” has been pre-filled for
you.
2. Servicer ID: Enter your six-digit servicer identification number, if applicable. The “7” has been pre-
filled for you.
3. Reporting Period: Enter the date of the last day of the month of the reporting period for which this
Consolidation Loan Rebate Fee Report is being submitted. Enter the date in a "month/year" format. Enter the
month as two digits. Enter the year as four digits. For the purpose of the Consolidation Loan Rebate Fee
Report, a month is always a calendar month, starting on the first of the month and ending on the last day (the
30th or 31st, except for February). A calendar month reporting cycle must be used for the Consolidation
Loan Rebate Fee Report even if you use a different reporting cycle (e.g. from the 26th day of one month to
the 25th day of the following month) for internal or other reporting purposes.
4. Applicable rate for Consolidation Loans Subject to the 1.05% fee: This field has been pre-filled for
you.
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