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<p class="MsoNormal" style="background:white"><span style="font-family:"Arial","sans-serif""><img id="_x0000_i1025" src="http://www.readysetrepay.org/images/RSR_Masthead.jpg" alt="Ready Set Repay Blast"><o:p></o:p></span></p>
<p class="MsoNormal" align="right" style="text-align:right;background:white"><span class="dateline1"><span style="font-size:10.0pt">July 2, 2014</span></span><span style="font-family:"Arial","sans-serif""><o:p></o:p></span></p>
<p class="MsoNormal" style="background:white"><span style="font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
<h1 style="background:white"><span style="color:#C36800">Direct Loan Changes Effective July 1, 2014<o:p></o:p></span></h1>
<p style="background:white"><span style="font-family:"Arial","sans-serif"">The following Direct Loan changes are effective as of July 1, 2014:<o:p></o:p></span></p>
<p style="background:white"><strong><span style="font-family:"Arial","sans-serif"">Income Based Repayment (IBR) Plan</span></strong><span style="font-family:"Arial","sans-serif""><br>
For loans disbursed on or after July 1, 2014: if eligible for IBR, payments will be no more than 10% of discretionary income with a maximum repayment period of 20 years. Loans first disbursed prior to July 1, 2014, if eligible, will have a monthly payment no
more than 15% of discretionary income with a maximum repayment period of 25 years.<o:p></o:p></span></p>
<p style="background:white"><strong><span style="font-family:"Arial","sans-serif"">Interest Subsidy</span></strong><span style="font-family:"Arial","sans-serif""><br>
Subsidized loans disbursed on or after July 1, 2014 will have an interest subsidy during the grace period.<o:p></o:p></span></p>
<p style="background:white"><strong><span style="font-family:"Arial","sans-serif"">New Interest Rates</span></strong><span style="font-family:"Arial","sans-serif""><br>
Interest rates for loans disbursed on or after July 1, 2014 have changed. <a href="http://ifap.ed.gov/eannouncements/051514IntRatesForDLFirstDisbBtwnJuly12014June302015.html" target="_blank">
Click here</a> for the <em><span style="font-family:"Arial","sans-serif"">Dear Colleague</span></em> letter outlining the new rates.
<o:p></o:p></span></p>
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<p class="MsoNormal" style="background:white"><span style="font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
<p class="signature" style="background:white">Mary Heid<br>
Director for Default Prevention, Compliance & Training Services<br>
Oklahoma College Assistance Program (OCAP)<br>
P.O. Box 3000 | Oklahoma City, OK 73101-3000<br>
<a href="mailto:mheid@ocap.org">mheid@ocap.org</a> | <a href="http://www.ReadySetRepay.org" target="_blank">
www.ReadySetRepay.org </a><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt;background:white"><span style="font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
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<p><span style="font-family:"Arial","sans-serif"">To unsubscribe or change your profile:
<a href="http://www.mailermailer.com/u/update/00000f-e6d0b9bf">click here</a><o:p></o:p></span></p>
<p><span style="font-family:"Arial","sans-serif"">For questions or comments, contact OCAP at P.O. Box 3000<br>
Oklahoma City, Oklahoma 73101<o:p></o:p></span></p>
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