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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN
style="COLOR: black; FONT-FAMILY: Arial"><FONT size=2>As discussed at
OGSLP's recent CCRAA/Final Regulations training sessions, the
Department of Education has released anticipated operational guidance - as
a result of the </FONT><A
title=http://www.ogslp.org/schools-lenders/legislation.shtml#ccraa
href="blocked::http://www.ogslp.org/schools-lenders/legislation.shtml#ccraa"><FONT
size=2>College Cost Reduction and Access Act (Public Law
110-084)</FONT></A><FONT size=2> and the </FONT><A
title=http://www.ogslp.org/News/Archives/2007/S-2258.html
href="blocked::http://www.ogslp.org/News/Archives/2007/S-2258.html"><FONT
size=2>Third Higher Education Extension Act of 2007 (Public Law No:
110-109)</FONT></A><FONT size=2> - concerning changes to the Lender's Request
for Payment of Interest and Special Allowance (LaRS) form. Th<SPAN
class=284453114-29112007>is</SPAN> guidance comes in the form a Dear Colleague
Letter<SPAN class=284453114-29112007>,</SPAN> </FONT></SPAN><SPAN
style="COLOR: blue; FONT-FAMILY: Arial"><A
title=http://www.ifap.ed.gov/dpcletters/FP0711.html
href="blocked::http://www.ifap.ed.gov/dpcletters/FP0711.html"><FONT
size=2>FP-07-11</FONT></A></SPAN><SPAN
style="COLOR: black; FONT-FAMILY: Arial"><SPAN
class=284453114-29112007></SPAN><FONT size=2>,<SPAN class=284453114-29112007>
which </SPAN>contains guidance on form modifications designed to
accommodate CCRAA related changes including increased lender paid
origination fees and decreased special allowance payments
(SAP). </FONT></SPAN><SPAN
style="FONT-SIZE: 10pt; COLOR: black"><?xml:namespace prefix = o ns =
"urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN
style="FONT-SIZE: 10pt; COLOR: black"><FONT
face=Arial> <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=2><SPAN
style="COLOR: black; FONT-FAMILY: Arial">All lenders must use the new LaRS SAP
reporting codes for loans first disbursed on or after October 1, 2007.
However, since the amount of SAP reduction depends on the loan
holder's status as a for-profit or not-for profit holder, payment will
also be based on another code that the Department will set in a demographic
profile of approved not-for-profit holders. </SPAN><SPAN
style="FONT-SIZE: 10pt; COLOR: black"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=2><SPAN
style="COLOR: black; FONT-FAMILY: Arial"> </SPAN><SPAN
style="FONT-SIZE: 10pt; COLOR: black"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=2><SPAN
style="COLOR: black; FONT-FAMILY: Arial">If you have questions, contact OGSLP's
Policy, Compliance, and Training department at 405.234.4432 or<SPAN
class=675514814-29112007> <A
href="mailto:pct@ogslp.org">pct@ogslp.org</A> </SPAN></SPAN><SPAN
style="COLOR: black; FONT-FAMILY: Arial">for assistance.</SPAN></FONT></P></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV>
<P><B><FONT face=Arial
size=2>Communications</FONT></B><BR><B></B><B></B><B><FONT face=Arial
size=2>OGSLP</FONT></B><BR><B></B><B></B><B><FONT face=Arial size=2>405.234.4440
or 800.247.0420</FONT></B><BR><B></B><B></B><B><FONT face=Arial
size=2>gslcommunications@ogslp.org<BR></FONT></B><A title=file://www.ogslp.org/
href="file://www.ogslp.org/"><B title=file://www.ogslp.org/></B><B
title=file://www.ogslp.org/><U title=file://www.ogslp.org/><FONT
title=file://www.ogslp.org/ face=Arial color=#0000ff
size=2>www.ogslp.org</FONT></U></B><B
title=file://www.ogslp.org/></B></A><B></B> </P></DIV><STRONG><FONT
face="Arial Narrow" color=#000080></FONT></STRONG><BR><BR>
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