<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=us-ascii">
<META NAME="Generator" CONTENT="MS Exchange Server version 6.5.7652.24">
<TITLE>Follow-up to ED Liquidity Webinar </TITLE>
</HEAD>
<BODY>
<!-- Converted from text/rtf format -->
<BR>
<P><FONT SIZE=2 FACE="Arial">As a follow-up to the ED Webinar held today, and especially for those interested lenders who were not able to attend, we wanted to highlight a few noteworthy and important items that were brought up both during recent industry calls with ED and in the Webinar today. </FONT></P>
<UL>
<LI><B><FONT SIZE=2 FACE="Arial">Filing of Notice of Intent to Participate- </FONT></B> <FONT SIZE=2 FACE="Arial">If your organization anticipates any potential need to exercise either the "put" or both the "put" and the "participating interest"</FONT><B><FONT SIZE=2 FACE="Arial"></FONT></B> <FONT SIZE=2 FACE="Arial">option,<U> it is critical that you file a Notice of Intent to Participate with ED in a timely manner</U>. Be sure to consider the possibility of selling loans to another party who would want to participate. If you have not filed a Notice of Intent, the other party you sell loans to will not be able to participate with the loans you have sold to them. Notices of Intent to Participate received by ED within 15 days after publication in the Federal Register (by July 16, 2008) will allow lenders the right to "put" loans originated on or after 5/1/08. Notices of Intent to Participate filed after the 15 day window of publication in the Federal Register will result in lenders being able to "put" ONLY loans made on or after the date ED receives the Notice of Intent from the lender. Notices of Intent do NOT obligate the lender to actually participate; they only serve to endow the lender with the future right to participate in the option(s). FYI- the original Notice of Intent to Participate form is being corrected and will be posted to ED's site tonight or tomorrow. Below is a link to the site. </FONT></LI>
</UL>
<P><FONT SIZE=2 FACE="Arial"> </FONT>
<BR><FONT SIZE=2 FACE="Arial"> </FONT><A HREF="http://federalstudentaid.ed.gov/ffelp/"><U><FONT COLOR="#0000FF" SIZE=2 FACE="Arial">http://federalstudentaid.ed.gov/ffelp/</FONT></U></A><FONT SIZE=2 FACE="Arial"> </FONT>
<BR><FONT SIZE=2 FACE="Arial"> </FONT>
<BR><FONT SIZE=2 FACE="Arial"> </FONT><B> <FONT SIZE=2 FACE="Arial">Note</FONT></B><FONT SIZE=2 FACE="Arial">- More documents, the presentation from today's Webinar and Q & A listings will be posted to this site by ED. </FONT></P>
<UL>
<LI><B><FONT SIZE=2 FACE="Arial">"Custodian" requirement</FONT></B><FONT SIZE=2 FACE="Arial">- A third-party custodian will be required for lenders. The Custodian must be a National or State-chartered bank that is an eligible lender pursuant to 435 (d) (1) (A) of the HEA. </FONT></LI>
<BR>
<LI><B><FONT SIZE=2 FACE="Arial">Allowable back-end borrower benefits- </FONT></B> <FONT SIZE=2 FACE="Arial">As a reminder, the only allowable back-end borrower benefit on loans to be sold to ED is the reduction of one-quarter of one percent in the loan's interest rate if the borrower elects to have his or her monthly payments paid automatically through an electronic debit process. Up-front borrower benefits such as origination and default fee payments continue to be allowed since they would have been paid prior to the sale of the loan. </FONT></LI>
</UL>
<P><FONT SIZE=2 FACE="Arial"> </FONT>
<UL>
<LI><B><FONT SIZE=2 FACE="Arial">Program Questions & Answers</FONT></B><FONT SIZE=2 FACE="Arial">- ED is expected to post Q & A's received from the industry prior to and during the Webinar on their site. As a benefit of Mary Mowdy's participation in industry conference calls in her role as NCHELP Board Chair, we are providing a listing of trade association Q & A's submitted to ED prior to the Webinar and a copy of a letter from trade associations concerning servicing and guarantee of loans purchased by ED. These documents are encrypted and will be stored on our site at the following link: </FONT><A HREF="http://www.ogslp.org/schools-lenders/olac_docs/olac_index.shtml"><U><FONT COLOR="#0000FF" SIZE=2 FACE="Arial">http://www.ogslp.org/schools-lenders/olac_docs/olac_index.shtml</FONT></U></A><FONT SIZE=2 FACE="Arial">. The password for both files is: </FONT></LI>
</UL>
<P>
<BR> <FONT SIZE=2 FACE="Arial"> ffe!plenders0K (note- use a zero, not the letter "0") </FONT>
</P>
<P><FONT SIZE=2 FACE="Arial"> </FONT>
<BR><FONT SIZE=2 FACE="Arial">ED has indicated that there will be future Webinars and information posted to their site. We encourage you to bookmark their site and to check back for additional information. OGSLP will keep you updated, including any notices of future related ED Webinar offerings. </FONT></P>
<BR>
<P><B><FONT SIZE=2 FACE="Arial">Rick</FONT></B>
</P>
<BR>
<BR>
<P><FONT SIZE=2 FACE="Arial">Rick Edington</FONT>
<BR><FONT SIZE=2 FACE="Arial">Director for School/Lender Services, Default Prevention & Outreach</FONT>
<BR><FONT SIZE=2 FACE="Arial">Oklahoma Guaranteed Student Loan Program</FONT>
<BR><FONT SIZE=2 FACE="Arial">A division of the Oklahoma State Regents for Higher Education</FONT>
<BR><FONT SIZE=2 FACE="Arial">P.O. Box 3000</FONT>
<BR><FONT SIZE=2 FACE="Arial">Oklahoma City, OK 73101-3000</FONT>
<BR><FONT SIZE=2 FACE="Arial">405-234-4333 fax: 405-234-4551</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">This communication and attachments, if any, are intended solely for the use of the addressee hereof. In addition, this message and attachments, if any, may contain information that is confidential, privileged and exempt from disclosure under applicable law. If you are not the intended recipient of this information, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this information. If you have received this communication in error, please promptly notify the sender and immediately delete the communication from your system.</FONT></P>
<BR>
</BODY>
</HTML>