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</o:shapelayout></xml><![endif]--></head><body bgcolor=white lang=EN-US link="#000000" vlink=purple><div class=WordSection1><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><div><div><p style='margin-right:1.0in'><span style='font-family:"Georgia","serif";color:#4F3E3F'>The Department of Education (ED) has released the special allowance rates for the quarter ending June 30, 2011.</span><span style='font-family:"Georgia","serif";color:#EBE7B1'><o:p></o:p></span></p><p style='margin-right:1.0in'><span style='font-family:"Georgia","serif";color:#4F3E3F'>In calculating quarterly Special Allowance rates, ED is required to determine “the average of the bond equivalent rates of the quotes of the 3-month commercial paper (financial) rates in effect for each of the days in such quarter as reported by the Federal Reserve in Publication H-15 (or its successor) for such 3-month period.” For days when a rate is unavailable, ED has used the previous available rate. </span><span style='font-family:"Georgia","serif";color:#EBE7B1'><o:p></o:p></span></p><p><span style='font-family:"Georgia","serif";color:#4F3E3F'>Therefore, for the quarter ending<b> June 30, 2011</b>, the average rate used to compute special allowance will be<b> 0.19 </b>percent. </span><o:p></o:p></p><p><span style='font-family:"Georgia","serif";color:#4F3E3F'>For some loans, the special allowance rate is calculated by using the average of the bond equivalent rates of the 91-day Treasury bills as published by the Department of the Treasury. For the quarter ending<b> June 30, 2011</b>, the average of the rates is<b> 0.05</b> percent. </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-family:"Georgia","serif";color:#4CA9C5'><a href="http://www.ifap.ed.gov/ffelspecrates/SAPmemo070611.html" title="blocked::http://ifap.ed.gov/ffelspecrates/SAPmemo040810.html blocked::http://www.ifap.ed.gov/ffelspecrates/071609SAPMemo.html"><b><u>Click here</u></b></a> </span><span style='font-family:"Georgia","serif";color:#4F3E3F'>to view ED’s announcement regarding the new rates. If you have questions, please contact OCAP’s Policy, Compliance and Training department at 405.234.4432, 800.247.0420 (toll free) or</span><span style='font-family:"Georgia","serif"'> <span style='color:#4CA9C5'><a href="mailto:pct@ogslp.org" title="blocked::mailto:pct@ogslp.org"><u>pct@ogslp.org</u></a></span><span style='color:#4F3E3F'>. We're here to help!</span><o:p></o:p></span></p></div></div></blockquote><p class=MsoNormal><span style='font-family:"Georgia","serif";color:#EBE7B1'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><b><span style='font-family:"Georgia","serif";color:#4F3E3F'>Matt McCreary <br>Policy Analyst <o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-family:"Georgia","serif";color:#BD7B01'>Oklahoma College Assistance Program (OCAP)</span></b><b><span style='font-family:"Georgia","serif";color:#4CA9C5'> <br></span></b><span style='font-size:10.0pt;font-family:"Georgia","serif";color:#4CA9C5'>formerly known as Oklahoma Guaranteed Student Loan Program<o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:10.0pt;font-family:"Georgia","serif";color:#4CA9C5'>a division of the Oklahoma State Regents for Higher Education</span></i><i><span style='font-family:"Georgia","serif";color:#4CA9C5'> <o:p></o:p></span></i></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Georgia","serif";color:green'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Georgia","serif";color:#A7C766'>405-234-4296 - phone <br>405-234-4549 - fax <o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Georgia","serif";color:#A7C766'>800-522-8506 (TDD/TRS)<o:p></o:p></span></b></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Georgia","serif";color:#EBE7B1'><o:p> </o:p></span></p><p class=MsoNormal style='text-autospace:none'><i><span style='font-size:9.0pt;font-family:"Georgia","serif";color:#4F3E3F'>Note: This communication and attachments, if any, are intended solely for the use of the addressee hereof. In addition, this information and attachments, if any, may contain information that is confidential, privileged and exempt from disclosure under applicable law including, but not limited to, the Privacy Act of 1974. 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 message in error, please promptly notify the sender and immediately delete this communication from your system.</span></i><i><span style='font-size:9.0pt;font-family:"Georgia","serif";color:#4F3E3F'><o:p></o:p></span></i></p><p class=MsoNormal><span style='font-family:"Georgia","serif";color:#EBE7B1'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-family:"Georgia","serif";color:#EBE7B1'><o:p> </o:p></span></p></div></body></html>