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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">The Department of Education (ED) has released the special allowance rates for the quarter ending
<b>December 31, 2013</b>.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">Commercial Paper<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">In calculating quarterly Special Allowance commercial paper 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. Therefore, for the quarter ending <b>December 31, 2013</b>, the average rate used to compute the commercial paper rate will be
<b>0.13</b> percent.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">LIBOR Rate<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">In calculating quarterly Special Allowance LIBOR rates, ED is required to use “the average of the bond equivalent rates of the quotes of the 1-month London
Interbank Offered Rate (LIBOR) in effect for each of the days in such quarter as compiled and released by the British Bankers Association” in place of the commercial paper rate. Therefore, for the quarter ending
<b>December 31, 2013</b>, the average rate used to compute the LIBOR rate will be
<b>0.17</b> percent.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">Treasury Bill Rate<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D">In calculating quarterly Special Allowance Treasury Bill rates for loans made prior to January 1, 2000, pursuant to section 438, ED is required to use
“the average of the bond equivalent rates of the ninety-one day Treasury bills as published by the Department of the Treasury.” Therefore, for the quarter ending
<b> December 31, 2013</b>, the average rate used to compute the Treasury Bill rate will be
<b>.07</b> percent.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><a href="http://ifap.ed.gov/ffelspecrates/SAPmemo010714.html" title="blocked::http://ifap.ed.gov/ffelspecrates/SAPmemo040810.html
blocked::http://www.ifap.ed.gov/ffelspecrates/071609SAPMemo.html">Click
<b>here</b></a> to view ED’s announcement regarding the new rates. If you have questions, please contact OCAP’s Compliance department at 405.234.4432, 800.247.0420 (toll free) or
<a href="mailto:pct@ocap.org">pct@ocap.org</a>. We're here to help!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Bookman Old Style","serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Century Schoolbook","serif";color:#17365D">Matt McCreary
<br>
Policy Analyst <o:p></o:p></span></b></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:12.0pt;font-family:"Century Schoolbook","serif";color:#1F497D">Oklahoma College Assistance Program (OCAP)
<br>
</span></b><i><span style="font-size:10.0pt;font-family:"Century Schoolbook","serif";color:#1F497D">a division of the Oklahoma State Regents for Higher Education</span></i><span style="font-size:10.0pt;font-family:"Century Schoolbook","serif";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#365F91">405-234-4296 - phone
<br>
405-234-4549 - fax <o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#365F91">800-522-8506 (TDD/TRS)<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#009200"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#C0504D"><a href="http://www.readysetrepay.org"><span style="color:#C0504D">www.readysetrepay.org</span></a><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#9BBB59"><a href="http://www.ucango2.org"><span style="color:#9BBB59">www.ucango2.org</span></a><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#4BACC6"><a href="http://www.oklahomamoneymatters.org"><span style="color:#4BACC6">www.oklahomamoneymatters.org</span></a><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#F79646"><a href="http://www.ocap.org"><span style="color:#F79646">www.ocap.org</span></a><o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Century Schoolbook","serif";color:#009200"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Century Schoolbook","serif";color:#4F81BD">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.<b><o:p></o:p></b></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Calisto MT","serif";color:#FF9900"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Calisto MT","serif";color:#0066CC"><o:p> </o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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