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<TITLE>[Oasfaa] new bill</TITLE>
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<P><SPAN LANG="en-us"><FONT FACE="Arial">Greetings:</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT FACE="Arial">The Oklahoma Guaranteed Student Loan Program's (OGSLP) understanding of the changes to annual loan limits made by H.R. 5715, the Ensuring Continued Access to Student Loan Act of 2008, agrees with the National Association of Student Financial Aid Administrator's (NASFAA) clarification of loan limits published today. </FONT></SPAN></P>
<P><SPAN LANG="en-us"><FONT FACE="Arial">Section 2 changes shall be effective for loans first disbursed on or after July 1, 2008. For students enrolled as regular students in eligible programs: </FONT></SPAN></P>
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<LI><SPAN LANG="en-us"><FONT FACE="Arial">The bill<I> introduces</I> an additional unsubsidized Stafford annual limit of $2,000 for undergraduate dependent students. </FONT></SPAN></LI>
<LI><SPAN LANG="en-us"><FONT FACE="Arial">The bill</FONT><I> <FONT FACE="Arial">increases</FONT></I><FONT FACE="Arial"> the additional unsubsidized Stafford annual limits by $2,000 for dependent students whose parents are unable to borrow a PLUS loan (from the current $4,000 to $6,000).</FONT></SPAN></LI>
<LI><SPAN LANG="en-us"><FONT FACE="Arial">The bill</FONT><I> <FONT FACE="Arial">increases</FONT></I><FONT FACE="Arial"> the additional unsubsidized Stafford annual limits by $2,000 for independent undergraduate students. (1st and 2nd year students from the current $4,000 to $6,000. For students who have successfully completed their first two years from the current $5,000 to $7,000.) </FONT></SPAN></LI>
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<P><SPAN LANG="en-us"><FONT FACE="Arial">Per NASFAA "there has been some confusion about dependent students and dependent student whose parents are unable to borrow a PLUS loan. The bill divides those students into separate categories and gives each of them a $2,000 additional unsubsidized Stafford annual loan limit increase. It does not appear to offer a dependent student a $2,000 increase, and then another $2,000 increase if their parents are denied a PLUS loan."</FONT></SPAN></P>
<P><SPAN LANG="en-us"><FONT FACE="Arial">OGSLP will continue to monitor the guidance on these loan limit questions and share that guidance as it becomes available.</FONT></SPAN></P>
<P><SPAN LANG="en-us"><FONT FACE="Arial">Best Regards,<BR>
Mary Heid<BR>
Director of Policy, Compliance, & Training<BR>
Oklahoma Guaranteed Student Loan Program<BR>
(405) 234-4489<BR>
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<P><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">-----Original Message-----</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">From: oasfaa-bounces@lists.onenet.net [</FONT></SPAN><A HREF="mailto:oasfaa-bounces@lists.onenet.net"><SPAN LANG="en-us"><U><FONT COLOR="#0000FF" SIZE=2 FACE="Arial">mailto:oasfaa-bounces@lists.onenet.net</FONT></U></SPAN></A><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">] On Behalf Of Jonna Raney</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Sent: Wednesday, May 07, 2008 3:34 PM</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">To: oasfaa@onenet.net</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Subject: [Oasfaa] new bill</FONT></SPAN>
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<P><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Okay, I need clarification from someone about this new bill. If I'm interpreting it correctly, it says that all students will receive $2000 unsub eligibility. Further, if a PLUS is denied for a dependent student, they may receive an add'l $2000 on top of the $4000-$5000 add'l unsub previously. Also, an independent student will get an add'l $2000 on top of the add'l $4000-$5000. Is this right?</FONT></SPAN></P>
<P><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Dependents</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Freshmen - $3500 sub/unsub, plus $2000 unsub, plus $6000 unsub if a PLUS denied for a total of $11,500??</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Soph - $4500 sub/unsub, plus $2000 unsub, plus $6000 unsub for PLUS denial for a total of $12,500??</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Jr/Sr - $5500 sub/unsub, plus $2000 unsub, plus $7000 unsub for PLUS denial for a total of $14,500??</FONT></SPAN>
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<P><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Independents</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Freshmen - $3500 sub/unsub, plus $2000 unsub, plus $6000 add'l unsub due to independent status for a total of $11,500?</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Soph - $4500 sub/unsub, plus $2000 unsub, plus $6000 add'l unsub due to independent status for a total of $12,500?</FONT></SPAN>
<BR><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Jr/Sr - $5500 sub/unsub, plus $2000 unsub, plus $6000 add'l unsub due to independent status for a total of $14,500?</FONT></SPAN>
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<P><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Can this be right? Am I confused? Yes, I am, so someone please help me... :-)</FONT></SPAN>
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<P><SPAN LANG="en-us"><FONT SIZE=2 FACE="Arial">Jonna</FONT></SPAN>
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