[Lender] Disaster Guidance (Southern California Wildfires)

[GSL Communications]

To assist customers who may have borrowers affected by the southern
California wildfires, we're providing the following disaster guidance
previously issued by the Department of Education. We're also including a
direct link to information about impacted California counties on FEMA's
Web site. If you have questions, contact OGSLP's Policy, Compliance, and
Training department at 405.234.4432 or pct at ogslp.org for assistance.
Department of Education Guidance - Dear Colleague Letter GEN-04-04 This
letter was issued in an effort to ensure that affected individuals, as
well as institutions, lenders, and guaranty agencies, have the means to
act quickly whenever a disaster is declared by the President. Even
though this letter was issued in 2004, it is still in effect. Provisions
in GEN-04-04 include: 
*	Administrative Forbearance - The loan holder may grant an
administrative forbearance for up to three months and must document the
reasons why the forbearance was granted, but does not need to obtain
supporting documentation or a signed written agreement from the
borrower. 
*	Converting the Borrower to Repayment - The period of borrowers'
nonattendance due to the disaster should not initiate or affect their
grace period. Borrowers who are in an "in-school" status or an
"in-school deferment" status, but have their attendance interrupted due
to a disaster, are to remain in that same status until they withdraw or
re-enroll in the next regular enrollment period, whichever is earlier.
*	Disbursement of Loan Proceeds - If the lender has been notified
that the school has delayed opening for a scheduled term or has ceased
operations for an undetermined period of time, the lender is authorized
not to disburse loan funds to schools in the affected areas. The lender
should wait to receive revised disbursement schedules from the affected
schools.
Federal Emergency Management Agency's (FEMA) Web Site - California
Wildfires
A major disaster declaration for California was granted Wednesday, Oct.
24, 2007 for seven affected California counties (Los Angeles, Orange,
Riverside, San Bernardino, San Diego, Santa Barbara and Ventura). For
more information, click here
<http://www.fema.gov/news/event.fema?id=9029> . 


Communications
OGSLP
405.234.4440 or 800.247.0420
gslcommunications at ogslp.org
www.ogslp.org

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