[Lender] LaRS guidance issued by the Department of Education

[GSL Communications]

As discussed at OGSLP's recent CCRAA/Final Regulations training
sessions, the Department of Education has released anticipated
operational guidance - as a result  of the College Cost Reduction and
Access Act (Public Law 110-084)
<blocked::http://www.ogslp.org/schools-lenders/legislation.shtml#ccraa>
and the Third Higher Education Extension Act of 2007 (Public Law No:
110-109) <blocked::http://www.ogslp.org/News/Archives/2007/S-2258.html>
- concerning changes to the Lender's Request for Payment of Interest and
Special Allowance (LaRS) form.  This guidance comes in the form a Dear
Colleague Letter, FP-07-11
<blocked::http://www.ifap.ed.gov/dpcletters/FP0711.html> , which
contains guidance on form modifications designed to accommodate CCRAA
related changes including increased lender paid origination fees and
decreased special allowance payments (SAP).  

 

All lenders must use the new LaRS SAP reporting codes for loans first
disbursed on or after October 1, 2007. However, since the amount of SAP
reduction depends on the loan holder's status as a for-profit or not-for
profit holder, payment will also be based on another code that the
Department will set in a demographic profile of approved not-for-profit
holders.  

        

If you have questions, contact OGSLP's Policy, Compliance, and Training
department at 405.234.4432 or pct at ogslp.org for assistance.

 

Communications
OGSLP
405.234.4440 or 800.247.0420
gslcommunications at ogslp.org
www.ogslp.org <file://www.ogslp.org/>  





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