[Lender] ED Releases ECASLA Announcement #34

[Edington, Rick]

The Department of Education (ED) has released important guidance
concerning the Ensuring Continued Access to Student Loans Act (ECASLA)
purchase programs. Section 27 of the Master Loan Sale Agreement and
Section 37 of the Master Participation Agreement each state that
interpretive guidance published by November 1, 2008 is part of the
agreement and understanding of the parties. 
ECASLA Announcement #34
<http://federalstudentaid.ed.gov/ffelp/library/EA34.doc>  contains 48
Questions and Answers relating to these agreements. This guidance, along
with other Questions & Answers already posted on the ECASLA site,
represents interpretive guidance and binds ED as any of the provisions
of the agreements. Therefore, lenders should review the guidance
carefully. 
OGSLP will continue to keep you updated regarding these important
liquidity programs. 

Rick




Rick Edington
Director for School/Lender Services, Default Prevention & Outreach
Oklahoma Guaranteed Student Loan Program
A division of the Oklahoma State Regents for Higher Education
P.O. Box 3000
Oklahoma City, OK  73101-3000
405-234-4333  fax: 405-234-4551

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