[Lender] Special allowance rates for the quarter ending June 30, 2009

[Heid, Mary]

The Department of Education (ED) has released the special allowance
rates for the quarter ending June 30, 2009. 
Due to changing market conditions, for the period ending June 30, 2009
ED is reverting to the previous method of determining the average of the
bond equivalent rates of the quotes of the 3-month commercial paper
(financial) rates. For days when a rate is unavailable, ED has used the
previous available rate. 
Therefore, for the quarter ending June 30, 2009, the average rate used
to compute special allowance will be 0.41 percent. 
Pursuant to the Master Participation Agreement(s) under ED's loan
participation purchase program for 2008-2009 loans, the 0.41 percent
rate is also used to determine the Participant Yield (i.e., yield owed
to ED). The calculated Participation Yield rate is available in an
Ensuring Continued Access to Student Loans (ECASLA) announcement
<http://www.federalstudentaid.ed.gov/ffelp/library/EA57.doc> .
For some loans, the special allowance rate is calculated by using the
average of the bond equivalent rates of the 91-day Treasury bills as
published by the Department of the Treasury. For the quarter ending June
30, 2009, the average of the rates is 0.18 percent. 
Click here <http://www.ifap.ed.gov/ffelspecrates/071609SAPMemo.html>  to
view ED's announcement regarding the new rates. If you have questions,
please contact OGSLP's Policy, Compliance and Training department at
405.234.4432, 800.247.0420 (toll free) or pct at ogslp.org. We're here to
help! 


Mary Heid
Director for Policy, Compliance, & Training
Oklahoma Guaranteed Student Loan Program
A division of the Oklahoma State Regents for Higher Education
(405) 234-4489 phone
(405) 234-4582 fax
TTY 1-800-522-8506

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