[Lender] Special Allowance Rates for the Quarter Ending June 30, 2011

[McCreary, Matt]

	The Department of Education (ED) has released the special allowance rates for the quarter ending June 30, 2011.

	In calculating quarterly Special Allowance rates, ED is required to determine “the average of the bond equivalent rates of the quotes of the 3-month commercial paper (financial) rates in effect for each of the days in such quarter as reported by the Federal Reserve in Publication H-15 (or its successor) for such 3-month period.” For days when a rate is unavailable, ED has used the previous available rate. 

	Therefore, for the quarter ending June 30, 2011, the average rate used to compute special allowance will be 0.19 percent. 

	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, 2011, the average of the rates is 0.05 percent. 

	Click here <http://www.ifap.ed.gov/ffelspecrates/SAPmemo070611.html>  to view ED’s announcement regarding the new rates. If you have questions, please contact OCAP’s Policy, Compliance and Training department at 405.234.4432, 800.247.0420 (toll free) or pct at ogslp.org <mailto:pct at ogslp.org> . We're here to help!

 

Matt McCreary 
Policy Analyst 

Oklahoma College Assistance Program (OCAP) 
formerly known as Oklahoma Guaranteed Student Loan Program

a division of the Oklahoma State Regents for Higher Education 

 

405-234-4296 - phone 
405-234-4549 - fax 

800-522-8506 (TDD/TRS)

 

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