[Lender] Guidance for helping Title IV participants affected by a major disaster.

[Heid, Mary]

Dear Colleagues,

As you know, many of our Oklahoma citizens have been affected by tornadoes this week. President Obama has declared disasters in the following counties: Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie. OCAP will be posting information on our websites and social media instructing borrowers affected by the disaster to contact their lenders to let them know they have been affected. If we have a borrower on the phone we will attempt to transfer the borrower to you.

The link below contains guidance from ED on natural disaster information.
http://ifap.ed.gov/ifap/disaster.jsp

Borrowers in In-School Loan Status (§682.209(a)) and In-School Deferment Status (§682.210).  The loan holder should continue to report to NSLDS as "in-school" the loan status of each borrower who was in an "in-school" status on the date the borrower's attendance at the institution was interrupted due to a disaster.  The loan holder should continue the borrower in that loan status until the institution reports the borrower as withdrawn, as specified above in "Reporting Student Enrollment Status (§682.610(c))."
Borrowers in Repayment (§682.211).  For a borrower who is in repayment and who is affected by a disaster, the FFEL loan holder is authorized to grant an administrative forbearance under §682.211(f) for a period of up to three months.  The loan holder must provide a notice to the borrower to allow the borrower the opportunity to decline the forbearance.

Should you have any questions please contact me.

Mary Heid
Director for Default Prevention, Compliance, and Training Services
Oklahoma College Assistance Program (OCAP)
a division of the Oklahoma State Regents for Higher Education
405.234.4489 (office direct)
405.234.4582 (fax)
www.ReadySetRepay.org<http://www.ReadySetRepay.org>
http://www.facebook.com/RepaymentScoop [cid:0F60BDCA488F7D44BB737951184A4E23 at osrhe.edu]



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