[Oasfaa] Urgent - Spring Award Payments for Oklahoma's Promise/OHLAP

[Fair, Bryce]

To Financial Aid Officers:
 
This is to inform you that, due to a shortfall in funding for the Oklahoma's Promise/OHLAP program, we have suspended any further payment of claims for spring awards until sufficient funding is received to pay all pending claims.  Scholarship expenditures for the program are on target with budgeted projections.  However, funding for the program has fallen short of initial projections.  We sincerely regret this situation and the inconvenience it causes you and your students.
 
We currently have pending claims from about 22 institutions that are impacted by this suspension of payments.  Any additional claims received after today will also be held until sufficient funding is received.
 
Upon learning of the potential shortfall in funding for Oklahoma's Promise/OHLAP, the State Regents for Higher Education approved a request for supplemental funding from the Legislature at their February 8th meeting.  The request has been formally delivered to legislative and executive leaders at the State Capitol.  In addition, the State Regents have already accessed $4.5 million in reserve funds for the program.  However, this amount is insufficient to cover the shortfall in funding.
 
Again, we regret that this situation has occurred and are hopeful that it will be resolved in a timely manner by our state leaders at the Capitol.  We will inform you as soon as we have further information.  If you have questions, please feel free to contact me or the Oklahoma's Promise-OHLAP office.
Bryce Fair


Bryce Fair 
Assoc. Vice Chancellor for Scholarships & Grants 
Oklahoma State Regents for Higher Education 
Phone:  (405) 225-9162 
Fax:  (405) 225-9230 
E-mail:  bfair at osrhe.edu 

Mailing Address: 
P.O. Box 108850 
Oklahoma City, OK  73101-8850 

Street Address: 
655 Research Parkway, Suite 200 
Oklahoma City, OK  73104 

 
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