[Oasfaa] new bill

[Heid, Mary]

> Greetings:
> The Oklahoma Guaranteed Student Loan Program's (OGSLP) understanding
> of the changes to annual loan limits made by H.R. 5715, the Ensuring
> Continued Access to Student Loan Act of 2008, agrees with the National
> Association of Student Financial Aid Administrator's (NASFAA)
> clarification of loan limits published today. 
> Section 2 changes shall be effective for loans first disbursed on or
> after July 1, 2008. For students enrolled as regular students in
> eligible programs: 
> *	The bill introduces an additional unsubsidized Stafford annual
> limit of $2,000 for undergraduate dependent students. 
> *	The bill increases the additional unsubsidized Stafford annual
> limits by $2,000 for dependent students whose parents are unable to
> borrow a PLUS loan (from the current $4,000 to $6,000).
> *	The bill increases the additional unsubsidized Stafford annual
> limits by $2,000 for independent undergraduate students. (1st and 2nd
> year students from the current $4,000 to $6,000. For students who have
> successfully completed their first two years from the current $5,000
> to $7,000.) 
> Per NASFAA "there has been some confusion about dependent students and
> dependent student whose parents are unable to borrow a PLUS loan. The
> bill divides those students into separate categories and gives each of
> them a $2,000 additional unsubsidized Stafford annual loan limit
> increase. It does not appear to offer a dependent student a $2,000
> increase, and then another $2,000 increase if their parents are denied
> a PLUS loan."
> OGSLP will continue to monitor the guidance on these loan limit
> questions and share that guidance as it becomes available.
> Best Regards,
> Mary Heid
> Director of Policy, Compliance, & Training
> Oklahoma Guaranteed Student Loan Program
> (405) 234-4489
> 
> 
> 
> -----Original Message-----
> From: oasfaa-bounces at lists.onenet.net
> [mailto:oasfaa-bounces at lists.onenet.net] On Behalf Of Jonna Raney
> Sent: Wednesday, May 07, 2008 3:34 PM
> To: oasfaa at onenet.net
> Subject: [Oasfaa] new bill
> 
> Okay, I need clarification from someone about this new bill.  If I'm
> interpreting it correctly, it says that all students will receive
> $2000 unsub eligibility.  Further, if a PLUS is denied for a dependent
> student, they may receive an add'l $2000 on top of the $4000-$5000
> add'l unsub previously.  Also, an independent student will get an
> add'l $2000 on top of the add'l $4000-$5000.  Is this right?
> 
> Dependents
> Freshmen - $3500 sub/unsub, plus $2000 unsub, plus $6000 unsub if a
> PLUS denied for a total of $11,500??
> Soph - $4500 sub/unsub, plus $2000 unsub, plus $6000 unsub for PLUS
> denial for a total of $12,500??
> Jr/Sr - $5500 sub/unsub, plus $2000 unsub, plus $7000 unsub for PLUS
> denial for a total of $14,500??
> 
> Independents
> Freshmen - $3500 sub/unsub, plus $2000 unsub, plus $6000 add'l unsub
> due to independent status for a total of $11,500?
> Soph - $4500 sub/unsub, plus $2000 unsub, plus $6000 add'l unsub due
> to independent status for a total of $12,500?
> Jr/Sr - $5500 sub/unsub, plus $2000 unsub, plus $6000 add'l unsub due
> to independent status for a total of $14,500?
> 
> Can this be right?  Am I confused?  Yes, I am, so someone please help
> me... :-)
> 
> Jonna
> 
> 
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