[Oasfaa] Important Direct Loan Information

[Gandy, Penny]

With the upcoming deadline of July 1, 2010 for FFELP loans, here is some
information that is important to note.

 

*	Live Internet Webinar on What's New for Direct Loans 
*	Reallocation and Cancellation Information 

 

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Live Internet Webinar on What's New for Direct Loans

 

Two additional webinar's conducted by Federal Student Aid staff that
focuses on recent enhancements to the Direct Loan Program will be held
on May 25, 2010 at 10:00 a.m. (CST) and June 22, 2010 at 10:00 a.m.
(CST).  There are still spaces available for the June 9, 2010 at 1:00
p.m. (CST) webinar as well.  Advanced registration is required and will
be available on a first-come, first-served basis.

 

To register for the May 25th -10:00 a.m. session, click this link
<https://event.on24.com/eventRegistration/EventLobbyServlet?target=regis
tration.jsp&eventid=213107&sessionid=1&key=E7ACA24688765B2E783DFA3DA1054
391&sourcepage=register> 

 

To register for the June 9th - 1:00 p.m. session, click this link
<https://event.on24.com/eventRegistration/EventLobbyServlet?target=regis
tration.jsp&eventid=208698&sessionid=1&key=7BC29E80017B55D45A51D45684BCC
94C&sourcepage=register> 

 

To register for the June 22nd - 10:00 a.m. session, click this link
<https://event.on24.com/eventRegistration/EventLobbyServlet?target=regis
tration.jsp&eventid=213111&sessionid=1&key=430C1FD61BA45948887B27A19DFBA
9E0&sourcepage=register> 

 

 

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Reallocation and Cancel Information on the July 1, 2010 cut off for
FFELP loans

 

Reallocation

A reallocation between a subsidized and unsubsidized loan can occur on a
FFELP loan on or after July 1, 2010, if both 1st disbursements of the
sub and unsub were made before July 1, 2010, and these disbursements are
not cancelled or cancelled and rescheduled for a first disbursement
after July 1, 2010. 

 

Example:

A sub and unsub loan both have a first disbursement made 6/15/10 and a
second disbursement scheduled 7/20/10.

The school requests a sub/unsub reallocation 7/7/10.

The reallocation can be made because the first disbursement was made
prior to 7/1/10 (and no cancellation of the first disbursement was done
resulting in the first disbursement occurring after 7/1/10).

 

Cancellation

If a first disbursement is made on a FFELP loan prior to July 1, 2010
and a 2nd disbursement is scheduled to occur after July 1, 2010 - but
the first disbursement is returned after July 1, 2010 - the lender and
school cannot make the 2nd disbursement.

 

Example:

FFELP loan has a first disbursement date of 6/20/10 and a second
disbursement date of 7/20/10.

The school returns the first disbursement on 7/3/10.

Second disbursement cannot be made because a new FFELP loan must have
had a first disbursement date BEFORE 7/1/10.

 

See Q&A's
<http://www.nchelp.org/initiatives/DLTransition/DLTransitionQASeries2-05
102010.pdf>  developed by NCHELP, SLSA, EFC, and CBA (Question and
Answers 1-4) for additional detailed information on these two topics and
many others.

 

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Penny Gandy 
School and Lender Support Services Manager 
Oklahoma Guaranteed Student Loan Program
A Division of the State Regents for Higher Education 
PO Box 3000 
Oklahoma City, OK  73101-3000 
p. (405) 234-4364      f. (405) 234-4553 
(TDD/TRS) 800-522-8506 
pgandy at ogslp.org 

Note: This communication and attachments, if any, are intended solely
for the use of the addressee hereof. In addition, this information and
attachments, if any, may contain information that is confidential,
privileged and exempt from disclosure under applicable law including,
but not limited to, the Privacy Act of 1974. If you are not the intended
recipient of this information, you are prohibited from reading,
disclosing, reproducing, distributing, disseminating, or otherwise using
this information. If you have received this message in error, please
promptly notify the sender and immediately delete this communication
from your system.

 

 

 

Penny Gandy 
School and Lender Support Services Manager 
Oklahoma Guaranteed Student Loan Program
A Division of the State Regents for Higher Education 
PO Box 3000 
Oklahoma City, OK  73101-3000 
p. (405) 234-4364      f. (405) 234-4553 
(TDD/TRS) 800-522-8506 
pgandy at ogslp.org 

Note: This communication and attachments, if any, are intended solely
for the use of the addressee hereof. In addition, this information and
attachments, if any, may contain information that is confidential,
privileged and exempt from disclosure under applicable law including,
but not limited to, the Privacy Act of 1974. If you are not the intended
recipient of this information, you are prohibited from reading,
disclosing, reproducing, distributing, disseminating, or otherwise using
this information. If you have received this message in error, please
promptly notify the sender and immediately delete this communication
from your system.

 

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