[Oasfaa] Enhancement to Disbursement Service EFT Process

[Client Relations]

Coming Soon - OGSLP makes exciting changes to its Disbursement Service EFT
process!

We've evolved from a paper-check business to a "paperless," or Electronic
Funds Transfer (EFT) business. We're changing our business process to
reflect this trend*.

*	OGSLP is pleased to announce that enhancements have been made to the
set up process for EFT disbursements received through OGSLP's Disbursement
Service.  This means that as an EFT school, you will soon receive EFT
disbursements from Sallie Mae Guarantee Services, on behalf of OGSLP, for
all of the Disbursement Service lenders you use that do not require an EFT
agreement prior to the first EFT disbursement. This is based on the loan
programs you are currently setup for (Stafford only, PLUS only, or both),
and it is regardless of guarantee type.

*	A benefit of this change for schools is that they will no longer
need to collect approvals from most Disbursement Service lenders prior to
receiving an EFT. However, some lenders do continue to require EFT
contracts.  In those instances, once we receive approval, we will continue
the EFT set up process for those lenders.  

*	Prior to making this change, we would like to know from our schools
if there are any OGSLP Disbursement Service lenders from which you do not
want to receive funds via EFT.   Additionally, please advise us if you would
like to add EFT to any of the loan program types for which you are currently
receiving paper checks.  Disbursement Service Lenders, we would also like to
know if you have any school exceptions for the EFT process.  Clients with
any of this necessary information should contact Penny Gandy at
pgandy at ogslp.org or send via fax to (405)234-4459.


Note:  This is based on the loan programs that you are currently setup for
(Stafford only, PLUS only, or both). In addition, if you request a check for
any borrower that does not want EFT, you will continue to receive a check.

As always, if you have questions, you should call an OGSLP Client Relations
staff member at (800)247-0420 or (405)234-4329 or email at
clientrelations at ogslp.org.