Online News
OGSLP
Online News
July
2, 2002
OGSLP Online News
is sponsored and operated by the Oklahoma Guaranteed Student Loan Program,
a division of the Oklahoma State Regents for Higher Education. This electronic
newsletter provides information to schools and lenders participating in
the Federal Family Education Loan Program.
(405) 234-4329 or (800) 247-0420.
OGSLP 4th Annual School / Lender Conference A Smashing Success!: OGSLP would like to thank our many clients who attended this year's conference and helped make it a success. We had a great turn out with 124 attendees. Thank you for all the valuable comments and the overall consensus is that everyone had an enjoyable day and appreciated the information conveyed in our sessions. If you did not get a chance to comment, we would still like to hear from you. Your feedback will make next year's conference even better!
Interest Rate Update: The U.S. Department of Education (ED) has re-issued their annual interest rate memo announcing new interest rates for FFELP loans for the period July 1, 2002 to June 30, 2003. This memo provides the new interest rates for all applicable categories including the rates for PLUS loans made before July 1998, that were unavailable in the May 29, 2002, memo from ED. For your reference, we have also included a link to an interest rate chart prepared by the National Council of Higher Education Loan Program Regulations Committee.
Total and Permanent Disability Discharge Update: Beginning July 1, 2002, the new conditional discharge provisions went into effect for processing total and permanent disability discharge requests. As discussed in OGSLP's recent online newsletter (insert link to article on 6/05/02) and at our recent conference, loan holder determinations made on or after July 1, 2002, must be processed using the new conditional discharge provisions.
OMB Extension of Deferment Forms: Please note the Office of Management and Budget (OMB) has issued a notice extending the expiration date of the FFELP Deferment forms from June, 2002 until September, 2002. This time is necessary to finalize a new set of deferment forms. OGSLP will keep you updated.
Common Manual Update: The Common Manual Governing Board recently approved changes that modify policies contained in the July 2002 version of the Common Manual. These changes are identified in OGSLP's Common Manual Update (CM-64 Supplement).
Approval of Four Loan Discharge Application Forms including: School Closure, False Certification, and Unauthorized Signature / Payment: The U.S. Department of Education (ED) announced in DCL GEN-02-05 , that the revised OMB approved loan discharge application forms, for use in the Title IV student loan programs, are now available. These revised forms may be distributed for immediate use. However, beginning August 14, 2002, only the new forms may be provided to borrowers. Please note that forms distributed prior to August 14, 2002, and submitted after this date are still eligible for processing. You may refer to the DCL for printing and reproduction instructions.
OGSLP offices will be closed July 4th, 2002 in observance of Independence Day. Have a Great Holiday!!!