Online News
OGSLP
Online News
October
9, 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.
Multiple Disbursement and Delayed Disbursement Exemptions Expired on September 30, 2002: Despite several efforts by the financial aid community, including letters from school associations, the disbursement exemption provisions for schools with cohort default rates of less than 10% for the three most recent fiscal years, expired on September 30, 2002.
Revised Stafford MPN Approved: The Department of Education (ED) announced in GEN-02-07, the approval of the revised Stafford Master Promissory Note (MPN) by the Office of Management and Budget (OMB). The revised MPN is available for immediate use, although, it is not required until January 1, 2003.
Special Allowance Rates: The U.S. Department of Education (ED) has released the special allowance rates for the quarter ending September 30, 2002. The average of the bond equivalent rates of the 91-day Treasury bills auctioned during this quarter ending is 1.67 percent. The average of the bond equivalent rates of the quotes of the 3-month commercial paper (financial) rates in effect for each of the days in this quarter ending is 1.77 percent.
New Lender Reporting System (LaRS) Update: The Department of Education (ED) announced that the new Lender Reporting System (LaRS) went live on October 1, 2002. As you will recall, LaRS is the new lender reporting system that replaced the ED Form 799.
Electronic Cohort Default Rate Update: The Department of Education (ED) has announced that enrollment has begun for the new electronic cohort default rate notification process (eCDR). As discussed previously, this initiative will allow for instant delivery of the draft and official cohort default rate packages to schools instead of the current paper process.
Mapping Your Future Chat Event on October 15, 2002: Following is a press release from the Oklahoma State Regents for Higher Education regarding an upcoming Mapping Your Future chat event on October 15, 2002.
Common Manual Update: The September version of the Integrated Common Manual (ICM) is now available for downloading to your desktop. This version contains the most recent policy changes approved by the Governing Board.