The Common Manual Governing Board recently approved changes that modify policies in the Common Manual.

The items outlined in this publication provide you with interim updates regarding the policy changes that will be incorporated in the Common Manual when the next annual update is published.

 

If you have questions regarding information contained in this bulletin, please contact the OGSLP Policy Implementation, Training and Communications Division at (405) 234-4440 or 1-800-247-0420.

 

Special Common Bulletin Distribution – Retraction of Proposal 867, Batch 130 (CM-100)

Deferment Eligibility

Common Manual subsection 11.1.A has been revised to remove policy language inserted into the manual by proposal 867 in batch 130 (CM-100); the Common Manual Governing Board has approved the retraction of the common bulletin language associated with this policy as well. Based on concerns received from the FFELP community with the final policy language, the Policy Committee has determined that it would be beneficial to develop a community workgroup to address the issues raised on proposal 867.

The manual’s original policy language, as it existed before modifications made by proposal 867, remains. The manual now states that once a borrower is considered to be a “new borrower” in the applicable category, the borrower remains eligible for deferment in that category on all subsequent loans. Once the loans that qualified the borrower as a “new borrower” in one category are paid in full (except through consolidation), the borrower will be eligible for deferment based on the provisions effective for new loans he or she obtains.

Affected Section: 11.1.A General Deferment Eligibility Criteria