Oklahoma Guaranteed Student Loan Program

Common Manual Update - 94

Unified Student Loan Policy

(Click here to download PDF version.)

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.

Chapter 6: School Certification

Increased Unsubsidized Stafford Loan Limits for Naturopathic Medicine Programs

The Common Manual has been updated to state that schools offering certain health profession programs are eligible to award increased unsubsidized Stafford loan limits only to students enrolled in those specific health profession programs. Information has also been added stating that a school that offers a Naturopathic Medicine program that leads to a Doctor of Naturopathic Medicine (N.M.D.) Degree or a Doctor of Naturopathy (N.D.) Degree and is accredited by the Council on Naturopathic Medical Education (CNME) is eligible to award the increased unsubsidized Stafford loan limits. The increased unsubsidized loan limit that an eligible student may borrow for enrollment in this program is $20,000 for a 9-month academic year and $26,667 for a 12-month academic year. Health profession students in these programs who are eligible for increased unsubsidized Stafford loans may receive an aggregate amount of $189,125. Subsidized Stafford loans may comprise no more than $65,500 of this amount. If a student is ineligible for subsidized Stafford loan funds, the student may borrow the entire $189,125 aggregate loan limit in unsubsidized Stafford loan funds.

Affected Sections: 6.11.C Increased Unsubsidized Stafford Loan Limits for Health Profession Students

Effective Date: Loan periods that begin on or after May 1, 2005.

Basis: DCL GEN-05-09.

Stafford Annual and Aggregate Loan Limits

The Common Manual has been revised to reorganize and clarify text pertaining to Stafford aggregate loan limits. Text regarding graduate Stafford aggregate loan limits has been moved from the subsection titled “Stafford Annual Loan Limits” to the subsection titled “Stafford Aggregate Loan Limits.” In addition, text has been added stating that a dependent undergraduate student borrower is eligible to receive a combined subsidized and unsubsidized base Stafford aggregate loan amount of $23,000. Clarification has also been added to state that if a student is ineligible for subsidized loan funds, the student may borrow the entire Stafford annual or aggregate loan limit in unsubsidized loan funds.

Affected Sections: 6.11.A Stafford Annual Loan Limits
6.11.B Stafford Aggregate Loan Limits

Effective Date: Retroactive to the implementation of the Common Manual.

Basis: None

Determining Annual Loan Limits

The Common Manual has been updated to state that a student who transfers from one program of study to another at the same school or a different school is eligible for Stafford loan funds not to exceed the annual loan limits applicable to the student’s grade level in the student’s new program of study, as determined by the school - even if that student previously obtained an undergraduate degree in a different program.

Affected Sections: 6.11.A Stafford Annual Loan Limits

Effective Date: Retroactive to the implementation of the Common Manual.

Basis: None

Chapter 13: Claim Filing, Discharge, and Forgiveness

Power of Attorney Documentation

The Common Manual has been revised to require lenders to submit a copy of the applicable power of attorney (POA) documentation as part of the claim file if the Master Promissory Note (MPN) is signed by a third party with POA for the borrower. In addition, if the lender is aware that the promissory notes of any of the underlying loans for a Consolidation loan are signed using a POA, and the lender is filing a closed school or false certification claim, the lender must include a copy of the applicable POA document in the claim file.

Affected Sections: 13.1.D Claim File Documentation
13.8.B Closed School
13.8.D False Certification

Effective Date: All claims filed on or after January 1, 2006, unless implemented earlier by the guarantor.

Basis: None.