Summary: AMENDMENT TO THE GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION VOLUNTARY FLEXIBLE AGREEMENT

Publication Date: July 16, 2003

Author: General Manager: FSA Financial Partner Channel

Summary: AMENDMENT TO THE GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION VOLUNTARY FLEXIBLE AGREEMENT

Posted on 07-17-2003

AMENDMENT TO THE VOLUNTARY FLEXIBLE AGREEMENT
BETWEEN
THE UNITED STATES DEPARTMENT OF EDUCATION
AND
THE GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION

The above referenced Agreement (hereafter the “VFA”), dated as of November 6, 2000, is modified in accordance with the terms of this Amendment. To the extent that any terms and conditions of this Amendment conflict with any terms and conditions of the VFA, the terms of this Amendment shall control.

1. Section 6 Termination

(a) Accept as provided in Section 3, eEither party may terminate this VFA effective October 1, 2001 or any subsequent October 1, by providing written notice of the termination to the other party no less than 90 calendar days before that date. If no such notice is provided, the VFA will automatically renew for successive one-year periods until such notice is given.

2. Section 8 Additional Provisions

(b) This VFA is subject to and to the extent necessary shall be deemed to
be modified by any changes to the HEA, other applicable laws and the Department’s regulations in accordance with the effective date of such change. If Great Lakes believes any change to the HEA or the Department’s regulations would cause a material change to the parties’ ability to carry out their obligations under this VFA, Great Lakes may ask the Department to waive the statutory or regulatory provision. If the Department decides not to grant the waiver within 60 days of the date of Great Lakes’ written request for the waiver, Great Lakes may terminate the VFA in accordance with Section 6 and without reference to the October 1 date referenced in that paragraph.

3. Except for the modifications made above, all provisions of this VFA will continue in force.

IN WITNESS WHEREOF, this Amendment to the VFA has been executed by authorized officials of Great Lakes and of the Department of Education.