Publication Date: July 3, 2008
Author: Lawrence A. Warder, Acting Chief Operating Officer, Federal Student Aid
Summary: Delayed Release of Loan Purchase Master Agreements
Posted on 07-03-2008
This announcement is to inform the FFEL community that we will not be posting the Master Sales Agreement and the Master Participation Agreement form, that will be used to implement the Department’s authority under the Ensuring Continued Student Loan Access Act to purchase FFEL Program loans, as quickly as we had planned. During our July 1 webinar on the Loan Purchase programs we indicated that we would be posting the agreements the next day. However, during our final review of the documents, and based upon some of the comments and questions raised by the community during the webinar, we have determined that the agreements need some additional work. We are working diligently to complete our work and to post the final drafts as quickly as possible.
In the meantime, we remind the community that the “Notice of Intent to Participate”, that was provided as Appendix D to the Federal Register Notice that was published on July 1, 2008, may be used and submitted to the Department. We also remind the community that submission of the “Notice of Intent to Participate” establishes the earliest disbursement date applicable to 2008-2009 FFEL Program loans that a FFEL lender/holder may either sell to the Department or place in a “participation” facility.
Thank you for your patience and understanding.