Publication Date: July 11, 2008
Author: Lawrence A. Warder, Acting Chief Operating Officer, Federal Student Aid
Summary: Revised "Notice of Intent to Participate" and Submission Dates
Posted on 07-11-2008
As part of the Federal Register Notice we published on July 1, 2008 [73 FR, No. 127, page 37422], publishing the terms and conditions of purchase of loans under the Ensuring Continued Access to Student Loans Act of 2008, we included, as Appendix D, the format for the Notice of Intent to Participate. Based upon comments and suggestions received from the community we have modified that format to account for the various entities that can participate in the Loan Purchase Programs. We also have changed the Department’s contact and the submission instructions. Note that we will continue to accept submissions that use the original format. And, entities that have already submitted Notices of Intent to Participate using the original version need not re-submit using the revised form.
As noted in the July 1, 2008 Federal Register Notice, a lender may not sell Eligible Loans or Participation Interests to the Department on which the first disbursement was made prior to the date on which the Department receives the Notice of Intent. However, the Federal Register Notice provided an exception, if the Department receives the Notice of Intent on or before a date fifteen calendar days after the terms of the programs are published in the Federal Register (July 16, 2008), loans may be included that were first disbursed on or after May 1, 2008. Because of the changes we are making to the Notice of Intent, as described above, we are providing additional time for the submission of the Notice of Intent. Specifically, Notices of Intent that are received no later than July 31, 2008, will qualify eligible loans where the first disbursement was made on or after May 1, 2008. Notices of Intent received after July 31, 2008 limits eligible loans to only those where the first disbursement was made on or after the date the Department receives the Notice of Intent.
The revised Notice of Intent will be officially published in the Federal Register as a correction to the July 1 original Federal Register. That correction will also make official the revised July 31, 2008, submission date. In anticipation of the Federal Register publication we have attached to this memorandum a draft of the Federal Register Correction and the revised Notice of Intent to Participate. Entities do not need to wait for the Federal Register publication and may use the revised form immediately. Likewise the extended submission date is effective with this posting.
Thank you for your continued cooperation.