Publication Date: August 1, 2008
Author: Lawrence A. Warder, Acting Chief Operating Officer, Federal Student Aid
Summary: Document Submission Process for the Loan Participation Purchase Program
Posted on 08-01-2008
In an electronic announcement posted on July 25, 2008, we attached revised copies of the Master Participation Agreement and the Master Loan Sales Agreement (the Agreements). The Agreements must be executed by a FFEL lender/holder who wishes to participate in the Loan Purchase Programs that were announced in a Federal Register Notice, published on July 1, 2008 and modified on July 17, 2008. In addition to providing the details of each of the Loan Purchase Programs each agreement describes, and provides as Exhibits, the documents that a FFEL lender or holder must execute and submit to the Department if it wishes to participate in that program.
Now that the Agreements have received Office of Management and Budget approval (OMB 1845-087), eligible FFEL Program lenders/holders may begin submitting required documents to the Department for participation in the programs. The procedures in the attachment to this memorandum relate to the submission by a lender or holder of only the initial documents needed to execute a Master Participation Agreement under the Loan Participation Purchase Program. In subsequent announcements we will provide information on how other documents and data sets are to be submitted. We will also be providing, at a later time, information on document submission procedures for the Loan Purchase Commitment Program.
For complete and current information on the Loan Purchase Programs please visit www.federalstudentaid.ed.gov/ffelp.
Thank you for your continued support of these FFEL Loan Purchase Programs.