Posted Date:July 18, 2014
|Author:||Pamela Eliadis, Service Director, System Operations & Aid Delivery Management, Federal Student Aid|
Subject: HEAL Program Information - Maximum HEAL Program Interest Rates for Quarter Ending September 30, 2014
As explained in a July 2, 2014 Electronic Announcement posted on the Information for Financial Aid Professionals (IFAP) Web site, the Health Education Assistance Loan (HEAL) Program was transferred from the U.S. Department of Health and Human Services to the U.S. Department of Education (the Department) on July 1, 2014, as required by the Consolidated Appropriations Act, 2014 (Pub. L. 113-76). The Department is now responsible for managing the servicing of non-defaulted HEAL Program Loans and the collection of defaulted HEAL Program loans.
In the July 2nd announcement, we informed HEAL Program lenders and lender servicers that we would issue the HEAL Program interest rates effective July 1, 2014 through September 30, 2014 (also referred to as thequarter ending September 30, 2014) as soon as possible in July 2014. We also explained that we would post the new interest rate information in the HEAL Program Information area on IFAP and inform lenders and lender servicers.
The maximum HEAL Program interest rates for the quarter ending September 30, 2014 are available in the “Current Maximum Interest Rates” section of the HEAL Interest Rates page. We have also made conforming updates to the “Maximum Interest Rates for Previous Three Quarters” section of the same page.
Note:The maximum HEAL Program interest rates for the quarter ending September 30, 2014 are the same as the interest rates for the previous quarter. Accordingly, there is no need for HEAL Program lenders and lender servicers to recalculate and adjust interest charged on borrower accounts since July 1, 2014.
Going forward, we will update the HEAL Interest Rates page at the beginning of each quarter. After we update the page, we will post an Electronic Announcement that informs HEAL Program lenders and lender servicers of the update. The announcement will include the words “HEAL Program Information” at the beginning of the subject line, and notice of the announcement will appear on the IFAP Web site’s “What’s New” page and in the IFAP subscription e-mail. If a HEAL Program lender or lender servicer has not already subscribed to weekly e-mail notifications of IFAP postings, this would be a good time to do so. An IFAP user subscribes following these four easy steps:
|1)||Go to the IFAP Home page.|
|2)||Click on MyIFAP at the top of the left sidebar.|
|3)||Select New User Registration.|
|4)||Complete the electronic sign up process.|
If you are a HEAL Program lender or lender servicer and have questions about the maximum HEAL Program interest rates, contact the HEAL Program Team at 844/509-8957 or HEAL@ed.gov.
Complete contact information for the HEAL Program is available on two IFAP Contact Information pages.
The HEAL Program for Lenders and Lender Servicers page provides information for HEAL Program lenders and lender servicers.
The HEAL Program for Borrowers page provides information for HEAL Program borrowers.
Thank you for directing HEAL Program inquiries as outlined on the Contact Information pages.