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Federal Family Education Loan Program (FFELP)

Federal Register, July 1, 2008, Page 37422-37451

Agency

Department of Education, Department of the Treasury, Office of Management and Budget.

Action

Notice of terms and conditions of purchase of loans under the Ensuring Continued Access to Student Loans Act of 2008.

Summary

Under section 459A of the Higher Education Act of 1965, as amended (``HEA''), as enacted within the Ensuring Continued Access to Student Loans Act of 2008 (Pub. L. 110-227), the Department of Education (``Department'') has the authority to purchase, or enter into forward commitments to purchase, Federal Family Education Loan Program (``FFELP'') loans made under sections 428 (subsidized Stafford loans), 428B (PLUS loans), or 428H (unsubsidized Stafford loans) of the HEA, on such terms as the Secretary of Education (``Secretary''), the Secretary of the Treasury, and the Director of the Office of Management and Budget (collectively, ``Secretaries and Director'') jointly determine are ``in the best interest of the United States'' and ``shall not result in any net cost to the Federal Government (including the cost of servicing the loans purchased).'' 

This notice (a) establishes the terms and conditions that will govern the loan purchases made under section 459A of the HEA, (b) outlines the methodology and factors that have been considered in evaluating the price at which the Department will purchase loans made under section 428, 428B, or 428H of the HEA, and (c) describes how the use of those factors and methodology will ensure that the loan purchases do not result in any net cost to the Federal Government. The Secretaries and Director concur in the publication of this notice and have jointly determined that the programs described in this notice are in the best interest of the United States and shall not result in any net cost to the Federal Government (including the cost of servicing the loans purchased).

Dates

Effective Date: The terms and conditions governing the Loan Purchase Commitment Program and the terms and conditions governing the Loan Participation Purchase Program are effective July 1, 2008.

Further Information

Kristie Hansen, U.S. Department of Education, Office of Federal Student Aid, Union Center Plaza, 830 First Street, NE., Room 113F1, Washington, DC 20202. Telephone: (202) 377- 3309 or by e-mail: Kristie.Hansen@ed.gov. If you use a telecommunications device for the deaf (TDD), call the Federal Relay Service (FRS), toll free, at 1-800-877-8339. Individuals with disabilities can obtain this document in an alternative format (e.g., Braille, large print, audiotape, or computer diskette) on request to the contact person listed under FOR FURTHER INFORMATION CONTACT.

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