April 10, 2009
As you may have read in yesterday's NewsFlash, OGSLP will continue to pay half of the 1% federal default fee for the 2009-2010 award year. Loans guaranteed between July 1, 2009 and June 30, 2010 will qualify for this fee reduction.
The Federal Family Education Loan Program (FFELP) industry continues to be challenged by credit market disruptions and potential legislative changes, and we recognize the dedication of Oklahoma lender and school customers to the FFELP. "This ongoing financial commitment by OGSLP is one of many ways we can support the higher education community as we all endeavor to help students succeed," said Mary Mowdy, OGSLP Executive Director.
The federal default fee, a 1% fee assessed borrowers on all Stafford and PLUS loans, is required by the Deficit Reduction Act of 2005 to help offset the cost of defaulted student loans. Operational questions may be directed to Penny Gandy, OGSLP School/Lender Support Services Manager at (405) 234-4364 or pgandy@ogslp.org.