April 6, 2010

Reconciliation Bill Signed by President Obama

As shared in our Legislative Update last week, H.R. 4872, the Health Care and Education Reconciliation Act of 2010, was signed March 30 by President Obama. The measure includes the elimination of new lending under the FFEL Program beginning July 1, 2010, increases Pell Grants and expands the Income Based Repayment Program, among other provisions.

During the immediate future, schools will continue to focus on ensuring their systems and processes are ready to originate all loans with a first disbursement on or after July 1, 2010 through the DL Program. OGSLP is currently gathering resources to share with financial aid offices during the transition, so continue to call your OGSLP school representative to discuss information you need to facilitate the changes.

We’d like to take this opportunity to recognize and thank our FFELP lending community for decades of outstanding service to Oklahoma students and families. As for the future of OGSLP, our objective is to continue to service our $3.5 billion FFELP portfolio and continue providing important support services for students, families and schools.

We’re offering two conference calls this week to share more about our future plans and provide an opportunity to hear from our customers. Join us today at 3 p.m. or Friday, April 9 at 10 a.m. to discuss the transition and anticipated impacts in our state. To join the conference call, dial-in to 866.255.8320 and enter participant code 532335.

Remember, you can always find more information and resources on our Legislation Page. As we’ve always been, we’re here to help!