December 10, 2009

New FFEL Purchased Loans Report Available from ED

In electronic announcements posted on Aug. 28, 2009 and Sept. 16, 2009, the Department of Education (ED) provided information about their transition to additional servicer support for loans owned by ED. Currently, these loans include Direct Loans and FFEL Purchased Loans. Five of the six servicers that assist ED with loan servicing currently service FFEL Purchased Loans: the Department of Education Loan Servicing Center (ACS), FedLoan Servicing (PHEAA), Great Lakes Educational Loan Services, Inc., Nelnet and Sallie Mae.

Upon assignment of a FFEL Purchased Loan to one of these servicers, the borrower receives correspondence that identifies the servicer and provides contact information. In addition, the servicer’s information is available in the National Student Loan Data System (NSLDS) within 7 to 10 business days after the loan has been assigned to the servicer.

Previously, an individual lookup was necessary via the appropriate NSLDS Web site (NSLDS Student Access Web site for students or NSLDS Professional Access Web site for schools). Individual lookups are still an option; however, a new "Status of Loans Purchased by ED Report" (PLPED3) is also now available for school use.

ED also posted NSLDS Newsletter 25, which provides additional information about NSLDS identification information for FFEL Purchased Loans and its location on school and student Web sites. The newsletter also explains options related to the new "Status of Loans Purchased by ED Report" (PLPED3) and its selection via the NSLDS Professional Access Web site. The NSLDS Record Layout for this report is also provided on the IFAP Web site.

Need to speak with someone at OGSLP about NSLDS? Contact Leca VanBuren, NSLDS Specialist at 405.234.4347, 800.247.0420 (toll-free) or lvanburen@ogslp.org.