Focus on HEOA: Preferred Lender Arrangements

January 14, 2009

Focus on HEOA: Preferred Lender Arrangements

The Higher Education Opportunity Act (HEOA) codifies into law some of the provisions in the November 1, 2007 final rules related to preferred lender lists and adds additional requirements. To help you better understand the provisions related to preferred lender lists, check out this Preferred Lender List Provisions Chart.

OGSLP’s SimpleTuition Partnership

OGSLP has partnered with SimpleTuition to provide schools with tools that simplify the lender selection process for Oklahoma families and help meet HEOA requirements. Schools have two lender list options to choose from; both allow students and families to compare education loans and loan providers.

The first option is a customized school site where preferred lenders are listed along with the required lender list rationale. Students can review, compare, and apply directly from this site.

The second option is OGSLP’s Master Lender List, which displays many lenders for students to review and compare. After selecting a lender, students are directed back to the financial aid office to follow the school’s direction in applying for a loan.

In addition to supporting regulatory requirements, SimpleTuition is an excellent product that allows students and families to:

Research and review education loans and loan providers.
Compare and analyze loan benefits.
Sort comparison results to reflect criteria most important to them.

While many of you participated in school and lender Webinars hosted by OGSLP in September, we’re offering additional opportunities to learn more about this exciting partnership.

    SimpleTuition Webinar for Lenders
    January 29, 2009
    2:00 PM (CST)
    Register for the Lender Webinar

    SimpleTuition Webinar for Schools
    February 3, 2009
    2:00 PM (CST)
    Register for the School Webinar

For more information about OGSLP’s partnership with SimpleTuition or the upcoming Webinars, or to view a demo of these helpful products, contact a School/Lender Support Services representative at 405.234.4329 or 800.247.0420 (toll-free).