6/15/11

Federal Stafford, PLUS, SLS and Consolidation Variable Interest Rate Calculations for 2011-12

On June 8, ED announced the bond equivalent rates to be used in determining the annual variable interest rates applicable to the Federal Stafford, SLS, PLUS and Consolidation loan programs for July 1, 2011 – June 30, 2012.

For more information, refer to ED’s June 8, 2011 memo. If you have questions about the new rates, contact our Policy, Compliance and Training department at 405.234.4432 or pct@ocap.org.

Transition to New Direct Loan Servicing Center (ACS) System and Websites Planned for Fall 2011

On June 10, ED announced that ACS will transition to a new loan servicing system in the fall. This transition includes new school and borrower websites and changes to ED’s entrance and exit counseling. Additional communications regarding this transition will be provided by ED as necessary.

For more information, please refer to ED’s June 10, 2011 memo, contact ED’s ACS School Services Team at 888.877.7658 or visit the ACS School Services website.

Final Gainful Employment (GE) Regulations Regarding Debt Measures Announced

On June 13, ED announced the final regulations on GE Debt Measures. These measures go into effect July 1, 2012. Please note that the GE Regulations on reporting requirements announced Oct. 29, 2010 still go into effect July 1, 2011.

For more information, please refer to the June 13 Federal Register. If you have questions about the debt measures, contact our Policy, Compliance and Training department at 405.234.4462 or pct@ocap.org. We’re here to help!

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OCAP Communications
P.O. Box 3000
Oklahoma City, OK 73101-3000
Communications@ocap.org
www.ocap.org