OCAP Legislative Update


FY 2016 Sequester Required Changes

In April, the U.S. Department of Education published a Dear Colleague Letter describing changes to Direct Loan Program loan fees and reductions to Iraq-Afghanistan Service Grant and TEACH Grant awards. These changes are a result of the Budget Control Act of 2011, and are effective for loans and grants first disbursed between October 1, 2015 and September 30, 2016:

The FY 2016 loan fees and grant award eligibility reductions are 0.005% and 0.50% lower, respectively, than those required for FY 2015. Examples of the calculations, as well as contact information for questions, are included in DCL GEN-15-07.

Mary Heid
Executive Director
Oklahoma College Assistance Program (OCAP)
P.O. Box 3000
Oklahoma City, OK 73101-3000