November 5, 2008

Focus on HEOA: Lender Disclosures

Over the next several months, OGSLP’s Online News will highlight various provisions contained in the Higher Education Opportunity Act (HEOA). This month, we’ve provided a summary of the changes made to required lender disclosures.

The required disclosures are tied to specific time frames, loan types or special circumstances, including:

• Before disbursement.
• Before repayment.
• During repayment.
• Upon approval of a deferment.
• Upon approval of a forbearance.
• When a borrower is having difficulty making payments.
• For PLUS loans.
• For consolidation loans.

OGSLP has developed a lender disclosures chart that lists the prior requirements, new requirements and effective dates to help you sort through the new disclosure stipulations.
If you need more information, please contact our Policy, Compliance and Training (PCT) department at 405.234.4432 or pct@ogslp.org.