October 8, 2008
Do You Know the Answer?
Q. What‘s the timeframe for sending a “late” loan request?
A. With implementation of the November 1, 2007 Final Regulations, the timeframe for submitting “late” requests for loan approvals was extended from 120 days to 180 days. Below you’ll find an explanation of the new requirements.
The 180 day clock begins:
- On the date the student drops to less than half-time enrollment status.
- The last day of the loan period, if completed by the student.
The new requirements for approval of a late loan request are as follows:
- Loan requests must have been certified by the school within the loan period submitted for guarantee.
- The student must have been enrolled at least half-time for the loan period.
- No Department of Education (ED) approvals are required for late requests received during the 180 day clock.
- No approvals of guarantee will be granted for ANY late loan request received after the 180 day clock has expired.
Before the November 1, 2007 Final Regulations were published, schools were allowed to send a late loan request for guarantee up to 120 days after the end of the loan period if certain conditions were met. With approval from ED, late loan guarantee requests sent after the 120 days could have been granted up through July 1, 2008, if certain conditions were met.
If you have questions about this regulation, please contact our Loan Services department at 405.234.4330, 800.442.8642 (toll-free) or infobox@ogslp.org.