October 8, 2008

President Signs Extension of the Ensuring Continued Access to Student Loans Act of 2008

President Bush signed into law a one-year extension of the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) on October 7. The House of Representatives passed H.R. 6889 on September 15 with a vote of 368-4. In swift response, the Senate approved the House legislation two days later.

This extension of ECASLA ensures the availability of Federal Family Education Loan Program (FFELP) loans through the 2009-10 academic year. Specifically, the bill:

• Extends the Department of Education’s authority to purchase FFELP loans first disbursed before July 1, 2010.
  
• Extends the ECASLA provision allowing institution-wide Lender of Last Resort designation for schools through June 30, 2010.

OGSLP will continue to keep you informed about legislative activity. We encourage you to visit our Legislation Page often to view important updates and access more detailed information. If you have questions, please contact our Policy, Compliance, and Training department at 405.234.4432 or pct@ogslp.org.