On May 7, 2008, the President signed the Ensuring Continued Access to Student Loans Act of 2008 (Pub. Law 110-227) into law. The legislation authorizes the Department of Education to purchase federal student loans from lenders to ensure ongoing liquidity and availability of funds for student loans.
The PUT process has expired with the exception of those loans placed into the Conduit. A Conduit-held loan will be identified to ED if the loan becomes at least 210 days delinquent. The loan must be PUT to ED by the 240th day of delinquency, unless the lender removes the loan from the Conduit. The PUT option for the Conduit expires September 30, 2014.