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Federal Updates
ED Releases Revised Deferment Forms
ED recently released Dear Partner Letter (DPL) GEN-02-08, issuing eight revised FFELP deferment forms.
ED Corrects Instructions for Printing New Stafford Loan MPN
ED has announced a correction to the printing instructions for the revised Federal Stafford Loan Master Promissory Note (Stafford Loan MPN) in Dear Partner Letter (DPL) GEN-02-09, released October 21, 2002.
Texas Teacher Shortage Areas for 2002-2003 Announced
On October 15, 2002, the Texas Education Agency (TEA) released ED's list of subject-matter teacher shortage areas for Texas. Full-time teachers in designated shortage areas at public or nonprofit private elementary or secondary schools may be eligible for the Teacher Shortage Area deferment on certain FFELP loans.
TG Updates
TG Awards $500,000 in Charley Wootan Grants to 60 Schools
Sixty Texas colleges and universities have received Charley Wootan Grant funds from TG. Nearly $500,000 has been allocated for the 2002-2003 academic year. The designated schools have received a check for $8,300 to be awarded to eligible students at the discretion of each school's financial aid office.
A Day in the Life...The Series Continues
In this ongoing series, Shoptalk Online has examined the roles TG plays in the different stages of a loan, from awareness through repayment, as well as in the claims process if borrowers should fail to make satisfactory repayment on their loans. The series continues with part two of a set of articles focusing on the role that TG Collections plays in recovering loan payments from defaulted borrowers once a claim has been paid to the lender.
Trends and Issues
Treasury Delays USA PATRIOT Act Compliance
The U.S. Treasury Department recently advised financial institutions that it has delayed required compliance with section 326 of the USA PATRIOT Act, as well as proposed rules that have been issued by the Treasury and other federal departments, until final implementing regulations are issued and become effective. Further, the Treasury Department noted that final rules will provide financial institutions with a reasonable amount of time in which to become compliant.
Legislative Update
The October 22 issue of the Legislative Report offers an update on federal appropriations for FY 2003, which are expected to be passed during a "lame duck" session of Congress after the November 5th elections. Read the details at www.tgslc.org/lege_report/index.cfm.
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