Federal Updates

New loan purchase programs guidance

On July 31, ED published Ensuring Continued Access to Student Loans (ECASLA) announcement #68, which provides information about the four new servicers that have been awarded contracts to service student loans held by ED, including loans sold to ED through the Loan Purchase Programs authorized under ECASLA. The announcement also describes upcoming changes to loan sale file layouts for loans to be sold to ED and subsequently serviced by one of the four new loan servicers, as well as a question and answer document about the process and specifics of the changed layouts.

In ECASLA announcements #69 and 70, ED also announced upcoming periods of unavailability to process loan sale purchase requests and participation funding requests.

And in announcement #70, ED provided additional information on the closing dates for sales of loans under the 2008-2009 Loan Purchase Commitment Program (the 2008-2009 PUT Program), as well as important information on the close-out of participation interests in the 2008-2009 Loan Participation Purchase Program.

More information
The complete announcement and attachments are available on ED's ECASLA website at http://federalstudentaid.ed.gov/ffelp.

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