Ensuring Continued Access to Student Loans
Last Updated August 26, 2008
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News and Announcements
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The Department of Education is committed to ensuring that every eligible student and his or her parents are able to obtain the federal student loans they need to meet educational expenses. For the upcoming academic year, an estimated 8.5 million borrowers will receive approximately $72 billion in federal student loans to help meet educational expenses for attendance at colleges, universities, and other postsecondary educational institutions.
We are also committed to designing programs that respect and support the current FFEL Program as a successful public/private partnership. For this reason, we have been closely monitoring developments in the financial markets that have had a significant impact on the ability of lenders to make FFEL Program loans.
Recently enacted legislation, the "Ensuring Continued Access to Student Loans Act of 2008" (Pub. Law 110-227) (ECASLA), provides the Department of Education with new authority to address concerns about the availability of FFEL Program loans for the upcoming academic year. Our plan is designed to provide viability in the marketplace for lenders who continue to make loans in this difficult environment.
This site provides links to information we have posted related to the passage and implementation of this legislation. Please check this page regularly for additional information.
Links to Department Guidance, Correspondence & Legislative Developments
Correspondence from Secretary Spellings
- June 20, 2008: Secretary Spellings Letter to Institutional Presidents
- May 21, 2008 Secretary Spellings Letter to FFEL Lenders
- February 27, 2008 Secretary Spellings Letter to Institutional Presidents
Approved Custodian List
Electronic Announcements
- August 22, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #23: Document Submission Process for the Loan Purchase Commitment Program.
- August 19, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #22: Live Internet Webinars on the Department of Education's plans to purchase FFEL Program Loans.
- August 13, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #21: Live Internet Webinars on the Department of Education's plans to purchase FFEL Program Loans and Participation Interests
- August 11, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #20: Loan Schedule and Custodial Certification Table Load Procedures for Loan Participation Purchase Program
- August 8, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #18: Participant Yield Rate Announced for Quarter Ending September 30, 2008
- August 8, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #17: Monthly Aggregate Settlement Date Report Submission Procedures
- August 8, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #16: Revised Document Submission Process for Request for Funding (updated, August 15, 2008)
- August 7, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #15: Monthly Rolling Forecast Reporting Process for Loan Participation Purchase Program
- August 7, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #14: Document Submission Instructions for Banks Wishing to Perform as Custodians
- August 1, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #11: Invitation to August 8 Live Internet Webinar
- August 1, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #10: Document Submission Process for the Loan Participation Purchase Program
- July 30, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #9: Notices of Intent to Participate in Loan Purchase Commitment Program and Loan Participation Purchase Program - Reminder
- July 25, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #8: Revised Master Loan Purchase Agreements
- July 24, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #7: Invitation to August 1st, 2008 Live Internet Webinar
- July 16, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #6: Invitation to July 22nd and 24th Live Internet Webinars
- July 11, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #5: Revised "Notice of Intent to Participate" and Submission Dates
- July 3, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #3: Delayed Release of Loan Purchase Master Agreements
- June 19, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #2: The Ensuring Continued Access to Student Loans Act of 2008
- June 12, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #1: Effect of FFEL Borrower Benefits on the Eligibility of Loans to be Sold to the Department
Archived Electronic Announcements <<
Dear Colleague Letters
- May 9, 2008: DCL FP-08-06: School Use of a Preferred Lender List in the FFEL Program
- May 6, 2008: DCL FP-08-05: FFEL Lender-of-Last-Resort Loan Program
- April 14, 2008: DCL FP-08-03: Lender-of-Last-Resort Services in the Federal Family Education Loan Program
Legislation and Legal Notices
- July 17, 2008, Federal Register Notice modifying Notice of Intent to Participate under the Loan Purchase Commitment and Loan Participation Purchase programs
- July 1, 2008, Official Federal Register Notice outlining the terms and conditions of the Department's authority to purchase loans under the Ensuring Continued Access to Student Loans Act of 2008
- Ensuring Continued Access to Student Loans Act of 2008 (Pub. Law 110-227) (ECASLA)
Webinars
- August 22, 2008: Master Loan Sales Agreement and Operations Webinar
- August 15, 2008: Loan Participation Program Operations III - Questions and Answers
- August 8, 2008: Loan Participation Program Operations II
- August 1, 2008: Loan Participation Program Operations
- July 24, 2008: Master Loan Sales Agreement
- July 22, 2008: Master Participation Agreement
- July 1, 2008: Loan Purchase and Participation Programs Overview
