Federal Family Education Loan Program (FFELP), 41048-41050 [E8-16241]

Agencies

• Office of Management and Budget
• DEPARTMENT OF THE TREASURY
• DEPARTMENT OF EDUCATION

[Federal Register Volume 73, Number 138 (Thursday, July 17, 2008)]
[Notices]
[Pages 41048-41050]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16241]



[[Page 41048]]

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DEPARTMENT OF EDUCATION

DEPARTMENT OF THE TREASURY

OFFICE OF MANAGEMENT AND BUDGET


Federal Family Education Loan Program (FFELP)

AGENCY: Department of Education, Department of the Treasury, Office of 
Management and Budget.

ACTION: Notice of terms and conditions of purchase of loans under the 
Ensuring Continued Access to Student Loans Act of 2008; correction; 
extension of deadline.

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SUMMARY: On July 1, 2008, the Department of Education, the Department 
of the Treasury, and the Office of Management and Budget published a 
notice of terms and conditions of purchase of loans under the Ensuring 
Continued Access to Student Loans Act of 2008 in the Federal Register 
(Notice of Terms and Conditions). Appendix D to the Notice of Terms and 
Conditions contained several minor errors. This document corrects 
Appendix D. This document also extends the deadline, specified in 
Appendix B and Appendix C of the Notice of Terms and Conditions, for 
submission of a Notice of Intent to Participate under the Loan Purchase 
Commitment and Loan Participation Purchase programs.

FOR FURTHER INFORMATION CONTACT: Kristie Hansen, U.S. Department of 
Education, Office of Federal Student Aid, Union Center Plaza, 830 First 
Street, NE., Room 113F1, Washington, DC 20202. Telephone: (202) 377-
3309 or by e-mail: Kristie.Hansen@ed.gov.
    If you use a telecommunications device for the deaf (TDD), call the 
Federal Relay Service (FRS), toll free, at 1-800-877-8339.
    Individuals with disabilities can obtain this document in an 
alternative format (e.g., Braille, large print, audiotape, or computer 
diskette) on request to the contact person listed in this section.

SUPPLEMENTARY INFORMATION:

Correction

    In the notice of terms and conditions of purchase of loans under 
the Ensuring Continued Access to Student Loans Act of 2008, published 
July 1, 2008 (73 FR 37422), make the following correction:
    On pages 37449 and 37450, Appendix D is removed and replaced with 
Appendix D, attached.
    Extension of Deadline: The Notice of Terms and Conditions announced 
the terms and conditions that govern the Loan Purchase Commitment 
Program (Loan Purchase Program Terms and Conditions) and the Loan 
Participation Purchase Program (Loan Participation Purchase Program 
Terms and Conditions) (collectively, the ``Terms and Conditions'') 
established by the Department of Education, the Department of the 
Treasury and the Office of Management and Budget pursuant to the 
Ensuring Continued Access to Student Loans Act of 2008.
    The Loan Purchase Program Terms and Conditions provided in Appendix 
B (73 FR 37432) that a ``Lender may not sell Eligible Loans to the 
Department on which the first disbursement was made prior to the date 
on which the Department receives the Notice of Intent, unless the 
Department receives the Notice of Intent on or before a date fifteen 
calendar days after the terms of the Program are published in the 
Federal Register.'' Similarly, the Loan Participation Purchase Program 
Terms and Conditions provided in Appendix C (73 FR 37447) that the 
``Eligible Lender may not sell Participation Interests to the 
Department relating to loans for which the first disbursement was made 
prior to the date on which the Department receives the Notice of 
Intent, unless the Department receives the Notice of Intent on or 
before a date fifteen calendar days after the terms of the program are 
published in the Federal Register.''
    Under these provisions, the Notice of Intent for both programs 
would have to be received by the Department on or before July 16, 2008 
to ensure loans for which the first disbursement was made on or after 
May 1, 2008 were eligible for the programs. To provide lenders with 
additional time to submit the Notice of Intent for both programs, the 
Department, the Department of the Treasury, and the Office of 
Management and Budget are extending that deadline until July 31, 2008.

Electronic Access to This Document

    You may view this document, as well as all other Department of 
Education documents published in the Federal Register, in text or Adobe 
Portable Document Format (PDF) on the Internet at the following site: 
https://www.ed.gov/news/fedregister.
    To use PDF you must have Adobe Acrobat Reader, which is available 
free at this site. If you have questions about using PDF, call the U.S. 
Government Printing Office (GPO), toll free, at 1-888-293-6498; or in 
the Washington, DC, area at (202) 512-1530.

    Note: The official version of this document is the document 
published in the Federal Register. Free Internet access to the 
official edition of the Federal Register and the Code of Federal 
Regulations is available on GPO Access at: https://www.gpoaccess.gov/
nara/.


    Dated: July 10, 2008.
Sara Martinez Tucker,
Under Secretary for Education.
    Dated: July 10, 2008.
Taiya Smith,
Executive Secretary and Deputy Chief of Staff of the Department of the 
Treasury.
    Dated: July 9, 2008.
Steve McMillin,
Deputy Director, Office of Management and Budget.
BILLING CODE 4000-01-P

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[FR Doc. E8-16241 Filed 7-16-08; 8:45 am]
BILLING CODE 4000-01-C