Ensuring Continued Access to Student Loans Act of 2008 (ECASLA)
The Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) was
signed by President Bush on May 7, 2008.
ECASLA addresses annual unsubsidized Stafford loan limits, aggregate Stafford
loan limits, PLUS loan repayment, PLUS loan extenuating circumstances,
Lender of Last Resort (LLR) Program, mandatory advances, secondary market of
last resort, ACG and SMART Grants, master calendar, and negotiated
rulemaking.
Information is available on the Federal Student Aid
Web site, where the
Department of Education posts important electronic announcements and
updates.
SLGFA has made this information available below.
SLGFA Operations and Procedures
Electronic Announcements
Dear Colleague Letters
Legislation and Legal Notices
Webinars
SLGFA Operations and Procedures
ECASLA School
"Put" Report
This report was developed to assist schools in maintaining a list of
borrowers whose loans have been sold to the Department of Education. This is
an on-demand report available through SLGFA's E-Reports and is generated on
a guarantor level. The report is cumulative and updated weekly. To request
access, please e-mail SLGFA Client Services Representative
Bonnie Hartz.
Department of Education Sold Loan Detail Discrepancy Report
This report lists discrepancy information between loan data reflected as
"put" on the Department of Education's National Student Loan Data System
(NSLDS) database and loan data as reflected on the SLGFA guarantor database.
Loan
Purchase and Participation Article
Loan
Purchase and Participation Q & A
2009 SLGFA Annual Conference Presentation: PUT and Participation Programs
2010 SLGFA Annual Conference Presentation: ECASLA Operational Issues for
Schools
Electronic Announcements
May 21, 2010: Electronic Announcement #87: Submission of Original Versions of
the Loan Transmittal Summary Form and Loan Data Schedule
May 20, 2010: Electronic Announcement #86: 2009-2010 Loan Purchase Programs
Closing Dates
May 5, 2010: Electronic Announcement #85: Third Amended and Restated Put
Agreement
April
19, 2010: Electronic Announcement #84: Instructions for Submission of a
Corrective Action Plan for Attestation Engagement Findings in the Loan Purchase
Programs - Custodian
April 2, 2010: Electronic Announcement #83: Participant Yield Rate Announced for
Quarter Ending June 30, 2010
March 26, 2010: Electronic Announcement #82: 2008-2009 Loan Purchase Program —
Close Out of Post Sale Adjustments
March 24, 2010:
Electronic Announcement #81: 2009-2010 Loan Purchase Commitment - 45 Day Notice
of Intent to Sell Submission Process and Updates to the Loan Conversion and
Imaging Transfer Files (updated May 11, 2010)
March 24, 2010:
Electronic Announcement #80: Guidance related to meeting Servicer reporting
requirements under Funding Note Purchase Agreement, Exhibit M (Form of
Servicing Agreement), Section 1.6(d)
January 5, 2010:
Electronic Announcement #79: Participant Yield Rate Announced for Quarter Ending
March 31, 2010
December 16, 2009:
Electronic Announcement #78: Retention of Records Needed to Establish
Eligibility of Loans Pledged to the Conduit Lender
November 18, 2009:
Electronic Announcement #77: Revised Date for Seller Submission of Electronic
Signature "Exemplary Affidavits" and Additional Information
October 19, 2009:
Electronic Announcement #76: Instructions for Obtaining Access to Department of
Education Servicer Loan Information for 2009-10 MSLA AUPs
October 19, 2009:
Electronic Announcement #75: Instructions for Submission of a Corrective Action
Plan for Agreed Upon Procedure Finding in the 2009-10 Loan Purchase Programs
October 19, 2009:
Electronic Announcement #74: Agreed Upon Procedures and Statement of Compliance
Instructions for Lenders Participating in the 2009-10 Loan Purchase Programs
October 14, 2009:
Electronic Announcement #73: Second Amended and Restated Put Agreement
October 5, 2009:
Electronic Announcement #72: Yield Rate Announced for Quarter Ending December
31, 2009
August 7, 2009:
Electronic Announcement #71: 2008-2009 Loan Purchase Programs Closing Dates
August 6, 2009:
Electronic Announcement #70: Periods of Unavailability to Process Loan Sale
Purchase Requests
August 6, 2009:
Electronic Announcement #69: Periods of Unavailability to Process Participation
Funding Requests
July 31, 2009: Electronic Announcement #68:
New Federal Student Loan Servicers and Updates to Loan Conversion Transfer and
Imaging Transfer Files (updated August 14, 2009)
July 16, 2009: Electronic Announcement #67: Participant Yield Rate Announced for
Quarter Ending September 30, 2009
June 16, 2009: Electronic Announcement #66:
Submission Process for the 2009-2010 Loan Purchase Programs
June 15, 2009: Electronic Announcement #65: Internet Webinar on the Department
of Education's 2009-2010 Loan Purchase Programs
May 28, 2009: Electronic Announcement #64: Live Internet Webinar on the Closeout
Procedures for the 2008-2009 Loan Purchase Programs
May 26, 2009: Electronic Announcement #63: Loan Purchase Participation Program –
Closeout Reminder
May 14, 2009: Electronic Announcement #62: Loan Purchase Participation Program -
Revised Loan Schedule and Eligibility Edits Announcement (updated September
2, 2009)
April 16, 2009: Electronic Announcement #57: Participant Yield Rate Announced
for Quarter Ending June 30, 2009
April 6, 2009: Electronic Announcement #55: Instructions for Obtaining Access to
Information from the Department's Servicer for MLSA AUPs
March 25, 2009: Electronic Announcement #54: Loan Purchase Programs - Loan
Purchase Activity Reports
March 13, 2009: Electronic Announcement #53: Loan Purchase Participation Program
- Revised Definition of “File Creation Date” and Changed Payment Mechanism
Announcement
February 25, 2009: Electronic Announcement #50: Guidelines for Lenders Providing
Loan Documents for Sale of Eligible FFEL Loans to the Department - Loan Purchase
Commitment Programs
February 9, 2009: Electronic Announcement #48: Reminder of Final Date to Execute
Master Loan Sale Agreement for the 2008-2009 Loan Purchase Commitment Program
January 16, 2009: Electronic Announcement #44: Participant Yield Rate Announced
for Quarter Ending March 31, 2009
December 12, 2008: Electronic Announcement #40: Agreed Upon Procedures and
Corrective Action Plan Instructions for Lenders Participating in the Loan
Purchase Commitment Program for 2008-09 FFEL Loans
November 18, 2008: Electronic Announcement #35: Instructions for Submission of a
Corrective Action Plan for Agreed Upon Procedure Finding
October 31, 2008: Electronic Announcement #34: Interpretative Guidance Regarding
Loan Purchase Programs
October 22, 2008: Electronic Announcement #33: Agreed Upon Procedures and
Statement of Compliance Instructions for Lenders Participating in the Loan
Participation Purchase Program (updated November 5, 2008)
October 10, 2008: Electronic Announcement #32: Periods of Unavailability to
Process Loan Sale Purchase Requests
October 10, 2008: Electronic Announcement #31: Loan Purchase Commitment Program
- Department of Education Lender ID
October 1, 2008: Electronic Announcement #30: Participant Yield Rate Announced
for Quarter Ending December 31, 2008
September 25, 2008: Electronic Announcement #29: Loan Participation Monthly
Reporting and Payment Remittance Procedures
September 19, 2008: Electronic Announcement #28: Live Internet Webinars on the
Department of Education's plans to purchase FFEL Program Loans and Participation
Interests
September 12, 2008: Electronic Announcement #27: Loan Purchase Commitment
Program Loan Transfer/Conversion File (updated November 3, 2008)
September 9, 2008: Electronic Announcement #26: MLSA Bill of Sale Submission
Instructions
September 5, 2008: Electronic Announcement #25: Live Internet Webinars on the
Department of Education's plans to purchase FFEL Program Loans and Participation
Interests
September 3, 2008: Electronic Announcement #24: Periods of Unavailability to
Process Participation Funding Requests
August 22, 2008: Electronic Announcement #23: Document Submission Process for
the Loan Purchase Commitment Program.
August 18, 2008: Electronic Announcement #22: Live Internet Webinars on the
Department of Education's plans to purchase FFEL Program Loans.
August 13, 2008: Electronic Announcement #21: Live Internet Webinars on the
Department of Education's plans to purchase FFEL Program Loans and Participation
Interests
August 11, 2008: Electronic Announcement #20: Loan Schedule and Custodial
Certification Table Load Procedures for Loan Participation Purchase Program
August 8, 2008: Electronic Announcement #18: Participant Yield Rate Announced
for Quarter Ending September 30, 2008
August 8, 2008: Electronic Announcement #17: Monthly Aggregate Settlement Date
Report Submission Procedures (updated September 25, 2008)
Please use the most recent guidance available when submitting required
documentation to the Department.
August 8, 2008: LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #16: Revised
Document Submission Process for Request for Funding (updated September 25, 2008)
This announcement has been superceded by
EA #53 on March 13, 2009.
August 7, 2008: Electronic Announcement #15: Monthly Rolling Forecast Reporting
Process for Loan Participation Purchase Program (updated September 19, 2008)
Please use the most recent guidance available when submitting required
documentation to the Department. There is no need to resubmit documentation due
to published revisions in format, submission instructions or data requirements.
August 7, 2008: Electronic Announcement #14: Document Submission Instructions
for Banks Wishing to Perform as Custodians
August 1, 2008: Electronic Announcement #11: Invitation to August 8 Live
Internet Webinar
August 1, 2008: Electronic Announcement #10: Document Submission Process for the
Loan Participation Purchase Program
July 30, 2008: Electronic Announcement #9: Notices of Intent to Participate in
Loan Purchase Commitment Program and Loan Participation Purchase Program -
Reminder
July 25, 2008: Electronic Announcement #8: Revised Master Loan Purchase
Agreements
July 24, 2008: Electronic Announcement #7: Invitation to August 1st, 2008 Live
Internet Webinar
July 17, 2008: Electronic Announcement #6: Invitation to July 22nd and 24th Live
Internet Webinars
July 11, 2008: Electronic Announcement #5: Revised "Notice of Intent to
Participate" and Submission Dates
July 3, 2008: Electronic Announcement #3: Delayed Release of Loan Purchase
Master Agreements
June 19, 2008: Electronic Announcement #2: The Ensuring Continued Access to
Student Loans Act of 2008
June 12, 2008: Electronic Announcement #1: Effect of FFEL Borrower Benefits on
the Eligibility of Loans to be Sold to the Department
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
September 16, 2009: Loan Servicing Information
Legislation and Legal Notices
Audit Guide for ECASLA Loan Participation Program
The Department of Education's Office of the Inspector General issued this audit
guide relating to the Custodian's compliance with the ECASLA Master
Participation Agreement. Audits are required for both the 2008-2009 and
2009-2010 Loan Participation Programs. The objective of the required audit
engagement is to determine if the Custodian's activities complied with selected
terms and conditions of the Master Participation Agreement.
December 2, 2008, Federal Register Notice outlining terms and conditions of the
purchase of 07-08 academic year loans under the Ensuring Continued Access to
Student Loans Act of 2008.
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
June 17, 2009: 2009-2010 FFEL Loan Purchase Program and Participation
Programs
June 3, 2009: 2008-2009 Loan Purchase Programs Operational Closeout
September 26, 2008: FFEL Loan Purchase Programs Webinar
September 12, 2008: Master Loan Sales Agreement and Operations Webinar
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