USA Funds Update

USA Funds Grant Helps Fund College Planning Center in Downtown Phoenix
A new USA Funds^®-supported resource center in Phoenix will open its doors on June 10 with the goal of enhancing the college planning process for the city’s students and their families. Read more.

USA Funds-Supported Program Provides Scholarships to Indiana Students and Their Heroes
The annual celebration for Hoosier Heroes, a program USA Funds has sponsored for five years, recently honored 10 Indiana high school students and their heroes and provided them with scholarships. Learn more.

 Reminder: Three More Lender Boot Camp Webcasts Scheduled for June
The last three sessions in USA Funds University’s Lender Boot Camp webcast series are set for this month. The remaining webcasts will offer a regulatory update, discuss claim procedures, and review responsibilities of filing reports with the U.S. Department of Education. Designed for student loan professionals who are new to education lending or who need a refresher of the basics, webcasts are scheduled from 1-2 p.m. Eastern time June 15, 22 and 29. Learn more and register.

Operations Bulletin

Variable Interest Rates on Federal Student Loans to Decline July 1
The variable interest rates on Federal Stafford and PLUS loans first disbursed prior to July 1, 2006, will decline, effective July 1, based on the most recent 91-day Treasury bill auction. View a table of the new variable rates, as well as fixed rates for Stafford and PLUS loans first disbursed on or after July 1. You will need Adobe Reader to access the interest rate table.

More Negotiated Rulemaking Committees Planned Regarding Reauthorization
The U.S. Department of Education announced in the Federal Register plans to establish additional negotiated rulemaking committees related to the reauthorization of the Higher Education Act. The announcement also includes information about three public hearings this month to inform the rulemaking agenda — with each hearing followed by discussions of how changes in the Department’s communications and processes can improve college planning and access, and how federal programs can enhance student persistence.

Committee Soliciting Comment for Regulations Review
As mandated by the Higher Education Opportunity Act, the federal Advisory Committee on Student Financial Assistance is reviewing whether Title IV regulations are “duplicative, no longer necessary, inconsistent with other federal regulations and overly burdensome.” To help the committee identify regulations for streamlining or elimination, the committee is accepting public comment on the issue. The group will give priority consideration to comments received by July 15. A Department of Education Web site offers links to more information about the review.

Ordering New MPNs from USA Funds
Earlier this spring, the U.S. Department of Education announced the approval of new Federal Stafford Loan Master Promissory Note and Federal PLUS Loan Application and Master Promissory Note forms. Learn how to order quantities of the new forms from USA Funds.