USA Funds Update

USA Funds Provides $16.6 Million in Support of Higher Education
USA Funds^® has announced that it provided a total of $16.6 million to programs that helped Americans pursue higher education during the fiscal year ending Sept. 30. Read more.

Upcoming Webcasts Focus on Financial-Aid Fundamentals
Starting Dec. 5, USA Funds University will offer a series of webcasts, designed for new financial-aid professionals as well as experienced aid administrators, to provide a basic understanding of the fundamentals of financial aid. Learn more and register.

Debt-Management Perspectives

USA Funds Helping to Take Aim at Student-Loan Defaults in New York
USA Funds is partnering with colleges and universities in New York to work to reduce student-loan defaults in the state. Read more.

Tech Talk

Mass Changes Available for Pre-Guarantee Corrections
Effective Oct. 23, 2006, USA Funds school-customers will have a more flexibility in OpenNet when submitting corrections for pre-guarantee loans. Read more.

Mainframe and OpenNet System Outages Oct. 21-22, 2006
USA Funds’ guarantor-servicer will implement system and software upgrades over the weekend of Oct. 21 and 22 as part of its fall release. As a result, the main loan-application-processing system as well as OpenNet will be unavailable from noon EDT Saturday, Oct. 21, until 7 a.m. Monday, Oct. 22. Other USA Funds online loan services — including USA Funds Connection^®, USA Funds Stafford Loan Guide, and MEDLOANS Online Loan Portfolio — are not affected by this outage.

Operations Bulletin

Common Manual Web Site Now Available
The Common Manual Governing Board announced that it has developed a Common Manual Web site to house current and archived versions of the Common Manual, summaries of changes associated with each update, and other resources. Visitors to the site will have the opportunity to provide input to draft Common Manual policies that are in the review process and suggest future enhancements. You’ll need Adobe Acrobat Reader to view the announcement.

Department Issues Guidance Regarding Loans Qualifying for 9.5-Percent Special-Allowance Rate
The U.S. Department of Education has issued guidance to education lenders in the Federal Family Education Loan Program about loans that qualify for special allowance at a rate of 9.5 percent in light of the interim final regulations that the Department issued on Aug. 9, 2006. Read the Department’s Dear Colleague Letter.

Special-Allowance Rates Announced for Quarter Ending Sept. 30, 2006
The U.S. Department of Education has published Special-Allowance Rates for the quarter ending Sept. 30, 2006.