Operations Bulletin

USA Funds Submits Plan to Serve as Lender of Last Resort
USA Funds^® has submitted to the U.S. Department of Education its proposed processes for serving as a lender of last resort, if necessary. Read more.

USA Funds Policy Team Summarizes New Loan Limits
USA Funds' policy advisers have developed a table that summarizes the new Stafford loan limits authorized by the Ensuring Continued Access to Education Loans Act of 2008. The loan limits are effective for Stafford loans first disbursed on or after July 1. The table and other resources are available in the USA Funds Web site’s Reauthorization section for financial aid professionals and education lenders.

Policy Updated on Timely Lender Payment of Federal Default Fee
USA Funds advises its lender-partners that the Common Manual recently was revised to reflect a requirement for lenders to remit federal default fee payments to the guarantor within 45 days after any disbursement of loan proceeds. The timely payment standard is effective for federal default fees remitted by lenders for loans disbursed on or after July 1, 2008. If the lender fails to remit the federal default fee in a timely manner, the guarantor may cancel the guarantee on the loan, making it ineligible for interest benefits, special allowance and payment of any claims. For additional information or for assistance in resolving past-due federal default fees, send an e-mail to FDF@usafunds.org.

Tech Talk

System Changes Scheduled to Accommodate New Stafford Loan Limits
USA Funds’ guarantor-servicer is making system changes to accommodate the increased Stafford loan limits authorized by the Ensuring Continued Access to Student Loans Act of 2008. Read more.

Going2college.org’s New Design Makes College Planning Easier
The redesigned going2college.org Web site provides college and career planning tools to students and families throughout the country and features an improved look, better navigation and more information. Learn more.

USA Funds Update

High School Students Tour Colleges, With Help of USA Funds
Fifty high school students from the Indianapolis area had the opportunity to go on a college tour during their spring break. The Greater Indianapolis YMCA’s Urban Mission Branch coordinated the tour, which USA Funds sponsored with a $50,000 grant.
Learn more.

USA Funds Lists Top 100 Lenders
USA Funds lists the top 100 lenders of USA Funds-guaranteed loans through April 2008. Read the list.

Reminder: USA Funds’ Student Loan Boot Camp June 4-5
USA Funds will offer its Student Loan Boot Camp for education lenders in Indianapolis on June 4-5. The two-day training workshop offers a comprehensive overview of the student loan process, covering topics that include guarantee processing, loan disbursements, repayment options, default prevention, claim filing, and legislative and regulatory updates. Learn more about the event and register online.