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Use of Secretary's Authority to Purchase Loans
(Participation and Put Programs)
The information below is regarding the Department of Education Secretary’s Authority to Purchase Loan under Ensuring Continuing Access to Student Loans Act of 2008 (P.L. 110-227 – HR 5715). This information has been compiled to include both information and guidance provided by the Department of Education and the efforts by the FFEL community to support these programs, more commonly referred to as the Participation and Put programs.
This resource is being provided as a supplement to the Department's official resource, available at the following link: http://federalstudentaid.ed.gov/ffelp
Customer Service numbers for borrowers with Put loans:
Schools: (866) 938-4750 M-F 8:00 A.M. - 8:30 PM (ET)
Borrowers: (800) 508-1378 M-F 8:00 A.M. - 11:00 PM (ET)
Collections: (866) 938-4749 M-F 8:00 A.M. - 11:00 PM (ET)
This resource will be updated as additional information or guidance from the Department and/or FFEL community based information and tools are provided.
Overview
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ECASLA Quick Reference  (Updated: 06/15/2009)
This one page reference document was prepared by the NCHELP Program Operations Committee to provide pertinent information regarding the FFEL Loan Liquidity programs.
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Electronic Announcement #86 :2009-2010 Loan Purchase Programs Closing Dates
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Electronic Announcement #63 : Loan Purchase Participation Program – Closeout Reminder
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Electronic Announcement #60  : The Department's Asset-Backed Commercial Paper (ABCP) Conduit Program
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NCHELP ED Liquidity Programs Overview  (Updated:05/26/2009)
This Power Point presentation provides a high level overview of the three ED FFEL Loan Liquidity Programs and how they are different and relate to one another.
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Questions and Answers (Updated:01/22/2009)
This additional document provides recommended questions and answers regarding the programs in an effort to standardize responses from the members of our community and to highlight the proactive and positive efforts by the community to support the programs.
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Customer Experience - Put Program  (Updated:05/26/2009)
This Power Point presentation anticipates the impacts these programs may have on students, their families and schools, and the steps available to the community to ensure it will be a positive experience.
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Key Messages (Updated:01/22/2009)
This additional documentation in support of the Borrower Experience presentation, provides key messages in support of the community efforts to provide a positive customer experience.
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Questions Regarding the Short Term Purchase Program (Updated: 01/28/2009)
This document is a summary of the questions and answers discussed with the Department of Education (ED) in a conference call on January 15, 2009 with representatives from the Consumer Bankers Association (CBA), Education Finance Council (EFC), the National Council of Higher Education Programs, and the Student Loan Servicing Alliance (SLSA). It includes two subsections that cover outstanding questions regarding the “Short Term” purchase program (eligible loans from year 07-08) as well as questions regarding the FFEL Loan Liquidity programs in general.
Data Information
This page contains data specifications and other technical information associated to the ECASLA Put, Participation and Conduit programs.
Master Loan Sale Agreement
This page contains information pertinent to the Master Loan Sale Agreement.
ED ECASLA Webinars
This page contains all of the ECASLA related webinars presented by ED, written transcripts of those webinars and summaries prepared by NCHELP.
ECASLA Audit Guide
This page contains information regarding the Agreed Upon Procedures (AUP) for oversight of participation in the ECASLA sponsored programs.
Other Resources
- Electronic Announcement #82: 2008-2009 Loan Purchase Program-Close Out of Post Sale Adjustments
- Electronic Announcement #79: Participant Yield Rate Announced for Quarter Ending March 31, 2010
- Electronic Announcement #72: Participant Yield Rate Announced for Quarter Ending December 31, 2009
- Electronic Announcement #71: 2008-2009 Loan Purchase Programs Closing Dates
- Electronic Announcement #70: Periods of Unavailability to Process Loan Sale Purchase Requests
- Electronic Announcement #69: Periods of Unavailability to Process Participation Funding Requests
- Electronic Announcement #67: Participant Yield Rate Announced for Quarter Ending September 30, 2009
- Electronic Announcement #65: Live Internet Webinar on the Department of Education’s 2009-2010 Loan Purchase Programs
- Electronic Announcement #64: Announcement of Live Internet Webinar on the Department of Education’s Loan Purchase Programs
- Electronic Announcement #62: Loan Purchase Participation Program - Revised Loan Schedule and Eligibility Edits Announcement (Updated: September 2, 2009). Includes revised funding request submission instructions for several documents that must be submitted under the Department’s Loan Purchase Participation Program and the table load procedures applicable to the Loan Schedule and Custodial Certification data file. The changes to those documents that will go into effect on June 14, 2009. The Department notes that through June 13, 2009, participants must continue to use the existing Loan Schedule described in Electronic Announcement #53 and adhere to the guidance as defined in Electronic Announcements #20 and #53.
- Electronic Announcement #57: Participant Yield Rate Announced for Quarter Ending June 30, 2009
- Electronic Announcement#50: Guidelines for Lenders Providing Loan Documents for Sale of Eligible FFEL Loans to the Department – Loan Purchase Commitment Programs
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Electronic Announcement (01/30/2009): Customer Service Information for Borrowers of FFEL Loans Purchased/Serviced by the Department and Borrowers of Direct Loans
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- November 20, 2008: Letter from Education Secretary Margaret Spellings regarding the continued implementation of the Ensuring Continued Access to Student Loans Act.
- November 10, 2008: Letter from Education Secretary Margaret Spellings regarding the extension of the Ensuring Continued Access to Student Loans Act.
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