June 23, 2008

Lenders Reminded to Renew OPA

The Department of Education posted a notice on the Financial Partner’s Portal in early June reminding lenders and servicers to renew their Organizational Participation Agreement (OPA) by September 30, 2008. Renewal will allow lenders and servicers to continue submitting the Lender’s Interest and Special Allowance Request and Report (LaRS) electronically.

The OPA is a binding document that simplifies LaRS submission to the Department of Education for lenders and servicers. Participating institutions must renew the OPA every two years.