:: Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) ::
The Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) was signed by President Bush on May 7, 2008.
ECASLA addresses annual unsubsidized Stafford loan limits, aggregate Stafford loan limits, PLUS loan repayment, PLUS loan extenuating circumstances, Lender of Last Resort (LLR) Program, mandatory advances, secondary market of last resort, ACG and SMART Grants, master calendar, and negotiated rulemaking.
Quick Content LinksFederal Documents
This list includes bill and law texts, Congressional reports, Dear Colleague Letters, Electronic Announcements, letters from ED and the Federal Register, all of which can be found on https://fsapartners.ed.gov/home/ (formerly IFAP).
- ECASLA Public Law 110-227/H.R. 5715 Bill text
- Federal Register notices
- Nov. 23, 2009 - Final Rules - Final rules for the TEACH, ACG, SMART and Pell grants programs
- April 23, 2009 - Correction Notice for April 15 Posting
- April 15, 2009 - Terms and Conditions Documents
- Feb. 9, 2009, Notice of Proposed Information Collection Requests– Submit comments before April 10, 2009 for documents associated with the Terms and Conditions of Additional Purchase of Loans under ECASLA
- Jan. 15, 2009, Notice and Terms and Conditions of Additional Purchase of Loans – Established terms and conditions governing loan purchases of asset-backed commercial paper vehicles and replication for the 2009-2010 academic year; outlines ED's methodology in evaluating the loan purchase price to ensure purchases don't result in any net cost to the Federal Government
- Jan. 9, 2009, Notice of Comment Request for Documents Associated with the Notice of Terms and Conditions of Purchase of Loans – Submit comments by Feb. 9, 2009 about documents that establish purchase terms and conditions and collect lender information for ED
- Dec. 18, 2008, Correction to: Notice of Terms and Conditions of Purchase of Loans – Makes three corrections to the Dec. 2 notice
- Dec. 2, 2008, Notice of Terms and Conditions of Additional Purchase of Loans – Establishes the terms and conditions governing certain additional loan purchases and outlines factors considered in evaluating the purchase price, which don't result in any net cost to the federal government
- Nov. 5, 2008, Notice of Proposed Information Collection Requests – ED seeks comments on or before Jan. 5, 2009 about the documents that detail the terms and conditions of the loan purchase program and collect the lender information required to administer the program
- July 1, 2008, Loan Purchases Notice of Terms & Conditions – Establishes the terms and conditions that govern ECASLA loan purchases and outlines the factors considered in evaluating the purchase price
- Letters from the Secretary of Education, Margaret Spellings
- Nov. 20, 2008 letter – Provides information about how the Secretary's existing authority will be used to purchase 2007-2008 FFELP loans to address issues of student loan market liquidity
- Nov. 10, 2008 letter – Provides implementation information about the loan purchase program
- Nov. 8, 2008 press release – Announcement about ensuring students and families have uninterrupted access to Federal student loans, which includes ED's ECASLA fact sheet
- June 18, 2008 letter – Letter to post-secondary educational CEOs participating in the FFELP
- May 21, 2008 letter – Letter to the FFELP lender CEOs.
- Congressional Budget Office Cost Estimate for H.R. 5715
- Dear Colleague Letter GEN-08-08/FP-08-07 – Summary of the ECASLA and an outline of steps ED is taking to ensure access to federal student loans
- Approved Custodian List – Tracking list of entities that provided the necessary certifications and have met the standards set forth in Section 10(c)(v) of the MPA
- Q&A Documents
- Loan Participation Purchase Program Q&A - Interpretive guidance for use with the Loan Participation Purchase Program
- Loan Purchase Commitment Program Q&A - Interpretive guidance for use with the Loan Purchase Commitment Program
- Electronic Announcements
- Announcement #94 Oct. 12, 2011 – Loan Purchase Programs – Criteria and Procedure for Release of Loans – Asset-Backed Commercial Paper (ABCP) Conduit Put Program (Conduit)
- Announcement #93 March 17, 2011 – Loan Purchase Programs – Updated Instructions for Submission and Processing of Repurchase Requests (Rescission of Purchase); Post-sale Responsibilities
- Announcement #92 Dec. 9, 2010 – 2009-2010 Close Out of Post Sale Adjustments
- Announcement #91 Dec. 9, 2010 – Guidelines for MLSA Section 7: Rescission of Purchase
- Announcement #90 Oct. 4, 2010 – Participant yield rate for quarter ending Dec. 31, 2010
- Announcement #89 July 2, 2010 – Participant yield rate for quarter ending Sept. 30, 2010
- Announcement #88 June 17, 2010 – 2009-10 MLSA updated bill of sale submission instructions
- Announcement #87 May 21, 2010 – Submission of original versions of the loan transmittal summary form and loan data schedule
- Announcement #86 May 20, 2010 – 2009-2010 Loan Purchase Programs closing dates
- Announcement #85 May 5, 2010 – Third amended and restated Put Agreement
- Announcement #84 April 19, 2010 – Instructions for submission of a corrective action plan for attestation engagement findings in the loan purchase programs
- Announcement #83 April 2, 2010 – Participant yield rate for quarter ending June 30, 2010
- Announcement #82 March 26, 2010 – 2009-10 Loan Purchase Program - Close out of post sale adjustments
- Announcement #81 March 24, 2010 – 2009-10 Loan Purchase Commitment Program - 45 day notice of intent and updates to transfer files
- Announcement #80 March 24, 2010 – Guidance for meeting servicer reporting requirements
- Announcement #79 Jan. 5, 2010 – Participant yield rate for quarter ending March 31, 2010
- Announcement #78 Dec. 16, 2009 – Retention of records needed to establish eligibility of loans pledged to the conduit lender
- Announcement #77 Nov. 18, 2009 – Revised date for seller submission of electronic signature "Exemplary Affidavits" and additional information
- Announcement #76 Oct. 19, 2009 – Instructions for accessing ED's servicer loan information for 2009-10 MSLA AUPs
- Announcement #75 Oct. 19, 2009 – Instructions for submitting a corrective action plan in the 2009-10 Loan Purchase Programs
- Announcement #74 Oct. 19, 2009 – Procedures and instructions for Lenders in the 2009-10 Loan Participation Purchase Program
- Announcement #73 Oct. 14, 2009 – Second amended and restated PUT agreement
- Announcement #72 Oct. 5, 2009 – Participant Yield Rate Quarter Ending Dec. 31, 2009
- Announcement #71 Aug. 7, 2009 – 2008-09 Loan Purchase Programs closing dates
- Announcement #70 Aug. 6, 2009 – Periods of unavailability to process loan sale purchase requests
- Announcement #69 Aug. 6, 2009 – Periods of unavailability to process participation funding requests
- Announcement #68 July 31, 2009 – New servicers and updates to transfer files
- Announcement #67 July 16, 2009 – Participant Yield Rate announced for quarter ending Sept. 30, 2009
- Announcement #66 June 16, 2009 – Document submission process for the 2009-10 Loan Purchase Programs
- Announcement #65 June 15, 2009 – Live Webinar reminder
- Announcement #64 May 28, 2009 – Live Webinar about the 2008-09 Loan Purchase Program's closeout procedures
- Announcement #63 May 27, 2009 – Closeout reminder for the Loan Purchase Participation Program
- Announcement #62 May 14, 2009 – Revised loan schedule and eligibility edits
- Announcement #61 May 13, 2009 – Amended and Restated Put Agreement
- Announcement #60 May 11, 2009 – 2009-10 ABCP Conduit Program
- Announcement #59 May 6, 2009 – ABCP Conduit Put Program's executed liquidity loan agreement and amendments
- Announcement #58 April 23, 2009 – Document submission instructions for banks wishing to perform as custodians for the 2009-10 Loan Participation Purchase Program
- Announcement #57 April 16, 2009 – Participant yield rate for quarter ending June 30, 2009
- Announcement #56 April 13, 2009 – Submission process for 2009-10 Loan Purchase Programs
- Announcement #55 April 6, 2009 – Access instructions to ED's servicer for MLSA AUPs
- Announcement #54 March 25, 2009 – Loan purchase activity reports
- Announcement #53 March 13, 2009 – Revised definition of "File Creation Date" and announcement of changed payment mechanism
- Announcement #52 March 10, 2009 – Procedures letter and instructions for submission of a corrective action plan for the 2007-08 Short-Term Purchase Program
- Announcement #51 Feb. 27, 2009 – Additional document for ABCP Conduit Put Program
- Announcement #50 Feb. 25, 2009 – Lender loan document guidelines for selling eligible FFELP loans to ED
- Announcement #49 Feb. 24, 2009 – ABCP Conduit Program contact information and presentation of documents
- Announcement #48 Feb. 9, 2009 – Reminder of final date to execute Master Loan Sale Agreement for 2008-09 program
- Announcement #47 Feb. 4, 2009 – Announcement of first conduit under the ABCP Program and status of 2007-08 Short-Term Purchase Program
- Announcement #46 Jan. 16, 2009 – 2009-10 Loan Purchase Programs Agreements
- Announcement #45 Jan. 16, 2009 – ABCP Counduit Put Agreement
- Announcement #44 Jan. 16, 2009 – ED announced a 3.08 percent participant yield rate for the quarter ending March 31, 2009
- Announcement #43 Jan. 15, 2009 – Federal Register Notice for 2009-10 Loan Purchase Programs and the ABCP Conduit Put Program
- Announcement #42 Dec. 18, 2008 – ED establishes a different lender ID for purchase of 2007/2008 loans
- Announcement #41 Dec. 16, 2008 – Minor corrections to the Dec. 2, 2008 Federal Register posting and revised "Adoption Agreement" forms
- Announcement #40 Dec. 12, 2008 – Agreed upon procedures and Corrective Action Plan (CAP) instructions
- Announcement #39 Dec. 11, 2008 – Instructions for the 2007-08 loans "Bill of Sale" and data file submission
- Announcement #38 Dec. 3, 2008 – Instructions for the 2007-08 loans "Offer to Sell"
- Announcement #37 Nov. 28, 2008 – Instructions on execution and submission of the MLSA and the other documents required to sell loans
- Announcement #36 Nov. 24, 2008 – Text announcing the terms and conditions of the plan to purchase 2007-08 FFELP loans
- Announcement #35 Nov. 18, 2008 – Instructions for submission of a corrective action plan for agreed upon procedure finding
- Announcement #34 Oct. 31, 2008 – Interpretative guidance about the Loan Purchase Program's MLSA and MPA
- Announcement #33 Nov. 5, 2008 – Revised certification for the Sponsor and Servicer Statement of Compliance
- Announcement #32 Oct. 10, 2008 – Dates when payment processing system unavailable for the funding of loan purchase transactions
- Announcement #31 Oct. 10, 2008 – Identifier information for the loans sold to and held by ED under the program
- Announcement #30 Oct. 2, 2008 – Participant yield rate for quarter ending Dec. 31, 2008
- Announcement #29 Sept. 25, 2008 – Loan Participation monthly reporting and payment remittance procedures
- Announcement #28 Sept. 19, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #27 Oct. 21, 2008 – Information about the "Loan Transfer/ Conversion File" used when transmitting loan data for purchase (updated 11/3/08)
- Announcement #26 Sept. 3, 2008 – Revisions to the "Bill of Sale and Security Release Certification" and "Notice of Assignment and Designation of Payee"
- Announcement #25 Sept. 5, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #24 Sept. 3, 2008 – Dates when payment processing system unavailable for the funding of loan purchase transactions
- Announcement #23 Aug. 22, 2008 – Document submission process
- Announcement #22 Aug. 19, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #21 Aug. 13, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #20 Aug. 11, 2008 – Loan schedule and custodial certification table load procedures
- Announcement #19 Aug. 8, 2008 – Superseded by 'Approved Custodian List'
- Announcement #18 Aug. 8, 2008 – Participant yield rate for quarter ending Sept. 30, 2008
- Announcement #17 Sept. 25, 2008 – Monthly aggregate settlement date report submission procedures
- Announcement #16 Sept. 25 , 2008 – Revised document submission process for request for funding
- Announcement #15 Sept. 19 , 2008 – Monthly rolling forecast reporting process
- Announcement #14 Aug. 7, 2008 – Document submission instructions for banks wishing to perform as custodians
- Announcement #13 Aug. 6, 2008 – Document submission process (superseded by Announcement #20)
- Announcement #12 Aug. 1, 2008 – Document submission process (superseded by Announcement #16)
- Announcement #11 Aug. 1, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #10 Aug. 1, 2008 – Document submission process
- Announcement #9 July 30, 2008 – Reminder notices of intent to participate in Loan Purchase Commitment Program and Loan Participation Purchase Program
- Announcement #8 July 25, 2008 – Attachments to revised copies of the Master Participation Agreement (MPA) and the Master Loan Sales Agreement (MLSA)
- Announcement #7 July 24, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #6 July 18, 2008 – Live webinar about FFELP loans purchase and participation interests
- Announcement #5 July 11, 2008 – Attachments to copies of the MPA and the MLSA
- Announcement #4 July 10, 2008 – Master Loan Purchase Agreements (superseded by Announcement #8)
- Announcement #3 July 3, 2008 – Availability of MPA forms
- Announcement #2 June 19, 2008 – GEN-08-08/FP-08-07, Summary of ECASLA
- Announcement #1 June 12, 2008 – Clarifies the effect on FFELP borrower benefit programs of the eligible loans to be sold
Industry Resources
This list includes links to impact summaries, side-by-side analysis, blacklines and other helpful tools developed by OCAP and our industry partners.
- OCAP resources
- NCHER resources
- Blackline of ECASLA PDF - HEA Parts B, D, G & I
- Strengthening Student Aid for All Act Summary PDF - This bill, S. 2815, was introduced in the Senate and is similar to ECASLA
- Preliminary draft analysis of ECASLA provisions DOC
- NASFAA resources
Online Resources
- U.S. Department of Education's ECASLA Website (external link) – Provides links to information about the passage, training and implementation of ECASLA
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