How long will the College Board accept loan applications for AY07-08?

The College Board will accept loan applications for any loan guaranteed on or before October 15, 2007.

How long will the College Board fund new loans?

The College Board has agreed to fund loans guaranteed on or before October 15, 2007, and will disburse through June 30, 2008. No disbursements will be made after June 30, 2008.

Will the College Board process second-semester only loans?

Yes, if the loan is guaranteed on or before October 15, 2007, and if the final disbursement occurs on or before June 30, 2008.

What will happen to borrowers who need to borrow beyond AY07-08?

For borrowers who take out a loan in 2007-08, and need a loan for subsequent years, the College Board has structured an arrangement with Sallie Mae Education Trust (802218) to fund future loan requests using the same Master Promissory Note. If students want to continue to borrow through the Sallie Mae Education Trust, they will not need to sign a new promissory note.

Or they can choose to borrow through a different lender. If they choose this option, they will contact your Financial Aid Office for further guidance. If the new lender doesn't use Sallie Mae as a servicer, they could have a "split account," meaning that upon repayment the borrower would have to make two monthly payments instead of one.

What should I do if I need to reissue a loan after the June 30, 2008, cut-off date?

You will need to recertify a new loan with the borrower's new choice of lender.

What if I certified a loan prior to the October 15, 2007, cut-off date?

The loan will be disbursed based on your set schedule provided all disbursements are made by June 30, 2008. If the loan is not guaranteed on or before October 15, 2007, it will be cancelled, the borrower will need to select a new lender (see 4, above), and you will need to certify with that lender.

What if I certified a loan with a disbursement date after June 30, 2008?

Any disbursements scheduled after June 30, 2008, will need to be rescheduled to a pre-June 30 date or the disbursement will not be made; the borrower will need to select a new lender (see 4, above) and you will need to recertify with that lender.

What if we need to return funds (i.e., refunds, cancellations, etc.) after June 30, 2008?

We will continue to accept refunds after June 30, 2008, but we will not be able to process reissues or reinstatements after this date.

What options are now available for alternative loans previously offered through the College Board?

Borrowers who previously had a loan through one of the College Board partners will still have access to those resources and should contact their lender directly. Any new borrowers with questions about alternative loans are encouraged to contact their Financial Aid Office for further guidance.

Will the College Board continue to offer information on its website with regard to financial aid options and important information on education credit?

Yes, the College Board will be revising the information on its Education Loan Center to provide information to students and parents on the process of applying for financial aid and will connect borrowers to other important topics related to education finance.

What should I do if I now link to the College Board website or have a dedicated URL for loan origination?

You will need to remove the link to the College Board website or the dedicated URLs.

How long will I be able to view student loan records regarding their College Board loans through Sallie Mae's OpenNet or Citibank's Education Loan Center?

This will have no impact on your ability to view your students' loans on either system.

Who should I contact if I have any questions regarding the College Board exiting the education lending business?

Contact your College Board Account Executive.