[Federal Register Volume 61, Number 136 (Monday, July 15, 1996)]
[Notices]
[Pages 36862-36863]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17871]
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DEPARTMENT OF EDUCATION
Office of Postsecondary Education; Federal Perkins Program
Expanded Lending Option
AGENCY: Education.
ACTION: Notice of deadline of submission of institutional agreement for
participation in the Federal Perkins Program Expanded Lending Option.
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SUMMARY: This notice establishes the deadline for submission of the
``Institutional Agreement For Participation In the Federal Perkins Loan
Program Expanded Lending Option (ELO)'' (ELO Participation Agreement)
by those eligible institutions that elect to participate in the Federal
Perkins Loan Program ELO in the 1996-97 award year (the period from
July 1, 1996 through June 30, 1997).
SUPPLEMENTARY INFORMATION: The Federal Perkins Loan Program provides
low-interest loans to financially needy students attending institutions
of higher education to help them pay their educational costs. The ELO
is available for the 1996-97 award year for institutions of higher
education that participate in the Federal Perkins Loan Program.
To be eligible to participate in the Federal Perkins Loan Program
ELO for 1996-97, an institution must have had a Federal Perkins Loan
cohort rate of 15 percent or less as of June 30, 1995, and must have
participated in the Federal Perkins Loan Program for the two previous
award years (1994-95 and 1995-96). In addition, an institution must
enter into a special ELO Participation Agreement with the Secretary. An
institution that elects to participate in the ELO must complete, sign,
date and submit the ELO Participation Agreement by the deadline date to
obtain approval.
Institutions that become Federal Perkins Loan Program ELO
participants will be required to increase the Institutional Capital
Contribution (ICC) to at least a dollar-for-dollar match with any
portion of the 1996-97 award year Federal Capital Contribution (FCC)
received. Only new FCC received on or after July 1, 1996, would be
matched at the increased rate. Institutions would not match funds
received prior to July 1, 1996, at the higher rate.
Institutions that become Federal Perkins Loan Program ELO
participants may make loans to eligible students at higher maximum
annual and aggregate limits than is the case with nonparticipating
institutions. ELO participating institutions that do not ultimately
make any loans at the higher ELO levels for the 1996-97 award year must
still honor the ELO Participation Agreement to deposit in the Federal
Perkins Loan Program Fund an ICC at least equal to the 1996-97 award
year FCC deposited into the Fund. All other administrative procedures
would remain the same as for institutions not participating in the
Federal Perkins Loan Program ELO.
DATES: Closing Date for Transmittal of ELO Participation Agreement: To
ensure participation in the Federal Perkins Loan Program ELO in the
1996-97 award year, an eligible institution that elects to participate
must submit its ELO Participation Agreement by August 1, 1996.
ELO Participation Agreement Delivered By Mail: An ELO Participation
Agreement delivered by mail must be addressed to the U.S. Department of
Education, Student Financial Assistance Programs, Institutional
Financial Management Division, Campus-Based Financial Operations
Branch, 600 Independence Avenue, SW., Room 4714 Regional Office
Building 3, Washington, DC 20202-5458.
An institution must show proof of mailing its ELO Participation
Agreement by the closing date. Proof of mailing consists of one of the
following: (1) A legible mail receipt with the date of mailing stamped
by the U.S. Postal Service, (2) a legibly dated U.S. Postal Service
postmark, (3) a dated shipping label, invoice, or receipt from a
commercial carrier, or (4) any other proof of mailing acceptable to the
U.S. Secretary of Education.
[[Page 36863]]
If an ELO Participation Agreement is sent through the U.S. Postal
Service, the Secretary does not accept either of the following as proof
of mailing: (1) A private metered postmark, or (2) a mail receipt that
is not dated by the U.S. Postal Service. An institution should note
that the U.S. Postal Service does not uniformly provide a dated
postmark. Before relying on this method, an institution should check
with its local post office. An institution is encouraged to use
certified or at least first-class mail.
ELO Participation Agreement delivered by hand and Commercial
Delivery Services: An ELO Participation Agreement delivered by hand
must be delivered to the U.S. Department of Education, Student
Financial Assistance Programs, Institutional Financial Management
Division, Campus-Based Financial Operations Branch, 7th and D Streets,
SW., Room 4714 Regional Office Building 3, Washington DC. Hand-
delivered ELO Participation Agreements will be accepted between 8 a.m.
and 4:30 p.m. daily (eastern Daylight Time), except Saturdays, Sundays,
and Federal holidays. An ELO Participation Agreement that is hand-
delivered will not be accepted after 4:30 p.m. on August 1, 1996.
Applicable Regulations: The following regulations apply to this
program:
Student Assistance General Provisions, 34 CFR Part 668.
Federal Perkins Loan Program, 34 CFR Part 674.
Federal Work-Study Program, 34 CFR Part 675.
Federal Supplemental Educational Opportunity Grant Program, 34 CFR
Part 676.
Institutional Eligibility Under the Higher Education Act of 1965,
as amended, 34 CFR part 600.
Federal Family Educational Loan Program, 34 CFR 682.
New Restrictions on Lobbying, 34 CFR part 82.
Government-wide Debarment and Suspension (Non-procurement) and
Government-wide Requirements for Drug-Free Workplace (Grants), 34 CFR
part 85.
FOR FURTHER INFORMATION CONTACT: For information concerning ELO
Participation Agreement submissions, contact Sandra Donelson, Financial
Management Specialist, Campus-Based Financial Operations Branch,
Institutional Financial Management Division, Office of Postsecondary
Education, 600 Independence Avenue, SW. (Room 4714, ROB-3), Washington,
DC 20202-5452. Telephone: 202-708-9751.
For technical assistance concerning the Federal Perkins Loan
Program ELO, contact Susan Morgan, Chief, Campus-Based Loan Programs
Section, or Sylvia R. Ross, Program Specialist, Policy Development
Division, Student Financial Assistance Programs, Office of
Postsecondary Education, U.S. Department of Education, Telephone: 202-
708-8242. Individuals who use a telecommunications device for the deaf
(TDD) may call the Federal Information Relay Service (FIRS) at 1-800-
877-8339 between 8 a.m. and 8 p.m., Eastern time, Monday through
Friday.
(Catalog of Federal Domestic Assistance Numbers: 84.038, Federal
Perkins Loan Program)
Dated: July 8, 1996.
David A. Longanecker,
Assistant Secretary for Postsecondary Education.
[FR Doc. 96-17871 Filed 7-12-96; 8:45 am]
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