**LOAN PURCHASE PROGRAMS ELECTRONIC ANNOUNCEMENT #17**

Date: August 8, 2008 (Updated September 25, 2008)

To: FFEL Program Community

From: Larry Warder, Acting Chief Operating Officer

Federal Student Aid

Subject: Monthly Aggregate Settlement Date Report Submission Procedures

In an Electronic Announcement posted on July 10, 2008, we attached
copies of the Master Participation Agreement and the Master Loan Sales
Agreement (the Agreements). The Agreements, as appropriate, must be
executed by a FFEL lender who wishes to participate in one or both of
the Loan Purchase Programs that were announced in a *Federal Register*
Notice, published on July 1, 2008 \[73 FR, No. 127, page 37422\]. In
addition to providing the details of each of the Loan Purchase Programs,
each Agreement describes the documents that a FFEL lender or holder must
submit if it wishes to participate in the programs. The Agreements also
include, as exhibits, forms for the contractual documents that must be
executed and submitted, as well as reporting schedules.

Attached to this announcement are the[Monthly Aggregate Settlement Date
Report (Updated September 25,
2008)](http://federalstudentaid.ed.gov/ffelp/library/MonthlySettlementAggregateReport92508.xls)
file layout and the [Monthly Aggregate Settlement Report Data Fields --
Definitions and Submission Procedures (Updated September 25,
2008)](http://federalstudentaid.ed.gov/ffelp/library/MonthlySettlementAggregateReportDataFieldDefinitions92508.doc).

Thank you for your continued support of these FFEL Loan Purchase
Programs.

**United States Department of Education**

**Federal Family Education Loan Program**

**Loan Participation Program Under a Master Loan Participation
Agreement**

**Monthly Aggregate Settlement Date Report Submission Procedures**

**[August 8, 2008]{.smallcaps}**

This document provides information and guidance to Custodians for FFEL
lenders (Sponsors) who have submitted or will be submitting Master
Participation Agreements and supporting documents to the U.S. Department
of Education (the Department) for the purpose of participating in the
Loan Participation Purchase Program through offering to the Department
participation interests in certain FFEL loans made for the 2008-2009
academic year.

The Procedures included below relate to the submission by an authorized
Custodian of the Aggregate Settlement Date Reports.

**[Monthly Aggregate Settlement Date Report]{.underline}**

The Monthly Aggregate Settlement Date Report is due monthly, or when the
Custodian distributes funds then on deposit in the Collection Account,
but not more frequently than on a weekly basis. If reporting monthly,
the report date is as of the last calendar day of the month, and the
report is due to the Department of Education seven business days (any
day other than (i) a Federal holiday, (ii) a Saturday or Sunday, or
(iii) any other day on which banking institutions or trust companies are
authorized or obligated to remain closed), after the end of the month.
If reporting weekly, the report date will be the date the Custodian
distributes funds.

The report should be prepared as an Excel file, in Excel 97 - 2000.

See the following documents for further instructions and information
regarding the Aggregate Settlement Reports:

-   [Monthly Aggregate Settlement Date Report (Updated September 25,
    2008)](http://federalstudentaid.ed.gov/ffelp/library/MonthlySettlementAggregateReport92508.xls) -
    the form of the report

-   [Monthly Aggregate Settlement Report Data Fields -- Definitions and
    Submission Procedures (Updated September 25,
    2008)](http://federalstudentaid.ed.gov/ffelp/library/MonthlySettlementAggregateReportDataFieldDefinitions92508.doc).