October 2009

What's New

SAT Fee Waivers Available for Qualifying Students

With recent changes in the nation's economy, high school counselors may see an increase in the number of students who are struggling to pay registration fees for the Scholastic Assessment Test (SAT). Thanks to a fee-waiver service provided by the College Board, students facing economic hardships are receiving the assistance they need to pursue a postsecondary education.

Since its enactment in 1969, the SAT Program Fee Waiver Service has helped hundreds of thousands of low-income students each year, with the College Board providing approximately $30 million in SAT and SAT-related services free of charge to low-income students who are interested in taking one of the following tests:

• SAT Reasoning Test
• SAT Subject  Tests
• PSAT/NMSQT
• AP Exams

Fee waivers for both the SAT and the SAT Subject Tests are available for high school students in the U.S., U.S. territories, and U.S. commonwealths. Fee waivers may be granted to nationals of countries other than the U.S. who live and test in the U.S., U.S. territories, or U.S. commonwealths, and who meet the eligibility requirements.

In addition, fee waivers for the SAT are available for juniors and seniors only, while eligible high school students in any grade can qualify for SAT Subject Test fee waivers. Students interested in obtaining a waiver must inform their high school counselor of the date in which they intend to take the SAT. When determining eligibility for SAT fee waivers, the College Boards advises high school counselors to combine their knowledge of individual student circumstances with its test-specific guidelines. Based solely on household size and family income, the test specific guidelines are in accordance with the United States Department of Agriculture's Income Eligibility chart, which is used to determine eligibility for the Federal Free and Reduced Lunch Program.

For additional information regarding SAT fee waivers, education professionals should visit the "For Professionals" section of www.collegeboard.com.

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Updates to the Eligible Lender List

Contact: Jill Wilson
(573)526-7356

ADDITIONS: None

CHANGES: None

DELETIONS:

US Bank, OE 804609, 822908, 802844, 814548, 834368
On Sept. 26, 2009, U.S. Bank suspended the origination of FFELP loans until further notice. U.S. Bank will continue to support students and schools by processing school certifications received no later than Sept. 25, 2009. Funding will continue as scheduled for all approved loans. However, loans must be fully disbursed by Sept. 15, 2010.  

Key Bank, OE
On Oct. 8, 2009, Key Bank announced it will suspend its origination of new FFELP loans beginning Dec. 5, 2009. This means that a completed application must be guaranteed, school certified, credit approved, and have a valid MPN on file by 5:00 p.m. EST on Dec. 4. Additionally, all loans must be fully disbursed by March 31, 2010.