I spent most of an hour today on a conference call discussing what a "new PLUS borrower" was in anticipation of the PLUS auction regulation scheduled to be implemented for 7-1-09.
Is a new borrower someone who has never borrowed before; someone who has never borrowed from a particular lender; or (as we thought it would be best), someone who does not owe any money on a PLUS loan on 7-1-09. Monday we tackle when the new borrower as we hope it will be defined is eligible for a PLUS loan from one of the two lenders who wins the auction that will be designated for a State.
Welcome to the world of FFELP loan servicing. Who makes up these rules, you say? The Federal government.
1 comment:
PLUS Auction Cancelled. Good news for everyone involved.
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