July 2008

What's New

School and Lender Updates

Updates to Eligible Lender List

Contact: Jill Wilson
(573)526-7356

CHANGES:

Bank of America, OE 831495
This code is only available to schools that have had a prior Bank of America/MDHE/ACS relationship.

Farmers and Merchants Bank - F & M Bank, OE 814668 Farmers and Merchants Bank has made the decision to no longer subsidize the origination fee effective July 1, 2008.

Vantage Credit Union c/o MOHELA, OE 826986
Vantage Credit Union will no longer subsidize the origination fee for loans disbursed on or after July 1, 2008.

Wachovia, OE 830005
Wachovia will no longer subsidize the origination fee for loans disbursed on or after July 1, 2008

Wells Fargo, OE 807176
Effective July 1, 2008, Wells Fargo will no longer subsidize any portion of the default or origination fees.
Effective June 6, 2008, Wells Fargo will accept new federal student loan applications from new borrowers from select schools. This includes Federal Stafford Loans, Federal PLUS Loans for parents, and Federal PLUS Loans for graduate and professional students.
Wells Fargo is taking the following steps to help reduce the impact of this change for schools not selected:

• Students who have an application pending for a Wells Fargo federal loan will be served.
• Wells Fargo will continue to originate federal student loans for all existing Wells Fargo federal student loan borrowers with a valid Master Promissory Note (MPN) on file who are returning to school for the 2008-09 academic year.

DELETIONS:

Brazos Higher Education Service Corporation, Inc., OE (Servicer Code) 700208
Effective June 30, 2008, Brazos Higher Education Service Corporation will cease all in-house loan origination and servicing operations. All loans previously originated and/or serviced on their system have been transferred to a third party servicer.

Central Bank of Lebanon, OE 828826
Central Bank of Lebanon has exited FFELP effective July 1, 2008. They will continue to disburse any loans that are not yet fully disbursed.

Phelps County Bank, OE 821154
Effective immediately, Phelps County Bank will no longer be originating new student loans.

Midwest Independent Bank, OE 832861
Midwest Independent Bank has discontinued participation in FFELP.

School Updates

The following schools are listed on the June 2008 Closed School Report:

School of Hair Design
Idabel, OK
OPE ID: 03089400

Neosho Beauty College-Class Act 1 School of Cosmetology
Joplin, MO
OPE ID: 02608001

MDHE Offers Complete Line of Publications for the 08-09 Academic Year

The Missouri Department of Higher Education has a longstanding tradition of providing free resources and publications to Missouri's postsecondary institutions, and the 2008-2009 academic year is no different. The recent hubbub of activity surrounding the student loan industry, as well as changes within state financial assistance programs, makes it more crucial than ever that you provide your students with the most up-to-date publications available... that's where we come in!

From financial assistance guidance to entrance and exit counseling, from planning for college to financial literacy, MDHE publications are specifically designed to provide students with the information they need to help them succeed. After all, "Building Missouri's future... by degrees" is our goal.

All pieces include updated information on interest rates, loan limits, counseling requirements, and repayment options as appropriate. Visit our online publication order form to order any of the items below currently featured in our library.

• Be a Smart Borrower entrance counseling expansion folder
• College Road Map
• Entrance Counseling Workbook
• Exit Counseling Workbook
• Help for Defaulted Borrowers
• MYF Online Grad Plus Entrance and Exit Counseling leaflets
• MYF Online Stafford Entrance and Exit Counseling leaflets
• Online MDHE (for financial aid administrators)
• Online MDHE (for students)
• Planning and Paying for College packet
• Planning for Financial Success (calendar geared toward college freshmen)
• Preparing for College magnets
• Smart Approach to Student Loans and Consumer Debt
• The Source: MDHE's Guide to Grants, Scholarships, Loans, and More
• Your Choice: Choosing the right lender and guarantor for your student loan

Missouri Tops Show Me the Future Players

Missouri once again boasts the highest number of players taking advantage of Mapping Your Future's " Show Me the Future" financial literacy and life skills game. The free, interactive Web journey is designed to help 12- to 20-year-olds prepare for their futures by helping them understand and implement money management concepts such as:

• Cost of living
• Budgeting
• The difference between wants and needs
• The importance of financial planning
• The need to set career goals
• The value of higher education

"Show Me the Future" is designed to help students understand that the decisions they make today can have a life-long impact. Players from all 50 states have played the game, with Missouri topping the list for number of participants and Texas and South Dakota rounding out the top three.

The MDHE is a proud sponsor of Mapping Your Future - a national collaborative, public-service project of the financial aid industry that brings together the expertise of the industry to provide free college, career, financial aid, and financial literacy services for students, families, and schools.