Included as attachments to this memo are revised copies of the Master
Participation Agreement (MPA) and the Master Loan Sales Agreement (MLSA).
These agreements must be executed by FFEL Program lenders who wish to
participate in one or both of the Loan Purchase Programs. Earlier versions
of the agreements were posted on July 10, 2008.
Many of the revisions made to the agreements are either corrections of
typographical errors or corrections of incorrect references within the
documents. Other revisions, while more substantive, do not significantly
impact the basic structure and requirements of the Loan Purchase Programs.
The majority of these revisions resolve perceived inconsistencies within
the documents and clarify expressed Department intent. There were, however,
more substantive changes that relate to the role of the custodian and
the rights of those providing interim financing to student lenders. We
encourage you to review the document in full to completely ascertain all
the changes.
We want to thank those members of the FFEL community who suggested some
of these changes and we look forward to working with the entire community
to implement these important programs.
