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<p class="MsoNormal"><span style="color:#1F497D">Good Afternoon FA-<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Based on a more recent update from
<a href="https://fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2023-05-16/interest-rates-direct-loans-first-disbursed-between-july-1-2023-and-june-30-2024">
FSA</a>, we have updated all <b>EY</b> Loan Debt Letters to reflect the updated interest rate of
<b>5.50%.<o:p></o:p></b></span></p>
<p class="MsoNormal"><b><span style="color:#1F497D"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span style="color:#1F497D">In order to have the updated interest rate populate in your EY letter, you may need to jiggle your
<b>EY </b>Loan Debt Letter Run Control ID. Instructions for updating your EY Run Control ID can be found in the announcement below.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Thank you!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Stephanie<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> DirFinAid <dirfinaid-bounces@lists.ctc.edu> <b>
On Behalf Of </b>Deborah Englehardt via DirFinAid<br>
<b>Sent:</b> Thursday, May 11, 2023 5:04 PM<br>
<b>To:</b> ctclinkfinaidsupport@lists.ctc.edu; dirfinaid@lists.ctc.edu<br>
<b>Cc:</b> Deborah Englehardt <denglehardt@sbctc.edu><br>
<b>Subject:</b> [Dirfinaid] 2023-2024 EY (Even Year) Loan Debt Letter Templates UPDATED<br>
<b>Importance:</b> High<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div style="border:solid #C00000 1.5pt;padding:2.0pt 2.0pt 2.0pt 2.0pt" id="footer">
<p class="MsoNormal" align="center" style="text-align:center;background:white"><b><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#C00000">[Sent from outside SBCTC]
</span></b><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#C00000"><o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span class="elementtoproof"><span style="font-size:12.0pt;color:black">Good afternoon FA!</span></span><o:p></o:p></p>
<div>
<div>
<p class="xmsonormal"><span style="font-size:12.0pt;color:black">We've updated all
<b>EY</b> Loan Debt Letters to reflect the<b> anticipated </b>interest rate increase reported by
<i>NASFAA Today’s New</i> dated this morning. Please feel free to wait to for the Electronic Announcement if you’d like before using the updated template.</span><o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:black"><a href="http://nasfaa.informz.net/z/cjUucD9taT0xMTA3MDYyOCZwPTEmdT0xMTY3MjIyMzAyJmxpPTEwMTk4MDIyMw/index.html" target="_blank"><b><span style="color:#223343;border:none windowtext 1.0pt;padding:0in">Student
Loan Interest Rates for 2023-24 Award Year Set to Increase</span></b></a> <o:p></o:p></span></i></p>
<p class="MsoNormal" style="margin-bottom:7.5pt"><i><span style="font-size:12.0pt;font-family:"Arial",sans-serif;color:black">Interest rates are determined each June 1 for the upcoming award year by adding a fixed percentage to the high yield of the 10-year
Treasury note auctioned at the final auction prior to June 1. As a result of <a href="http://nasfaa.informz.net/z/cjUucD9taT0xMTA3MDYyOCZwPTEmdT0xMTY3MjIyMzAyJmxpPTEwMTk4MDIyNA/index.html" target="_blank">
<span style="color:#223343;border:none windowtext 1.0pt;padding:0in">yesterday’s auction</span></a>, the interest rate for federal loans first disbursed on or after July 1, 2023 are expected to increase from 4.99% to 5.49% for undergraduate Direct Loans, from
6.54% to 7.05% for graduate/professional Direct Unsubsidized Loans, and from 7.54% to 8.05% for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5 %, and 10.5% respectively.<o:p></o:p></span></i></p>
<p class="xmsonormal"><b><span style="font-size:12.0pt;color:black">IMPORTANT </span>
</b><span style="font-size:12.0pt;color:black">Go to your <b>EY</b> Run Control ID to confirm that the new interest rate displays on the EY letter option. If you see an old interest rate, you may need to jiggle your EY Run Control.
</span><o:p></o:p></p>
<p class="xmsonormal"><span style="font-size:12.0pt;color:black;background:yellow">Please take the following steps to jiggle your
<b>EY</b> Loan Debt Letter Run Control ID.</span><o:p></o:p></p>
<p class="xmsonormal" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l1 level1 lfo3">
<![if !supportLists]><span style="color:black"><span style="mso-list:Ignore">1.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:12.0pt;color:black">Navigate to
<u>Navigator > HighPoint > Message Center > Processes > Send Messages</u></span><span style="color:black"><o:p></o:p></span></p>
<p class="xmsonormal" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt">
<span style="color:black"><o:p> </o:p></span></p>
<p class="xmsonormal" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l1 level1 lfo3">
<![if !supportLists]><span style="color:black"><span style="mso-list:Ignore">2.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:12.0pt;color:black">Select your
<b>EY Loan Debt Letter</b> <b>Run Control ID</b></span><span style="color:black"><o:p></o:p></span></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="color:black"><o:p> </o:p></span></p>
<p class="xmsonormal" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l1 level1 lfo3">
<![if !supportLists]><span style="color:black"><span style="mso-list:Ignore">3.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:12.0pt;color:black">Select the
<b>blank option</b> on the <i>Letter</i> dropdown menu</span><span style="color:black"><o:p></o:p></span></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt;text-indent:.25in">
<img border="0" width="561" height="286" style="width:5.8437in;height:2.9791in" id="Picture_x0020_1" src="cid:image005.jpg@01D9A90D.96B95E60"><o:p></o:p></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt;text-indent:.25in">
<o:p> </o:p></p>
<p class="xmsonormal" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l4 level1 lfo8">
<![if !supportLists]><span style="color:black"><span style="mso-list:Ignore">2.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:12.0pt;color:black">Re-select the
<b>Loan Debt Letter EY</b>, confirm the text now says, “5.49%,” then select <b>Save</b>.</span><span style="color:black"><o:p></o:p></span></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt;text-indent:.25in">
<img border="0" width="681" height="376" style="width:7.0937in;height:3.9166in" id="Picture_x0020_5" src="cid:image008.jpg@01D9A90D.96B95E60"><o:p></o:p></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:12.0pt;color:black"> </span><o:p></o:p></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:12.0pt;color:black">For more information on the Loan Debt Letter, please look at the
<i>Loan Debt Letter</i> section in the <i>Loan Processing Guide</i> (</span><a href="https://ctclinkreferencecenter.ctclink.us/m/92436/l/798572-loan-processing-business-process-guide">Loan Processing Business Process Guide | 9.2 FA - Financial Aid Business
Process Guides | ctcLink Reference Center</a>)<o:p></o:p></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:12.0pt;color:black"> </span><o:p></o:p></p>
<p class="xmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:12.0pt;color:black">Thank you!</span><o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal" style="mso-line-height-alt:10.55pt;text-autospace:none"><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f">
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</v:shape><![endif]--><![if !vml]><img width="60" height="112" style="width:.625in;height:1.1666in" src="cid:image009.jpg@01D9A90D.96B95E60" align="left" hspace="12" alt="Compass" v:shapes="Picture_x0020_1"><![endif]><b><span style="font-size:14.0pt;font-family:"Candara",sans-serif;color:#1F497D">Deborah
Englehardt</span></b><b><span style="font-size:14.0pt;font-family:"Candara",sans-serif;color:#003764"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height:10.55pt;text-autospace:none"><b><span style="font-size:10.0pt;font-family:"Candara",sans-serif;color:#1F497D">Functional Analyst, Campus Solutions (Financial Aid)<o:p></o:p></span></b></p>
<p class="MsoNormal" style="line-height:10.55pt;text-autospace:none"><span style="font-size:10.0pt;font-family:"Candara",sans-serif;color:#1F497D">Washington State Board for Community and Technical Colleges<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:10.55pt;text-autospace:none"><span style="font-size:10.0pt;font-family:"Candara",sans-serif;color:black">1300 Quince Street SE<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:10.55pt;text-autospace:none"><span style="font-size:10.0pt;font-family:"Candara",sans-serif;color:black">Olympia, WA 98504-2495<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:10.55pt;text-autospace:none"><span style="font-size:10.0pt;font-family:"Candara",sans-serif;color:#1F497D"><a href="mailto:denglehardt@sbctc.edu"><span style="color:#0563C1">denglehardt@sbctc.edu</span></a> • O: 360-704-3979
</span><span style="font-size:12.0pt;font-family:"Candara",sans-serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Candara",sans-serif;color:#1F497D"><a href="https://www.sbctc.edu/"><span style="font-size:10.0pt;color:#0563C1">sbctc.edu</span></a></span><span style="font-size:10.0pt;font-family:"Candara",sans-serif;color:#003561">
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