<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Aptos;}
@font-face
{font-family:"Franklin Gothic Medium";
panose-1:2 11 6 3 2 1 2 2 2 4;}
@font-face
{font-family:"Franklin Gothic Book";
panose-1:2 11 5 3 2 1 2 2 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:12.0pt;
font-family:"Aptos",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
span.EmailStyle21
{mso-style-type:personal-compose;
font-family:"Aptos",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;
mso-ligatures:none;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1027" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="blue" vlink="purple" style="word-wrap:break-word">
<div class="WordSection1">
<p><span style="font-family:"Calibri",sans-serif;color:black">Good </span><span style="font-family:"Calibri",sans-serif">morning<span style="color:black"> FA!</span></span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p><span style="font-family:"Calibri",sans-serif;color:black">We've updated all </span>
<b><span style="font-family:"Calibri",sans-serif">O<span style="color:black">Y</span></span></b><span style="font-family:"Calibri",sans-serif;color:black"> Loan Debt Letters to reflect the<b> anticipated
</b>interest rate increase reported by <i>NASFAA</i> and the Electronic Announcement dated May 14, 2024.</span><span style="font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p><a href="http://nasfaa.informz.net/z/cjUucD9taT0xMTA3MDYyOCZwPTEmdT0xMTY3MjIyMzAyJmxpPTEwMTk4MDIyMw/index.html"><b><i><span style="font-family:"Arial",sans-serif;color:#223343">Student Loan Interest Rates for 202</span></i></b><b><i><span style="font-family:"Arial",sans-serif;color:windowtext">4</span></i></b><b><i><span style="font-family:"Arial",sans-serif;color:#223343">-2</span></i></b><b><i><span style="font-family:"Arial",sans-serif;color:windowtext">5</span></i></b><b><i><span style="font-family:"Arial",sans-serif;color:#223343">
Award Year Set to Increase</span></i></b></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p><i><span style="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 </span></i><a href="http://nasfaa.informz.net/z/cjUucD9taT0xMTA3MDYyOCZwPTEmdT0xMTY3MjIyMzAyJmxpPTEwMTk4MDIyNA/index.html"><i><span style="font-family:"Arial",sans-serif;color:windowtext">the</span></i></a><i><u><span style="font-family:"Arial",sans-serif">
most recent auction</span></u></i><i><span style="font-family:"Arial",sans-serif;color:black">, the interest rate for federal loans first disbursed on or after July 1, 202</span></i><i><span style="font-family:"Arial",sans-serif">4<span style="color:black">
are expected to increase from 5.49% </span>to 6.53% <span style="color:black">for undergraduate Direct Loans, from 7.05%
</span>to 8.08% <span style="color:black">for graduate/professional Direct Unsubsidized Loans, and from 8.05%
</span>to 9.08% <span style="color:black">for Parent and Grad PLUS loans. The interest rate caps for these loans are 8.25%, 9.5 %, and 10.5% respectively.</span><o:p></o:p></span></i></p>
<p><b><span style="font-family:"Calibri",sans-serif;color:black">IMPORTANT </span>
</b><span style="font-family:"Calibri",sans-serif;color:black">Go to your </span>
<b><span style="font-family:"Calibri",sans-serif">O<span style="color:black">Y</span></span></b><span style="font-family:"Calibri",sans-serif;color:black"> Run Control ID to confirm that the new interest rate displays on the OY letter option. If you see an
old interest rate, you may need to jiggle your </span><span style="font-family:"Calibri",sans-serif">O<span style="color:black">Y Run Control.</span></span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p><span style="font-family:"Calibri",sans-serif;color:black;background:yellow">Please take the following steps to jiggle your
<b>OY</b> Loan Debt Letter Run Control ID.</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p style="margin-left:.5in;text-indent:-.25in"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">1.</span><span style="font-size:7.0pt;font-family:"Times New Roman",serif;color:black">
</span><span style="font-family:"Calibri",sans-serif;color:black">Navigate to <u>
Navigator > HighPoint > Message Center > Processes > Send Messages</u></span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p style="margin-left:.5in;text-indent:-.25in"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">2.</span><span style="font-size:7.0pt;font-family:"Times New Roman",serif;color:black">
</span><span style="font-family:"Calibri",sans-serif;color:black">Select your </span>
<b><span style="font-family:"Calibri",sans-serif">O<span style="color:black">Y Loan Debt Letter</span></span></b><span style="font-family:"Calibri",sans-serif;color:black">
<b>Run Control ID</b></span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p style="margin-left:.5in;text-indent:-.25in"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">3.</span><span style="font-size:7.0pt;font-family:"Times New Roman",serif;color:black">
</span><span style="font-family:"Calibri",sans-serif;color:black">Select the <b>blank option</b> on the
<i>Letter</i> dropdown menu</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p style="text-indent:.25in"><img border="0" width="846" height="320" style="width:8.8125in;height:3.3333in" id="Picture_x0020_1" src="cid:image004.png@01DAC868.D237FED0"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p style="text-indent:.25in"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> <span style="color:black">2.</span></span><span style="font-size:7.0pt;font-family:"Times New Roman",serif;color:black">
</span><span style="font-family:"Calibri",sans-serif;color:black">Re-select the <b>
Loan Debt Letter </b></span><b><span style="font-family:"Calibri",sans-serif">O<span style="color:black">Y</span></span></b><span style="font-family:"Calibri",sans-serif;color:black">, confirm the text now says, “</span><span style="font-family:"Calibri",sans-serif">6.53%<span style="color:black">”
then select <b>Save</b>.</span></span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p style="text-indent:.25in"><img border="0" width="851" height="485" style="width:8.8645in;height:5.052in" id="Picture_x0020_4" src="cid:image001.png@01DAC866.6A0060C0"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p></o:p></span></p>
<p><span style="font-family:"Calibri",sans-serif;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"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Loan Processing
Business Process Guide | 9.2 FA - Financial Aid Business Process Guides | ctcLink Reference Center</span></a><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">)<o:p></o:p></span></p>
<p><span style="font-family:"Calibri",sans-serif;color:black"> Thank you!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><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">
<v:stroke joinstyle="miter" />
<v:formulas>
<v:f eqn="if lineDrawn pixelLineWidth 0" />
<v:f eqn="sum @0 1 0" />
<v:f eqn="sum 0 0 @1" />
<v:f eqn="prod @2 1 2" />
<v:f eqn="prod @3 21600 pixelWidth" />
<v:f eqn="prod @3 21600 pixelHeight" />
<v:f eqn="sum @0 0 1" />
<v:f eqn="prod @6 1 2" />
<v:f eqn="prod @7 21600 pixelWidth" />
<v:f eqn="sum @8 21600 0" />
<v:f eqn="prod @7 21600 pixelHeight" />
<v:f eqn="sum @10 21600 0" />
</v:formulas>
<v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect" />
<o:lock v:ext="edit" aspectratio="t" />
</v:shapetype><v:shape id="Picture_x0020_1" o:spid="_x0000_s1026" type="#_x0000_t75" alt="Title: SBCTC logo - Description: Compass " style='position:absolute;margin-left:0;margin-top:0;width:45.1pt;height:84.5pt;z-index:251659264;visibility:visible;mso-wrap-style:square;mso-width-percent:0;mso-height-percent:0;mso-wrap-distance-left:9pt;mso-wrap-distance-top:0;mso-wrap-distance-right:9pt;mso-wrap-distance-bottom:0;mso-position-horizontal:left;mso-position-horizontal-relative:margin;mso-position-vertical:absolute;mso-position-vertical-relative:text;mso-width-percent:0;mso-height-percent:0;mso-width-relative:page;mso-height-relative:page'>
<v:imagedata src="cid:image003.png@01DAC868.4CF96E20" o:title=" Compass " />
<w:wrap type="through" anchorx="margin"/>
</v:shape><![endif]--><![if !vml]><img width="60" height="113" style="width:.625in;height:1.177in" src="cid:image002.png@01DAC879.EA394230" align="left" hspace="12" alt="Title: SBCTC logo - Description: Compass " v:shapes="Picture_x0020_1"><![endif]><span style="font-family:"Franklin Gothic Medium",sans-serif;color:#003764;mso-ligatures:standardcontextual">Jedidiah
Lara</span><span style="font-family:"Franklin Gothic Medium",sans-serif;color:#003764"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:10.55pt;text-autospace:none"><b><span style="font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#003764;mso-ligatures:standardcontextual">Functional Analyst, Campus Solutions (Financial Aid)</span></b><b><span style="font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F497D;mso-ligatures:standardcontextual"><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:"Franklin Gothic Book",sans-serif;color:#003764;mso-ligatures:standardcontextual">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:"Franklin Gothic Book",sans-serif;color:#003764;mso-ligatures:standardcontextual"><a href="mailto:jlara@sbctc.edu"><span style="color:#0563C1">jlara@sbctc.edu</span></a>
| o: 360-704-3996<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
</div>
</body>
</html>