SAFRA Act Payments to FFEL Loans Servicers for Retaining Jobs in the United States

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Section 1862 of Public Law 112-10 rescinded the unobligated appropriated funds for SAFRA Act Payments to Loan Servicers for the Job Retention Program for FY 2011. There will be no FY 2011 Awards.

FED-WIRE Form download files PDF (31K) - The deadline for the return of any FY 2010 funds that cannot be used for allowable purposes is August 8, 2011.

Title II of the Health Care and Education Reconciliation Act of 2010, Section 2212(b)(1):

(7) ADDITIONAL PAYMENTS.—

(A) PROVISION OF ASSISTANCE.—The Secretary shall provide payments to loan servicers for retaining jobs at locations in the United States where such servicers were operating under part B on January 1, 2010.

(B) FUNDS.—There are authorized to be appropriated, and there are appropriated, to carry out this paragraph (in addition to any other amounts appropriated to carry out this paragraph and out of any money in the Treasury not otherwise appropriated), $25,000,000 for each of the fiscal years 2010 and 2011.

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Last Modified: 06/02/2011