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ED: Final Rule on Loan Programs for Lenders and Guaranty Agencies

Federal Register, October 29, 2009, Page 55971-56006

Agency

Office of Postsecondary Education, Department of Education

Action

Final regulations

Summary

The Secretary amends the Federal Perkins Loan (Perkins Loan) Program, Federal Family Education Loan (FFEL) Program, and William D. Ford Federal Direct Loan (Direct Loan) Program regulations to implement provisions of the Higher Education Act of 1965 (HEA), as amended by the Higher Education Opportunity Act of 2008 (HEOA), and other recently enacted legislation.

Dates

Effective Date: These regulations are effective July 1, 2010. Implementation Date: The Secretary has determined, in accordance with section 482(c)(2)(A) of the Higher Education Act of 1965, as amended (HEA)(20 U.S.C. 1089(c)(2)(A)), that lenders, guaranty agencies, and loan servicers that administer the FFEL and Direct Loan programs may, at their discretion, choose to implement the new provisions in Sec. Sec. 682.211(f) and 685.205(b) governing administrative forbearances for PLUS loans on or after November 1, 2009. For further information, see the section entitled Implementation Date of These Regulations in the SUPPLEMENTARY INFORMATION section of this preamble.

Further Information

For information related to total and permanent disability loan discharges, Jon Utz or Pamela Moran. Telephone: (202) 377-4040 or (202) 502-7732 or via the Internet at: jon.utz@ed.gov or pamela.moran@ed.gov. For information related to FFEL and Direct Loan teacher loan forgiveness, Donald Conner or Jon Utz. Telephone: (202) 502-7818 or (202) 377-4040 or via the Internet at: donald.conner@ed.gov or jon.utz@ed.gov. For information related to all other provisions included in these final regulations, Pamela Moran. Telephone: (202) 502-7732 or via the Internet at: pamela.moran@ed.gov. If you use a telecommunications device for the deaf (TDD), call the Federal Relay Service (FRS), toll free, at 1-800-877-8339. Individuals with disabilities can obtain this document in an accessible format (e.g., braille, large print, audiotape, or computer diskette) on request to the contact person listed in this section.

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