ED Publishes Final Regulations on Student Loans, General Provisions and Grant Programs
The U.S. Department of Education published final rules based on the Notices of Proposed Rulemaking on which the student-aid community commented earlier in the year. Two regulatory packages appeared in the Federal Register Nov. 1. The first provides changes to general provisions. The second regulatory package, commonly referred to as the “loans” package, provides new regulations for schools, lenders and guarantors participating in the Title-IV loan programs.
Most of the regulatory changes are effective July 1, 2008, but the department also stipulates that, for some provisions, program participants are permitted to implement the changes as early as Nov. 1. All of the changes in the general-provisions regulations are subject to early implementation by the school, lender or guarantor. Several provisions of the “loans” package also fall into the early implementation category, and those provisions are indicated in the summary noted below.
USA Funds®’ policy advisers have summarized key provisions of both regulatory packages.
The department also has published final regulations governing the Academic Competitiveness Grant and National Science and Mathematics Access to Retain Talent Grant programs.
You will need Adobe Reader to access the final regulations issued by the Department.
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