session 63 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
Session #63 PowerPoint Presentation
Download Presentation
Session #63

Loading in 2 Seconds...

play fullscreen
1 / 113

Session #63 - PowerPoint PPT Presentation


  • 125 Views
  • Uploaded on

Session #63. FFEL Regulatory and Policy Update Pamela Moran Office of Postsecondary Education. Agenda. Legislation Negotiated Rulemaking- Loans Regulations Other Regulations FFELP Forms. Legislation. Reauthorization of the Higher Education Act.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Session #63' - zahi


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
session 63

Session #63

FFEL Regulatory and Policy Update

Pamela Moran

Office of Postsecondary Education

agenda
Agenda
  • Legislation
  • Negotiated Rulemaking- Loans Regulations
  • Other Regulations
  • FFELP Forms
reauthorization of the higher education act
Reauthorization of the Higher Education Act
  • Third Higher Education Extension Act of 2007 (S.2258)
    • Extends the Higher Education Act through March 31, 2008
  • Senate Reauthorization Bill-S.1642
  • House Reauthorization Bill-H.R. 4137
other legislation
Other Legislation
  • HEROES Act – Reauthorized and made permanent –September 30, 2007 (P.L. 110-93)
  • College Cost Reduction and Access Act of 2007 – September 27, 2007 (P.L. 110-84)
college cost reduction and access act of 2007 budget reconciliation
College Cost Reduction and Access Act of 2007 - Budget Reconciliation

Loan forgiveness for:

  • Public service employees
  • Non-defaulted Direct Loan borrowers only
  • Balance of principal and interest forgiven after 120 payments made after 10/1/2007
college cost reduction and access act of 2007 budget reconciliation1
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • FFEL-only borrowers authorized to seek DL Consolidation for this purpose –effective July 1, 2008
  • Included reconsolidation of existing FFEL Consolidation Loan
college cost reduction and access act of 2007 budget reconciliation2
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Must repay under any combination of:

- income-based repayment

- income-contingent repayment

- 10-year standard repayment

- any DL repayment based on 10-year repayment amounts

college cost reduction and access act of 2007 budget reconciliation3
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Must be employed in public service during 120-payment period
  • Must be employed in public service job at time of forgiveness
college cost reduction and access act of 2007 budget reconciliation4
College Cost Reduction and Access Act of 2007- Budget Reconciliation

Public Service Jobs Include:

  • Full-time job in government or emergency management
  • Military service
  • Public safety
  • Public health
college cost reduction and access act of 2007 budget reconciliation5
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Public education (including early childhood education)
  • Law enforcement
  • Public interest law services (includingprosecution or public defense or legal advocacy in low-income communities at a non-profit organization)
college cost reduction and access act budget reconciliation
College Cost Reduction and Access Act – Budget Reconciliation
  • Public child care
  • Public service for the elderly and disabled
  • School-based library science and other school-based services
college cost reduction and access act budget reconciliation1
College Cost Reduction and Access Act – Budget Reconciliation
  • Service at a 501(c)(3) organization
  • Full-time faculty at a Tribal college and in other high-needs areas determined by ED
college cost reduction and access act of 2007 budget reconciliation6
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Creates new Income-Based repayment plan for FFEL and DL borrowers (other than parent PLUS)-effective July 1, 2009
  • Creates partial financial hardship deferment
college cost reduction and access act of 2007 budget reconciliation7
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Partial financial hardship = annual repayments exceed 15% of AGI minus 150% of poverty line based on family size based on standard 10-year repayment
  • Unpaid amounts forgiven after 25 years
college cost reduction and access act of 2007 budget reconciliation8
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • New economic hardship covers borrowers with income not exceeding 150% of poverty line applicable to the borrower’s family size –effective October 1, 2007
  • Debt-to-income standard retained
college cost reduction and access act of 2007 budget reconciliation9
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Reduces subsidizedundergrad Stafford Loan Interest Rates in FFEL and Direct Loan Programs:
    • 6% for loans first disbursed 7/1/2008-6/30/2009
    • 5.6% for loans first disbursed 7/1/2009 – 6/30/2010
college cost reduction and access act of 2007 budget reconciliation10
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Reduces subsidized undergrad Stafford Loan Interest Rates in FFEL and Direct Loan Programs:
    • 4.5% for loans first disbursed 7/1/2010 – 6/30/2011
    • 3.4% for loans first disbursed 7/1/2011 – 6/30/2012
college cost reduction and access act of 2007 budget reconciliation11
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • HERA Military Service Deferment Amended- Effective 10/1/2007
    • Eliminates 3-Year Limit
    • Extends deferment for 180-days after demobilization
    • Covers all title IV loans, not just loans disbursed on/after 7/1/2001
college cost reduction and access act of 2007 budget reconciliation12
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • New Military Deferment for 13 months after service for-effective 10/1/2007:
    • National Guard, Reserve, and Retired Military Personnel Called to Active Duty
    • Enrolled or enrolled within 6 months of activation
college cost reduction and access act of 2007 budget reconciliation13
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Parent PLUS Auction Authorized
  • FFEL Parent PLUS Loans for new borrowers beginning July 1, 2009
college cost reduction and access act of 2007 budget reconciliation14
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • State-based auction every 2 years
  • Origination rights limited to 2 lowest bidders
college cost reduction and access act of 2007 budget reconciliation15
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Bids based on lender special allowance rate (SAP)
  • Winning lender must make PLUS

loans available to each parent of a dependent attending school in the State

college cost reduction and access act of 2007 budget reconciliation16
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Secretary selects parent PLUS lender-of-last-resort (LLR) for each state
college cost reduction and access act of 2007 budget reconciliation17
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Reduction in loan holder special allowance rate (SAP)
  • Effective for loans first disbursed on or after October 1, 2007
college cost reduction and access act of 2007 budget reconciliation18
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Different reductions for “for profit” and “not-for-profit” loan holders
  • “For profit”:

-- Stafford and Consolidation

0.55% Reduction

-- PLUS (incl. Grad PLUS)

0.85% reduction

college cost reduction and access act of 2007 budget reconciliation19
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • “Not-for-profit”

-- Stafford and Consolidation

0.40% reduction

-- PLUS (incl.Grad PLUS)

0.70% reduction

college cost reduction and access act of 2007 budget reconciliation20
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Must be acting as “not-for-profit” on date of enactment unless waived by State
  • “Not-for-Profit” defined as:

-- a State, or a political subdivision, authority, agency, or instrumentality of State

college cost reduction and access act of 2007 budget reconciliation21
College Cost Reduction and Access Act of 2007 - Budget Reconciliation

-- Entity described under section 150(d) of IRS Code

-- Entity described under section 501 (c)(3) of IRS Code

college cost reduction and access act of 2007 budget reconciliation22
College Cost Reduction and Access Act of 2007 - Budget Reconciliation

-- Eligible lender trustee acting on behalf of State, other State-related entity, or 150(d)(2) or 501(c)(3) entity

college cost reduction and access act of 2007 budget reconciliation23
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Lender Default Insurance Reduced
  • Loans first disbursed on/after October 1, 2012
  • Reduced from 97% to 95%
college cost reduction and access act of 2007 budget reconciliation24
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Exceptional Performer Status Eliminated
  • Effective for lenders/lender servicers on October 1, 2007
college cost reduction and access act of 2007 budget reconciliation25
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Reduces GA account maintenance fee from 0.10% to 0.06%- payments received on/after October 1, 2007
college cost reduction and access act of 2007 budget reconciliation26
College Cost Reduction and Access Act of 2007 - Budget Reconciliation
  • Reduces GA default collection retention to 16% - payments received on/after October 1, 2007
four negotiating teams
Four Negotiating Teams –
  • Loans – NPRM 8/7/07
  • ACG/National Smart – NPRM 8/7/07
  • General Provisions NPRM 8/8/07
  • Accreditation – No Regulations
loans nprm
LOANS NPRM
  • “No Consensus” on NPRM
  • NPRM reflected what ED heard and deliberations of Secretary’s Loan Task Force
regulations calendar
Regulations Calendar
  • NPRM: June 12, 2007
  • Deadline for Comments:

August 13, 2007

  • 241 Comments Received
regulations calendar1
Regulations Calendar
  • Final rules: no later than November 1, 2007
  • Effective date: July 1, 2008 with possible early voluntary implementation
loans issues all
Simplification of the Deferment Process

Accurate & Complete Copy of Death Certificate

Total and Permanent Disability

NSLDS Reporting

Certification of Electronic Signatures

Record Retention on MPNs

Loans Issues -All
loans issues ffel dl
Loans Issues – FFEL/DL
  • Maximum Loan Period
  • Identity Theft
  • Grad/Prof PLUS Loan Counseling
loans issues ffel
Loans Issues – FFEL
  • Prohibited Inducements
  • Use of Preferred Lenders
  • FFEL Loan Certification
  • Frequency of Capitalization
  • Eligible Lender Trustees (ELTs)
loans issues perkins
Loans Issues - Perkins
  • Mandatory Assignment of Defaulted Loans
  • Reasonable Collection Costs Definition
  • Child and Family Services Cancellation
simplified deferment process
Simplified Deferment Process
  • §§682.210 and 685.204 allows deferment based on information from another loan holder or from NSLDS if:
    • “New” borrower with first loan disbursed on or after July 1, 1993
    • Written or verbal deferment request received
simplified deferment process1
Simplified Deferment Process
  • FFEL or Direct Loan deferment already granted for same reason and same period
  • Loan holder has no conflicting information on borrower’s eligibility
simplified deferment process2
Simplified Deferment Process
  • Notice to borrower required
  • FFEL and Direct Loan deferment may be granted only for Economic Hardship based on Perkins Loan deferment
simplified deferment process3
Simplified Deferment Process
  • §§682.210 and 685.204 amended to allow military service or armed forces deferment based on:

- request of borrower or borrower’s representative

- documentation establishing borrower eligibility

simplified deferment process4
Simplified Deferment Process
  • Required notice to the borrower and borrower’s representative, if applicable, that the deferment has been granted
accurate and complete copy of a death certificate
Accurateand Complete Copy of a Death Certificate
  • §682.402 for death discharges amended to allow use of an accurate and complete photocopy of a borrower’s death certificate
accurate and complete copy of a death certificate1
Accurate and Complete Copy of a Death Certificate

NOTE:“exceptional circumstances” discharge by chief executive officer based on “other reliable information” unchanged

total and permanent disability discharges
Total and Permanent Disability Discharges
  • Regulations governing TPD discharges restructured in §682.402
  • Eligibility requirements and the discharge process clarified
total and permanent disability discharges1
Total and Permanent Disability Discharges
  • Regulations:

-Require TPD application

submission within 90 days of

date certified by physician

    • Define borrower’s TPD date as physician’s certification date
total and permanent disability tpd discharges
Total and Permanent Disability (TPD) Discharges
  • DO NOT disqualify the borrower for final discharge based on Title IV loans or earned income before the TPD date
total and permanent disability tpd discharges1
Total and Permanent Disability (TPD) Discharges

-DO disqualify the borrower for final discharge based on Title IV loans from TPD date until date of Secretary’s initial TPD determination and during the conditional discharge period

total and permanent disability tpd discharges2
Total and Permanent Disability (TPD) Discharges
  • Make the Conditional Discharge Period a 3-year prospective period from TPD date
total and permanent disability tpd discharges3
Total and Permanent Disability (TPD) Discharges
  • Regulations:

-Allow minimal earned income during conditional discharge period (no Title IV loans)

-Require notice to borrower that no payments on loan are due during the discharge process

total and permanent disability tpd discharges4
Total and Permanent Disability (TPD) Discharges
  • Require only return of loan payments made after the TPD date (date of physician certification of disability)
nslds reporting requirements
NSLDS Reporting Requirements
  • §§682.208, 682.401 and 682.414 amended to require enrollment and loan status reporting (or any other Title IV-related data required by the Secretary) by Secretary’s established deadline
nslds reporting requirements1
NSLDS Reporting Requirements
  • Deadlines to be published in Federal Register Notice or DCL format
nslds reporting requirements2
NSLDS Reporting Requirements
  • FFEL guaranty agency enrollment and loan status reporting deadline to loan holders reduced from 60 to 35 days
certification of electronic signatures on assigned mpns
Certification of Electronic Signatures on Assigned MPNs
  • §§682.409 and 682.414 amended to require loan holders to maintain certification of creation and maintenance of E-MPN process, including borrower authentication and signature process
certification of electronic signatures on assigned mpns1
Certification of Electronic Signatures on Assigned MPNs
  • Requires loan holders to retain an original electronically signed MPN for at least 3 years after all MPN’s loans are satisfied
certification of electronic signatures on assigned mpns2
Certification of Electronic Signatures on Assigned MPNs
  • Upon Secretary’s request:
    • loan holder must provide the certification and cooperate in all activities to enforce an assigned loan, including testimony in a legal proceeding
certification of electronic signatures on assigned mpns3
Certification of Electronic Signatures on Assigned MPNs
  • Required certification includes:

-Description of borrower’s steps in executing the signed MPN

    • Copy of each screen the borrower saw when signing the MPN electronically
certification of electronic signatures on assigned ffel loan mpns
Certification of Electronic Signatures on Assigned FFEL Loan MPNs
  • Required certification includes:
    • Description of field edits and other security measures used to ensure data integrity through the loan origination process
certification of electronic signatures on assigned ffel loan mpns1
Certification of Electronic Signatures on Assigned FFEL Loan MPNs
  • Required certification includes:
    • Description of storage process/systems for signed MPNs to ensure document integrity (no alterations)
certification of electronic signatures on assigned ffel loan mpns2
Certification of Electronic Signatures on Assigned FFEL Loan MPNs
  • Required certification includes:
    • Documentation supporting the lender’s authentication electronic signature process
    • All other evidence required by the Secretary
certification of electronic signatures on assigned ffel loan mpns3
Certification of Electronic Signatures on Assigned FFEL Loan MPNs
  • Documents to resolve factual disputes on assigned loans required within 10 business days of ED’s request
  • Full and complete access to electronic records required until all MPN-derived loans satisfied
record retention requirements on ffel mpns assigned to the department
Record Retention Requirements onFFEL MPNs Assigned to the Department
  • §682.409 amended to require a Guaranty Agency to submit lender disbursement records on assigned loans to ED
maximum loan period
Maximum Loan Period

§682.603 and 682.604 amended to:

  • Eliminate 12-month loan period maximum
  • Provide flexibility in non-term and nonstandard term program loan certification
  • Provide flexibility in rescheduling “stop out and return” disbursements within 180-day period.
loan counseling for grad prof plus borrowers
Loan Counseling for Grad/Prof PLUS Borrowers
  • §682.603 requires, before certifying PLUS, comparative info to eligible Stafford non-applicant:
    • PLUS/Stafford interest rates, interest accrual periods, and grace periods
  • Opportunity for Stafford Loan must be given before receipt of PLUS Loan
loan counseling for grad prof plus borrowers1
Loan Counseling for Grad/Prof PLUS Borrowers
  • Initial counseling required for all PLUS borrowers
  • Exit counseling required for Stafford/PLUS combination borrowers
use of eligible lender trustees elts by ffel schools
Use of Eligible Lender Trustees (ELTs) by FFEL Schools
  • Lender definition in §682.200 amended to prohibit new ELT relationships with schools on/after September 30, 2006
  • §682.602:HERA FFEL school lender limits applied to school ELT arrangements 1/1/2007
frequency of interest capitalization in ffel program
Frequency of Interest Capitalization in FFEL Program
  • §682.202 amended to limit frequency of capitalization on Federal Consolidation Loans during in-school deferment period
  • Lenders may only capitalize unpaid interest at expiration of deferment period
identity theft discharge
Identity Theft Discharge
  • HERA provided for a FFEL and Direct Loan discharge if borrower’s loan eligibility was falsely certified due to the crime of identity theft
  • Implementing Interim and Revised Final Regulations published in 2006
identity theft discharge1
Identity Theft Discharge
  • §682.402 defines “crime” for discharge as judicial determination by local, State, or Federal court that “crime” of identity theft has occurred and names perpetrator
  • Requires individual did not receive or benefit from loan proceeds
identity theft discharge2
Identity Theft Discharge
  • No change to existing discharge eligibility requirements
  • Upon receipt of valid identity theft report/notice alleging ID theft, lender may:
    • suspend credit bureau reporting on a loan for 120 days
    • grant a 120-day administrative forbearance
school ffel loan certification
School FFEL Loan Certification
  • §682.603 (f) reorganized and amended
  • FFEL schools May Not:

- Refuse/Delay certification

based on choice of lender or

GA

- Assign lender to first-time

borrower in award packaging

or through other methods

school ffel loan certification1
School FFEL Loan Certification
  • Engage in a pattern or practice of discrimination to deny FFEL access
  • Refuse to certify or certify a reduced amount except on a case-by-case, documented basis with reason provided to borrower in writing
school preferred lender list in ffelp
School Preferred Lender List in FFELP

Background:

  • School’s Option
  • Allowed But Never Regulated
  • Evolution:
    • Default prevention
    • Simplification E-transmission
    • Competition
    • Proliferation of borrower benefits
school preferred lender list in ffelp1
School Preferred Lender List in FFELP

Regulations require:

  • List must contain at least 3 unaffiliated lenders
  • “Unaffiliated” means:
    • No common control or ownership
    • No common directors, trustees, or general partners
school preferred lender list in ffelp2
School Preferred Lender List in FFELP

§682.212 requires a school to:

  • Disclose method/criteria for lender inclusion on the list
  • Provide comparative information on borrower benefits offered by listed lenders
    • Department to provide model format for school use
school preferred lender list in ffelp3
School Preferred Lender List in FFELP
  • Include prominent statement advising borrowers that use of the school’s preferred lender not required
  • Update at least annually
school preferred lender list in ffelp4
School Preferred Lender List in FFELP

Under §682.212, a school MUST NOT:

  • Include lenders that were solicited and provided school or school- employee benefits, but may include lenders solicited for best borrower benefits
school preferred lender list in ffelp5
School Preferred Lender List in FFELP

Under §682.212, a school MUST NOT:

  • Assign lender to first-time borrower
  • Cause any unnecessary delays in certification for borrowers not using one of the school’s preferred lenders
ffel program lender and ga prohibited inducements
FFEL Program Lender and GA Prohibited Inducements

Background:

  • Enacted as part of 1986 Amendments to HEA
  • 1998 Amendments to HEA allowed lenders and GAs to provide assistance to schools comparable to what Secretary provides to Direct Loan schools
ffel program lender and ga prohibited inducements1
FFEL Program Lender and GA Prohibited Inducements
  • Affects lender eligibility and participation and GA participation
  • Prior regulations primarily reflect statutory provisions
ffel program lender and ga prohibited inducements2
FFEL Program Lender and GA Prohibited Inducements
  • Regulations codify current interpretive and clarifying guidance on prohibited inducements and retain Prohibited and Permissible Activities format of 1989 DCL guidance (89-L-189, February 1989)
ffel program lender and ga prohibited inducements3
FFEL Program Lender and GA Prohibited Inducements
  • Regulation introduce use of:

-- “rebuttable presumption” in formal enforcement actions

  • Expands use of Federal Trade Commission’s (FTC) “Holder Rule” to loans for all schools
ffel program prohibited inducements lenders
FFEL Program Prohibited Inducements -Lenders
  • Lender definition in §682.200 forbids an eligible lender, directly or through an agent from:

- Offering directly or indirectly, points, premiums, payments or other inducements to a school or any party to secure FFEL applications or loan volume

ffel program prohibited inducements lenders1
FFEL Program Prohibited Inducements -Lenders

Such as:

  • Payments to prospective borrowers, including prizes and additional financial aid
ffel program prohibited inducements lenders2
FFEL Program Prohibited Inducements - Lenders
  • Payments or other benefits to a school, school-affiliated organization, or other individual for loan apps, volume of loans, or placement on a preferred lender list
  • Payment and service on lender advisory boards
ffel program prohibited inducements lenders3
FFEL Program Prohibited Inducements - Lenders
  • Payments or other benefits to student lender reps on campus or other solicitors to secure loan applications from prospective borrowers
ffel program prohibited inducements lenders4
FFEL Program Prohibited Inducements - Lenders
  • Payment of referral fees, or processing fees not required to comply with federal or state law, to another lender or other party
ffel program prohibited inducements lenders5
FFEL Program Prohibited Inducements - Lenders
  • Payment of conference or training registration, transportation, and lodging costs for school or school-affiliated organization employees
  • Payment of entertainment expenses related to lender-sponsored activities for the same
ffel program prohibited inducements lenders6
FFEL Program Prohibited Inducements - Lenders
  • Undertaking philanthropic activities in exchange for FFEL applications, volume, or placement on a school’s preferred lender list
ffel program prohibited inducements lenders7
FFEL Program Prohibited Inducements - Lenders
  • Providing staffing services to a school, except a foreign school, other than on a short-term, non-recurring emergency basis, including compensated and third-party contractual services
ffel program prohibited inducements lenders8
FFEL Program Prohibited Inducements - Lenders

§682.200 provides that an eligible lender may ONLY provide:

  • Assistance to schools comparable to that provided DL schools by the Secretary
ffel program prohibited inducements lenders9
FFEL Program Prohibited Inducements - Lenders
  • Support for or participation in student aid/financial literacy outreach with schools and guaranty agencies, except in-person initial and exit counseling
ffel program prohibited inducements lenders10
FFEL Program Prohibited Inducements - Lenders
  • Reasonable costs of meals, refreshments, and receptions for meeting, training, or conferences if open to all attendees
  • Toll-free numbers for FFEL info and school loan data transmission
ffel program prohibited inducements lenders11
FFEL Program Prohibited Inducements - Lenders
  • Reduced origination fees (statutorily authorized)
  • Reduced interest rates (statutorily authorized)
ffel program prohibited inducements lenders12
FFEL Program Prohibited Inducements - Lenders
  • Payment of Federal Default fees (not statutorily prohibited)
  • Borrower benefits under repayment incentive and certain loan forgiveness programs
  • Items of nominal value
ffel program prohibited inducements gas
FFEL Program Prohibited Inducements – GAs
  • §682.401(e) same as lenders, except GAs permitted to pay:

-- travel and lodging expenses related to school employee service on GA advisory or governing board

ffel program prohibited inducements gas1
FFEL Program Prohibited Inducements – GAs

-- reasonable costs of meals and refreshments for GA-sponsored training, workshops, and forums permitted

slide105

Negotiated Rulemaking2007-2008

  • 2009-10 and subsequent years
  • Federal Register notice Fall 2007
  • Regional hearings in Fall 2007
  • Negotiating committees TBD
slide106

Negotiated Rulemaking2007-2008

  • Committees expected to meet January – March 2008
  • NPRMS in June 2008
  • Final regulations by

November 1, 2008

revised final regulations 9 28 07
Revised Final Regulations 9/28/07
  • Part of HEA Extension –

P.L. 109-292

  • Loan Discharge for 9/11 spouses and parents
  • Interim Final Regulations – December 28, 2006
revised final regulations 9 28 071
Revised Final Regulations 9/28/07
  • Revised Final Regulations – September 28, 2007
    • Spouse of eligible public servant
    • Parent of eligible victim
    • Includes portion of Consolidation Loan
forms
Forms

MILITARY DEFERMENT (HERA)

-Form Posted to IFAP

June 11, 2007-GEN-07-04

-Requires CCRAA revisions

9/11 DISCHARGE APPLICATION

- Form Posted to IFAP November 9, 2007–GEN-07-08

forms1
Forms
  • Federal Consolidation Loan Application and Promissory Note

-Form Posted to IFAP 3/12/07

-Requires CCRAA addendum

  • PLUS MPN

-Form approved by OMB and

to be posted to IFAPwith

CCRAA changes

forms2
Forms
  • Federal Stafford MPN

-Requires CCRAA addendum

  • Teacher Loan Forgiveness – undergoing ED review prior to entering Paperwork Act clearance process
contact information
Contact Information

We appreciate your feedback and comments. We can be reached at:

  • Phone:(202) 502-7732
  • Email: Pamela.Moran@ed.gov
  • Fax: (202) 502-7873