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ERIC Number: ED566387
Record Type: Non-Journal
Publication Date: 2014-Oct-23
Pages: 16
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: N/A
William D. Ford Federal Direct Loan Program. Final Regulations. Federal Register, Department of Education, 34 CFR Part 685
National Archives and Records Administration, Federal Register v79 n205 p63317-63332 Oct 23 2014
The purpose of this regulatory action is to amend the regulations governing the William D. Ford Federal Direct Loan (Direct Loan) Program (§ 685.200 of title 34 of the Code of Federal Regulations (CFR)). These regulations strengthen and improve administration of the Federal Direct PLUS Loan Program authorized under title IV of the Higher Education Act of 1965, as amended (HEA). The amendment will update the standard for determining if a potential parent or student borrower has an adverse credit history for purposes of eligibility for a Direct PLUS Loan (PLUS loan). Specifically, the final regulations will revise the definition of ''adverse credit history'' and require that parents and students who have an adverse credit history but who are approved for a PLUS loan on the basis that extenuating circumstances exist or who obtain an endorser for the PLUS loan must receive loan counseling before receiving the loan. The current regulations governing adverse credit history determinations have not been updated since the Direct Loan Program was established in 1994. The final regulations will reflect programmatic and economic changes that have occurred since 1994. These regulations are effective July 1, 2015. [Docket ID ED-2014-OPE-0082]
National Archives and Records Administration. 8601 Adelphi Road, College Park, MD 20740-6001. Tel: 866-272-6272; Web site: http://www.archives.gov
Publication Type: Legal/Legislative/Regulatory Materials
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: National Archives and Records Administration; Office of Postsecondary Education (ED)
Identifiers - Laws, Policies, & Programs: Federal Direct PLUS Loan Program; Higher Education Act 1965
IES Cited: ED555652