The Federal Family Educational Loan Program final regulations revise current regulations in areas of program administration and assure the Secretary that program integrity is protected from fraud and misuse of program funds. The final changes to §682.211 provide for a period of forbearance not to exceed 60 days necessary for the lender to collect and process documentation supporting the borrower's eligibility for loan forgiveness under the income-based repayment program. The lender must notify the borrower that the requirement to make payments on the loans for which forgiveness was requested has been suspended pending approval of the forgiveness by the guaranty agency.
US Code:
20 USC 1087-2
Name of Law: Higher Education Act of 1965, as amended
US Code:
20 USC 1078
Name of Law: Higher Education Act of 1965, as amended
The addition of the new forbearance regulations for the income-based repayment program will increase the burden hours.
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Jeff Baker 2023774009
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
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