Spellings Calls On Schools For Immediate, Voluntary Compliance With Proposed Loan Regs

Abstract:

During a conference call with reporters yesterday, Secretary of Education Margaret Spellings said that she would be asking schools to voluntarily abide by the Department’s proposed rules on preferred lender lists and prohibited inducements. The proposed rules are part of a Notice of Proposed Rulemaking that the Department released in June. In a letter being sent to postsecondary schools Spellings writes, “Although the Department has published for public comment the proposed regulations on student loans, the final regulations will not take effect until July 1, 2008… I am writing to suggest you begin to incorporate these principles into your institutional practices.”

The full article was published in NASFAA’s Today’s News on 8/10/07.