Final Regulations On Loans Include Some Surprises

Abstract:

The Department published final rules on student loans in the Federal Register earlier today. While the Department says that the final regulations contain “no significant differences between the NPRM and these final regulations,” NASFAA has found several provisions in the final regulations that differ from the NPRM and will impact financial aid administrators in significant ways. As is true with any package of final regulations issued by the Department, there are changes in response to public comments as well as changes made by the Department after reconsidering some of the issues. Some changes will benefit students and schools, while others will not. Many of the provisions that NASFAA believes should have been changed, remain unchanged. In this article NASFAA provides a summary of changes between the final rules and the NPRM.

The full article was originally published in NASFAA’s Today’s News on 11/02/2007.