The Department of Education published final regulations on November 1, 2002 for the rules that were proposed in the two Notices of Proposed Rulemaking (NPRMs) resulting from the negotiated rulemaking process earlier this year.
The final regulations are available at http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=2002_register&docid=02-27627-filed. A PDF version of the final regulations is available at http://www.nasfaa.org/pdfs/2002/frfinalrules110102.pdf.
The document contains the final regulations for the rules that were proposed in both the August 6, 2002 NPRM representing the work of Negotiated Rulemaking Team I (Loan Issues) and the August 8, 2002 NPRM representing the work of Negotiated Rulemaking Team II (Program Issues).
Effective Date: These regulations are effective July 1, 2003 except for an amendment to the GEAR UP program, which is effective December 2, 2002.
Implementation Date: In response to ED's request for suggestions on which provisions the Secretary should designate for early implementation, most of the commenters supported making all of the provisions available for early implementation at the discretion of the regulated entity. As a result, the Secretary designated all of the applicable regulations for early implementation at the discretion of each institution, lender, guaranty agency, or state agency, as appropriate, except for provisions specified in these regulations where there are conditions that must be met prior to early implementation.
Posted November 1, 2002 on www.NASFAA.org, the Web Site of the
National Association of Student Financial Aid Administrators (NASFAA).
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