ICYMI: ED Releases Final Rules on REPAYE Repayment Plan, Debit Cards, Other Topics
By Karen McCarthy, Policy & Federal Relations Staff
Another income-driven repayment is on the way, according to one of two sets of final rules that will be officially released later this week. The REPAYE repayment plan will be available to borrowers beginning in December 2015. The final rules package also makes changes that affect:
- The cohort default rate participation rate index challenge and appeal process
- Identification of servicemembers who may be eligible for benefits under the Servicemembers’ Civil Relief Act
- Information provided by guaranty agencies to Federal Family Education Loan (FFEL) borrowers in the process of loan rehabilitation
- The treatment of lump sum payments made through student loan repayment programs administered by the Department of Defense for purposes of the Public Service Loan Forgiveness Program
The second final rules package amends the cash management regulations governing various financial vehicles that can be used to release Title IV credit balances to students and amends the student eligibility regulations to clarify how previously passed coursework is treated for Title IV eligibility purposes and streamline the requirements for converting clock hours to credit hours.
NASFAA will be updating this article with Federal Register links when available and providing a thorough analysis of the final rules in Today’s News in the coming days. For background information about the negotiating rulemaking that led to these regulations, see NASFAA’s negotiated rulemaking page.
Publication Date: 10/28/2015
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