Publication Date: January 14, 2015
Posted Date: January 14, 2015
Subject: Notice: Early Implementation of PLUS Loan Adverse Credit Regulation
FR Type: Notice
[Federal Register Volume 80, Number 9 (Wednesday, January 14, 2015)] [Rules and Regulations] [Pages 1848-1849] From the Federal Register Online via the Government Printing Office [www.gpo.gov] [FR Doc No: 2015-00462] ======================================================== ----------------------------------------------------------------------- DEPARTMENT OF EDUCATION 34 CFR Part 685 [Docket ID ED-2014-OPE-0082] RIN 1840-AD17 William D. Ford Federal Direct Loan Program AGENCY: Office of Postsecondary Education, Department of Education. ACTION: Announcement of early implementation date. ----------------------------------------------------------------------- SUMMARY: The U.S. Department of Education (Department) is establishing the date for early implementation of the William D. Ford Federal Direct Loan (Direct Loan) Program regulations that update the standard for determining if a potential parent or student borrower has an adverse credit history for purposes of eligibility for a Direct PLUS Loan (PLUS loan). These regulations also require parents and students who have an adverse credit history, but who are approved for a PLUS loan on the basis that extenuating circumstances exist or by obtaining an endorser for the PLUS loan, to receive loan counseling before receiving the PLUS loan. DATES: The early implementation date for Sec. 685.200(b)(5) and (c), published in the Federal Register on October 23, 2014 (79 FR 63317), is March 29, 2015. FOR FURTHER INFORMATION CONTACT: For information about the Direct PLUS Loan Program or how to apply for a Direct PLUS Loan, call the Federal Student Aid Information Center (FSAIC) at 1-800-4FEDAID (1-800-433- 3243). For information regarding the establishment of this early implementation date, contact Sue O'Flaherty, U.S. Department of Education, Federal Student Aid, 830 First Street NE., Union Center Plaza, Room 64E1, Washington, DC 20202-5345. Telephone: (202) 377-3393 or by email at: sue.oflaherty@ed.gov. If you use a telecommunications device for the deaf (TDD) or a text telephone (TTY), call the Federal Relay Service (FRS), toll free, at 1- 800-877-8339.