Advocacy Brief: Department of Education Publishes Final Rules on Higher Education Reauthorization
The Department of Education recently published four sets of final rules for the federal student loan programs authorized under Title IV of the Higher Education Act.
With regard to medical school financial aid, the regulations:
- Amend the calculation of monthly payments under the Income-Based Repayment (IBR) program to adjust for spouses who both elect IBR;
- Increase graduate student annual and aggregate loan maximums in the Perkins Loan Program from $6,000 to $8,000, and from $40,000 to $60,000, respectively;
- Describe the required content for "codes of conduct" and require institutions to develop and adopt such codes;
- Require institutions to report on reimbursements received for certain service on lender advisory boards;
- Require institutions to describe for prospective and enrolled students the terms and conditions of the loans students receive under the Federal Family Education Loan (FFEL), Direct Loan, and Perkins Loan programs;
- Eliminate the requirement that borrowers make ''written'' requests to obtain a forbearance on their Perkins Loan;
- Reduce from 12 to nine the number of consecutive on-time, monthly payments a borrower must make to rehabilitate a defaulted Perkins Loan; and,
- Modify the entrance and exit counseling requirements.
The regulations are effective July 1, 2010.
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