The Secretary proposes to amend the Federal Perkins Loan (Perkins Loan) Program, Federal Family Education Loan (FFEL) Program, and William D. Ford Federal Direct Loan (Direct Loan) Program regulations. These proposed regulations are needed to implement provisions of the Higher Education Act of 1965 (HEA), as amended by the College Cost Reduction and Access Act of 2007 (CCRAA).
DATES: We must receive your comments on or before August 15, 2008.
To read the full Notice of Proposed Rulemaking in the Federal Register see: http://tinyurl.com/648kgc

Significant Proposed Regulations

We group major issues according to subject, with appropriate sections of the proposed regulations referenced in parentheses. We discuss substantive issues under the sections of the proposed regulations to which they pertain. Generally, we do not address proposed regulatory provisions that are technical or otherwise minor in effect.

Major Issues:
* Economic Hardship Deferment (Sec. Sec. 674.34 and 682.210)
* Military Service Deferment and Post-Active Duty Student Deferment
(Sec. Sec. 674.34, 682.210, 682.211, and 685.204)
* Income-Based Repayment Plan Definitions (Sec. Sec. 682.215(a) and 685.221(a))
* Income-Based Payment Amount (Sec. Sec. 682.215(b) and 685.221(b))
* Borrower Payments (Sec. Sec. 682.215(b), 682.215(c), 685.221(b), 685.221(c), and 682.300(b))
* Changes in Payment Amount (Sec. Sec. 682.215(d) and 685.221(d))
* Eligibility Documentation and Verification (Sec. Sec. 682.215(e) and 685.221(e))
* Loan Forgiveness (Sec. Sec. 682.215(f) and 685.221(f))
* Loan Forgiveness Processing and Payment (Sec. 682.215(g))
* Special Allowance Payments for Income-based Loans (Sec. 682.302(a))
* Income Contingent Repayment Plan--Maximum Repayment Period (Sec. 685.209(c))
* Eligible Not-For-Profit Holder Definition (Sec. 682.302)
* Public Service Loan Forgiveness Borrower Eligibility for Loan Forgiveness (Sec. 685.219(c))
* Loan Forgiveness (Sec. 685.219(d) and (e))