GAO - Department of Education: William D. Ford Federal Direct Loan Program. February 2. 4, 2. The Honorable Tom Harkin. Chairman. The Honorable Lamar Alexander. Ranking Member. Committee on Health, Education, Labor, and Pensions. OFFICE OF FINANCIAL AID 1950 3RD STREET LA VERNE, CA 91750 800-649-0160 WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAMS The William D. Ford Federal Direct Loan Programs include the Federal Direct Loan (Subsidized and Unsubsidized. Ford Federal Direct Loan Program WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on any. Stafford/Ford (Direct Unsubsidized) Loans, F ederal Direct PLUS (Direct. Federal Student Loan Programs. The University participates in the William D. Ford Federal Direct Loan Program. Under the Direct Loan Program, loans are made by the U.S. Department of Education. Direct Loans for graduate and. United States Senate. The Honorable John Kline. Chairman. The Honorable George Miller. Ranking Member. Committee on Education and the Workforce. House of Representatives. Subject: Department of Education: William D. Ford Federal Direct Loan Program. Pursuant to section 8. A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Education (Education) entitled “William D. Ford Federal Direct Loan Program” (RIN: 1. AD1. 3). We received the rule on February 7, 2. It was published in the Federal Register as final regulations on January 1. Ford Federal Direct Loan Program to implement the Moving Ahead for Progress in the 2. Century Act, which amended the Higher Education Act of 1. Specifically, this final rule makes certain modifications to an interim final rule (IFR) published by Education in May 2. Among other changes, this final rule modifies the rounding rule for borrowers’ subsidized usage periods, modifies the calculation of the subsidized usage period for certain borrowers enrolled on a part- time basis, and modifies the calculation of the maximum eligibility period for 2- year baccalaureate degree programs. This final rule was published in the Federal Register on January 1. Senate on February 7, 2. House of Representatives on February 1. The rule has a stated effective date of March 1. Ford Federal Direct Loan (Direct Loan) Program / Federal Family Education Loan. Ford Federal Direct Loan (Direct Loan). Ford Federal Direct Loan. Ford Federal Direct Loan (DL) Programs. Therefore, this final rule does not have the required 6. CRA. Education did not address the Unfunded Mandates Act of 1. IN-SCHOOL DEFERMENT REQUEST William D. An eligible school is a school that has been approved by ED to participate in ED’s Federal Student Aid programs or that. Ford Federal Direct Loan. Department of Education William D. What are Direct Loans? The fundamental difference between the two programs is the source of funding. Direct Loan funds are. Act did not apply. Our review of the procedural steps taken indicates that Education complied with the applicable requirements, with the exception of the 6. Jones, Assistant General Counsel, at (2. Cramer. Managing Associate General Counsel. Michael Gross. Assistant General Counsel for Regulatory Services. Office of the General Counsel. Department of Education. REPORT UNDER 5 U. S. C. Ford Federal Direct Loan Program. Among the benefits Education identified are (1) reduced loan balance and lower payments for borrowers; (2) incentives for students to complete academic programs in a timely manner and avoid incurring unnecessary loan debt, (3) accounting for differing enrollment levels to provide similar treatment to similarly situated borrowers, and (4) limiting borrower responsibility for accruing interest to encourage completion. The rule also provides for more accurate calculation of program length and borrower eligibility and provides borrowers with information on eligibility limitations and potential responsibility for accruing interest. Education did not quantify the benefits of this rule. Education calculated the annual costs of this final rule to be $5. This analysis included (1) a succinct statement of the objectives of, and legal basis for, the rule; (2) a description of and, where feasible, an estimate of the number of small entities to which the rule will apply; (3) a description of the projected reporting, recordkeeping, and other compliance requirements of the rule, including an estimate of the classes of small entities that will be subject to the requirements; (4) an identification, to the extent practicable, of all relevant federal regulations that may duplicate, overlap, or conflict with this rule; and (5) alternatives considered. In the analysis, Education estimated that the paperwork burden on small entities for the three paperwork requirements will be $8. Education did not receive any comments in its initial regulatory flexibility analysis and did not make any change in this final rule that affected the analysis. Therefore, Education determined that the estimated burdens described in the IFR remain the same for this final rule.(iii) Agency actions relevant to sections 2. Unfunded Mandates Reform Act of 1. U. S. C. In its submission to us, Education indicated that the Act did not apply.(iv) Other relevant information or requirements under acts and executive orders. Administrative Procedure Act, 5 U. S. C. The agency received comments from 1. Education had determined that the IFR contained three information collection requirements under the Act and submitted them to the Office of Management and Budget (OMB) for review. Education had estimated that the total increase in burden on borrowers will be 2. Education received no comments on the Paperwork Reduction Act portion of the IFR and did not make any changes to these burden estimates for this final rule. Regulatory Planning and Review). For purposes of the analysis under this Order, Education deemed the rulemaking to consist of the IFR as modified by this final rule. Education determined that the IFR would have an annual effect on the economy of more than $1. Therefore, Education determined that this rulemaking is economically significant and subject to review by OMB under the Order.
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