July 8, 2009

Do You Know the Answer?

Q. Regarding the Military Service Deferment, is there a definition for the term "borrower's representative"?

A. According to the preamble of the Nov. 1, 2007 Federal Register/Vol. 72, No. 211, there is no definition for this term.  Per ED, "A borrower’s representative would be a member of the borrower’s family, or another reliable source."  ED believes defining the term could unnecessarily limit access to this benefit for qualified borrowers.