November 5, 2008
CCRAA Final Regulations Released
The final rules for changes to student loan provisions found in the College Cost Reduction and Access Act (CCRAA) were published in the October 23, 2008, Federal Register. Topics addressed include:
- Economic Hardship Deferment.
- Military Service Deferment and Post-Active Duty Student Deferment.
- Income-Based Repayment (IBR) plan.
- Public service loan forgiveness.
- Eligible not-for-profit holder definition.
The rules also reflect some provisions of the Higher Education Opportunity Act (HEOA), including:
- Exclusion of defaulted loans from IBR repayment.
- Amended definitions of public service organization and government employee.
The implementation date is July 1, 2009; however, the Secretary has designated the regulations related to the military service deferment and post-active duty student deferment for early implementation at the discretion of each institution, lender, guaranty agency or servicer.
OGSLP will continue to keep you informed about CCRAA, HEOA and other legislative activity. We encourage you to visit our Legislation Page often to view important updates and access more detailed information. If you have questions, please contact our Policy, Compliance, and Training department at 405.234.4432 or pct@ogslp.org.