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GAO-13-726R 1 (2013-07-01)

handle is hein.gao/gaobadppo0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-324853 July 1, 2013 The Honorable Tom Harkin Chairman The Honorable Lamar Alexander Ranking Member Committee on Health, Education, Labor, and Pensions 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 801 (a)(2)(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: 1840-AD13). We received the rule on June 14, 2013. It was published in the Federal Register as an interim final rule; request for comments on May 16, 2013. 78 Fed. Reg. 28,954. The interim final rule amends the regulations governing the William D. Ford Federal Direct Loan Program (Direct Loan Program) to reflect changes made to the program by the Moving Ahead for Progress in the 21st Century Act (MAP-21).1 Specifically, this interim final rule implements section 100301 of MAP-21, which extends the 3.4 percent interest rate on Direct Subsidized Loans from July 1, 2012, to July 1, 2013, and section 100302 of MAP-21, which ensures that a borrower may not receive Direct Subsidized Loans for more than 150 percent of the published length of the educational program in which the borrower is enrolled. Under the changes made by MAP-21, if the borrower exceeds this Direct Subsidized Loan limit, the borrower also becomes responsible for the accruing interest on the Direct Subsidized Loans. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). This interim final rule was received by the Senate on May 14, 2013, and by the House of Representatives on May 15, 2013. 159 Cong. Rec. S3568 (May 16, 2013); 159 Cong. Rec. H2909 (May 22, 2013). It was published in the Federal Register on May 16, 2013. The rule has a stated effective date of May 16, 2013. Therefore, 1 Pub. L. No. 112-141, 126 Stat. 405 (2012). GAO-13-726R

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