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B-331440 1 (2019-10-08)

handle is hein.gao/gaobaeacy0001 and id is 1 raw text is: c AO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331440 October 8, 2019 The Honorable Lamar Alexander Chairman The Honorable Patty Murray Ranking Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable Bobby Scott Chairman The Honorable Virginia Foxx Ranking Member Committee on Education and Labor House of Representatives Subject: Department of Education: Student Assistance General Provisions, Federal Family Education Loan Program, and 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 (the Department) entitled Student Assistance General Provisions, Federal Family Education Loan Program, and William D. Ford Federal Direct Loan Program (RIN: 1840-AD26). We received the rule on September 11, 2019. It was published in the Federal Register as a final rule on September 23, 2019. 84 Fed. Reg. 49788. The effective date of the rule is July 1, 2020. The final rule establishes new Institutional Accountability regulations governing the William D. Ford Federal Direct Loan (Direct Loan) Program to revise a federal standard and a process for adjudicating borrower defenses to repayment claims for federal student loans disbursed after July 1, 2020, and provides for actions the Secretary of Education may take to collect from schools the amount of financial loss due to successful borrower defenses to repayment loan discharges. The Department also amends regulations regarding pre-dispute arbitration agreements or class action waivers as a condition of enrollment, and requires institutions to include information regarding the school's internal dispute resolution and arbitration processes as part of the borrower's entrance counseling. Also, according to the Department, the final rule amends the Student Assistance General Provisions regulations (1) to establish the conditions or events that have or may have an adverse, material effect on an institution's financial condition and which warrant financial protection for the Department; (2) to update the definitions of terms used to calculate an institution's composite score to conform with changes in certain accounting standards; and (3) to account for leases and long-term debt. Finally, the final rule amends the loan discharge provisions in the Direct Loan Program.

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