[Federal Register Volume 77, Number 236 (Friday, December 7, 2012)]
[Rules and Regulations]
[Page 72960]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-29525]
[[Page 72960]]
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DEPARTMENT OF EDUCATION
34 CFR Part 685
RIN 1840-AD05
[Docket ID ED-2012-OPE-0010]
William D. Ford Federal Direct Loan Program
AGENCY: Office of Postsecondary Education, Department of Education.
ACTION: Announcement of early implementation date.
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SUMMARY: The U.S. Department of Education (Department) issues this
document to establish the date for the early implementation of William
D. Ford Federal Direct Loan (Direct Loan) program regulations that
establish a new income-contingent repayment plan based on the
President's ``Pay As You Earn'' repayment initiative (the Pay As You
Earn repayment plan).
DATES: The early implementation date for Sec. Sec. 685.208(k)(1) and
685.209(a), published November 1, 2012 (77 FR 66087), is December 21,
2012.
FOR FURTHER INFORMATION CONTACT: For information about the Pay As You
Earn repayment plan or how to apply for Pay As You Earn repayment, the
Federal Student Aid Information Center (FSAIC) at 1-800-4FEDAID (1-800-
433-3243). For information on the establishment of the early
implementation date, Jeff Baker at 1-202-377-3000.
If you use a telecommunications device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay Service (FRS), toll free, at 1-
800-877-8339.
SUPPLEMENTARY INFORMATION:
Background
Section 482(c) of the Higher Education Act of 1965, as amended
(HEA), requires that regulations affecting programs under title IV of
the HEA be published in final form by November 1 prior to the start of
the award year (July 1) to which they apply. However, that section also
permits the Secretary to designate any regulation as one that an entity
subject to the regulations may choose to implement earlier and the
conditions for early implementation.
On November 1, 2012, the Department issued final regulations in 34
CFR part 685 for the Pay As You Earn repayment plan (77 FR 66087). In
the preamble to the final regulations, the Secretary announced the
Department's intent to implement the new Direct Loan program
regulations establishing the Pay As You Earn repayment plan as soon as
possible.
Implementation Date of These Regulations
The Secretary is exercising the authority under section 482(c) of
the HEA to designate the following amended regulations in 34 CFR part
685 for early implementation beginning on December 21, 2012, at the
discretion of individual borrowers:
(1) Sec. 685.208(k)(1).
(2) Sec. 685.209(a).
If a borrower elects to implement the Pay As You Earn repayment
plan early in accordance with this notice, the borrower will have the
rights and be subject to the obligations under both Sec. Sec.
685.208(k)(1) and 685.209(a). To implement the Pay As You Earn Plan
early, a Direct Loan borrower must request to repay his or her eligible
loans under that plan.
Accessible Format: Individuals with disabilities can obtain this
document in an accessible format (e.g., braille, large print,
audiotape, or compact disc) on request to one of the contact persons
listed under FOR FURTHER INFORMATION CONTACT.
Electronic Access to This Document: The official version of this
document is the document published in the Federal Register. Free
Internet access to the official edition of the Federal Register and the
Code of Federal Regulations is available via the Federal Digital System
at: www.gpo.gov/fdsys. At this site you can view this document, as well
as all other documents of this Department published in the Federal
Register, in text or Adobe Portable Document Format (PDF). To use PDF
you must have Adobe Acrobat Reader, which is available free at the
site.
You may also access documents of the Department published in the
Federal Register by using the article search feature at:
www.federalregister.gov. Specifically, through the advanced search
feature at this site, you can limit your search to documents published
by the Department.
(Catalog of Federal Domestic Assistance Number: 84.268.)
Dated: December 3, 2012.
Arne Duncan,
Secretary of Education.
[FR Doc. 2012-29525 Filed 12-6-12; 8:45 am]
BILLING CODE 4000-01-P